Silver-backed cryptocurrency - LNK token

[EthLNK]

I'm a member of the Ethereum Link team developing the LNK token and the LNKS token, which you can stake to physical silver right now.

This is the first silver-backed cryptocurrency on the market. Check it out, and ask me any questions you like!

www.ethereum.link
http://linksilver.io

[Martlet]

How do you "link" silver to a crypto?  If i want to take a position in silver (other than physically buying, albeit at over spot) I can take out ETFs or vaulted, how is this any different, whats the advantage here?  Your very nicely designed and presented website is kinda light on actual details. 

[onlyroadtoheaven]

Do you do a tulip bulb backed crypto?

[sixgun]

i was listening to Clif High, jsnip4 and Bix Weir have a chat on youtube. Clif talks about the linking of cryptos to silver. That the miners or merchants sell crypto tokens which will give the holder rights to a measured amount of silver. Clif says according to his data this will break the current silver market and break silver free of its manipulation. He says his data categorically shows this and it is not that far off. 

i hold gold and silver on the Allocated Bullion Exchange. They intend to launch a fully backed fully allocated silver crypto and the same for gold. These crypto tokens will be title of ownership, so people will be able to trade these tokens knowing that they are title to allocated gold or silver. These will be like old fashioned silver certificates which the USD used to be.

Not aware of tulip backed cryptos -  

There are and will be many others - i have heard of a crypto which is a title to volumes of sand. These ownership tokens for lumbar, grain, metal, sand..... will all be tradable in due course. 

[Markh]

@sixgun bix Weir and cliff high haven't had a correct prediction ever or at least for × multiple years. They have been saying the same stuff as long  as I can remember. Pinch of salt me thinks.... Just saying.

 

[sixgun]

7 minutes ago, Markh said:

@sixgun bix Weir and cliff high haven't had a correct prediction ever or at least for × multiple years. They have been saying the same stuff as long  as I can remember. Pinch of salt me thinks.... Just saying.

 

Clif High calls himself the worst predictor of the price of silver. He doesn't hide his inability on the silver price. His predictions on cryptos are something different. He is not predicting price here he is talking about how cryptos will link up with silver. i can see how blockchain technology is moving. There are commodities linking up with cryptos. i know 100% about the gold and silver cryptocurrency and the Allocation Bullion Exchange. i don't know anything about this particular venture but in principle this type of thing is happening. 

[Markh]

9 minutes ago, sixgun said:

Clif High calls himself the worst predictor of the price of silver. He doesn't hide his inability on the silver price. His predictions on cryptos are something different. He is not predicting price here he is talking about how cryptos will link up with silver. i can see how blockchain technology is moving. There are commodities linking up with cryptos. i know 100% about the gold and silver cryptocurrency and the Allocation Bullion Exchange. i don't know anything about this particular venture but in principle this type of thing is happening. 

They predict more that just price and cryptos. I just can't get down with there views, it seem to me there getting there info from aliens. My personal favourite one was the one about  another life form that will be revealed in the Arctic.  Still waiting for that one.

[sixgun]

15 minutes ago, Markh said:

They predict more that just price and cryptos. I just can't get down with there views, it seem to me there getting there info from aliens. My personal favourite one was the one about  another life form that will be revealed in the Arctic.  Still waiting for that one.

i know what you mean about aliens. In summary Clif is a data miner and coder. Friends of mine are research data miners with an international telecom giant. What Clif is doing is well recognised processing, well at least well recognised by them. He sends out bots onto the internet like Google does, which come back with gigantic amounts of data which he 'mines' and tries to make sense out of. Clif believes that people are psychic and their premonitions show themselves in the chatter they type into social media and the like websites. So he uses this data to make predictions. If a lot of people are chattering about Antarctica and aliens he reports this. Someone seems to be seeing stuff.

Yes he says some things that seem off planet. The more you dig the less bizarre what he says is. i agree i am waiting for alien technology to appear out of Antarctica. Just because he talks about stuff that seems out of this world does not discredit what he says about the development of cryptos. 

[KDave]

It seems like a great idea and use of the blockchain - but - correct me if I am wrong here, isn't this the same as any paper version of trading metal with third party involvement?

For example - I buy some silver etherium tokens worth 20 ounces, the block chain records that I have bought and am the owner of 20 silver ounces. But how can I guarantee that the etherium tokens are really backed by silver? The block chain might say I own 20 ounces of silver, but in reality the vaults could be completely empty, what is to stop this? 

I think the bigger question for me is; what is to stop commodity backed cryptos from becoming a Comex 2.0?

[Markh]

10 minutes ago, sixgun said:

i know what you mean about aliens. In summary Clif is a data miner and coder. Friends of mine are research data miners with an international telecom giant. What Clif is doing is well recognised processing, well at least well recognised by them. He sends out bots onto the internet like Google does, which come back with gigantic amounts of data which he 'mines' and tries to make sense out of. Clif believes that people are psychic and their premonitions show themselves in the chatter they type into social media and the like websites. So he uses this data to make predictions. If a lot of people are chattering about Antarctica and aliens he reports this. Someone seems to be seeing stuff.

Yes he says some things that seem off planet. The more you dig the less bizarre what he says is. i agree i am waiting for alien technology to appear out of Antarctica. Just because he talks about stuff that seems out of this world does not discredit what he says about the development of cryptos. 

Each to their own I suppose. You make a convincing argument. I think people can get to close and involved in this, which tends to result in seeing a conspiricy in everything.

[Markh]

14 minutes ago, KDave said:

It seems like a great idea and use of the blockchain - but - correct me if I am wrong here, isn't this the same as any paper version of trading metal with third party involvement?

For example - I buy some silver etherium tokens worth 20 ounces, the block chain records that I have bought and am the owner of 20 silver ounces. But how can I guarantee that the etherium tokens are really backed by silver? The block chain might say I own 20 ounces of silver, but in reality the vaults could be completely empty, what is to stop this? 

I think the bigger question for me is; what is to stop commodity backed cryptos from becoming a Comex 2.0?

With cryptos your supposed to be your own central bank. Like @KDave said how can this be if you don't know if the silver is even there. If you don't hold it !!!!

[Martlet]

1 hour ago, KDave said:

It seems like a great idea and use of the blockchain - but - correct me if I am wrong here, isn't this the same as any paper version of trading metal with third party involvement?

For example - I buy some silver etherium tokens worth 20 ounces, the block chain records that I have bought and am the owner of 20 silver ounces. But how can I guarantee that the etherium tokens are really backed by silver? The block chain might say I own 20 ounces of silver, but in reality the vaults could be completely empty, what is to stop this? 

I think the bigger question for me is; what is to stop commodity backed cryptos from becoming a Comex 2.0?

Exactly.  The whole concept of crypto is built on removing a network of trust and relying instead on immutable, encrypted chain of transactions.  If you back it with anything physical, whats the point, you may as well just issue a normal contract through various intermediaries as we already do. 

 

[Martlet]

2 hours ago, sixgun said:

i know what you mean about aliens. In summary Clif is a data miner and coder. Friends of mine are research data miners with an international telecom giant. What Clif is doing is well recognised processing, well at least well recognised by them. He sends out bots onto the internet like Google does, which come back with gigantic amounts of data which he 'mines' and tries to make sense out of. Clif believes that people are psychic and their premonitions show themselves in the chatter they type into social media and the like websites. So he uses this data to make predictions. If a lot of people are chattering about Antarctica and aliens he reports this. Someone seems to be seeing stuff.

Yes he says some things that seem off planet. The more you dig the less bizarre what he says is. i agree i am waiting for alien technology to appear out of Antarctica. Just because he talks about stuff that seems out of this world does not discredit what he says about the development of cryptos. 

Have to look this chap up.  Data mining social media and forums is a very interesting area, there's a lot of useful information that can be "seen" with the right analysis that is otherwise just noise.  I know some groups are looking for the emergence of epidemics for example.  Problem can occur if there's selection, how its filtered or not, if looking for certain topics, you'll find those topics, and those interested in them will reinforce the network of information.  If Antarctica is in the news, say the ice sheet calving, large amounts of old or irrelevant data about Antarctic will bubble up. 

[kimchi]

Just now, Martlet said:

Have to look this chap up.  Data mining social media and forums is a very interesting area, there's a lot of useful information that can be "seen" with the right analysis that is otherwise just noise.  I know some groups are looking for the emergence of epidemics for example.  Problem occur if there's selection, how its filtered or not, if looking for certain topics, you'll find those topics, and those interested in them will reinforce the network of information.  If Antarctica is in the news, say the ice sheet calving, large amounts of old or irrelevant data about Antarctic will bubble up. 

I love listening to Clif, and he has got some major things right down the years (apart from anything to do with gold or silver - by his own admission!), but Hebrew scholar Dr Shmuel Asher has a point worth at least consideration I think - that he is merely feeding everything back into the system that the system is already producing, so it's self-perpetuating (and he's facilitating that), and therefore is possibly (imo) dangerous.

If Clif was half as good as he thinks he is (and I don't say he isn't) then not only would he not need to sell reports in the first place, he would realise it's probably irresponsible to do so (again mho).

It doesn't add up to me, financially or 'spiritually'. And yet, I still find it interesting to listen to the guy.

[EthLNK]

5 hours ago, sixgun said:

i have heard of a crypto which is a title to volumes of sand. These ownership tokens for lumbar, grain, metal, sand..... will all be tradable in due course. 

And don't forget the token(s) for salt as well. Of course then there's others like the %*^@% token that are literally nothing beyond a bit of social engineering gone horribly right.
 

[EthLNK]

50 minutes ago, Martlet said:

If you back it with anything physical, whats the point, you may as well just issue a normal contract through various intermediaries as we already do.

Those are some fantastic questions. Not taking it easy on the new guy! :-) I like that. Thank you for the challenge.

I'd say the answer is found in the procedure that we at Link are developing for verifying that the asset on the blockchain does in fact exist in real life.

There is always the risk of fraud, of course; you folks are not stupid and don't need me to tell you that. However, with organizations like banks in the Comex, I would suggest at this point fraud is a guarantee. The primary means that a holder of the LNKS token would have for verifying that the asset is in fact there is indeed holding it themselves, through the staking process. If the LNKS token holder should choose to transfer their silver to someone else, that individual has the ability to obtain delivery of the physical bullion.

If your concerns are that great, you could just mint and hold and then at least you'll have the benefit of Ethereum Link vouching for you if you have a pressing need to spend it online. Also keep in mind that with the Ethereum chain, every transaction can be audited. So, say silver originally belonged to Nathan, then Nathan transferred the token so the Eth Link vault removed Nathan's name from the silver to make sure they have it if someone else demands it in the future. One idea that I hope we can implement is that the blockchain would have pictures of the coin bar or ingot in both places. One possible way this could go is that a message with a small amount of ether could be sent to Nathan's address to verify that he indeed is a real human being with an account and not a fiction created by Eth Link for the purpose of pretending to mint non-existent tokens. The blockchain is a truth machine both because it cannot be hacked and because it leaves an auditable trail.

And, as you know, neither of these is true for the Comex, who cannot even tell you what entity puts paper silver on the market.

[royalecraig]

How do we know that it's backed by Silver.

The US Govt says that Fort Knox is filled with US Gold reserves, yet they wouldn't let Ron Paul audit it or the Fed.

It's a bit pointless linking Cryptos to PMs, because then we're back to having to take someone's word for it.

The idea of Cryptos is that they are a cryptographically guaranteed, finite resource and we don't have to take anyone's 

word for it, in that sense, they don't need to be backed by anything, their usefulness and rarity makes them valuable.