Thoughts on Lode?

stackmans

stackmans

Active Member
https://www.lode.one/

I have recently discovered this new silver backed crypto and am wondering what everyone thinks? I am a complete novice when it comes to digital currency.

Being backed by physical precious metals seems appealing to me and combining silver with crypto removes some of the "crypto isn't real money" worries. But it does seem overly ambitious to me that the company is attempting to create an independent currency.
 
I am new here, to the silver thing, but a long-time crypto geek: many crypto geeks have very poor opinions of all 'pegged' crytpos, stackmans, because it involves centralisation, that is, trusting that some guys have some silver, or other asset, somewhere safe.

So, I avoid all pegged instruments on principle
 
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At a quick glance, without applying the Howey Test it looks like LODE Coin would be a security and AGX a utility. This may impact future investment decisions if the company issuing the currencies have not followed appropriate registration processes etc. Also, the links to both LODE and AGX at the bottom of the page do not work.
 
Yeah these are good points. I read some of the FAQs and they say if the company fails they will endeavour to return a maximum of 85% of your silver back. That’s crap. Also the point about decentralisation is a good one, to me it’s the overarching point of crypto. Their site never mentions what happens if the spot price of your stored silver was to increase, who keeps the profits?
And the dead links scream unprofessional for a web based company.

Sounds too dodgy to me.
 
I like the concept of Lode (pegged stable currencies), but I honestly agree with Stackmans. To get a maximum of 85% of your silver back seems a little shady. Of course that's more secure than most cryptos, but I think there is better. Have you looked into Quintric at all? It's still fairly new so I am not sure. I just recently found out about them and I don't know a lot, but apparently they promise 100% reserve ratio for both gold and silver with a live video stream of the vault to prove it. That might be something to look into. Anthem is also looking promising if you are into vaulting bullion more traditionally.
 
I looked at Lode earlier this year and gave it a miss after trying to register on their site and having problems.
There is at least one more of these silver cryptos called SilverLink which uses the Ethereum Platform.... https://medium.com/@silverlink/link-platform-silverlink-update-june-25th-2018-23b3f0010f0f
SilverLink may be operational or close to it by now. They have 2 tokens one for the buying of silver and another is a utility token you can stake to authorise transactions for rewards of silver or silver tokens and/or maybe gold. You can trade silverlink coin/token for silver in some countries and the ammount of countries will grow in time.There are many more gold backed cryptos than silver backed cryptos atm. In time gold and silver miners may hook up to these PM cryptos as a point of sale to cut out middlemen........
In time these PM backed cryptos may become popular as a hedge to volatility like USD TETHER. At least they are backed by something of value and are insured as compared to most cryptos which have zero backinginsurance in place.
USD TETHER has no backing of/by USD and you can not trade TETHER for a cash out of crypto.
 
whay said:
Anyone interested in my crypto backed by whatever gold left in Fort Naught and all the silver in JP Morgan's vault?
Click to expand...

Yep avoid any PM backed crypto that is storing their physical PM in a bank no matter what country. Private storage facilities would be fine unless their was a government authorised/approved confiscation. In your own personal is def the way to go.
 
Complete Scam. There is no way you will ever get your money back. I watched the Telegram channel implode. So many people screaming for their money back. The admins would delete it as fast as the could. The scammers are out of Kelowna, BC. The only people making money are the ones running it. You are a fool to give them your money.
 
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