Introducing a Silver Backed Cryptocurrency - The Libertarian Dollar, LBD - This is the White Paper

in #cryptocurrency4 years ago (edited)

Libertarian Dollar, LBD, SLP Token White Paper, Business Plan / 4-30-20

Block 633004

Token ID 9633d1e624c5892bbf9407fb465bd23591f1083e2ed833eeaec694593ca5eded

Purpose:

Each token sold to represent 371.25 grains (24.057g, 0.773 troy ounce) of redeemable silver in storage, the definition of a dollar by Act of Congress.

Why Supply Cap of 7,111,111,111.000?

250,000,000x2x11x480/371.25 = 7,111,111,111.111
250,000,000 Working Americans when our population hits 500,000,000 (by year 2100?)
2 ounces of silver a month wage (1/10th of an ounce per workday)
11 work months per year
480 grains of silver per ounce
371.25 grains of silver per dollar per 1792 Coinage Act
7,111,111,111 Number of constitutional dollars working American population would earn in one year ~2100.

Allowed Bullion:
Comex 1000oz bar
RCM 100 oz bar
American Silver Eagles 1oz
Austrian Philharmonic 1oz
Krugerrand 1oz
Mexican Silver Libertad 1oz
First Majestic (publicly traded silver miner with their own coin)
Canadian Maple Leaf 1 oz (tentative, undesirable for milk spots and “royalty”)
This list may change at any time, silver storage will not be specifically allocated.

Why the difference between LBD cost and comex price?:

There are several reasons behind the price requested per LBD Token.

Premiums: At the writing of this White Paper the cheapest silver available from the list above is an American Silver Eagle 1 oz of any year not 2020 for $24.29 even though the comex price states $15.04. This is a premium of 61.5%. This is exceptionally high and related to the covid lock downs and severe money printing by the Criminal federal reserve. Typically, the cheapest option is the 1000 oz silver bar (comex bars) but they are sold out, and the next cheapest would be the RCM 100 oz bars, also sold out. Our goal should volume allow is to keep premiums to 6% or less and we will not exceed 20% over what we pay in the physical market.

Administrative: procurement costs, transportation, book keeping, man hours, webmaster, transparency via regular communiques to community, equipment, IT.

Compliance: self explanatory

Safe Storage: self explanatory

Insurance: self explanatory

Regular Audits Including Assays: Proof LBDs in circulation have the silver backing required: 371.25 grains (24.057g, 0.773 troy ounce) of physical silver per Libertarian Dollar.

Physical LBD: Possible future functionality. If resources permit we can start minting beautiful and durable coins to represent 1 LBD in the spirit of the morgan silver dollar, only with the quantity, purity and identity on the coin along with a positive Libertarian message.

Supporting the Cause: If resources permit funds can be used to spread the Libertarian message and increase Libertarian presence in political office. This can be considered an advertising budget for education, awareness etc.

Ultimately, the price to purchase an LBD from the mint will cover most if not all considerations listed in this section. LBDs purchased from LBD Mint can be traded on SLP token exchanges for whatever price those order books carry. Eventually exchanges will adopt LBD for live trading. This concept is profound because a high volume bid/ask situation for a fully redeemable silver backed token will be the most accurate price quote for silver in the world. The current price discovery crisis will have been solved.

Note: If initial customer service is lacking please understand this is a one man start up in the spirit of the American Dream. Resources to meet customer demand will grow with volume.

LBD will only be sold for silver already in possession. The sale price of 1.293 LBD will accurately reflect 106-120% what a big city American paid retail for physical silver in hand.

Important Notes

BUYING LBDs WILL PULL PHYSICAL SILVER OFF THE MARKET AND FURTHER DISCREDIT SPOT PRICES POSTED BY COMEX AND OTHER FRAUDS WHO DELIVER PAPER INSTEAD OF METAL.

LBD has the potential to solve the price discovery crisis silver currently endures. If enough LBDs are in circulation and it becomes adopted by exchanges, if trading volume is high enough, the price where bids and asks meet for this fully redeemable silver-backed cryptocurrency will be the best indicator of the price of silver in the world.

1 LBD is not 1 ounce of silver, it is 371.25 grains (24.057g, 0.773 troy ounce) of silver. Every 1.293 LBD the mint sells will be represented by 1 troy ounce of silver in storage.

While our stated goal is to not sell inventory for more than 120% what we paid for it, huge moves up in comex/retail prices could cause LBD to be the cheapest way to buy silver in the world for certain periods of time. In the interest of being able to restock inventory we will adjust our price so that it is not more than 10% below what we can get in the market.

When we receive a redemption request we will make every attempt to ship you your silver after you send us LBDs. However, we may ask you to pick it up from a location supplied by Libertarian Dollar. We can't think of a scenario at this time which would trigger such a limitation but consider it prudent to reserve this right.

Check our transparent inventory list before making a redemption request. Only request redemption if the inventory has the quantity you desire. In other words, if everything gets redeemed except for 100oz bars please don't request redemption of one ounce. Wait until single ounces are restocked.

lbd.JPG

The easiest and best way to buy, store, redeem and most importantly transact in silver is The Libertarian Dollar, ticker LBD, an SLP Token. Let's change the world one LBD at a time. Get yours today at www.libertariandollar.com
Any questions email [email protected]

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