BullionCoin

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Mon, Aug 14, 2017 - 1:16am
MrC
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that's an intresting idea,

that's an intresting idea, what's to stop someone from buying metal to create coins and sell them only to buy more metal and sell coins with the new cash? in theory one could keep doing that as long as there is demand for new coins?

Mon, Aug 14, 2017 - 2:04am (Reply to #17)
Gibbo
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BullionCoin Debit Cards

I have no idea what high value means or who is classified as a high net worth individual. That was just what BullionCoin told me.

I'm not sure if the debit cards are going to be given to founding investors - the white paper should clear that all up.

Be Your Own Central Bank https://www.goldvu.com
Mon, Aug 14, 2017 - 2:08am (Reply to #22)
Gibbo
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Rinse & Repeat

That cycle of buying physical, selling coins, buying physical is what BullionCoin are aiming for.

The earlier you start that cycle, the more revenue generating layers you can get in.

I suppose saturation point in the secondary market is when the entire global pop and businesses are running on BullionCoin.

Be Your Own Central Bank https://www.goldvu.com
Mon, Aug 14, 2017 - 4:41am
simjojim
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Great Idea Billhilly

Create the coins that'll return the 0.1% and keep them until such time there is major dilution giving you a greater chance of NOT having your created coins extinguished.

Another reason to keep the coins you've created is that no one knows how this thing is going to react. Let's me explain.

1. We know each coin is backed by physical. So each coin has a floor, that being the spot price.

2. Now what's stopping the coins reaching a much higher bid than spot? Nothing. If we have investors out there now who are dumb enough to buy Gold etf's that may have as many as 100 claims against 1 ounce, how will they react to a physical backed bullioncoin on the blockchain? 

3. Is it possible to see a situation like the ETF's only in reverse? 1 Bullioncoin trades for 100 times spot?

4. If money is chasing bitcoin and the other crypto's then why wouldn't they chase Bullioncoin. At least Bullioncoin is BACKED by something.

5. We could see a time when Spot is 45 bucks a gram but Bullioncoin is 300 bucks.

6. As I said. like the gold ETF's in reverse, dumb investors paying over the odds.

7. And as I said before, there is a hard floor in price because bullioncoin is backed and redeemable in physical.

8. Basically, it's only potential upside.

Mon, Aug 14, 2017 - 9:20am (Reply to #25)
Gibbo
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Keeping Your Created BullionCoins

@billhilly

If as in your point 3, BullionCoin trades for 100 x spot price, then whilst yes your holding value will be 100 x higher if you never sold your BullionCoins...if you did sell your BullionCoins, then your on-going income stream would also be 100 x times higher.

I would rather look at a potential never ending income stream 100 x the value of gold & silver, than not having one because of not selling the coins at the beginning and repeating the cycle to build in as many 100 x spot price income layers as possible.

Don't get too hung up about potentially having your 0.1% coin redeemed and so causing you to never offload it, as redemption of your coin may never happen (psychological warefare on yourself), which means you'll miss out on some nice cashflow, which is your financial life blood.

Be Your Own Central Bank https://www.goldvu.com
Mon, Aug 14, 2017 - 1:57pm
billhilly
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One of the most important pages...

Mon, Aug 14, 2017 - 3:14pm
onesong
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FWIW...

If you are interested in crypto's and don't want to jump through hoops there is another way. I found out about, First Bitcoin Capital Corp. (BITCF) trading OTC last week under a dollar. Bought 1000 shares and today is currently at 2.61 up over 73%. Sure is blowing away any miners including the Novo cheering today!

I do want my BC and have opened an account. I'll be paying close attention!

About First Bitcoin Capital Corp. (BITCF):

First Bitcoin Capital Corp. engages in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange. The company develops digital cryptocurrencies and blockchain technologies. It owns and operates various digital assets, including CoinQX.com, a cryptocurrency exchange; iCoiNEWS.com, a real time cryptocurrency and bitcoin news site; BITminer.cc, which provides mining pool management services; and 2016coin.org, an online daily election coverage and home page for $PRES, $HILL, and $GARY coins. The company was formerly known as Grand Pacaraima Gold Corp and changed its name to First Bitcoin Capital Corp. in February 2014. First Bitcoin Capital Corp. is based in Vancouver, Canada.

Tue, Aug 15, 2017 - 10:53am
achmachat
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so...

what's the consensus here?

Are we just all going to ignore that a date came and went again (and again, and again, and again...) ?

Pinky promise it's going to happen next month? After that, super duper double pinky promise it's going to be in two months?

Doesn't anybody care anymore for credibility?

Tue, Aug 15, 2017 - 11:24am (Reply to #29)
billhilly
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I hear you !

and can feel your stress, as well as my own. Yet, I'd rather the process get done right and to suffer a few (more) delays is something to be endured rather than engaged. I patiently await some pending news.

Tue, Aug 15, 2017 - 1:49pm
MrC
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so my ABX account got

so my ABX account got approved, i guess i just have to wait for a mail with instructions to set up my BCX account?

Tue, Aug 15, 2017 - 2:12pm
Blythesshrink
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Looks like the site is

Looks like the site is switching to the live site right at this minute - that or the servers it's on have gone down!

Tue, Aug 15, 2017 - 2:13pm
Blythesshrink
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https://www2.bullioncoin.com/

Tue, Aug 15, 2017 - 2:21pm
MrC
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pretty graphics, me like 

pretty graphics, me like blush

Tue, Aug 15, 2017 - 2:27pm
brokerk22
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The

minimum investment is 250k! Is that right!

Tue, Aug 15, 2017 - 2:45pm
MrC
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mhm guess we won't be gettin

mhm guess we won't be gettin the 0.10% for life deal haha surprise

Tue, Aug 15, 2017 - 2:52pm
Blythesshrink
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Looks like 250k if you want

Looks like 250k if you want to purchase coins into existence in the wholesale market and get the lifetime yield. Smaller buyers (if I've read it correctly) can get a yield for life, but only on their very first purchase. 

Bit crap for most people after all that build up.

Tue, Aug 15, 2017 - 3:29pm
happycamper515
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30 days left

Then what?

Tue, Aug 15, 2017 - 3:56pm (Reply to #38)
Gibbo
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Surprises!!

Well, I didn't know about that minimum investment. It was never mentioned in all my conversations with BullionCoin, so I'm a little grrr about that because it then knocks the info that I've been telling everyone which is the minimum contract size is the minimum.

An even BIGGER surprise was I received the following email from ABX just a few minutes after the BullionCoin website went live (a real eye ball hurter):

ABX withdraws from its collaboration with Digital Gold Limited

15 August 2017 

Allocated Bullion Exchange ('ABX') has issued this statement in response to questions from our Members, their customers, stakeholders, potential BullionCoin investors, and the precious metals industry at large, concerning the release of Digital Gold Limited's ('Digital Gold') BullionCoin digital asset product.

Regrettably, and effective immediately, ABX's Board has today, Tuesday the 15th of August 2017, resolved to cease any further collaboration with Digital Gold.

This action was not taken lightly, but rather, as a result of recently obtained information, as well as ABX's inability to reconcile material risks to supporters of the BullionCoin product structure due to the following factors:

1. Against strong advice from ABX, Digital Gold was insisting to structure its metal ownership so that investors in the digital asset would be, in our view, unsecured creditors of Digital Gold. This form of ownership is commonly referred to as an 'unallocated' holding, and results in the investor only having a 'claim' to the metal, as opposed to having ownership of the asset and being protected in the event of a Digital Gold default. It has long been ABX's view that this model is inherently flawed and would result in genuine counterparty risk to holders of BullionCoin. A detailed explanation of 'allocated vs. unallocated' metal ownership and the substantial risks associated with unallocated metal, can be found here;

2. ABX has been unable to satisfy itself regarding the security and integrity of Digital Gold's bullion holdings structure and thus ABX is of the view that there are risks similar to other flawed cryptocurrency businesses in recent times where investors have lost significant amounts of money;

3. ABX have received confirmation that a competitor of Digital Gold intends to initiate legal action against Digital Gold upon the launch of BullionCoin due to alleged infringement of intellectual property rights. This, in our view, would have the potential to put at risk all BullionCoin-backed unallocated bullion, to the detriment of BullionCoin holders and investors;

4. Digital Gold is insisting on utilising private vaulting networks that, in ABX's view, would permit external bullion deposits with limited quality verification, thereby circumventing, and being not subject to ABX's robust bullion framework for assuring the quality of the bullion in its network;

5. Digital Gold is developing and utilising a non-standard matching engine and order book within its BullionCoin System ('BCS') secondary market which, in our view, will result in an atypical trading experience that ABX believes will cause confusion and disputes;

6. Digital Gold has made frequent and substantial scope of project amendment requests and in ABX's view, has been unable to meet any mutually agreed project development timelines; and

7. ABX's unwavering commitment to allocated and transparent precious metal ownership. 

ABX is disappointed that it has been forced to withdraw from this collaboration. Unfortunately, ABX believes that it simply had no alternative as it found itself in the untenable position whereby the mechanics of the business model originally pitched to ABX were not what Digital Gold ultimately delivered.

ABX intends to continue work to support and / or launch its own precious metal backed digital currency. The experience with Digital Gold has resulted in the Board forming a view that they do not have the expertise or experience or professionalism to launch a product or service which will adequately satisfy the needs of ABX's stakeholders. Based on ABX's experience, and the legal advice taken, ABX is recommending to its stakeholders that they do not work with Digital Gold for the reasons stated above.

On a positive note however, ABX has recently been contacted by several other bullion-backed digital currency providers who have identified ABX as the market leading facility for allocated physical precious metals. Now that ABX has withdrawn from the Digital Gold collaboration, the Board has approved collaborations with several other advanced stage allocated precious metal digital currency providers.

To this end, ABX is pleased to announce that it will be issuing a press release to its stakeholders on these new collaborations and partnerships in the immediate future.
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OUCH!!

I'm going to have to go through BullionCoin's white paper and ABX's email with a fine toothcomb.

What a day :(

All the best,

David

Be Your Own Central Bank https://www.goldvu.com
Tue, Aug 15, 2017 - 4:06pm
Gibbo
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ABX withdrawal

An issue I have with ABX is that all up until BullionCoin launch they were doing webinars involving Thomas Coughlin (ABX CEO) & Andrew Maguire for various ABX members.

In all those webinars Thomas and AM were praising BullionCoin through the roof and how much they were supporting them. So I really don't get their sudden turn around as if they didn't understand BullionCoin's model.

ABX have previously turned on a coin several times out of the blue (once with me too). They don't seem to do themselves any favours.

angry

Also if BullionCoin had a law suit pending, why launch prior to getting it resolved? It only risks client money if the decision goes against them.

How did such a great day turn into such a quagmire so quickly?

Be Your Own Central Bank https://www.goldvu.com
Tue, Aug 15, 2017 - 4:12pm
billhilly
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Waiting on Gibbo...

...I have read the white paper once and am a bit confused too. It does seem to say that 250k is the minimum for Ambassador status (or the creation of 10K units/coins). If this is so, then the little guy gets screwed again. I was looking to throw together about 50-80K USD so it seems like I would be out in the cold. This would be very disappointing ! 

I re-read the GoldVu brochures and it doesn't state anywhere about this "minimum" qualifying amount. How nice it would have been to have not had to fritter away so much time in investigating all this if it had only been stated earlier. Again, disappointing.

Maybe I'm missing something here and I'm hoping David will come along and clarify. Either way, it doesn't seem like there will be any "double" Ambassador bonus in my future. 

David ????

edit; Just read Gibbo's post below...WOW what a clusterfu*k. Sorry to hear all this for David's sake. It almost sounds like somebody "got" to ABX. I guess its sit back and watch time again. 

Sympathies David, bh

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