Lode.one - Developing the World's First Silver-backed, Blockchain Crypto Currency

I've been following this project for some time now and wanted to put it out into the ATSosphere as I haven't seen it posted yet.

Lode.one has been developing the world's first, at least one to one silver-backed, blockchain crypto for some time now and from everything I can see, they look to be setting themselves up to become a pretty big player once everything goes down. Here's a link to their Project Paper for anyone interested in reading a bit more in to it. It looks like the Lode Token and AGXcoin systems will be going live in July so it will be interesting to see what happens once it actually goes mainstream.

While I do think crypto currencies are probably going to end up being integral in the economies of the future and will probably replace the fiat currencies we have now, I've always felt pretty sketchy about the cryptos out there currently. The vast, vast majority of them all are not backed by anything and their sole value is based on how much someone is willing to pay for them. In my opinion, if they're not backed by anything they're just as bad as our current fiat dollars and they all can and will evaporate at some point. They are serving a purpose right now though, the infrastructure for this new kind of monetary system is getting hammered out through their development and use and pretty soon they'll have a viable, working system that is functional on a mass scale.

What makes Lode.one so interesting is that it is actually backed by something that has historically held a lot of value and has already been used for centuries as a monetary base. I can't imagine that there's anyone who could argue against Silver as an important store of value, especially when you take in to account how artificially low the price has been kept and how widely it is used in industry. Hell, it's one of the most widely-used and versatile commodities on this planet, next to oil.. it's much more than just a pretty metal that has good monetary worth.

And for the record, I have no affiliation with this project in any way though I have thrown some silver at them to open an account and support the creation of this system as I do think it is going to be important. I just wanted to put it out on here as it's an interesting topic that bridges both silver stackers and crypto enthusiasts and I know there are a lot of both around these parts.

Cheers!

Cool, so smart....I never thought of that pairing but I'm a stacker.....not too much, now....140 ounces in Ebay rounds

a reply to: GBP/JPY

How can you be sure you are not getting cheated when buying it on Ebay. Do you use the same seller everytime?

a reply to: Sonder

Sounds like some people have a lot of silver and want to get a good buck for it.

At the moment I'm too far gone to read the whitepapers and figure it all out... any chance you can summarize in a paragraph or so how this works?

I've got a pretty good handle on silver- with a few hundred ounces stashed around here and there.
I've also got a pretty good understanding of crypto- with a fair bit stashed in maybe thirty currencies across a half dozen platforms.

the thing is... I can't see where they cross paths.
An ounce of silver is worth what- 15, maybe 20 dollars at todays rates.
In a situation, that might be good for a meal.

Cryptos are mined. They cost electricity- they create a hash of sorts that is difficult to reverse engineer, making them 'scarce' based on that currencies design.

So... If you have to mine it to bring it into existence, how is it backed with metal?
If there's a "bank" of sorts, how is this any different than the banks we've got now?
If the system fails, who is left holding the bag of silver, and who is left holding the hash?

I have seen a few supposed gold backed coins before, never really took off. Doubt these will, the coins need to actually do something, just trusting that they are backed by silver is risky.

Have a look at a coin called xcm, its an exchange coin for a new exchange (CoinMetro) and if it takes off could reach bnb prices.

a reply to: lordcomac
From what I understand in a nutshell.. there are two components of the system. The LODE Tokens which represent an ownership stake in the monetary base for anyone who has contributed physical silver to the system. These lode tokens will have the ability to receive micro payments as form of interest as the system gets adopted and used and more silver is added to the base.

The second part of it which will be the actual functioning currency is the AGX Coin which is created on a one to one gram/coin ratio as physical silver is contributed to the system.

From their site..

LODE Token - The First Asset. LODE Token provides a revolutionary opportunity for owners of investment-grade silver bullion to leverage their holdings and secure a valuable unique interest in the LODE Silver-Money System. With increased AGX Coin adoption and velocity LODE Token holders will receive micro-payouts with each new issuance of silver-secured AGX Coins. AGX Pay will flow to LODE Token holders in the form of AGX Coins and will grow as the system monetizes increasing reserves of silver bullion. The LODE Community service providers have established a protocol for insuring the LODE Token exchange rate increases as the community expands, and the supply of AGX Coins grow. LODE Tokens are a speculative asset representing a unique interest in the LODE Silver-Money System and may rise or fall in value based on market conditions. LODE Tokens will only flow in and out of private wallets when enabled by the encryption keys of the owner.

AGX Coin - The Second Asset. Each AGX Coin represents a one (1) gram weight and measure of vaulted and verifiable silver bullion held in the LODE Reserves. AGX Coins may be exchanged for investment-grade silver and gold products at prevailing market rates from LODE affiliated dealers (subject to the vendors terms and conditions). AGX Coins will provide LODE Community members and users with a high-speed, low-cost, private, and borderless method for transferring real value across the street or across the world. Each transaction is secured, transparent, verifiable, and immutably notarized upon the blockchain distributed ledger. AGX Coins are a speculative asset representing a unique relationship to the market price of silver. AGX Coins will only flow in and out of private wallets when enabled by the encryption keys of the owner, without limits or restrictions, and with immutable receipts notarized upon the blockchain distributed ledger.

While the system is directly tied to the market price of silver which may not be that exciting/enticing currently.. anyone who has done an once of research into Silver as a commodity will tell you that it is extremely, almost laughably undervalued. The price has been kept artificially low for years.. at some point it is going to be revalued and people will be shocked to see where it all finally lands.

a reply to: Sonder

I am bumping the thread for my future ability to find it

I might reluctantly get a entry level account, just to have one, and to keep abreast of the developments



single gram coins to cyber-stack sounds like dealing in decimal points of a cent... because Troy Ounces of Ag that go for under $15. are multiple grams or grains of the pure physical precious metal

so, we'd be talking about 26+ or more grams/grains crypto coins per Troy ounce of , Acceptable Mint Bullion... the High Premiums have kept me from Stacking Ag....the High Price AND High Premiums have pushed me out of Au.... there is Panning in the NC mountain area, but you need teamwork for safety reasons …




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I thought the specific draw of "crypto currency" was that it was decentralized and based entirely on initial limits of the "coin". Any time I see a block-chain backed by something other than it's own perceived trade value I balk hard.