GoldCoin Talk
Main Category => Project Development => Topic started by: jkeefer on January 18, 2014, 10:50:38 AM
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I picked up GLDTrust.com and GLDCapital.com (edit: added goldcointrust.com, goldcoincapital.com was taken)($60 later I guess no fancy lunch for me today.)
I am looking at methods to build out the website. The website will feature the agreement and more details.
The sites will only accept GLD deposits, making other cryptos buy gld on open market to fund the account. I will not be facilitating any trading of cryptos. The site function is to simply act as a deposit location. Once the deposits reach a certain level, investments will be published and user can decide if they want to allocate all or part of their deposits towards an investment strategy.
There are legal ramifications with conducting this business, but I think I have a work around. The success of this depends greatly on the ability to get Fiat to GLD, but not completely in that we will allow for fiat backed transactions. In the beginning investments will be relatively short term, perhaps 3 months. There will be adjustments to profits from trading activities to cover the tax ramifications I will incur as a result of my personally financing the trades. Any losses will not likely be applicable to individual investment losses on your tax return. Consult your tax accountant.
The most significant point of this development is to bring the Gold to GoldCoin - To attach investment grade quality to the GLD.
I am very exciting about this project and will likely require some time to gather all the code to make this work. I have a number of projects I am working on, so patience is appreciated. In the meantime I suggest mining as much GLD as you can. :)
Anyone with experience building wallets for crypto currencies, please let me know, and I would like to discuss offline mutual arrangement. Also, if you have at least 5 years of trading experience, I invite you you apply for the board, so we can have real debate on investment strategy for gldcapital. Prior to launch we may look at some test trades to see the potential.
FYI, the domains do NOT have hosting yet. I will be building the skeleton of the site this weekend, as a parked domain in a subfolder on one of my other sites.
Here we go folks!!
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Sounds awesome! Best of luck!
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Thanks. Running simulated trades on gold spot market this week to see how the process would work. My forex account allows paper trades, and that will allow me to figure out the $$$ details. All the accounting and reporting has to be bullet proof.
Since the GLD's USD value is determined through BTC, it's an interesting potential arbitrage trade. Basically if you either think gold is going up, or BTC is going down, putting your GLD Coin in the GLDtrust, it's a sanctuary of sorts. It's a potential USD valuation drop play, and as inflation gets a hold of the economy, if ever, LOL, GLD is the place to be. :)
We'll see. A LOT of work for one guy with so many projects already. Good news is that my scaled back simple model is a logical place to start.
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This sounds very interesting.
In the simplest form your ideas sound like an online wallet, regardless of what is being done with the GLD that is deposited.
Security will be a chief concern. If one goes to bitcointalk, one finds many posts about online wallets being hacked and the coins stolen.
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True. Security is paramount.
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Best of luck with your project!
Please let me know if there's ever anything I can do to help. (:D)
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re wallet security - has anything like this: https://www.bitgo.com/ been developed for a scrypt coin? I can see this being a very useful utility for bitcoin in the longer term.
anyway, as stated before, project sounds very interesting indeed!
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if I understand you correctly you are trying to buy use PM as a way of stabilizing GLD in a depository business of some sort? Where you can use GLD to purchase grains or shares? This is a great idea and I would look forward to helping this succeed.
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Thanks hillbilly. Theoretically GLD could be put into trust for any commodity, but I was going to focus on Gold in the beginning.
I have been distracted as of late with winter storm and regular work...busy as can be...but I have made progress with a two-factor authentication using SMS. The wallet is still the big hurdle, but I have not looked too deeply yet - I am hoping there is some standard code to implement that talks with the blockchain/GLD network.
If any developers can point me in the right direction with regards to the online wallet implementation, it would be A HUGE thank you.
Keep you posted.
Jamie
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Just an update. Been very busy and playing catchup on all front after a crazy storm here in PA.
I am up to my eyeballs in an SMS services web project, but reflect in earnest on the GLDCapital website. I think I have a solution that will not require any licensing. I won't be able to afford to go that route.
I know what my obstacles are, and I have a framework...but these things are 1% inspiration and 99% perspiration. I will keep plugging and keep you posted.
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Good to hear, keep up the good work!
Sent on the move