elective-stereophonic
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Updates (follow this thread if you are interested or involved in this project)
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Latest Stable Nxt Client: Nxt 1.12.2

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Author Topic: Updates (follow this thread if you are interested or involved in this project)  (Read 23722 times)

crimi

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Really intresting to see this stuff  ;D Didnt even know that there is such thing as a tumbler, do you lose some silver in this process? What will happen if you let it in there longer, will it be scratch free?
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anon136

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Quote
Didnt even know that there is such thing as a tumbler
usually they are used for polishing rough stones.

Quote
do you lose some silver in this process
an insignificantly tiny amount. much more is lost from sanding than tumbling. i lose about a gram in the whole process from start to finish.

Quote
What will happen if you let it in there longer, will it be scratch free?
i dont think so. i left it in there for 4 hours. my understanding is that after 4 hours it has done all that it is going to do. if there are still scratches visable after the final step than i will have to think of some sort of intermediary stage between the steel wool and the tumbler.

thanks for taking interest in my project ;D
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anon136

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all caught up again guys. thanks for the interest in my project :)
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anon136

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allright well it turns out im just going to have to cave in and try graphite molds because I can not for the life of me get these bars to come out the way i want them to in a cast iron mold.
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anon136

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oh also im ordering 10 ounce molds because that should help to cut costs quite significantly.
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anon136

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Bought a graphite mold for making 10 ounce bars. Hopefully these will come out nice and smooth with out those bumps. :)

I am seeing more interest, more volume. Maybe I'll get the chance to buy a nxt stamp and a press ;D exciting. I'm loving this project.
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sparta_cuss

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In one of these threads you had asked for silver sourcers. I am wondering how this works.

Let's say I send you 100 oz of Sunshine Mining 1toz silver rounds. They are worth about spot plus $.75 or $1.00, we'll say.

1. How am I credited with the appropriate value in the Nxt silver asset?
2. How do I avoid tax liabilities? I mean, does this count as a sale for which I have to claim capital gains? (Actually, I would take a loss, since I bought at a higher price, and have the receipts to prove it.)
3. What can a small-scale mint do to prove the purity and weight of your products so that your products can compete alongside Sunshine or Apmex or any of the large-scale mints?
« Last Edit: June 07, 2014, 06:22:32 am by sparta_cuss »
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nxt: NXT-Z24T-YU6D-688W-EARDT
btc/xcp: 19ULeXarogu2rT4dhJN9vhztaorqDC3U7s

Daedelus

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And...

Is there a way to send Nxt to a guy in the same country as you who buys the silver and sends it to you? Or is this just reintroducing the legal issues you are trying to minimise?
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NXT: NXT-4CS7-S4N5-PTH5-A8R2Q

anon136

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In one of these threads you had asked for silver sourcers. I am wondering how this works.

Let's say I send you 100 oz of Sunshine Mining 1toz silver rounds. They are worth about spot plus $.75 or $1.00, we'll say.

1. How am I credited with the appropriate value in the Nxt silver asset?
2. How do I avoid tax liabilities? I mean, does this count as a sale for which I have to claim capital gains? (Actually, I would take a loss, since I bought at a higher price, and have the receipts to prove it.)
3. What can a small-scale mint do to prove the purity and weight of your products so that your products can compete alongside Sunshine or Apmex or any of the large-scale mints?

1) If you send me 100 ounces than i will send you 100 tokens. Someday ill have to start taking a profit but not yet.
2) I dont think it would really be considered capital gains. Right now my tokens are selling for 305 NXT per ozt and according to a little tool that someone made for me, the price of an ounce of silver in nxt is 253. There are some other considerations like premium and shipping but even so thats a decent room for profit. So you should in theory be able to make a nice profit. Idk how tax reporting would work with something like that. If you bought something from craigslist and then turned around and sold it for more than you payed for it how would that be taxed? it should probably be the same here.
3) I just have to build up that reputation. It will take time and hard work.
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anon136

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Changes have been made to http://radicalmoney.com/silverdetails/

Quote
Each of these tokens is a warehouse receipt for 1 troy ounce of 999 fine silver bullion. Silver is deliverable any many forms including name brand medalions or bars hand poured by me. The minimum order size is 10 troy ounces per order.

To receive physical bullion in exchange for tokens the bearer must send an amount of tokens divisible by ten to NXT address NXT-UWKJ-GFEV-AGY4-5C4YS along with an arbitrary message containing his/her mailing address. Both the tokens and the arbitrary message must be sent from the same NXT address.

Bars hand poured by me and in good condition may be returned to me for full credit in warehouse receipts. 999 Silver not hand poured by me may be sent to me in exchange for partial credit in warehouse receipts. The current rate is 1 receipt per 1 ounce of 999 silver. (this is a temporary promotional offer that will change in the future).

So that I may know who to release the tokens to, when mailing me silver to be processed and/or stored, either send me a message containing the address you would like the tokens to be released to and the tracking number of the package before it arrives or include a note inside of the package containing the address that you would like the tokens released to. If you have a strong reputation than you may petition me for release of the tokens.

Address packages to:
Anon Freeman
124 Five Forks St., Suite B 190
King, NC 27021

There is no charge for shipping to anywhere in the lower 48 in the US. For anywhere else please contact me in order to make specific arrangements.

If you wish to contact me, I operate under the user name Anon136 on the bitcointalk.org and nxtforum.org and I do respond to personal messages.
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anon136

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I'm going to start donating silver to every worthwhile project I come across.
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Daedelus

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Cool! Don't give up  ;D
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NXT: NXT-4CS7-S4N5-PTH5-A8R2Q

cc001

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I'm going to start donating silver to every worthwhile project I come across.

NxtReporting.com ? ;) http://nxtreporting.com/assetcap.php?cap=&c=USD lists your silver by far at the top (as long as you don't exclude the issuer account  :P )
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cc001 Personal - NXT-8RXS-2SSK-RNF2-HSNL8
NxtReporting.com - The Nxt Asset Exchange Portfolio Manager with Profitability Tracking - Donations are greatly appreciated on NXT-5W4G-GAR6-JHJP-H8ZTW

anon136

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I'm going to start donating silver to every worthwhile project I come across.

NxtReporting.com ? ;) http://nxtreporting.com/assetcap.php?cap=&c=USD lists your silver by far at the top (as long as you don't exclude the issuer account  :P )

come mr bigglesworth
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Vyazhan

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Hi anon,

I really dig this project, it shows how much you want to get involved in this art and I would like to support this :) However, I have a few questions that I didn't find yet answered around here so maybe you can clarify this :)

1.) What happens to the asset in case you would like to stop this endeavor? Will we get reimbursed and if so, in which form?

2.) If, god forbids, something happens to you, is there a kind of backup plan present where someone else would take over for the time where you couldn't take care of this? I have heard of other Assets that nominated secondary people that have access to the wallet in emergencies etc..

That's all and kudos to you for engaging in such a delicate task, you have my respect :)

All the best
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anon136

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Hi anon,

I really dig this project, it shows how much you want to get involved in this art and I would like to support this :) However, I have a few questions that I didn't find yet answered around here so maybe you can clarify this :)

1.) What happens to the asset in case you would like to stop this endeavor? Will we get reimbursed and if so, in which form?

2.) If, god forbids, something happens to you, is there a kind of backup plan present where someone else would take over for the time where you couldn't take care of this? I have heard of other Assets that nominated secondary people that have access to the wallet in emergencies etc..

That's all and kudos to you for engaging in such a delicate task, you have my respect :)

All the best

I would stop issuing the assets but i would honour any redemptions for a long time after. I cant promise that I would honour them forever. I mean i dont think i can promise that i will still have enough silver to back up all of these agreements if someone came knocking my door out of the blue 60 years from now.

No there is no backup. If i get hit by a bus than you are just out of luck. I just expect this risk to be priced in. If this project grows than at some point in the future i would look into making a proper company out of it and then the company would live on even if i didnt.
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NXT ENTERPRISE

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What happened to this project.

I am a silver fanatic..
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