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Author Topic: Bitcoin is now backed by silver!  (Read 3903 times)
silverman
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August 05, 2010, 03:38:30 PM
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Bitcoin now has silver backing. Details at http://pz64g5mpskogeox7.onion/~silver/

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kiba
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August 05, 2010, 04:08:51 PM
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Link doesn't work, buddy.

theymos
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August 05, 2010, 05:46:52 PM
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Link doesn't work, buddy.

Non-Tor link:
https://tor-proxy.net/proxy/tor/browse.php?u=http%3A%2F%2Fpz64g5mpskogeox7.onion%2F~silver%2F&b=14

Awfully risky to do this without an escrow.

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silverman
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August 05, 2010, 10:54:53 PM
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"Link doesn't work,.."

Yes, this is a Tor URL, as are many Bitcoin exchanges. Thank you theymos, for the Tor proxy.

"Awfully risky to do this without an escrow."

True. Start small? The first coin pays for the freight.

"So not backed by silver, but you are selling silver."

Trading silver for Bitcoins. I have a lot of silver to support this level: Bitcoins are now backed by silver!

As Bitcoin value increases, the ratio changes. More silver per Bitcoin! That's a good thing, isn't it?
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August 06, 2010, 12:37:58 AM
 #5

Yeah, backed is if you promise to exchange all BTC for silver at a certain value. It's cool that you are trading, Will you ship to Hawaii at the listed price?

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August 06, 2010, 01:02:47 AM
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Great idea, thank you for providing this exchange service.

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August 06, 2010, 03:53:30 AM
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Thank you for creating your site silverman. Anyone who trades anything for bitcoins helps to ensure bitcoin's success.

Exchange Bitcoin to Liberty Reserve and have your Liberty Reserve within 12 hours: https://www.bitcoin7.com/?ref=6815
Try it and you'll never use a slower exchanger again.
silverman
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August 06, 2010, 05:24:30 AM
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"Will you ship to Hawaii at the listed price?"

Yes, as long as the post office considers it domestic mail. And I'm sure Hawaii qualifies.

Thanks for the complements and good wishes! I think we are doing something very important here. I hope that establishing a market conversion into lawful money will give Bitcoin the extra boost it will need in competing with the other world economic systems.


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August 06, 2010, 07:24:31 AM
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"Will you ship to Hawaii at the listed price?"

Yes, as long as the post office considers it domestic mail. And I'm sure Hawaii qualifies.

Thanks for the complements and good wishes! I think we are doing something very important here. I hope that establishing a market conversion into lawful money will give Bitcoin the extra boost it will need in competing with the other world economic systems.


Cool, do you think you'll expand to non-'junk' like eagles any time soon?

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silverman
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August 06, 2010, 04:36:26 PM
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"Cool, do you think you'll expand to non-'junk' like eagles any time soon?"

Very possibly. I have several hundred in inventory. I want to go slow in this early stage, though.

"Someone who has lots of "junk" silver like me sure hates the word junk"

Agreed! The term "junk" was probably coined by dealers, to get a better price while buying it. "That's just junk out of your sock drawer, I'll give you twenty bucks to take it off your hands."

Many will recognize 90% as lawful money of the United States (Act of April 2, A.D. 1792, Section 9). This fact may have been conveniently ignored, and detoured around via contract, but it certainly has not been repealed or rescinded.
kiba
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August 06, 2010, 04:56:11 PM
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I'll consider buying silver coins when I have enough bitcoins.

Ben Walsh (beamer)
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August 06, 2010, 11:39:57 PM
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How many troy ounces of silver in one of these silver dimes ?

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fresno
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August 07, 2010, 12:23:20 AM
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Yeoman's shows 2.50 grams of .900 silver .100 copper from 1892 thru 1964. It also says .07234 oz pure silver, but doesn't specify which measurement system.


theymos
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August 07, 2010, 12:59:11 AM
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Yeoman's shows 2.50 grams of .900 silver .100 copper from 1892 thru 1964. It also says .07234 oz pure silver, but doesn't specify which measurement system.

Quote from: Wikipedia
Any combination of 90-percent silver U.S. coins which have a face value of US$1.00 contains 0.715 troy ounces of 99.9-percent silver (0.7234 troy ounces if uncirculated). In other words, a full troy ounce of 99.9-percent silver is contained in any combination of 90-percent silver U.S. coins which have a face value of US$1.40.

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agaumoney
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August 07, 2010, 05:23:02 AM
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Quote from: Wikipedia
Any combination of 90-percent silver U.S. coins which have a face value of US$1.00 contains 0.715 troy ounces of 99.9-percent silver (0.7234 troy ounces if uncirculated). In other words, a full troy ounce of 99.9-percent silver is contained in any combination of 90-percent silver U.S. coins which have a face value of US$1.40.

The 0.715troy is a widely accepted figure accounting for typical wear, etc.  Kennedy half dollars from 1964 will typically be a bit more because they did not circulate to any significant degree.

A silver dollar is about 0.7734troy of pure silver unless worn smooth.  But in any case, a silver dollar usually sells for a bit of a premium over the silver content.  Of course, the higher silver values go, the less the silver dollar premium.  In 1980 it got so high that the more common were melted down, leading to a situation where what was once most common now commands a premium for rarity.
em3rgentOrdr
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August 09, 2010, 09:23:20 AM
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Yeah, backed is if you promise to exchange all BTC for silver at a certain value. It's cool that you are trading, Will you ship to Hawaii at the listed price?

This gives me a related idea (off topic).  Someone could conceivably make a promise to exchange his bitcoins for silver at a certain value, saying something like: "I will back all bitcoins originating from bitcoin wallet address X with Y ounces of silver".  So he wouldn't be backing all bitcoins with silver, just those bitcoins originating from his wallet address, for instance.  In that case, those bitcoins that were created in address X would be guaranteed (assuming he is trustworthy) by him to always hold a value at least equal to Y ounces of silver.  If for some strange reason the value of bitcoin in USD were to collapse, at least those bitcoins originating from address X could be exchanged for Y ounces of silver (again, assuming that he is trustworthy).  Those bitcoins originating from address X (regardless of where they are currently held) could be more valuable than plain old vanilla bitcoins not backed by anything.  Backing bitcoins like this could be a way to help people build trust in bitcoins, since they know that the value of those bitcoins will never fall below Y ounces of silver.

Any thoughts on the usefulness of such an idea?

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Insti
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August 09, 2010, 09:35:53 AM
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Any thoughts on the usefulness of such an idea?

A similar idea is discussed in this post (and the associated thread):
http://bitcointalk.org/index.php?topic=596.msg6162#msg6162
FreeMoney
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August 17, 2010, 08:04:06 PM
 #18

Has anyone received silver? How long did it take?

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silverman
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August 18, 2010, 02:16:23 AM
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Standing by for your order, FreeMoney!  Smiley

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Silverman
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https://tor-proxy.net/proxy/tor/browse.php?u=http%3A%2F%2Fpz64g5mpskogeox7.onion%2F~silver%2F&b=14
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August 28, 2010, 02:01:42 AM
 #20

I have completed a transaction with silverman.

I placed a request at 1900 on 8/23/2010, received a reply at 2300 8/23/2010, sent BTC a few moments later, received a confirmation email with pictures at 1511 on 8/24/2010 and have the coins in hand as of this evening 8/27/2010.  They may have come yesterday as I did not check the mail until this evening.  Both quarters are in good shape and are in fact silver as advertised.

It was a good transaction and I would perform another trade.
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