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RE: The Lode Coin Project | Token-izing Silver on the Blockchain | Anarchapulco 2018
Silver on a blockchain is awesome, but you can't use it as money.. The government won't allow you to use it as money without hitting you with an extra tax. You need to use government-issued coins for a metals blockchain to be viable. Lode is pretty cool for most countries but citizens of the USSA won't be able to use it unfortunately:/
Can you explain how? Technically after you convert your Silver for LODE and then trade the LODE, the LODE Coin itself isn't actually a precious metal? So any moves that you make would be like sending Bitcoin?
LODE then just offers to trade silver for LODE at any given time. Are you picking up what I'm putting down? What are your thoughts?
If it's backed by Silver it's a commodity, and therefore every transaction is taxable for capital gains, just like Bitcoin. If you use the government-issued coins however, it's considered legal tender and has the same status as the dollar. The rest of the world can use them, but the US has some crazy convoluted financial laws. On a public blockchain that can be traced, you need that legal certainty if you don't want to get raided by the alphabet boys. Sucks, but that's how it is in the US. I believe Quintric, Upma, and anthem are the only ones doing this right now, but I think they're the models for how it's going to look in the future.
Wow, yet another reason why Anarchy is the only practical and moral kind of society1
Thanks for your input!
Very true, and no problem! Love the work you guys do. Looking forward to Mark's video podcasts
Hell yeah. WOEIH RETURNS!
On top of that, Mark and I are producing his newest work on Natural Law! Plenty of powerful stuff coming from the Team!
Oh right on! Can't wait to see it all. Also I just realized Anthem doesn't have the legal tender Gold, so my bad there. If you decide to sign up for Quintric though I'd really appreciate it if you'd use my link! I'll just put it here for you: https://escrow.quintric.com/#/register/MakeMoneyGoldAgain