Jump to content
TaylorWarden

streetsofsilver.website - A Ripple Gateway serving Precious Metals, CAD, USD, BTC, and ETH IOUs

Recommended Posts

58 minutes ago, TaylorWarden said:

My physical disability and the fact that I had been in the hospital due to illegal eviction (and issues with prior landlords in the past) was explained in this thread I made back in November 2019.  I am perfectly capable of running a money services business. 

The Canadian Dollars that you withdrew from the XAGATE Ripple Gateway did come from the funds given to me by Ripple Inc., however, there was still thousands of dollars backing the IOUs within the corporate account at that time.  It was posted on the official Ripple forums that XAGATE would never operate any financial position that was overly leveraged.  The maximum amount of leverage we had applied to the issuances within the Fall and Winter of 2017 was approximately 17-20% before I signed the agreement that Chris Larsen & Co. that provided me the XRP to sell to bring back the issuances to a 100% reserve.

To be clear, Streets of Silver's Terms of Service does not have any clauses in regards to leverage as we do not hold any leveraged positions within this business and we do not plan to; We will always operate with a 100% reserve of financial assets issued to the Ripple Consensus Ledger.

 

Last, the orderbooks have been updated as follows today:

 

Silver has seen a 7.47% increase in value over the last 24 hours with the spot price reaching 30.79$CAD and premiums are still remaining high, around 6$ per ozt over spot. 

We are capable of selling our XAG a little bit below the going premium rates of most dealers at this time due to investing at an opportune time.  Our silver is priced on the RCL for 36.50$CAD/ea in XRP.

There is a total of 15 XAG issued to the XAG/XRP pair for 133.859 XRP each.

 

Ether rallied yesterday but has seen a 0.01% decrease in the last 24 hours, currently sitting at 328.53$CAD each.

We may increase our position in Ether in August to offer a larger market depth due to the strong performance and market sentiment going forward with the Ethereum 2.0 network upgrade coming soon.

There is a total of 0.15 ETH issued to the ETH/XRP pair for 1,219.0758 XRP each.

TBH I really do want to be in a partnership with you. I like you as an individual and I like your work ethic. 

I want to do due diligence because this is other people's money on the line. 

107 days is 90 days, plus 14 days, plus 3 days and you must have been under observation for 24 hours

That's not a short stay. 

I can't enter a partnership unless I'm certain that user funds are safe

Share this post


Link to post
Share on other sites
15 hours ago, TaylorWarden said:

Silver has seen a 7.47% increase in value over the last 24 hours with the spot price reaching 30.79$CAD and premiums are still remaining high, around 6$ per ozt over spot. 

We are capable of selling our XAG a little bit below the going premium rates of most dealers at this time due to investing at an opportune time.  Our silver is priced on the RCL for 36.50$CAD/ea in XRP.

There is a total of 15 XAG issued to the XAG/XRP pair for 133.859 XRP each.

 

Ether rallied yesterday but has seen a 0.01% decrease in the last 24 hours, currently sitting at 328.53$CAD each.

We may increase our position in Ether in August to offer a larger market depth due to the strong performance and market sentiment going forward with the Ethereum 2.0 network upgrade coming soon.

There is a total of 0.15 ETH issued to the ETH/XRP pair for 1,219.0758 XRP each.

When I read this I got the feeling you are mixing up market making, trading and being a gateway for in this case XAG and ETH. You really shouldn't mix the first 2 with the latter.

The gateway facility should be on its own, only focussing on AML/KYC and deposit/withdrawal of the asset and make them virtual on the XRPLedger. Running a gateway comes with some cost, but in no way should the cost be substracted from the deposited ETH or Silver.

The Market making and trading is risky and should be on either personal, or on a separate account, separate from the gateway work. In no way should it intervene with the gateway business, otherwise you will run a  substantial risk of becoming a fractional gateway with less than 100% coverage. For me the value of a gateway is as good as the possibility (and speed) for withdrawing the assets.

Share this post


Link to post
Share on other sites
On 7/23/2020 at 7:17 AM, jn_r said:

When I read this I got the feeling you are mixing up market making, trading and being a gateway for in this case XAG and ETH. You really shouldn't mix the first 2 with the latter.

The gateway facility should be on its own, only focussing on AML/KYC and deposit/withdrawal of the asset and make them virtual on the XRPLedger. Running a gateway comes with some cost, but in no way should the cost be substracted from the deposited ETH or Silver.

The Market making and trading is risky and should be on either personal, or on a separate account, separate from the gateway work. In no way should it intervene with the gateway business, otherwise you will run a  substantial risk of becoming a fractional gateway with less than 100% coverage. For me the value of a gateway is as good as the possibility (and speed) for withdrawing the assets.

He bought his own silver for market making that's why he is talking about the price he got in at. 

Share this post


Link to post
Share on other sites
Posted (edited)
12 hours ago, jargoman said:

He bought his own silver for market making that's why he is talking about the price he got in at. 

Yes, but only 1 XAG is issued to his personal account (rKYNhsT3aLymkGH7WL7ZUHkm6RE27iuM4C), which he  offers for trade. Then there is 14 more XAG that is offered for trade by the gateway itself (rVSB2uzC9cjKfoMQdpQW78qUdSkdHiU4y), so it doesn't seem to be all on his personal account and apparently XAG is being offered for trade that hasn't been issued yet. Maybe it is only a matter of descent book keeping, but if this not correct, then how should we trust that 15 XAG has been deposited

edit: sorry Taylor for talking in the 3rd person about you, that's not so polite ;-) Just wanted to point out where I see possibilities for improvements

Edited by jn_r

Share this post


Link to post
Share on other sites
On 7/22/2020 at 10:54 PM, jargoman said:

TBH I really do want to be in a partnership with you. I like you as an individual and I like your work ethic. 

I want to do due diligence because this is other people's money on the line. 

107 days is 90 days, plus 14 days, plus 3 days and you must have been under observation for 24 hours

That's not a short stay. 

I can't enter a partnership unless I'm certain that user funds are safe

When we were in talks about becoming partners, the solution that I offered was that we could split the funds across the two of us dependent on the percentage of shares owned in the corporation.  We never discussed you becoming a majority shareholder and me giving up major equity in the firm, we only discussed you coming on as a minor shareholder with 33% of the total shares issuance.  If we had done so, then we could have distributed user funds in a way that you would have major control over them.

On 7/23/2020 at 7:17 AM, jn_r said:

When I read this I got the feeling you are mixing up market making, trading and being a gateway for in this case XAG and ETH. You really shouldn't mix the first 2 with the latter.

The gateway facility should be on its own, only focussing on AML/KYC and deposit/withdrawal of the asset and make them virtual on the XRPLedger. Running a gateway comes with some cost, but in no way should the cost be substracted from the deposited ETH or Silver.

The Market making and trading is risky and should be on either personal, or on a separate account, separate from the gateway work. In no way should it intervene with the gateway business, otherwise you will run a  substantial risk of becoming a fractional gateway with less than 100% coverage. For me the value of a gateway is as good as the possibility (and speed) for withdrawing the assets.

I have always charged processing fees in the cryptocurrency, fiat currency, or precious metal that is being dealt with in a deposit.  I will discuss either reducing or completely removing our cryptocurrency and precious metal deposit fees while maintaining the current fee structure for withdrawals.  My current business partner is currently travelling but I can get in touch with him in the morning to discuss this further.

This may clear some things up about how we make markets currently.  The liquidity that is offered over the RCL is either from personal investment into the Gateway from the operator or it is corporate financial assets being offered from 8569541 CANADA INC.  The market making account is ~Twarden for all of my own personal assets issued to myself from the Streets of Silver issuer rVSB2uzC9cjKfoMQdpQW78qUdSkdHiU4y; That being currently 1 ozt of silver.  Any offers posted to the RCL that come directly from rVSB2uzC9cjKfoMQdpQW78qUdSkdHiU4y are corporate assets and owned by the corporation.

As for withdrawal processing time the processing of precious metal withdrawals may see a slight increase in delay due to COVID-19.  We use Canada Post to deliver our PMs to our clients.

On 7/26/2020 at 5:43 PM, jn_r said:

Yes, but only 1 XAG is issued to his personal account (rKYNhsT3aLymkGH7WL7ZUHkm6RE27iuM4C), which he  offers for trade. Then there is 14 more XAG that is offered for trade by the gateway itself (rVSB2uzC9cjKfoMQdpQW78qUdSkdHiU4y), so it doesn't seem to be all on his personal account and apparently XAG is being offered for trade that hasn't been issued yet. Maybe it is only a matter of descent book keeping, but if this not correct, then how should we trust that 15 XAG has been deposited

edit: sorry Taylor for talking in the 3rd person about you, that's not so polite ;-) Just wanted to point out where I see possibilities for improvements

For more information about the Audits that we conduct, please view our Terms of Service:  https://streetsofsilver.website/TermsOfService.pdf

Quote

Audits

Audits are performed once yearly on client deposits. This audit will be released via the streetsofsilver.website XRPchat.com thread. The extent of all audits will include the following proof of custody:

-Video evidence of both precious metals and fiat held in the vault and office

-Photographic evidence of any remaining dollars stored in the bank through online banking statements

-Photographic evidence of Cryptocurrency wallet balances via any reputable statistics reporting website plus balances held within trading platforms or wallets owned by 8569541 CANADA INC.

As for your concern as to how much silver we currently own (and issue) we have a total of 18 XAG. I have posted our first audit today over on our Twitter account to follow-up on your and any other community members' concerns for our current issuances on the RCL:

 

Share this post


Link to post
Share on other sites
14 minutes ago, TaylorWarden said:

Any offers posted to the RCL that come directly from rVSB2uzC9cjKfoMQdpQW78qUdSkdHiU4y are corporate assets and owned by the corporation.

I would rather see MM activities under another account. That way it is more transparent how much XAG has been issued and how much collateral we should expect to be present.

Video/Photographic proof is definitely an improvement, but a 3rd party audit would be better. Isn't there a gold/silver storage service around where you can buy/sell but also keep the silver? Then it's insured, not in your home-vault, and maybe they can provide with some other/better audit proof than photo. 

Anyways, not saying things will fly if you do it like this, but that is how I would do it.

Share this post


Link to post
Share on other sites
Posted (edited)
1 hour ago, jn_r said:

I would rather see MM activities under another account. That way it is more transparent how much XAG has been issued and how much collateral we should expect to be present.

Video/Photographic proof is definitely an improvement, but a 3rd party audit would be better. Isn't there a gold/silver storage service around where you can buy/sell but also keep the silver? Then it's insured, not in your home-vault, and maybe they can provide with some other/better audit proof than photo. 

Anyways, not saying things will fly if you do it like this, but that is how I would do it.

I could issue the assets to a hot wallet then create the orders for the RCL.  I already want to set up a Ripple account to hold onto revenue an have an account which to draw expenses from.  So perhaps I will also setup a dedicated  account to make markets with that are corporate assets. This way the RCL will report 15 XAG issued instead of 1 XAG issued by the Gateway.  When these accounts are created they will be mentioned and linked to Bithomp on our About page.  EDIT:  The Ripple account that we use to make markets with our corporate financial assets is rG83NMzArGuNPWyVyumuQLkj3EVJsrkDbA.  The Ripple account that we hold our revenue within and draw expenses from is rEhdYrfayM4SQyww1qUSRoNVcbkpUoyBuf

As for a third party audit, the precious metals wholesaler in Canada that I deal with does offer storage options in Toronto, Canada.  I will enquire about their services and see if we can integrate this into our operations and update our Terms of Service in regards to how our PMs audit is performed.  https://silvergoldbull.ca/storage

In the past, community members have been fine with me posting audits on the website's blog and on also through a Tweet of the operator's twitter account.  In the past this was @kthxbaipce, my personal twitter account, but was eventually locked by Twitter for some reason an I have been unable to recover it since.  Currently, we operate a twitter called @StreetsSilver which updates the community about our order books and any other news we have to share with the community.  Hopefully, our first audit today over Twitter will put some people's minds at ease if they wish to start trading the XAG.rVSB2uzC9cjKfoMQdpQW78qUdSkdHiU4y/XRP order book.

Edited by TaylorWarden
Added new ripple addresses for reference

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...