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Author Topic: [GLBSE] [SOLD] ::METAL.SILVER ::  (Read 3873 times)
RandomQ
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August 03, 2012, 08:03:31 AM
 #21

Still no pictures..

I guess 4 Chihuahua's and a BB gun don't make for that styling of a pic  Grin   Tongue   Wink





Chihuahua's make great watch dogs those things bark at anything  Grin

Added a very small Buy Wall in case people want to sell there shares, I hope to build it over time.

Price per gram has been dropping because the value of BTC has been raising so rapidly.

From .1389 on 7/3/2012
to .0862

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August 05, 2012, 09:43:48 PM
 #22

Not Sure whats going on with the panic selling this weekend.

The ETF is not in default has no outstanding Loans and is holding enough silver for all shares.

Please Note if you see Shares for Sale with very high sale prices this is me testing the API Trading System  Grin

We have more silver on the way

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August 07, 2012, 03:57:20 AM
 #23

55 Shares for Sale @ .09BTC.


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August 08, 2012, 09:45:33 PM
 #24

Do you still intend to go through with any verification?
RandomQ
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August 09, 2012, 12:02:15 AM
 #25

Do you still intend to go through with any verification?

Good Question and thank you for pointing this out.

I've have a few support tickets with GLBSE trying to get 6/6 on verifications for over 2 months now.

According to GLBSE because my linkedin profile has very little connections I'm unable to be verified with it.

I've requested that my verifications from GreenBTC be transfered to METAL AND METAL.SILVER.
Currently 3 of 6.

I'm Willing to disclose my information to any investor via email. bitcoinstometal@gmail.com

My information will most likely be released via public records very soon because of an another bitcoin company becoming a LLC in the future.

If anyone wants to start an verification company to supplement GLBSE please let me know.


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August 10, 2012, 08:18:04 AM
 #26

Good News I got off the Phone with GLBSE tonight so I should have some verification added my Securities  Grin

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August 10, 2012, 08:31:20 AM
 #27

kind of an awesome way to short BTC^^
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August 10, 2012, 08:42:48 AM
 #28

kind of an awesome way to short BTC^^

Yes, right now your 100% correct!!!


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August 14, 2012, 06:13:15 AM
 #29

We are now verified 4 of 6  Grin

It should be 5 of 6 in the next few days, gotta email support to fix the typo.

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September 11, 2012, 01:20:36 PM
 #30

News News News

Should be Completing the Sale/Investment of METAL and METAL.SILVER in the next few days.

The Silver / BTC Pricing History is going to be moved to a new google doc page very soon.




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September 14, 2012, 11:57:56 AM
 #31

Motion 132 (24 hours to vote)

change contract to read:

The glbse ticker "METAL" is the company "Bitcoins to Metal" and the "METAL.SILVER" ticker is a ETF that trades silver backed shares and is owned and managed by "METAL" Aka "Bitcoins to Metal"

<b>Main:<b>
- One share represent 1 gram of .99 fine silver, the shareholder can request physical delivery of silver as outlined in this contract.

- The Amount of physical silver held by "Bitcoins to Metal" will never be reduced below 1 gram of .99 fine silver per share issued on "METAL.SILVER" and not held by 'Bitcoins to Metal'.

- "Bitcoins to Metal" will keep public records of all silver transactions that belong to the "METAL.SILVER" inventory.

- "Bitcoins to Metal" has the right to change inventory items out for other items as long as the 1 gram of .99 fine silver per share is maintained.

- "Bitcoins to Metal" has the right to hold items in inventory that are not pure .99 fine silver, the fine weight of these items depends on the percentage of silver present in the items.


<b>Physical Delivery:<b>
- The shareholder can request physical delivery at any time, the costs associate with physical delivery will be set on the day the request was made.

- The share holder can request to use shares to cover any cost related with physical delivery, "Bitcoins to Metal" will use Silver Spot Price to BTC, via last exchange rate on the exchange with the highest stable trade volume.

- For physical delivery the shareholder has to pay a handling fee between 1% and 15% on the value of the silver he wants delivered at the average spot price of silver on the day he made his request.

- The shareholder will have to pay all shipping costs associated with delivery of physical silver to the location he has chosen.

- The shareholder can choose the shipping service they want to use and is responsible for risk and insurance of the parcels once they left "Bitcoin to Metal" storage.

- "Bitcoins to Metal" determines what silver assets will be used for physical delivery, the shares do not grand the holder the right to pick specific inventory items.

- The amount of shares that can be convert to silver have to be equal to the .99 fine silver weight of one or more inventory item, if the current inventory does not hold items with a weight equal to the amount of shares the holder wants to convert "Bitcoins to Metal" has the right to refuse the request in full or partially.

- For USA delivery of physical silver the silver will come from storage located in the USA. For delivery inside European trade union the silver will come from storage located within Europe. For delivery outside these regions the most suitable storage location will be picked by "Bitcoins to Metal". In case a storage locations does not hold sufficient silver for the the delivery request the share holder is responsible for the shipping cost and possible taxes that may apply to shipments from different locations.


<b>Handling Fee:<b>
- The 1% to 15% handling fee can be used to protect the EFT against frequent delivery request in the same way a premium and/or spread is used by traditional silver dealer.

- The shareholder is allowed to cancel his delivery request if he does not agree with the percentage set on the handling fee for specific delivery request.

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Insu Dra
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September 14, 2012, 01:46:55 PM
 #32

I made a offer to randomQ in the following thread:
https://bitcointalk.org/index.php?topic=106464.0

When I saw randomQ was selling bitcoin to metal I was kinda struck. I love the idea and there is a lot of potential benefits for bitcoin securities as a whole. As such I checked if it would be possible for me to manage this type of operation legally and made a simple offer to randomQ as soon as that was confirmed.

The offer, I would invest some silver to grow the etf a bit and take over the bulk of the work but only if he was willing to remain active to provide storage in the USA. As a result we would split storage between USA and EU, providing lower shipment cost and add more security to all share holders.

The big change in the contract is the handling fee, to get the maximum potential out of a ETF it needs to have a decent amount of shares to trade and to do this we need to acquire more physical silver. Finding low volumes of physical silver at spot price is not a easy task especially sins I want to add more focus on to .99 fine silver. This is where the handling fee comes in, it's a detergent for people from requesting physical delivery and it can be used to cover the cost involved with replacing the old assets.

I will always try to look for the middle ground between the value of assets being shipped out and the cost to replace said assets when determining the handling fee. Example. 1 oz coin that can be sold for 5% over spot will result in a handling fee of 5% above spot + the shipment cost to get a new coin to our location. My goal is to run the ETF side as a none profit, no losses or gains.

Ofc Nether me or randomQ work for free, the other side, MINING it self, will hold some shares of MINING.SILVER. The goal is to be actively trading with the weight represented by those shares, income generated by the active trading will be used to pay for time invested by us and to grow the volume of the ETF when needed.

METAL.SILVER is very simple idea, its a safe way to invest in silver.
You can cash Out at any time into real silver (You pay shipping cost)
This will always be backed 100% by silver coins/bars, We will not over sell.
We will provide proof of all silver, You want a picture of a shoe on my head with the coin in my mouth No Problem.

This did not change, I will honer that just like randomQ. Aldo don't ask me to put coins in my mouth ...

Thats it, if you have remarks or questions feel free to share and I hope you guy's will give me a chance to build up trust and help me to build up a great asset to be used as hedge, collateral or investment tool for all that need it.

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September 15, 2012, 11:37:25 AM
 #33

I'm a noob, what's the reason to buy the shares? Speculation about the future price of silver?

And what are the shipping fees for Europe?

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September 15, 2012, 02:14:12 PM
 #34

I'm a noob, what's the reason to buy the shares? Speculation about the future price of silver?

- First reason to buy silver shares would be to act as a store of value, a hedge against market fluctuations. Just like other currencies bitcoin has the potential to lose value in relation to other currencies.

One month 1 btc is worth 10$ next month it might drop to 5$, holding shares in silver offers some protection against that.  Lets say that silver has kept it's value around 1$ per gram in that same time frame, that would mean your silver shares have gone up in value from 0,1 btc to 0,2 btc.

Ofc silver might change in value and the opposite is true as well, thats where risk management comes in to balance things out. Old saying: Never put all your egs in to one basket. Metal.Silver offers a low risk basket for you to put some egs in.

- The second reason is collateral for loans or investments, lets say you want a loan or investment for 1k btc to buy something, you can then put down 250btc worth of silver shares (and/or some other assets) + what ever you buy with the loan as collateral.

This way you reduce risk for people lending to you and increase your chances to get the actual loan, atm glbse makes this relatively hard but I'm working on options to make this easier and more convenient for both parties. (don't expect this to soon, I was playing with the idea before stepping in to METAL but it's far from complete at this point in time)

And then yes there is also the speculation, day trading, ... and so on.

And what are the shipping fees for Europe?

In short:
For small/medium amounts, from 15€ to 80€ depending on storage location and taxes involved (+ vat on the value of silver, this can be avoided legally in some cases)

In Full:
---
Dealing with physical silver in Europe is less strait forward then it is in the us, tax laws make silver investment on a small scale very annoying. The cost for shipment of small/medium amounts can go from 15€ to 80€ depending on storage location and taxes involved, on top of that regulations might force you to pay VAT on the value of the silver once you get the silver outside of designated storage locations (custom offices, tax free transfer zones like those in most international airports).

On the bright side there are allot of silver dealers inside euro zone that are actively trying to eliminate or spread the cost of taxes on silver in the region. This means there is a high chance of recuperating some of those taxes when you sell the silver to specific bullion dealers or other parties inside Europe.

To that I would like to add that we ofter European people a chance to invest in VAT free physical silver without the minimum investment requirements or cost associated with the existing options.
---

For people that want physical delivery inside Europe, I will actively work with them to keep the cost/losses from taxes as low as possible within the legal framework and I will work with every shareholder to keep our handling fee as low as possible..

edit: more translation errors, some day I'l get this English right ...

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September 15, 2012, 07:47:18 PM
 #35

Thank you for the answer  Smiley

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September 16, 2012, 08:24:25 AM
 #36

Motion 132 has passed by 55% and required 51%.

I will submit the contract change to GLBSE.



This is the New Pricing History of Silver & BTC Spreadsheet.

https://docs.google.com/spreadsheet/ccc?key=0Ak1NqDefdzk2dGhuTGZBdldTOVk3b01waENPMDJzZkE

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September 18, 2012, 08:33:58 AM
 #37

https://bitcointalk.org/index.php?topic=106464.0

The sale has been canceled and a New Contract will be voted on in the near future.

This ETF will also be reincorporated as a Legal Entity within the USA.

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September 18, 2012, 08:40:38 AM
 #38

Do you still intend to go through with any verification?

Good Question and thank you for pointing this out.

I've have a few support tickets with GLBSE trying to get 6/6 on verifications for over 2 months now.

According to GLBSE because my linkedin profile has very little connections I'm unable to be verified with it.

I've requested that my verifications from GreenBTC be transfered to METAL AND METAL.SILVER.
Currently 3 of 6.

I'm Willing to disclose my information to any investor via email. bitcoinstometal@gmail.com

My information will most likely be released via public records very soon because of an another bitcoin company becoming a LLC in the future.

If anyone wants to start an verification company to supplement GLBSE please let me know.




We have been waiting a long time for someone to start a verification company independent of GLBSE.

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September 18, 2012, 08:50:15 AM
 #39

We have been waiting a long time for someone to start a verification company independent of GLBSE.

I had an idea about independent verification that would store an encrypted public file with identification information within in.
If a council of people determined by a vote that the Asset Owner committed fraud they would release the key to the public.
Of course this is extreme and would require a 30 page agreement by the Asset Owner allow the council to "Dox" the Asset Owner in the event of fraud.





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September 18, 2012, 04:45:34 PM
 #40

I have canceled the sale of this asset to Insu Dra.
I have decided to reincorporate this ETF as a Legal entity within the USA.

The contract will be rewritten from the ground up to to reflect the legal protections of an Legal Entity within the USA

RamdomQ reverted his initial decision and I did not feel like renegotiating so ...
I'm no longer involved, gl  Roll Eyes

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