Re: 🗽 The Liberty CryptoDollar BTC/ALT SPECIE (1oz .999 Silver/AltCoin)
Sure, I bet it fits nicely onto a small wire mesh enclosed, locked shelf somewhere behind an access-controlled door in some mint someplace.. It's probably baged and tagged and just sitting there; but that's the procedure of vault/warehousing metals. Like a mini Fort Knox for small treasures. Someone goes back there once a month and runs an audit to count and report it ever month because it's the physical metal that backs the LD2 token.
https://ld2coin.io/vault-examinations/
I doubt it's expensive, but it sure ain't cheap when you consider the man-hours and shelf space at the mint. As for why: It's in the white paper that it'll be regularly inspected, and accounted, for so that its traders don't have to worry that there's no gold in Fort Knox.
https://ld2coin.io/wp-content/uploads/2018/05/LD2_White_Paper.pdf
Sure it ain't cheap to vault up 5,000 ounces and regularly audit/examine.
What? that would fit into a suitcase... 50x 100oz bars don't take up much space... 5000x 1oz coins wouldn't take up much more room than that.
Why would someone pay to "warehouse/vault" this? Seems like an unneeded cost
True.. the ORIG. Liberty Dollar was backed by millions of dollars or silver in a safe in the back of their own facility ..whether anyone did regular audits I don't know, but the FED sure did when they confiscated it all and fucked up that poor mans life. He's since gotten it all back, and I do find it odd that the LD2 is only backed by 4900.oz .. but that's a topic for another thread.
https://ld2coin.io/vault-examinations/
I doubt it's expensive, but it sure ain't cheap when you consider the man-hours and shelf space at the mint. As for why: It's in the white paper that it'll be regularly inspected, and accounted, for so that its traders don't have to worry that there's no gold in Fort Knox.
https://ld2coin.io/wp-content/uploads/2018/05/LD2_White_Paper.pdf
Quote from: LD2 WhitePaper
LD2: The cryptocurrency for a new value-stable paradigm by Steven Brendtro and Extra von NotHausAbstractLD2 is an asset-backed cryptocurrency that facilitates vaulted, physical, ownership of precious metals and the real-time trading of physical precious metals. LD2 embodies the spirit, methodology, principles, and community of the Liberty Dollar currency. The management of LD2 LLC leverages years of operational and1market experience from Liberty Dollar, which issued over $50 Million USD of silver and gold into circulation through its physical and digital, private alternative currencies. Building on this predecessor, LD22aims to function as a stablecoin a globally liquid, value-stable, low-volatility cryptocurrency, without a central bank, thats 100% backed by, and 100% redeemable at any time, in precious metals.3The LD2 cryptocurrency is a blockchain-based digital warehouse receipt, issued by [ISSUER], with the4precious metals backing on deposit with the [DEPOSITORY], and the [AUDITOR] providing a monthly examination of all holdings. The [AUDITOR] works on behalf of the token holders to verify that all issued tokens are backed by the prescribed amount of precious metals. This third-party vaulting verification and independent auditing ensure that there is exactly one troy ounce of the physical precious metal in the vault for each token issued, at all times independent of token ownership. As a digital warehouse receipt, every LD2 token is fully redeemable through the [DEPOSITORY] for its precious metals backing. Physical redemption not only structures LD2s economic and value proposition, but builds trust with token holders, something badly needed in the cryptocurrency ecosystem.
Sure it ain't cheap to vault up 5,000 ounces and regularly audit/examine.
What? that would fit into a suitcase... 50x 100oz bars don't take up much space... 5000x 1oz coins wouldn't take up much more room than that.
Why would someone pay to "warehouse/vault" this? Seems like an unneeded cost
True.. the ORIG. Liberty Dollar was backed by millions of dollars or silver in a safe in the back of their own facility ..whether anyone did regular audits I don't know, but the FED sure did when they confiscated it all and fucked up that poor mans life. He's since gotten it all back, and I do find it odd that the LD2 is only backed by 4900.oz .. but that's a topic for another thread.