[INFO - HEADS UP] Lithuania's central bank is releasing LBCOIN. July 23rd 2020

[axax]

Another European country is issuing a blockchain digital token which can be exchanged into a physical collector coin.

"Introducing LBCOIN – the world’s first blockchain-based digital collector coin (...) LBCOIN consists of six digital tokens and one physical silver collector coin.

The Bank of Lithuania is set to issue 4,000 LBCOINs, i.e. 24,000 digital tokens and 4,000 physical silver collector coins. The coin is dedicated to the Act of Independence of Lithuania and its 20 signatories. Each token features one of the signatories and belongs to one of the six signatory categories (priests, presidents, diplomats, industrialists, academics, municipal servants) with 4,000 tokens allotted to each category.

When purchasing LBCOIN, buyers get six randomly selected digital tokens. Having collected six digital tokens from six different categories, they will be able to exchange them for a physical collector coin. Digital tokens can also be stored in a dedicated wallet on the LBCOIN e-shop, sent as a gift, swapped with other collectors, or transferred to a NEM wallet.

The physical collector coin bears an unconventional denomination of €19.18 to commemorate the year of the Act of Independence. In size and form, the physical collector coin resembles a credit card, depicting the Act of Independence and its signatories. "

The Bank of Lithuania will issue a total of 4,000 LBCOINs, i.e. 24,000 digital tokens and 4,000 physical collector coins.

https://lbcoin.lb.lt/fk046
https://lbcoin.lb.lt/fizine-kolekcine-moneta
https://lbcoin.lb.lt/

https://www.theblockcrypto.com/post/71139/lithuanias-central-bank-is-releasing-lbcoin-%E2%81%A0-its-blockchain-based-digital-collector-coin

https://www.youtube.com/watch?v=l2khYTiuhpo

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[MoparMiningLLC]

seems silly in a sense - buy 6 random digital tokens and then exchange those 6 tokens for a silver bar - shaped like a credit card.  Why not simply sell the bar and skip the digital tokens? or are they hoping that people will keep the digital tokens and not redeem them for the silver?


Maybe I am misunderstanding something.

[axax]

seems silly in a sense - buy 6 random digital tokens and then exchange those 6 tokens for a silver bar - shaped like a credit card.  Why not simply sell the bar and skip the digital tokens? or are they hoping that people will keep the digital tokens and not redeem them for the silver?


Maybe I am misunderstanding something.

In my view, they are trying to test the use of blockchain for their own transactions using this as an experiment to see how people will transact tokens with real value with each other. I also would have preferred to be able to buy the thing right away.

[tweetious]

When purchasing LBCOIN, buyers get six randomly selected digital tokens. Having collected six digital tokens from six different categories, they will be able to exchange them for a physical collector coin.

seems silly in a sense - buy 6 random digital tokens and then exchange those 6 tokens for a silver bar - shaped like a credit card.  Why not simply sell the bar and skip the digital tokens? or are they hoping that people will keep the digital tokens and not redeem them for the silver?


Maybe I am misunderstanding something.

Not quite sure if you could just exchange the 6 random digital tokens that you will get, for a silver bar. In my understanding, you need "six digital tokens from six different categories", to obtain the silver bar. This is actually the reasoning behind being able to "sent as a gift, swapped with other collectors, or transferred to a NEM wallet." (quoted from the OP)

From the group photo of the tokens, you can see that there are 6 colour categories, with tokens grouped as follow:

20 different tokens in total: 3 purple, 4 green, 3 blue, 2 yellow, 4 black & 4 red

[gentlemand]

Kinda cool. This is the experimentation that banks should be getting up to. Harmless, open minded and exploring potential.

Since NEM is transitioning to a new chain soon I'd wonder about the digital part's long term lifespan. They're saying they'll maintain the old one but it depends on people running nodes and there aren't all that many of them before it's superseded despite being heavily subsidised.

[MoparMiningLLC]

ahh ok so that is how they will do it - you buy 6 random ones, but hey you dont have one from each category - so you have to buy more until you do or trade them etc until you do. meh if I am not keeping the tokens, I would rather just be able to buy the bar.

[TheNovemberMan]

Has anyone managed to become verified on this site?  

[MoparMiningLLC]

Has anyone managed to become verified on this site?  

I will try when I get home.


update:

I stopped at the point where they were wanting me to give them my drivers license - that typically means SSN is next. I am not familiar enough with this country to know if this site is 100% legitimate and even if it is if my information would be secure. I don't see why they need all that info for digital items - take our money, give us our product. end of story.

[MoparMiningLLC]

Has anyone managed to become verified on this site? 

I will try when I get home.


update:

I stopped at the point where they were wanting me to give them my drivers license - that typically means SSN is next. I am not familiar enough with this country to know if this site is 100% legitimate and even if it is if my information would be secure. I don't see why they need all that info for digital items - take our money, give us our product. end of story.

If you live outside Lithuania, you will need to provide a passport to get verified.
Seems like they are only accepting "ID Cards" if you are a Lithuanian resident.

Lots of good information in the FAQ: https://lbcoin.lb.lt/fk004

maybe so but as I was going thru the process it asked me for my FL Driver's License --- personally, I have no way of knowing if this site is legitimately ran by the Lithuania government or not - and even if it is, not sure I want to give them all my personal information to buy a digital stamp - seem's quite excessive kyc for stamps.

[MoparMiningLLC]

Has anyone managed to become verified on this site? 

I will try when I get home.


update:

I stopped at the point where they were wanting me to give them my drivers license - that typically means SSN is next. I am not familiar enough with this country to know if this site is 100% legitimate and even if it is if my information would be secure. I don't see why they need all that info for digital items - take our money, give us our product. end of story.

If you live outside Lithuania, you will need to provide a passport to get verified.
Seems like they are only accepting "ID Cards" if you are a Lithuanian resident.

Lots of good information in the FAQ: https://lbcoin.lb.lt/fk004

maybe so but as I was going thru the process it asked me for my FL Driver's License --- personally, I have no way of knowing if this site is legitimately ran by the Lithuania government or not - and even if it is, not sure I want to give them all my personal information to buy a digital stamp - seem's quite excessive kyc for stamps.

And I am telling you that will not work as I stated above.

never said it would work - I said I simply stopped when it asked for it. I wouldn't give them a passport either if they asked.