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System better than Bitcoin and better than silver in the shoe box, but would you go for it?


LoveSilver

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Having silver or gold stash at home is great thing. Psychologically  and practically. It is yours to look at, touch at will, listen coins clinging. Sometimes you need something for fiat so you are free to sell. More often it is actually opposite, buying more stuff and adding to the stash. Seeing price of silver in the craphole for long time now I am pretty sure that many members here and out there have bars and coins that don't fit single shoe box or even a few of them. As true silver lovers I think you (the reader) just keep adding more. I know I do. 

So question of storing it becomes serious. Small problem becomes a big problem. What is a point where stacker becomes scared and lose sleep over a problem how to store, care and defend a silver pile? You definitely need some of it with you at home, but how much is too much? For me magic number was somewhere between $5000 and $10000. Everything over that had to go to professionals. 

Here is article about making silver (and gold) digital, organized and used in ways Bitcoin or cryptos are used:

https://medium.com/datadriveninvestor/we-made-payment-system-better-than-bitcoin-f3bf2f24957e?source=friends_link&sk=5ae0fddb595c790bd2e50515a4c3ca51

Also, I am in Canada so there are no taxes on buying investment grade metals, but something like that would solve VAT problem for all of members that are in UK. It would also solve a problem of adding more and selling back and getting fiat or retrieving whole bars. If you care to read let me guys know what do you think about something like that? Does your stash must be at the arms length or you would trust secure, precious metals storage to care for your pile?

By the way, there are a similar systems like that even in UK where you can add small amounts to the silver position and sell metals back to the storage. I don't know what about VAT and prices, but question is are you using it, if not why not? 

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interesting story but I could not find any information about its usage.  Fees, can you use the hole in the wall to draw out fiat currency etc.  IIRK Jim Rickards has been saying this has been coming for a long while although I think his example was China :D
 

Just not enough information there for me to sign up but I like the idea, its effectively a gold & silver standard combined.

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Better than Bitcoin... but i have to trust this company to buy, hold and redeem the gold, and not run off with their Cayman holdings when theres enough in there.  Missed entire point of Bitcoin to be trustless. 

Their reasons for failing over look that people are content with cash in local currency and their bank cards.  Adding gold or silver values just complicates peoples purchases, same reason Bitcoin etc aren't making headway in real transactions. 

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Main site is at www.buy-gold-bar.com This link talks more about membership.  Anyway, there are links on the left nav bar to all important pages. 

My initial question was to read article (there are 2 parts, link to second one is at the bottom of the first one) and I am dying to hear discussion about this :) 

As it said at the end of second article they failed to attract buyers and listed where reasons why. You here are the TRUE silver stackers and I would like to hear pros and cons for a such system. I do have account with SWP and it works very fine, I can vouch for them. They have rep in downtown Toronto and I buy here and there. Silver mostly. No money for gold :I 

Here are links to articles:

https://medium.com/datadriveninvestor/we-made-payment-system-better-than-bitcoin-f3bf2f24957e?source=friends_link&sk=5ae0fddb595c790bd2e50515a4c3ca51

https://medium.com/@zack_canada/experience-of-creating-a-payment-system-better-than-bitcoin-bcce594cd0a5?source=friends_link&sk=ce5ab24ac536e70035dd4f254f3e6f65

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Sounds very much like goldmoney.com, I haven't looked into the details of this system but seems essentially the same: debit card, ability to buy what looks like allocated gold/silver in small amounts. 

The main difference to goldmoney is this solution is not fully segregated pms, ie should the company fold who is going to carve up the bars? Also gm allocate gold in minimum amounts of 1g cubed.

I must admit storage in the caymen isles... doesnt sound like an attractive place to store my wealth.

What the transactional fees will be or storage costs who knows... 

Perhaps they failed as other companies got there first and they didn't have the track record in pms and payment systems.

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Universalcurrency, yes, it is similar to Goldmoney, just these guys are using smart cards instead of smart phones. It is posted that there are no transaction fees but yearly subscription which is at $19.90. As for SWP take a look at this video released today (I am subscribed so I see them as they come out):

It looks like very serious operation to me, but that's me. 

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