Topic: [BTCT.CO] -- SILVER -- (Read 1257 times)

I actually know investing and markets extremely well and I was planning to surprise the hell out of everyone by selling covered calls out of my own pocket & distribute the profits as dividend. I thought it would be cool to one-up the existing gold/silver funds. it's the kind of thing I would to just to be #1 and be the best. But it'll never happen now. I am just so very tired.

I agree with Deprived. You wrote that a share represents 1/10th oz of silver, but that's not true because some of the silver is not actually silver. Smart investors will avoid your fund for that reason. It is too fuzzy and complicated.

I think you will find that precious metal funds are not as popular as you think. I don't think any silver fund has ever had more than a few ounces in assets. I'm sure there is no need for you to include gold in the mix. Just holding silver will make it easier for both you and your investors.

Ya. I'm a fucking loser. And I deserve it. all of it.

I am sorry.

Done.

Please see: http://kongzi.ca/silver/


Already fixed, but thanks for noticing. Just as an aside I make no secret of the fact I used the BTC-GOLD contract for 99% of what I wrote. I read it VERY CAREFULLY and I UNDERSTAND IT and PLEDGE TO IT, I did not  merely search and replace gold with silver (which is why there were some terms still stating gold as of an hour ago) but I have been working through it and I have made some changes which I believe are for the better. But yes, thank you, I did fix it already though.


The contract does not state 100% silver backing -- it states 70% silver backing with up to 30% in gold. The reason why is because I already own a substantial amount of gold. I am in the process of trading it for silver. I don't think it is a major issue-- silver and gold for better or worse generally trade together. The plan is basically to hold 100% silver, I am just making an allowance for the gold I already have. If it's an issue I'll just manage the conversion myself and alter the contract to state 100% silver backing -- although I don't see how it could possibly be an issue, it's very clearly stated.

Just let me know what you want to see in the contract. I have a good vision for this but I am open to suggestions. Even from you ;-) You're surprisingly nice when you're not accusing me of fraud, murder, etc.

Just like BTC-GOLD and GOLD and every other similar asset, which has already been approved with 6-0 and 8-0 votes? Yes. I do, in fact want to offer a service that people want.

It's a pretty common model which seems to appeal to some BTC/LTC users.  Not sure why - but it does.

A few questions to usagi

1. Could you please post a photo with something demonstrating that its actually YOUR silver in it.  If you look at other similar offerings you'll see it's normal for there to be a piece of paper with (nick)name/date on in the photo.

2.  You may want to modify your rather generous exit strategy.  To quote : "For those that do not want to receive their Physical Silver, I will liquidate the remaining bullion and pay out your share value at current Gold spot market value."  Aside from whether you liquidate or not being entirely irrelevant if you pay out at spot regardless, I imagine you intend to pay out at SILVER spot not GOLD. 

3,  Your bullion guarantee is confusing as it refers to gold as well as silver - when fund otherwise appears to only be for silver.  Not seeing how if you hold a mix of gold and silver you can guarantee 100% silver backing.  Unless you also hold more silver than total outstanding units represents- at which point mentioning the gold at all seems irrelevant.  If reads as though the contract was originally written to deal with both silver and gold, then edited down to just silver with some references to gold not removed.

I just woke up, so pardon me if i missed something, but you are selling silver, and you want to hold it for me, and charge me to hold it, and you pinky swear to send it to me when i want it?

reserved

http://kongzi.ca/silver/
-----
I was inspired by BTC-GOLD. I am a silverbug with a large silver and gold
position and I've decided to gauge demand with a silver backed asset. My Goal is
(also) to increase strength of Bitcoins and Litecoins, by allowing the free
and simple trade between the currency and bullion without hassle and added fees.

Each share is equal to 1/10th of an ounce of silver.

SILVER provides an easy way to exchange BTC/LTC for silver bullion with 10
shares equal to 1 oz of physical silver. Please see the pictures of what we will
start with at http://kongzi.ca/silver/ -- To start, we have 40 beautiful 1/2 oz
coins for small orders, all the way up to 1oz, 2oz coins, 1/10th, 1/5th, 1/2 oz
gold and 5oz gold bars. We have smaller odd amounts in grams and in jewelry if
the investor wishes that.

Because each share represents 1/10th oz. of silver, the price of each share
makes it easy for any investor to start or add to their precious metal
portfolio. Silver is just about $30/oz now, so at $3 US a share that's around
0.23 bitcoins/share or so. A reasonable opening price.

SILVER also allows you the option to withdraw your shares and receive physical
silver bullion. With an additional handling fee and shipping/customs fee, you can
have increments of 5 shares withdrawn (1/2 oz.) mailed to you.

OVERVIEW:

By investing in SILVER you are investing into Physical Silver. Various
forms of Silver will be obtained by the operator (myself) ranging in
brand, size, and form, but all silver is guaranteed to be at least .999 pure. In
fact, silver from our primary supplier in Canada is guaranteed .9999 pure.

The amount of shares in circulation at any time will only reflect the amount of
silver and silver-equivalent in gold I am holding physically in 10th ounces at
any given moment. One share is and will always be equal to 1/10th ounce of
physical silver bullion.

TRANSFER, WITHDRAW OPTION, DEEP STORAGE AND SHIPPING:

Share transfer between SILVER listed on various exchanges (ex. if we list on
Litecoin Global or Bitfunder) can be requested. Requests must be made in
multiples of 100 shares. Requests can only be completed if there are enough
unsold shares available on the requested fund. There is a fee of 2 shares per
transfer (1/5th of an ounce of silver).
Please contact the asset issuer to make your request.
Additionally, for a fee of 1 share per transaction, we will segregate your
silver (i.e. tag it with your name and/or private key) and place it in deep
storage. No one will be able to access your silver once it is placed in deep
storage until you personally withdraw it.

You may request to have your shares withdrawn as physical silver bullion and
shipped to you.

You must issue requests in 5 share (1/2 oz) increments.  To do this, please
send the operator a message and I will give further instruction. I will also
require that you pay a 1 share handling fee and the entire shipping expense,
which will be calculated upon your request for withdrawal. Payment for shipping
will be accepted in additional Shares, Bitcoins, Litecoins, BTC-E Code, and
MtGox code.

You will be responsible for the cost of all shipping features you desire, be it
insurance, or the use of another shipping company. (ie UPS or Fedex) After the
entire shipping expense has been paid, I will guarantee that all gold bullion
withdraws requested will ship out on my end, and I will provide appropriate
tracking via the carrier at no additional cost, when available. However,
although rare, the carrier can lose your packages. I am not liable these
mistakes, and it is your responsibility and highly recommended to request
appropriate insurance if you feel it necessary. It is also your responsibility
to check all of your country's laws about bullion importation. I will be
shipping from the Republic of China, so please look into local laws, and be
prepared to pay any applicable taxes, customs or fees imposed by your country.

Please note, I have been buying and selling silver for the better part of ten
years and I have never lost a shipment.

Exit Strategy:

If for any reason I am unable to continue my obligations here, I reserve the
right to shut down operation. In that case, the first option available will be
to receive your Physical Silver Bullion via the mail. The above shipping terms
still apply, but the handling fee will be waived in this case. For those that do
not want to receive their Physical Silver, I will liquidate the remaining
bullion and pay out your share value at current Gold spot market value.

Bullion Guarantee:

Your investment will be 100% backed by Silver Bullion and Gold Bullion, with at
least 70% held in local, secure storage in the form of .9999 pure Physical
Silver coins and bars (please see http://kongzi.ca/silver/). The other 30% will
either be held in .999 or better gold and/or silver. No shares will be issued
unless an equal number of 1/10th oz. are held in storage. In theory, your stock
value should never be worth less than its weight in silver. Of course, silver
has its own price fluctuation up and down, but it is your duty to make your own
informed decision as to whether or not this is an investment that suits your
needs. I recommend you do some research into gold and silver economics, look at
the price trends, and decide for yourself whether Silver Bullion is the best
choice for you right now.


Condensed Version

This is a Silver Bullion mutual fund, operated and managed by myself.  Each
share being worth 1/10th oz. of Silver Bullion. I will buy .9999 pure Silver
bullion, and will first take pictures to prove the total asset amount, and will
then release an equal amount of shares to how many total 1/10th oz of silver
bullion are in the fund. The silver bullion will then be placed in a secure
location, and locked away until needed. Another feature that this investment
has, is the option to physically withdraw from the Silver Bullion asset. In this
case, I will send you your physical silver (or in value-equivalent gold if you
request it and it is available) in the mail, of course I will require that you
pay shipping and customs/duties, and there is a small fee, but that is listed in
the shipping terms above.

The best part being, since there will never be more or less shares owned and on
the market than I currently have in the vault, everyone could withdraw at once
if they really wanted, and no one would have to wait, and there would be no
"bank run." Although, I will mention, your best deal is to just own the SILVER
shares, and not have them physically shipped. The whole idea of this asset is to
give a liquid Silver to currency asset, where you don't have to deal with your
own country's taxes (VAT and other import or customs taxes to be specific) and
you don't have to deal with the shipping cost.