Topic: [LTC-GLOBAL] Litecoin Silver [Shutting Down] (Read 8638 times)

Thanks Salty
added some trust

Heh, well this is the final update I suppose. Although the fund's silver hasn't sold I'm just going to send out the LTC owed, and hope that the silver sells shortly. Transfering in the BTC to BTC-E to get some LTC to pay out the share holders. Everything should be settled today.



All share holders have had their shares settled. Thanks for your support, twas a pleasure to have worked with all that participated.

Any updates?

I'm shutting down for now. I may migrate to another exchange, but I'd rather settle everyone's shares first and reissue later. I'd rather not BFL my share holders and give them an estimate time frame that I have no basis off of. It could be a day, or it could be 3 months before I find another suitable exchange. I refuse to string along my share holders by having them deal with my own uncertainty.

So, the plan is to lock the asset trading tomorrow, use the next 7 days to get in touch with my share holders to figure out what they wish to do with their shares, and then have everything concluded before Trading is halted indefinately on the 7th. When I find a suitable exchange, I'll just restart the asset fresh.

So it is definitely shutting down, not migrating to another exchange?

Updated with Litecoin Global's shutdown news.

I have recieved an additional 30 Oz of silver, leading the fund total to 50 Oz.

http://imgur.com/3KWnteC

Wow... I did not know it was possible that this many things could happen. After chasing down the mailman, they told me to go to the post office to pick up my other silver, which was the other 30 Oz. I just drove over, to find out the post office was closed... So although I'm pretty dissapointed, I do have 20 Oz that I can release as the IPO at 5 PM EST as I said above. After everything has settled down, I'm going to make a writeup of the things that have transpired against me in the last few days... Its been lovely.

Alright, yeah so I have no idea how this even, but I saw my mail carrier zoom by, so I just chased them down about a mile and a half, and grabbed a package of 20 Oz. I also got info from them that I'd be able to stop by the post office and pick up my other 30 Oz, so the IPO WILL be today. I've just got to run back to the post office to pick up the rest of the silver, and all 50 Oz will be available.

I apologize for the craziness, I really didn't expect any of this to happen, but I guess its a happy accident. To make sure everyone has adequet time to prepare, the IPO will be at 5 PM EST, aproximately 2 and a half hours from this post.

Thanks for sticking with me, I've been more than a little stressed out about this IPO, but it looks like its coming to a happy resolution.

Due to shipping complications, the IPO won't be until Monday. Sorry for any inconvience this has caused.

My mail seems to be running a little bit late, but the tracking info still says out for delivery. So the IPO will be released a bit later than I intended, but it should be today.

Alright, here is what I believe to be my last update before the IPO, as its the most up to date info I have. The IPO will be tomorrow, Friday the 13th at 3:00 PM EST at the earliest, possibly an hour later depending on when my mail arrives. In case it arrives before 3PM, which is quite likely, I will still release the shares at 3PM EST.

My order at Amagi was actually two orders which I had hoped I had ordered close enough apart to have them combined in the same shipping package, however I was too late, so there will be 3,000 Shares worth 30 Troy Ounces of silver available for the IPO.

If I get any more information regarding anything I'll be sure to let you know, however the above mentioned information should be the most current information that I can recieve or give.

Thanks for the support,

SaltySpitoon

Its an idea, but sounds beyond the scope of a task I want to take on right now.

Anyway, Major updates:

The shares are now in 1/100th of an Oz increments. All this does is makes the math convient for buying/selling/transfering shares, and allows investors with less LTC to buy shares.

The 50 Oz that I ordered for the IPO should be here on Friday, so assuming I have everything worked out in the contract ready by then, Friday or Saturday should be the day of the IPO.

The asset Details are now filled in in all applicable sections. If I'm missing anything, let me know, but I think minus the typos and spelling errors that I have to double check for, things are settled more or less.

Screw the API ! Just make it into a pool and charge the investors a premium for whatever lame excuse they may have for not wanting to mine.

Part or all of the premium could be used to fund incentive programs such as sign up promos and bonuses for dedicated miners.

heh, I was actually trying to write the API for something like that, however I'm not entirely sure if I will be able to get that working or not.

Or how about offering some type of installment plan. Pools could add the option that would give the miners the opportunity to mine directly into their share(s) fund. A hybrid of merged mining, if you will.

Well I can't really offer say, 30 shares in a 1 oz bar, 200 shares in another 1 oz bar, etc. It has to be according to mass in some pattern, be it 1 gram per share, 1/10th of an oz per share, 1/50th of an oz per share, 1/100ths of an oz per share, etc.

I would offer shares in any size. You could chop each bar up in random lots or designate this bar as having 100 shares.. this one with 1000 ... ect..

Even if its just one Satoshi.

The option of changing the share amount to 1/100th of an oz, or 1/50th of an oz, rather than 1/31 in gram increments has been brought up. Anyone have any thoughts on the matter?

What having each share at 1/100th of an oz or 1/50th of an oz would do, is make it a little bit easier to calculate how many OZ's you own, rather than having to know the Troy Oz to gram converision, as well as dealing with non even numbers. If you own 10 shares, you own 1/10th of an oz with 100 shares per oz, rather than having to figure out what 4/31 or however many shares you have with the current gram increment per share system. Not that its difficult, but its a slight convience that people may appreciate.

What it would also do, is make each share cheaper, but with more shares available. Essentially the only difference is, would people rather have their shares more consolidated or more fluid, as in owning 1 troy ounce in 31 shares, 50 shares, or 100 shares. The pricing would come out even, however with 50 or 100 shares per ounce, it would allow people to buy in smaller increments if they wished.

When I first invisioned offering shares in 1 gram increments, it was because I had intended to actually have 1 gram bars/rounds, however people were not interested in paying the rediculous premium that comes with 1 gram bars, so I eventually decided to only purchase 1 oz or larger increments.

Let me know what you think, as it will help me decide which direction I should go with the asset.

Alright, the 1st draft of new terms have been set, if anyone has the time and is interested, I'd appreciate any feedback you could give. The entire set of terms are listed here: https://www.litecoinglobal.com/security/LTC-SILVER

I'm also proof reading and spell checking, as I started going crosseyed writing all of that towards the end. I appreciate any questions that people may have, or any feedback they wish to give.