Quote from: FreeMoney on July 21, 2012, 10:14:49 AM

Quote from: TTBit on July 21, 2012, 10:05:32 AM

You need to allow for people to ship you silver to get shares. A good way for people with silver to get bitcoins.

Just a thought, change the terms a bit so you can offer generic .999, which these buffalos are. Maybe include a specific premium for eagles, and a discount for junk silver. For delivery, buyers get what you send and must pay the agreeded premium or take the discount.

Beyond quality issues it seems like the sender would also have to include the outgoing postage, insurance, and handling fee in order to keep the "1oz delivery included" definition. Also this could get to be a lot of managing work. It might be good to have 'registered' silver shippers working with the issuer/organizer.

It would be a lot of managing work. I considered doing this a while ago, but thought it would be a lot of work for no money and a lot of risk.

Overall suggestions:
* Shares should trade at silver price, not with shipping. If you ship to warehouse, it is on you. If you xfer shares for silver, you must pay for shipping. Otherwise, you lose the economies of scale for transporting large amounts.
* Don't have a expiration date. More like an ETF with delivery.
* 1 share = 1/20 oz. Redeem/Issue in 20 share lots per oz.
* 1 oz bullion rounds and bars only.
* Need to have recent updates on silver proof of inventory
* Need a slush account to handle redemption and issues.