Topic: [POLL] What denomination of physical Litecoins would you like to buy? - page 2. (Read 7648 times)
April 23, 2013, 12:16:31 PM
Free bump!
April 23, 2013, 11:39:41 AM
Moar votes needed!
April 23, 2013, 08:36:47 AM
So you and probably others that are involved in the printing process will be aware of the addresses
and the private keys of all of the shipped litecoins.
What exactly ensures us customers that you or someone else isn't going to steal the litecoins sometime in the future?
and the private keys of all of the shipped litecoins.
What exactly ensures us customers that you or someone else isn't going to steal the litecoins sometime in the future?
I am doing the assembly myself for security reasons, so that I am the only one that will ever see the private keys. You can be sure that as soon as they made, they will be encrypted and stored offline on two USB drives (an extra one in case the first is corrupted) and stored in a very safe place. The computer that will print the private key cards will never connect to the internet, ensuring safety from prying eyes. As soon as I make a coin, any record I have of the private key will be permanently destroyed.
You can always use a block explorer to check the balance of the address, but when it comes to the destruction and confidentiality of private keys, you will just need to trust me. I have no interest in stealing, I have a good job and an OK enough life where I don't need to steal. I will be as transparent as possible when the time comes to make them.
I am open to any suggestions on how I can do this in the most transparent way.
Thanks for your interest,
Ch
April 23, 2013, 02:27:21 AM
Exactly, each physical Litecoin will have the first 7 characters of the Litecoin address printed on top of the hologram.
You can then use these first 7 characters of the address to enter into any Litecoin block explorer to get the full Litecoin address and check to make sure the value in LTC is actually held in that address.
Hidden underneath the tamper proof hologram is the private key that can be used for redeeming the LTC that was sent to that specific Litecoin address.
You can then use these first 7 characters of the address to enter into any Litecoin block explorer to get the full Litecoin address and check to make sure the value in LTC is actually held in that address.
Hidden underneath the tamper proof hologram is the private key that can be used for redeeming the LTC that was sent to that specific Litecoin address.
So you and probably others that are involved in the printing process will be aware of the addresses
and the private keys of all of the shipped litecoins.
What exactly ensures us customers that you or someone else isn't going to steal the litecoins sometime in the future?
April 22, 2013, 07:22:28 PM
The big ones get more cost efficient but are way to expensive to sell.
I am planning on avoiding this problem by not loading the coins until someone pays for them.
Otherwise, I would never be able to get this project off the ground because it would be way too expensive.
And sorry about the price, but there's not much I can do about it.. it's not my fault that the LTC exchange rate is what it is.
If I trimmed retail price anymore it simply wouldn't be worth my time.
April 22, 2013, 07:00:28 PM
Yeah it's a bit expensive for me.
+1 on your initiative though.
The big ones get more cost efficient but are way to expensive to sell. (if i wanted to sell physical litecoins) And then the cheap ones are way to cost ineffective.
+1 on your initiative though.
The big ones get more cost efficient but are way to expensive to sell. (if i wanted to sell physical litecoins) And then the cheap ones are way to cost ineffective.
April 22, 2013, 06:59:54 PM
I think i'll take several in all denominations except 50 LTC. 
April 22, 2013, 06:34:17 PM
Bump, need more votes and opinions.
Yes please I'll take several in all denominations.
Forget the few tight asses that can't afford it. You make less per coin then Casascius does. And I don't see LTC staying at $2.5 anyways. Especially since we know it's going to Gox.
Cheers!
Thanks for the support
April 22, 2013, 06:31:06 PM
Bump, need more votes and opinions.
Yes please I'll take several in all denominations.
Forget the few tight asses that can't afford it. You make less per coin then Casascius does. And I don't see LTC staying at $2.5 anyways. Especially since we know it's going to Gox.
Cheers!
April 22, 2013, 06:27:11 PM
Bump, need more votes and opinions.
April 22, 2013, 05:30:58 PM
I could sell these for cheaper, but this would probably make the project:
A. Not worth my time and effort of designing, manufacturing, assembling, and sales.
B. Not provide the correct risk to reward ratio for the HUGE investment this project will take to lower costs per coin to a reasonable amount. I need to get an investor (which I already have) to complete this project, he is not going to want to invest in this project if the risk/reward ratio is not reasonable.
C. Not able to afford to expand into silver bullion/coins, make the designs better, make more denominations, etc.
All of these would kill the project before it ever really got going.
For the better of the future of Litecoin itself, and Physical Litecoins (so we can live up to our Bitcoin big brother) it is a necessity that this mark up be charged.
A. Not worth my time and effort of designing, manufacturing, assembling, and sales.
B. Not provide the correct risk to reward ratio for the HUGE investment this project will take to lower costs per coin to a reasonable amount. I need to get an investor (which I already have) to complete this project, he is not going to want to invest in this project if the risk/reward ratio is not reasonable.
C. Not able to afford to expand into silver bullion/coins, make the designs better, make more denominations, etc.
All of these would kill the project before it ever really got going.
For the better of the future of Litecoin itself, and Physical Litecoins (so we can live up to our Bitcoin big brother) it is a necessity that this mark up be charged.
April 22, 2013, 05:20:41 PM
So many people saying that they're too expensive 
I wonder if they know that I am charging less in USD per coin than Casascius... He probably gets them made at higher quantities and cheaper as well....
It is just unfortunate that a Litecoin is worth 2.50 and a Bitcoin 100+, it is easier for him to mask the mark up and it makes people seem like they're paying less than what they actually are...
Definitely, after seeing the poll results it seems most people are more interested in the higher denominations... I guess because they are a better value.
So, perhaps I will do away with the smaller denominations at first.
I wonder if they know that I am charging less in USD per coin than Casascius... He probably gets them made at higher quantities and cheaper as well....
It is just unfortunate that a Litecoin is worth 2.50 and a Bitcoin 100+, it is easier for him to mask the mark up and it makes people seem like they're paying less than what they actually are...
Yes, hopefully as LTC rises this can be adjusted. I would buy some 100 LTC coins no problem, and I am sure there are people out there who would buy 1000 LTC coins
Definitely, after seeing the poll results it seems most people are more interested in the higher denominations... I guess because they are a better value.
So, perhaps I will do away with the smaller denominations at first.
April 22, 2013, 05:18:04 PM
I think physical Litecoins is a great idea and I'm all for it.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
Yes, it is unfortunate that a LTC is only worth about $2.50, making a 1 LTC physical Litecoin cost 600% more than a regular digital Litecoin for consumers. This number gets much more reasonable the higher the value of the coin is. I am honestly not sure if I will even make a 1 LTC coin at the start, perhaps leave that later on until LTC value is higher allowing me to charge a more reasonable cost. For instance, if Litecoin was $100, this would drastically reduce the cost for the consumer.
If LTC price goes up in the future, then this mark up can be brought down a little, but until then I will need to pay for the cost to make the coin and provide enough profit to expand my offerings to different denominations of coins, better designs, and silver coins as well.
I agree with you that I will most likely only make the larger denominations from the get go. Possibly even one higher than a 50 LTC version to further decrease the cost to the consumer.
Yes, hopefully as LTC rises this can be adjusted. I would buy some 100 LTC coins no problem, and I am sure there are people out there who would buy 1000 LTC coins
April 22, 2013, 05:15:33 PM
I think physical Litecoins is a great idea and I'm all for it.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
Maybe LTC will go up after Mt.Gox release and 1 LTC will be worth more than 2.5$
I will adjust prices accordingly as Litecoin value changes, but at this moment I am going to need to charge about 5 LTCs just to make 1 coin... no matter what denomination it is.
April 22, 2013, 05:14:26 PM
I think physical Litecoins is a great idea and I'm all for it.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
Yes, it is unfortunate that a LTC is only worth about $2.50, making a 1 LTC physical Litecoin cost 600% more than a regular digital Litecoin for consumers. This number gets much more reasonable the higher the value of the coin is. I am honestly not sure if I will even make a 1 LTC coin at the start, perhaps leave that later on until LTC value is higher allowing me to charge a more reasonable cost. For instance, if Litecoin was $100, this would drastically reduce the cost for the consumer.
If LTC price goes up in the future, then this mark up can be brought down a little, but until then I will need to pay for the cost to make the coin and provide enough profit to expand my offerings to different denominations of coins, better designs, and silver coins as well.
I agree with you that I will most likely only make the larger denominations from the get go. Possibly even one higher than a 50 LTC version to further decrease the cost to the consumer.
April 22, 2013, 05:11:18 PM
I think physical Litecoins is a great idea and I'm all for it.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
Maybe LTC will go up after Mt.Gox release and 1 LTC will be worth more than 2.5$
April 22, 2013, 05:07:56 PM
I just voted too expensive on the basis that the 1 LTC denomination costs 6 times that of the LTC itself. The 50LTC version isn't so bad. But what I would really be interested in is if the actual coins are made of fine silver as well.
Somehow I think fine silver holds value better than unknown silvery metal. That way you can still persuade someone the coin is worth its weight in silver even after someone decided to redeem the ltc.
Also, it has probably been suggested before, how about putting larger denominations on heavier coins? E.g. 10LTC on 10 Oz silver coin, 50LTC on 50 Oz, etc.
Somehow I think fine silver holds value better than unknown silvery metal.
That way you can still persuade someone the coin is worth its weight in silver even after someone decided to redeem the ltc.Also, it has probably been suggested before, how about putting larger denominations on heavier coins? E.g. 10LTC on 10 Oz silver coin, 50LTC on 50 Oz, etc.
Hi, thank you for your feedback.
First of all, a 5 LTC mark up on each coin is actually lower than what Casacius himself charges for his physical Bitcoin, and I would venture to guess he is making them at much larger quantities that are most likely cheaper to make. So.. I am making less profit than he is by selling these.
People don't seem to realized that because a Bitcoin is worth over a hundred dollars, he can charge a .2 BTC mark up and it doesn't seem like much at all, but this .2 BTC mark up is bigger in USD than my 5 LTC mark up if you do the math.
Also, silver bullion and coins are something I would like to expand upon in the future if this project is successful. This is another reason to justify the 5 LTC mark up. The costs of buying a bunch of 1 oz silver coins adds up very quickly as you can imagine. I simply do not have enough money to start with silver coins right from the get go.
By buying a coin or two from the first batch metal coins, you would be helping me to reach that goal of offering more denominations and silver coins/bullion as well.
Thanks,
Ch
April 22, 2013, 05:05:43 PM
I think physical Litecoins is a great idea and I'm all for it.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!
Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.
April 22, 2013, 04:56:56 PM
I just voted too expensive on the basis that the 1 LTC denomination costs 6 times that of the LTC itself. The 50LTC version isn't so bad. But what I would really be interested in is if the actual coins are made of fine silver as well.
Somehow I think fine silver holds value better than unknown silvery metal. That way you can still persuade someone the coin is worth its weight in silver even after someone decided to redeem the ltc.
Also, it has probably been suggested before, how about putting larger denominations on heavier coins? E.g. 10LTC on 10 Oz silver coin, 50LTC on 50 Oz, etc.
Somehow I think fine silver holds value better than unknown silvery metal.
That way you can still persuade someone the coin is worth its weight in silver even after someone decided to redeem the ltc.Also, it has probably been suggested before, how about putting larger denominations on heavier coins? E.g. 10LTC on 10 Oz silver coin, 50LTC on 50 Oz, etc.
April 22, 2013, 04:44:36 PM
I m confused
1.You create an address with lets say 50LTC
2.You create the physical coin with part of the address being visible and the remaining part as well as the private key being printed in a hidden
area of the coin.
Am i missing something about the process of making these coins?
1.You create an address with lets say 50LTC
2.You create the physical coin with part of the address being visible and the remaining part as well as the private key being printed in a hidden
area of the coin.
Am i missing something about the process of making these coins?
Exactly, each physical Litecoin will have the first 7 characters of the Litecoin address printed on top of the hologram.
You can then use these first 7 characters of the address to enter into any Litecoin block explorer to get the full Litecoin address and check to make sure the value in LTC is actually held in that address.
Hidden underneath the tamper proof hologram is the private key that can be used for redeeming the LTC that was sent to that specific Litecoin address.
I think you understand it.. you are not missing anything.
Any other opinions or questions??
PS: VOTE!!!
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