Unobtanium In-House Exchange

[Benefactor]

Can't i just do this on my own by buying silver right now? More so in usd which are known to lose value due to inflation. I am confused. Are there normally fees and such involved with this sort of thing? How does anyone make money on anything if people are win-winning? Someone has to be at a loss if someone is winning?

You could, but then you would have to dump UNO on the market to convert, and you would have high friction (fees, conversion loses.)  Plus, you wouldn't have easy convertibility BACK to UNO when you were ready for it.  (When more merchants pick it up, price bounces off low, etc..    )

It's more like profit-sharing, but the explanation is complex.  Those with silver are willing to forego silver price fluctuations and trading to hold more UNO.  Silver holders hedge with UNO.  UNO holders hedge with Silver.

Some of us just keep a bunch of both.       

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NOTE:  Still don't have confirmation from Mark that I understand all of this correctly.

[Benefactor]

Benefactor, I will buy 10 at .00865.

I will send to your listed BTC address.

Please send UNO to:

ugoTunoqRbnpUXyMPL8Cf4bFRwAoBREHDU

UNO Sent!

[BitcoinCharlie]

(Total Volume Traded to Date:  180 UNO; 7 Trades)

Offer Code:  BeneB009
I have 5 UNO to sell for 0.0245 BTC.  (Price = 0.0049 UNO/BTC)

* TRADE CANCELLED *

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Market has stabilized, new orders up:

Bid- 10 @ 0.00835; Ask- 10 @ 0.00865.  Tightest spread in Unobtanium!!  

For details, visit the (link):  BeneX Shop Window.

Benefactor, I will buy 10 at .00865.

I will send to your listed BTC address.

Please send UNO to:

ugoTunoqRbnpUXyMPL8Cf4bFRwAoBREHDU

UNO Sent!

UNO Received, BTC sent, TXID:

724232b71ea656f46f9f16fa6547c8a861b6ed158ebf3ba2dfb1adc0a1738f9c-000

I will provide new BTC Talk Trust rating. Will you please be so kind to do the same once the BTC is confirmed?

Thanks for a quick. smooth trade!

Also, if for some reason there is a problem with the BTC fee not coming through, let me know. I sent a little extra to cover it, but I'm not really good on knowing when it kicks in, if at all...

[Benefactor]

That was the quickest transaction on here, ever!

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(Total Volume Traded to Date:  190 UNO; 8 Trades)

Offer Code:  BeneU12
I have 10 UNO to sell for 0.0865 BTC.  (Price = 0.00865 UNO/BTC)

* TRADE EXECUTED * with:  BitcoinCharlie!

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Still the same tight spread!....

For more trade offers, visit the (link):  BeneX Shop Window.

[Benefactor]

I will provide new BTC Talk Trust rating. Will you please be so kind to do the same once the BTC is confirmed?

Done.  Thanks for everything!

I hope other people who've transacted can leave ratings for me, too.

[Korlic]

More support at mid 8 now. Anybody want to sell at 87 or 88?

[Benefactor]

More support at mid 8 now. Anybody want to sell at 87 or 88?

I'll take that, but only up to 30 UNO.  0.00875.  Send according to the quantity {10-30} that you want.  (i.e., 30 UNO for 0.2625 BTC.)

You would send BTC first, as I have the seniority:  BTC:  1AvPYxy7Qs5oT8AcDvqrbGiXQSJmsjjeXB

Will have to raise my Ask after that trade to 0.009.  I was hoping to serve more patrons below that. 

[BitcoinCharlie]

More support at mid 8 now. Anybody want to sell at 87 or 88?

I'll take that, but only up to 30 UNO.  0.00875.  Send according to the quantity {10-30} that you want.  (i.e., 30 UNO for 0.2625 BTC.)

You would send BTC first, as I have the seniority:  BTC:  1AvPYxy7Qs5oT8AcDvqrbGiXQSJmsjjeXB

Will have to raise my Ask after that trade to 0.009.  I was hoping to serve more patrons below that. 

You've got more volume than MP! 

You need your own thread now! BENE-EX

 

[Benefactor]

More support at mid 8 now. Anybody want to sell at 87 or 88?

You've paid already!!!  I still need your UNO address to send to. 

[Korlic]

More support at mid 8 now. Anybody want to sell at 87 or 88?

I'll take that, but only up to 30 UNO.  0.00875.  Send according to the quantity {10-30} that you want.  (i.e., 30 UNO for 0.2625 BTC.)

You would send BTC first, as I have the seniority:  BTC:  1AvPYxy7Qs5oT8AcDvqrbGiXQSJmsjjeXB

Will have to raise my Ask after that trade to 0.009.  I was hoping to serve more patrons below that. 

Thank you very much! Funds have been sent

Please send UNO to uc1cPzLsan1rztg99uZ4Tu9zuR4ojzVdqw

[Benefactor]

You need your own thread now! BENE-EX

 

Nevar!

[Benefactor]

(Total Volume Traded to Date:  220 UNO; 9 Trades)

Offer Code:  BeneU013
I have 30** UNO to sell for 0.2625 BTC.  (Price = 0.00875 UNO/BTC)

* TRADE EXECUTED *  with:  Korlic!

**Quantity raised by agreement

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Still a 0.0003 BTC spread!  The lowest in Unobtanium!

For more trade offers, visit the (link):  BeneX Shop Window.

[Korlic]

More support at mid 8 now. Anybody want to sell at 87 or 88?

I'll take that, but only up to 30 UNO.  0.00875.  Send according to the quantity {10-30} that you want.  (i.e., 30 UNO for 0.2625 BTC.)

You would send BTC first, as I have the seniority:  BTC:  1AvPYxy7Qs5oT8AcDvqrbGiXQSJmsjjeXB

Will have to raise my Ask after that trade to 0.009.  I was hoping to serve more patrons below that.  

You've got more volume than MP!  

You need your own thread now! BENE-EX

 

lol yeah. I'll be putting some on MP later. Also, I plan to hand out some free UNO on twitter (after the halving)

[Benefactor]

lol yeah. I'll be putting some on MP later. Also, I plan to hand out some free UNO on twitter (after the halving)

I sent you an extra kilogram of UNO, since you bought my 100th-UNO trade.  'Been planning to do it for a while.

Detailed minutia for readers:  (There is an extra 100 UNO in my current "220 UNO" tally for the insurance I sent to FallingKnife for the Blue Crypto Award project.  (Not actually project funds, but my personal funds.))

[IMZ]

I am here, guys! Catching up now.

@ Benefactor:


# Hedges on the blockchain! Let's do that, though they will debut non-crypto. Tryin' to figure out this aspect of the project was (is) the most difficult.

# A back-up Uno address is a good idea. We shall use Ian's.

# How about Phase One (which is specifically what we are discussing) ends on January 1, 2015?
The 'governor' of this project, Benefactor, will be the degree of interest. If it's a flop, it will be the work of a moment to 'unpack' it. If it is a success, we will have the energy and incentives to rejigger it.

# The issue of postage -- could the caller-outers be responsible for that? It would make the arithmetic easier (and, of course, we don't expect that there will be any postage costs involved).

[IMZ]

Hedges

Keep asking questions. Demand details.

When you buy a Hedge, Sirsmokes, you are buying the two ounces of silver that it 'covers.'

[We are ready to launch five Hedges. The ten ounces have been procured. Bitcoin Charlie will be 'vault guy' for Phase One, which ends on January 1.]

But the silver doesn't leave the coffee can in the garden.

The 'glue' of the project is your conviction that the silver is there. The option of 'calling out' the vault guy exists (I suggest the caller-outer pays the postage); but a calling-out would signal mistrust (but you would still do it if you felt it was appropriate!)

The benefit of the project is that we can trade silver without the risk and difficulty of mailing it internationally.

[The Hedges Project in no way reduces my enthusiasm for the trading of physical silver among the 'national chapter' members. In Oz, for example, bullion can be insured in the post.]

# 'win-win'? It's a market place. Traders are trading. But no one is gonna make or lose much in Phase One. This is an exercise in trust-problem-solving.

Guys, IndiaMikeZulu has a strong interest in theory. We have -- in our underfunded and tiny way -- already pulled off a range of pretty far-out projects.

For instance, we undertook -- two of us and a kitty of a thousand bucks -- to introduce cryptos to an entire town. ('Denmark W.A. Crypto Town') And we already have also completed a project involving a physical alternative currency backed by cryptos and bullion.

In essence, Hedges allow Uno lovers to 'put out a steadying hand' into the silver bullion market (in a tiny tiny way, and without the bullion leaving the coffee can . . . ). [Benefactor expresses this lucidly above. He clearly 'gets it.']

I have already posted one thesis:

if Uno drops in value, Hedges will attract a slight premium in price (because a community member knows she can simply 'step across' to Un-Ex, and 'step into' a Hedge or two, which puts bullion in her portfolio, and reduces her exposure to Uno at that second).

[IMZ]

Did Korlic just score his first star?

[Benefactor]

I am here, guys! Catching up now.

@ Benefactor:


# Hedges on the blockchain! Let's do that, though they will debut non-crypto. Tryin' to figure out this aspect of the project was (is) the most difficult.

# A back-up Uno address is a good idea. We shall use Ian's.

# How about Phase One (which is specifically what we are discussing) ends on January 1, 2015?
The 'governor' of this project, Benefactor, will be the degree of interest. If it's a flop, it will be the work of a moment to 'unpack' it. If it is a success, we will have the energy and incentives to rejigger it.

# The issue of postage -- could the caller-outers be responsible for that? It would make the arithmetic easier (and, of course, we don't expect that there will be any postage costs involved).

Jan 1st - even better!    Plus, since I'll hold the 'abundance of caution', I have to recuse myself from buying a hedge this time, even though I'm perpetually in belief that silver is worth $200/oz(+).  Maybe I will write/purchase in round 2.

If by caller-outers you mean owners of a hedge who decide they want delivery of the physical silver - yes, I think they should have to pay that.  I mean, of course customers of online physical silver sales have to pay shipping; it should be the same.  A huge benefit of your 'hedges' project is that nobody has to pay for shipping, but UNO holders can hedge with real silver.  It's brilliant!

[Benefactor]

Hedges
 but a calling-out would signal mistrust (but you would still do it if you felt it was appropriate!)

Calling-out does not necessarily signal mistrust.  One could want to use the silver for different projects.  One might want to sell physical to someone local or have to for some reason.  They might want it for a gift.  Local political conditions might necessitate delivery, etc.

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Yes, Korlic definitely earned a 1st star!

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I have plenty of 1-oz'ers to choose from, but my favorites are 1oz Johnson-Matthey bars WITH SERIAL NUMBERS.  What a great tool for writing 'Hedges' in the future.  Not trading in phase 1, though, recused.

Here's a random image off of a web search engine:



Any chunk of silver bullion (".999" % pure) can be 'struck' with anything to uniquely mark it, cheaply.  The metal is relatively soft, and the weight would not change.

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There should be a movie, where the villain demands unmarked bearer bars, instead of bearer bonds.  

[sirsmokesalot]

So the hedge is a way of buying and selling silver without actually transferring the silver from person to person with each transaction? That is cool, it makes it much easier to trade!