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Offline jsidhu

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Re: BullionVault and the logical case for a bitSILVER / bitGOLD gateway
« Reply #1 on: February 25, 2015, 07:30:10 PM »
What do you think? In my mind it's a perfect marriage, and it could bring bitshares bigtime publicity if done/coordinated properly.

Am I missing something obvious here? We have bitSILVER and bitGOLD. They buy and sell silver and gold.

Why not buy and sell silver and gold with the respective bitassets?
Its happening with cryptosmith.info.. work in progress..

user gentso is the market maker for bitsilver/bitgold in this case
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Offline robrigo

Re: BullionVault and the logical case for a bitSILVER / bitGOLD gateway
« Reply #3 on: February 25, 2015, 07:52:44 PM »
It.. looks like a women's clothing store  :o
Ha, gentso1 said that was just place holder until the dev puts the actual content in place. The idea is to be able to off ramp with bitSilver by having physical silver drop shipped in exchange for it.

Offline jsidhu

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Re: BullionVault and the logical case for a bitSILVER / bitGOLD gateway
« Reply #4 on: February 25, 2015, 07:53:55 PM »
It.. looks like a women's clothing store  :o

LIke I said its a work in progress...
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Offline santaclause102

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Re: BullionVault and the logical case for a bitSILVER / bitGOLD gateway
« Reply #6 on: February 25, 2015, 08:40:03 PM »
It.. looks like a women's clothing store  :o
Ha, gentso1 said that was just place holder until the dev puts the actual content in place. The idea is to be able to off ramp with bitSilver by having physical silver drop shipped in exchange for it.

This then is not the same model as BullionVault? I am under the impression that they store the metals themselves.
That is what issuer issued assets are for. Say you are the issuer of a UIA called KarnalGOLD and you promise to exchange every 1 KarnalGOLD  for 1 ounce of real gold. You have a 100% reserve of real gold = you have as much real gold as KarnalGOLD are in existence. This company does this https://digitaltangibletrust.com/ on Counterparty which also has IUA...
The risk with KarnalGOLD   is that the issuer is not trustworthy and runs away with the real gold leaving KarnalGOLD worthless or the real gold gets stolen... BitAsset do not have this counterparty risk. That is what their value proposition is.
You have same issue with USD in your bank account (when the bank goes broke (and doesnt get bailed out))  - your USD are worthless as they are just a promise by the bank to pay out USD in cash. BitUSD are always exchangeable for their value equivalent in BTS. They have their own risk (see MPE whitepaper). But I find the risk pretty mild.
« Last Edit: February 26, 2015, 12:48:40 AM by delulo »

Offline Gentso1

Re: BullionVault and the logical case for a bitSILVER / bitGOLD gateway
« Reply #7 on: February 26, 2015, 12:38:52 AM »
It.. looks like a women's clothing store  :o
Ha, gentso1 said that was just place holder until the dev puts the actual content in place. The idea is to be able to off ramp with bitSilver by having physical silver drop shipped in exchange for it.

This then is not the same model as BullionVault? I am under the impression that they store the metals themselves.

We do not store the metal for user's we simply ship it to them.

The market has shown that their is no shortage of companies looking to store YOUR metal for you ;D.

This is from Bullion vaults own page for actually getting YOUR metal.



Withdrawing Gold and Silver

The vast majority of users keep their metal safely in the vault. When they sell, they receive cash in their BullionVault account which can then be withdrawn back to their bank account.

But you can also withdraw the metal. The fees vary according to the circumstances:

Gold
Where you cannot reasonably be paid safely by bank transfer we reduce our fee to just 1%, plus transport and insurance costs, regardless of the size of your withdrawal.
Where the normal bank transfer could be used, but you elect a physical withdrawal, there are 3 options:
For whole, standard 400 oz gold bars the cost is 2.5% plus insured shipping.
Smaller standard 100g bars cost about 3-5% - depending on the location they are going to. This includes shipping and insurance.
We also allow withdrawal of non-standard amounts (e.g. smaller bars) but these cost 7.5% as we have to buy these products in to meet your request. The minimum withdrawal is 50g.
Silver
We only support withdrawal of whole 1,000 oz bars of silver bullion. The fee is 10%.

BullionVault gold and silver are both VAT (sales tax) free - for as long as they are held in our vaults. Upon physical withdrawal gold remains exempt, but 20% VAT then applies on silver.

 

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