Ninjastic
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Board Announcements (Altcoins)
Re: [ANN] [SIL] Silvercoin
by
Earthgiver
on 10/08/2014, 02:30:38 UTC
Quote from: TheStuhlman on August 10, 2014, 02:05:03 AM
Quote from: louiseth1 on August 10, 2014, 01:50:17 AM
Quote from: Earthgiver on August 10, 2014, 01:38:44 AM
I am not going to go back and forth on this. you don't have to like the idea, i am cool with that. but you dont understand the premine and you don't understand the how the coins are given out or how the silver is aquired. and by your p.s comment i can see you have nothing better to do than than spend time trolling. haters gonna hate bro. If you had thought of it , it would have been awesome. But .. you didn't.  

Lol, how can YOU determine your coin is worth 2.86 with a 120 million cap? that would be over 340 millions $ market cap total worth..

This market is a free economy, and the value of a coin is determined at which rate are people willing to buy it for not because you say its 2.86$..

And as for the backing, it's backed by WHAT exactly? What wealth is being possessed to transpose it to a currency in order for it to be "backed"?

You do not know how this works ? he will sell 113 million coins for 323 million dollars on Bittrex and buy silver with it to back up the bagholders.
One thing is worrying me though, Richie might decide to keep the 323 million dollars and close shop and flee.

That may be the first valid argument i have heard all night. lol. however two things. you take the same risk investing in every other altcoin, your money could disappear overnight. It has happened but that is the risk we all take. Now i am not holding that much silver in my closet. It will be held at a depository and there are third party audits to verify holdings every quarter. yes i could disperse silver coins but we would have to charge alot more money per coin for shipping and handling and then if you ever decided to cash out you would have to pay capitol gains tax of between 15% and 35% .As Silvercoin you don't have all of the fore mentioned issues. you are simply holding a crypto-currency. If you pay $7 for litecoin and you buy 1000 of them, you are vested $7000 right that's it. If it falls overnight and is only worth $2 (which i hope never happens) you are out $5000 dollars. The risk is not any different. Are you going to go and ask someone at light coin for a refund on your loss. It does not benefit me for this not to play out for the rest of my life, i am already invested in silver i need the market to climb the more we buy the more we assist a bull market in happening. At any point you can sell back your coin(s) and we will have to sell back silver. It is an ebb and flow, to think that there is going to be 340 million sitting in a vault. i don't see that things come up people need money. if/when silver does climb people are going to sell. A bull market won't last forever expectation is 5 to 10 years when it occurs. however at the end of the day your risk is still not any different than any other coin.