Author Topic: Converting gold & silver into bitGOLD & bitSILVER  (Read 1043 times)

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Offline kenCode

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Converting gold & silver into bitGOLD & bitSILVER
« on: November 30, 2015, 08:02:51 am »
I have a friend who wants to convert some of his real gold and silver coins into bitGOLD and bitSILVER. How??
Since cryptosmith.info is now forever offline, is there anyone else stepping up to the plate?
JPM and Goldman certainly won't.
 
Precious metals come in more flavors than just gold and silver too, I'd like to see a PM exchange like CCEDK open up in a crypto-friendly location, preferably in Denmark, Switzerland or Isle of Man. What about iridium, palladium, platinum and maybe even high-demand metals like aluminum and iron?
 
That Exchange (cryptometals.dk anyone?) could offer a profit sharing, value-rising token just like OBITS and we could all share in its success.
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Offline kenCode

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #1 on: November 30, 2015, 08:12:33 am »
Here are some Precious Metals dealers we should reach out to:
http://www.europages.co.uk/companies/Denmark/precious%20metals.html (5 companies)
http://www.europages.co.uk/companies/Switzerland/precious%20metals.html (17 companies)
 
I am not PM savvy, but please if there is anyone reading this who is, and could at least email them to outline all the reasons why they should accept bitGOLD and bitSILVER, how they can raise money via their own UIA (like Obits), etc, it would be greatly appreciated.
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Offline JonnyB

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #2 on: November 30, 2015, 09:35:47 am »
Theres no point in even approaching merchants etc until we have a stable peg and forced settlement has returned.

smartcoins aren't pegged to anything right now, they are all over the place with huge spreads and no liquidity.

The reality of the PM world is that there is hardly any direct trade from gold to other assets. PM holders will sell for fiat first and then buy what they are after.

 This is coming from a gold bug.

I run the @bitshares twitter handle
twitter.com/bitshares

Offline luckybit

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #3 on: November 30, 2015, 11:48:29 am »
I have a friend who wants to convert some of his real gold and silver coins into bitGOLD and bitSILVER. How??
Since cryptosmith.info is now forever offline, is there anyone else stepping up to the plate?
JPM and Goldman certainly won't.
 
Precious metals come in more flavors than just gold and silver too, I'd like to see a PM exchange like CCEDK open up in a crypto-friendly location, preferably in Denmark, Switzerland or Isle of Man. What about iridium, palladium, platinum and maybe even high-demand metals like aluminum and iron?
 
That Exchange (cryptometals.dk anyone?) could offer a profit sharing, value-rising token just like OBITS and we could all share in its success.

Bitshares always had the plan to turn virtual assets into physical through the gateways. The problem is the company set up to do it seems to have run off with all the money and gold.

I forget the name of the company and I don't know the details. Someone else can fill that in but I know it all went bad. Previous metals aren't safe to deal with unless you're very regulated, and it's easy for a government to confiscate.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline kenCode

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #4 on: November 30, 2015, 01:22:46 pm »
From an investment perspective, metals are a great buy and hold.
But you nailed it when you mentioned confiscations. They've done it before and they'll find a way to do it again, direct, or indirectly. This time, on an EU or even North American Union scale. The UN may play a huge part in that.
 
With my BTS sitting there doing nothing for me right now, I'd like some more companies like this that I can invest in that can do well in a declining economy. Metals was just my first thought.
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Offline Helikopterben

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #5 on: November 30, 2015, 04:59:00 pm »
Physical commodity smartcoins may be the ticket to mass adoption, but as others have stated the system is just not ready yet.  PMs are a good start, but there is absolutely no competition in crypto for assets pegged to physical commodities such as oil, natural gas, corn, wheat, cotton, copper, iron ore, ect.  These assets are all generally good stores of value and IMO are good buys right now.  Gateways for PMs are a good start, but we need to get the pegs working first and we need to get at least some liquidity into the system first.  A bond market allowing for leveraged trading and a (nearly) risk-free return (probably low) on bts could be the catalyst to bootstrap liquidity.

Offline kenCode

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #6 on: November 30, 2015, 06:24:47 pm »
RE: Bond Market - If loan issuers can do it via stealth, blinded, anonymously, then it'll be a hit. Otherwise, you're a lender, a Bank.
Same legal issues that we have with uia and fba issuance etc right now.
We need more companies in denmark, switzerland, isle of man etc that can run a banking business with no license.
Otherwise, we may as well just put targets on our chest.
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Offline mike623317

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Re: Converting gold & silver into bitGOLD & bitSILVER
« Reply #7 on: December 02, 2015, 12:55:28 am »
I have a friend who wants to convert some of his real gold and silver coins into bitGOLD and bitSILVER. How??

As usual KenCode is right on the money. This would be very valuable for those who perhaps want to leave one country and go to another.

http://www.zerohedge.com/news/2015-12-01/greeks-told-declare-cash-under-mattress-jewelry-and-precious-stones

Greeks Told To Declare Cash "Under The Mattress", Jewelry And Precious Stones
Submitted by Tyler Durden on 12/01/2015 14:26 -0500

When earlier today we read a report in the Greek Enikonomia, according to which Greek taxpayers would be forced to declare all cash "under the mattress" (including inside) or boxes that contain more than 15,000 euros as well as jewelry and precious stones (including gold) worth over 30,000 euros, starting in 2016, we assumed this has to be some early April fools joke or a mistake.

After all, this would be merely the first step toward full-blown asset confiscation, conducted so many times by insolvent governments throughout history, once the government cracks down on those who made a "mistake" in their asset declaration form or simply refuse to fill such a declaration, thereby making all their assets eligible for government confiscation.

It was not a joke.

Here is the take of Keep Talking Greece, whose stunned response mirrors ours.

Cash "under the mattress" totaling more than 15,000 euro, jewelry and other valuable items such as diamonds and gemstones, should be declared to electronic system of tax authorities, Taxisnet, as of 1 January 2016. Next to properties and vehicles and shares, now the taxpayers will also have to declare their deposits. And not only that. They will have to fill if they rent bank lockers and if yes, also the name of the bank and the branch, even if abroad. A joint ministerial decision issued by the Ministries of Justice and Finance indicates that taxpayers in Greece should add all their valuables into a new category of the tax declaration, the “Assets declaration.”

Specifically, the decision provides that: “Assets declarations” are submitted electronically and mandatory via Taxisnet. Starting date for the submission is 1.1.2016 Declared must be cash money if more than 15,000 euro and precious items if their total value exceeds 30,000 euro. These amounts apply cumulatively per household (husband, wife, underage children). To facilitate the completion of the declaration, data from the income statements (E1 and E9) will be drawn automatically. Note that this Assets declaration process will initially apply to lawmakers, journalists, public servants etc and is the rehearsal for the creation of the electronic property & assets register that will be extended to all taxpayers. The new assets declaration form has a total of 56 pages. The decision has been taken “in the context of support and development of the economy,” (Isnt this what they always say?) the ministers state.