Topic: [ANN] Physical Litecoins by the Litecoin Foundation (Read 8351 times)

This isn't goat's fault, its mine.  I'm too much a perfectionist with these things.
I have prototypes, and much of the work toward this done, but am way behind on most everything I've committed to and this is no exception.

This isn't goat's fault, its mine.  I'm too much a perfectionist with these things.
I have prototypes, and much of the work toward this done, but am way behind on most everything I've committed to and this is no exception.

Over a year has passed since this announcement and still Goat has failed to deliver on his supposed "not-for-profit" physical litecoins.

At least it can be known that Goat has shown no proof that his efforts in this supposed project were genuine as there is no design, holograms, certificates, and most importantly no coins.

This thread was created the day after Goat and I had a supposed disagreement in PMs on this forum which confirms my suspicions that this thread was an attempt to troll me and in essence gave false hope to other prospective coin buyers that they would have an alternative in the near future from the time the thread was started.

Promise after promise was made and none were ever kept. Now Goat has been banned from the forums for going off the deep end and has been accused by multiple parties that he owes them a substantial amount of BTC that he refuses to pay (which was debt from his previously failed businesses/stocks/etc.).

Now he has gone rogue and his trust has plummeted since he has been gone.

This should not come as a surprise as Goat has always been a shady character on these forums.

 

Announcing the Litecoin Foundation's physical Litecoin project.


The Litecoin Foundation was formed in 2012 to help protect and promote Litecoin. In this spirit we are going to make physical Litecoin affordable for everyone.


The Litecoin Foundation has loaned 25,000 LTC to fund the physical Litecoin project. The physical Litecoin project will be organized and managed by Chaang-Noi a.k.a Goat.

Hi All,

I have been a long time supporter of physical crypto and I am a strong supporter of Mike Caldwell's (Casascius) physical Bitcoins. I hold a significant amount and own at least one of every coin he has made. I think his efforts have done well for BTC and we would like to do the same for LTC. Since we are pretty much going to be copying his work, I just wanted to give credit to where it was due.

In order to promote LTC I and a few other key LTC supporters feel that an affordable physical Litecoin should be available to the community. We will be doing this project at cost, it will not be for profit. That means you will be able to get the lowest priced physical LTC that can be made.

For example we expect to be able to make the base 1 oz silver coins with the holograms for less than $35. Our goal will be $30 or less. This means the base silver coin and hologram will cost the buyer only 13 LTC or less, plus the face value of the coin.

We will be minting 1/10th, ½, and 1oz .999 fine silver rounds with different denominations. We will also be selling an especially low cost item with no metal (think credit card) for the absolute lowest cost physical LTC. This will be made in the range of 1 to 1000 LTC for the easiest and cheapest way to transport LTC physically.

We have the funding and we have our suppliers set up, all we need from the community is for you to tell us exactly what you want. We think we have a pretty good idea but if we can improve on anything Mike has done please let us know.

Also are you an artist? Want to design a coin or card? Please contact me A.S.A.P.

We are not taking preorders, you can not reserve orders at this time, and we expect to be shipping in 2 to 3 months. We will only be accepting LTC as payment. Also prices are subject to change and will match our real costs.

Thank you all for your support.

Still nothing on this?  I am curious whether it's even a good idea to use precious metal; that's like printing money on money. It becomes confusing at that point to track the value of the medium on top of the crypto value.

Why not use regular metal coins similar to the ones seen on this site: http://www.aliexpress.com/store/product/Physical-Litecoin-LTC-Collectable-Real-Digital-Coins-Like-Bitcoin-s-little-brother-Round1-Troy-999-Silver/1020505_1620607103.html

We've been using coins like that in the Air Force forever as just simple tokens to be collected. Many of them are of very high quality.

The coins themselves need not be of valuable material in order to serve this purpose. That gives the illusion that the coins are dual purpose and the really shouldn't be. If you want to own silver bullion, buy silver bullion and keep it 'til the apocalypse or hand it down to the next generation.

The only reason I haven't designed my own coin and sent it to be made by a company like makecoins.com is because I wouldn't want them having possession of the secret key. I am looking for other methods. Any guidance?

Hi All,

I have been a long time supporter of physical crypto and I am a strong supporter of Mike Caldwell's (Casascius) physical Bitcoins. I hold a significant amount and own at least one of every coin he has made. I think his efforts have done well for BTC and we would like to do the same for LTC. Since we are pretty much going to be copying his work, I just wanted to give credit to where it was due.

In order to promote LTC I and a few other key LTC supporters feel that an affordable physical Litecoin should be available to the community. We will be doing this project at cost, it will not be for profit. That means you will be able to get the lowest priced physical LTC that can be made.

For example we expect to be able to make the base 1 oz silver coins with the holograms for less than $35. Our goal will be $30 or less. This means the base silver coin and hologram will cost the buyer only 13 LTC or less, plus the face value of the coin.

We will be minting 1/10th, ½, and 1oz .999 fine silver rounds with different denominations. We will also be selling an especially low cost item with no metal (think credit card) for the absolute lowest cost physical LTC. This will be made in the range of 1 to 1000 LTC for the easiest and cheapest way to transport LTC physically.

We have the funding and we have our suppliers set up, all we need from the community is for you to tell us exactly what you want. We think we have a pretty good idea but if we can improve on anything Mike has done please let us know.

Also are you an artist? Want to design a coin or card? Please contact me A.S.A.P.

We are not taking preorders, you can not reserve orders at this time, and we expect to be shipping in 2 to 3 months. We will only be accepting LTC as payment. Also prices are subject to change and will match our real costs.

Thank you all for your support.

I don't know about that. I thought about minting my own physical coins and the prices from mints were pretty far above "spot". To get a price anywhere close to "spot" required a purchase of a really enormous amount of precious metal up front and a commitment to a large number of coins. At that point the business plan of a physical litecoin/bitcoin company becomes more precious metal speculation and less minting coins, because the value of your stock can fluctuate so dramatically while you're waiting to sell them.

That said- I do have to question the wisdom of loaning the project 25,000LTC to get this done. That's a lot of money. Personally I would imaging that money better spent doing something like getting a working payment processor going, or a litecoin version of blockchain. But thats just me I guess.....

I'm looking forward to seeing it!

I am excited for an affordable physical Litecoin.

I do believe the Lealana coins are absolutely gorgeous, but I am also a business owner, and I know what price gouging is.  There's an unspoken markup above wholesale that's considered ethical.  There's a pretty big gray area as well.  But those coins are above and beyond all the gray area, even.  Super disappointing because they are gorgeous with that silver/blue look.  So icy cool  

Hope these will be both affordable and beautiful. 

So its been over 6 months already?

-B-

I am excited for an affordable physical Litecoin.

I do believe the Lealana coins are absolutely gorgeous, but I am also a business owner, and I know what price gouging is.  There's an unspoken markup above wholesale that's considered ethical.  There's a pretty big gray area as well.  But those coins are above and beyond all the gray area, even.  Super disappointing because they are gorgeous with that silver/blue look.  So icy cool  

Hope these will be both affordable and beautiful.  

So its been over 6 months already?

-B-

Hi did the physical coins ever get made? if so is there any left I know Im late to the party but Im just getting in to crypto coins I already have a coin collection dating back to the 18th century (English GBP) and thought a futuristic one would be a good edition is there a link to a site or is it to late and I have to risk ebay?

Any updates? Lol it's been a while

i would like to suggest that when there is a conference with litecoin holders at a conference that we start a new tradition buy playing for chickens with the Looping Louie game which actually has tokens with chickens on them (people would be able to buy chickens for LTC to play)

perhaps there could be a raffle for 1 physical coin to all participants



the game also goes well with drinking, but we could seperate into drinking and non-drinking groups

Goat,
Any updates for us on these coins?!?!