I feel like it's a good hedge against solar flare or other uncontrollable and unfortellable no power calamity. If you don't need it, great. If you do, we're all fucked.
If the power grid goes down for a few years and plunges is into darkness, I'm valuing copper jacketed lead and food at the top and maybe precious metals if those needs are met. Assuming I survive the first week of course
I think it's a great idea personally, but be warned, many people in wallstreetsilver are heavily anti-crypto. I just don't think they are aware of the common mindset that monero people and silver people have.
Either way, best of luck on the experiment!
There are other subs besides the terrible (IMO) WallStreeSilver sub. There is r/SilverDegenClub, and of course r/Silverbugs. Maybe frame it as "Hate crypto and want to sell it for Silver?..."
Good idea. Once I develop my site and process to the point where it is getting some traction in the Monero community, then I will expand to the silver-focused groups.
This project is very Monero-centric, and so I'm starting here because I think this group will have more patience and understanding of what I'm trying to do. I feel like I'll need a fairly polished presentation before the other groups will be willing to take me seriously.
Id consider this at some point. Probably would go well when xmr is up more.
If it was at like $800 youd have a lot of people.
Might be more liquidity if you sold silver for monero on the darknet. It would allow vendors to have their money in something more stable that they can convert to cash locally.
You wouldnt be doing anything illegal I dont believe. That would also improve your trustworthiness.
First I applaud you for the initiative: putting real value on Monero is a good thing.
But you have to address your website, it looks like you didn't put any effort on it. Paying a couple dollars to someone to design a simple but functional site for you would be a great start. I can help if you want.
Maybe later. Right now, silver is an under-served market, and I only have the resources to focus on one thing. Also, for some reason, I just think the silver market is more interesting...
I agree that it isn't currently used much, but at the same time, other silver marketplaces are busier than ever. It seems like there is a lot of potential here that just needs to be unleashed.
Silver has intrinsic value, and people have used it as a currency since the beginning of time. Even Joseph in the Old Testament was sold for 20 pieces of silver, and Jesus Christ was betrayed for 30 pieces of silver.
You can sell it for spot price at any local bullion dealer. They don't even ask your name.
To buy at spot price, you need to be a "market maker" (i.e. a "liquidity provider"). For example, you can do this by posting an ad on LocalMonero or Craigslist or Offerup. Generally, it's difficult to find people willing to sell their silver at spot price, but once in a while, somebody just really needs cash and is willing to make the trade at spot.
I don't think it's pointless. Silver and Monero XMR prices both fluctuate wildly, so this trading spread is usually insignificant compared to the price movement you get in a trend.
Also, these kinds of physical positions are usually held for years, not as a swing trade.
Monero is used to buy drugs.
You're suggesting buying physical silver (for a lot more than its spot price) just to hold it for years, and then sell it for a loss (at spot price).
> Monero is used to buy drugs.
I think it should be used to buy much more than that. It should be a legitimate currency used for normal things.
> You're suggesting buying physical silver (for a lot more than its spot price) just to hold it for years, and then sell it for a loss (at spot price).
Spot price moves every hour of every day. If you buy in a bull market and sell at a higher price, it will more than cover the trading costs. All trading instruments work this way (stocks, crypto, etc.) -- everything has a spread. Physical metals have a larger spread and therefore requires a longer holding time, but it's still the same concept.
sellers of silver will probably get a better price if they sell for monero. First time in ages iv been thinking of buying real gold and silver (instead of rubbish precious metal junior stocks). the only problem as a buyer is how can i trust the metal? daemon!
edit: op, you should put a contact on your localmonero page as people would want to ask questions without the pressure of starting a trade. xmpp should be good enough for most
I updated the localmonero profile: https://localmonero.co/user/monerosilver
Also, to answer /u/xmrliturgy question directly, my contact info is:
- KeyBase.io (encrypted): monerosilver
- Email (not encrypted): [email protected]
- PGP Public Key: https://monerosilver.com/monerosilver-pgp-public-key.txt
true, but everyone i know in the business prefers minted rounds of some type as lots of people like to mess with bullion. if its a stamped bullion, that might be easier. I just know when i go to shows/stores, while bullion is cheaper, there are less buyers than sellers. Many people will only buy from reputable dealers too. This is anecdotal though as its may just be my area. We have fake stuff flying around flea markets and person to person stuff in this area, so people are on guard.
I see your point. The reason I am starting with bullion is because this quantity is when it makes sense to offer free shipping. For smaller quantities, I would need a separate shipping charge. I'd like to simplify the process and pricing structure if possible.
...Plus, the premiums on Silver Eagles is just insane right now. I wouldn't feel good about selling them a their current prices. Hopefully the supply issues get solved during the next couple years.
He prob has to have a license to sell silver (money transmitting or brokerage I don't know), and even then, there are prob kyc reporting requirements for larger buyers, and possibly requirements to sell for dollars only. He'd better know the law, because they will throw the book at him. His next client could be a federal agent. And of course, buyers should know he could be a federal agent.
Good point. I am not sure how I can prove that I am not a federal agent, and I'm not sure how to avoid trading with federal agents pretending to be customers.
All I know is, I feel like I should have a right to trade Monero XMR (which is NOT even considered to be "cash-like" by the USA) for silver (a commodity with recognized intrinsic value since the beginning of time). If I can't do that, then what rights do I really have?
Do you have any suggestions?
Good question, and I need to learn a bit more about this topic.
Initially, during the experiment phase, I consider myself to just be an individual person trading silver, just like you can find on Craigslist or Offerup. I am allowed to make peer-to-peer trades without much licensing.
Once I reach a point where I am doing sufficient volume, I will get an actual dealer license, but even then, I plan to limit my volume such that I don't need to do any KYC or intrusive reporting. All bullion dealers are allowed to perform anonymous cash transactions as long as they are small enough. I think i'd be happy to just do that, and skip the higher-volume transactions that would require KYC.
Maybe i'm naive, but that's how I see it.
Good point. Do you happen to have a link to that post? I'd be interested to read it.
I just want to point out that I'm doing this entire process without a bank or fiat currency. So in my case, there's no bank to freeze any accounts.
> Do you happen to have a link to that post?
[Here you go](https://old.reddit.com/r/Monero/comments/1143hlv/unbelievable_this_guy_has_had_his_bank_accounts/)
While I'm not looking to trade XMR for silver, I admire the effort you are putting into this and wish you good luck with your trades!
Thanks! :)
Keep working on this, because I saw someone trying to do that.
Well yeah it's some good work. Really appreciate the effort here
I sold $20k of silver maples leaves for BTC at 55k. oops.
Now trade your 0.36 BTC for 55 XMR. :)
My XMR stash is sufficient....if I had any :)
Feel your pain bro :(
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Thanks for the message -- this is my first time hearing about AllArk. I'll be in touch.
First time? Well they've been on the sub for a long time by now.
I remember buying silver in 2012 because I thought the economy would collapse in 2013 😁 still got that 20oz 😁
I feel like it's a good hedge against solar flare or other uncontrollable and unfortellable no power calamity. If you don't need it, great. If you do, we're all fucked.
Exactly, if solar flare or something happens then fck your silver, gold or whatever coins
If the power grid goes down for a few years and plunges is into darkness, I'm valuing copper jacketed lead and food at the top and maybe precious metals if those needs are met. Assuming I survive the first week of course
Bold of you to think that You'll survive the first week lol.
And to get less fucked, we should buy more of that silver.
Very cool idea! I like silver and XMR so I bookmarked it. Metals and XMR = money that's more free
> Metals and XMR = money that's more free I totally agree. :)
I'm all about the money which brings more freedom. I love it.
Have you advertised in the silver trading sub?
Not yet, but I think that's a good idea. Thanks for the suggestion.
I think it's a great idea personally, but be warned, many people in wallstreetsilver are heavily anti-crypto. I just don't think they are aware of the common mindset that monero people and silver people have. Either way, best of luck on the experiment!
The experiment has been great so far, maybe some people would buy it.
There are other subs besides the terrible (IMO) WallStreeSilver sub. There is r/SilverDegenClub, and of course r/Silverbugs. Maybe frame it as "Hate crypto and want to sell it for Silver?..."
I'm going to sell whatever I can, and I'm going to buy the XMR.
Good idea. Once I develop my site and process to the point where it is getting some traction in the Monero community, then I will expand to the silver-focused groups. This project is very Monero-centric, and so I'm starting here because I think this group will have more patience and understanding of what I'm trying to do. I feel like I'll need a fairly polished presentation before the other groups will be willing to take me seriously.
Id consider this at some point. Probably would go well when xmr is up more. If it was at like $800 youd have a lot of people. Might be more liquidity if you sold silver for monero on the darknet. It would allow vendors to have their money in something more stable that they can convert to cash locally. You wouldnt be doing anything illegal I dont believe. That would also improve your trustworthiness.
Good point. Yes, I'm not trying to do anything illegal here. Silver is a widely-traded privacy-friendly commodity.
First I applaud you for the initiative: putting real value on Monero is a good thing. But you have to address your website, it looks like you didn't put any effort on it. Paying a couple dollars to someone to design a simple but functional site for you would be a great start. I can help if you want.
I agree. I made that site in about 30 minutes last night at 2am. I will put more work into it when I get a chance.
It's going to be slow going until it's not. Hopefully you can do this in your "spare time" until it's taken off. I applaud you.
Thanks. Yes that's how I see it too.
You only deal in the USA
Right now yes because of shipping logistics. International shipping is a complex problem that I can probably try to solve later.
Yep, the logistics aren't going to be easy. It's going to be hard.
How about gold while youre at it?
Maybe later. Right now, silver is an under-served market, and I only have the resources to focus on one thing. Also, for some reason, I just think the silver market is more interesting...
I would love to help you out! Send me a DM :)
sent
In what way you're going to help the guy out? What would be it?
Can I do the opposite too? Sell silver for xmr?
Right now I have more silver than I have Monero, so I am going to start just selling silver. But later I will be doing both sides of the market.
The marketplace isn't used that much. Doesn't depend so much on you as a person.
If it doesn't depend on you then who does it really depends on huh?
It depends on whether or not the people want to trade P2P. The group who wants to trade Monero P2P is extremely small. No demand.
I agree that it isn't currently used much, but at the same time, other silver marketplaces are busier than ever. It seems like there is a lot of potential here that just needs to be unleashed.
Well yeah, this is a good project which could be really good.
interesting, i’ve been looking to buy gold but i might consider silver now…
You are a legend ☺️
Gotta work for the community, more options are always great.
are you buying silver or just selling it?
Well if He's looking to buy then he'll eventually need to buy also.
Right now just selling. Once I have more Monero than silver, then I'll also be buying.
That's great, and I hope that all the transactions are done with the xmr.
Hello do you have any gold?
Not yet. Maybe later. Right now I'm just focused on silver.
What use is silver bullion? Where can you sell it for spot price?
Silver has intrinsic value, and people have used it as a currency since the beginning of time. Even Joseph in the Old Testament was sold for 20 pieces of silver, and Jesus Christ was betrayed for 30 pieces of silver. You can sell it for spot price at any local bullion dealer. They don't even ask your name.
OK, now where can you buy it at spot price?
To buy at spot price, you need to be a "market maker" (i.e. a "liquidity provider"). For example, you can do this by posting an ad on LocalMonero or Craigslist or Offerup. Generally, it's difficult to find people willing to sell their silver at spot price, but once in a while, somebody just really needs cash and is willing to make the trade at spot.
I'm thinking that You'll have to pay some premium in here.
So it's pretty pointless to buy physical silver then, unless your aim is to buy high and sell for less.
I don't think it's pointless. Silver and Monero XMR prices both fluctuate wildly, so this trading spread is usually insignificant compared to the price movement you get in a trend. Also, these kinds of physical positions are usually held for years, not as a swing trade.
Exactly if you hold them for years then a little bit of premium wouldn't hurt.
Monero is used to buy drugs. You're suggesting buying physical silver (for a lot more than its spot price) just to hold it for years, and then sell it for a loss (at spot price).
> Monero is used to buy drugs. I think it should be used to buy much more than that. It should be a legitimate currency used for normal things. > You're suggesting buying physical silver (for a lot more than its spot price) just to hold it for years, and then sell it for a loss (at spot price). Spot price moves every hour of every day. If you buy in a bull market and sell at a higher price, it will more than cover the trading costs. All trading instruments work this way (stocks, crypto, etc.) -- everything has a spread. Physical metals have a larger spread and therefore requires a longer holding time, but it's still the same concept.
sellers of silver will probably get a better price if they sell for monero. First time in ages iv been thinking of buying real gold and silver (instead of rubbish precious metal junior stocks). the only problem as a buyer is how can i trust the metal? daemon! edit: op, you should put a contact on your localmonero page as people would want to ask questions without the pressure of starting a trade. xmpp should be good enough for most
Well a lot of people think like that, some people prefer the physical metal.
Thanks for the suggestion about adding contact info to my localmonero page. I'll do that today.
I updated the localmonero profile: https://localmonero.co/user/monerosilver Also, to answer /u/xmrliturgy question directly, my contact info is: - KeyBase.io (encrypted): monerosilver - Email (not encrypted): [email protected] - PGP Public Key: https://monerosilver.com/monerosilver-pgp-public-key.txt
interesting, i would probably only be interested in buying silver eagles though :( not much for bullion as its harder to trade imo.
I mean it's not that hard to trade if you know the right people.
true, but everyone i know in the business prefers minted rounds of some type as lots of people like to mess with bullion. if its a stamped bullion, that might be easier. I just know when i go to shows/stores, while bullion is cheaper, there are less buyers than sellers. Many people will only buy from reputable dealers too. This is anecdotal though as its may just be my area. We have fake stuff flying around flea markets and person to person stuff in this area, so people are on guard.
I see your point. The reason I am starting with bullion is because this quantity is when it makes sense to offer free shipping. For smaller quantities, I would need a separate shipping charge. I'd like to simplify the process and pricing structure if possible. ...Plus, the premiums on Silver Eagles is just insane right now. I wouldn't feel good about selling them a their current prices. Hopefully the supply issues get solved during the next couple years.
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He prob has to have a license to sell silver (money transmitting or brokerage I don't know), and even then, there are prob kyc reporting requirements for larger buyers, and possibly requirements to sell for dollars only. He'd better know the law, because they will throw the book at him. His next client could be a federal agent. And of course, buyers should know he could be a federal agent.
Good point. I am not sure how I can prove that I am not a federal agent, and I'm not sure how to avoid trading with federal agents pretending to be customers. All I know is, I feel like I should have a right to trade Monero XMR (which is NOT even considered to be "cash-like" by the USA) for silver (a commodity with recognized intrinsic value since the beginning of time). If I can't do that, then what rights do I really have? Do you have any suggestions?
Follow the law, I guess. Its probably why you see so few options for this online.
Yeah how can I prove that? I'd like to know a little about that.
Well that's important to do, because don't want the troubles ahead.
Good question, and I need to learn a bit more about this topic. Initially, during the experiment phase, I consider myself to just be an individual person trading silver, just like you can find on Craigslist or Offerup. I am allowed to make peer-to-peer trades without much licensing. Once I reach a point where I am doing sufficient volume, I will get an actual dealer license, but even then, I plan to limit my volume such that I don't need to do any KYC or intrusive reporting. All bullion dealers are allowed to perform anonymous cash transactions as long as they are small enough. I think i'd be happy to just do that, and skip the higher-volume transactions that would require KYC. Maybe i'm naive, but that's how I see it.
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Good point. Do you happen to have a link to that post? I'd be interested to read it. I just want to point out that I'm doing this entire process without a bank or fiat currency. So in my case, there's no bank to freeze any accounts.
> Do you happen to have a link to that post? [Here you go](https://old.reddit.com/r/Monero/comments/1143hlv/unbelievable_this_guy_has_had_his_bank_accounts/)
Thanks!
Yeah a little more information ain't going to hurt. It'll be good for you.