Can I add a “Buy” or “Deliver” silver to my existing order(s)?
Yes, you can add additional contributions at any time at the current conversion rate.
Can I change my “Buy” order to a “Deliver “order?
You can change your method of contribution by contacting LODE at email@example.com and notify an ambassador of your intentions. Please be sure to include your username and six digit LODE identification number. You will then receive instructions on how to complete your “Buy” or “Deliver” contribution to the vault.
Can I contribute gold bullion to the LODE Project?
If you wish to commit investment-grade gold to the LODE project, you can contact SWP Cayman directly at: firstname.lastname@example.org and put “LODE” in the subject box, along with the details as to the weights and quantities of the gold pieces you wish to contribute in the message area. SWP will then contact you with the current conversion rate and instructions on how to deliver your gold to the vault. The current conversion rate is 75:1. That is 75 ounces of silver for each ounce of gold contributed. This rate however, is subject to current market values of gold and silver bullion.
Can I sell my AGX Coins at any time?
Yes, of course! AGX may be exchanged or sold in a variety of ways. The first of which will be with a LODE affiliated bullion dealer or retailer, who may deliver physical silver and gold bullion products at prevailing market rates. Additionally, AGX Coins may be deposited with an authorized crypto-currency exchange and sold or traded for other cryptographic assets like Bitcoin, or for fiat currency. Finally, AGX Coins may also used to settle trade and commerce with participating merchants, many of which may offer superior pricing (discounts) for AGX Coin settlement.
Can I sell my Lode Coins?
Of course you may sell your LODE Coins at any time, either through an authorized cryptocurrency exchange operator (subject to the operators terms and conditions), or to a private buyer or operator, in which case certain fees may be avoided and/or certain other “forms” of payment be negotiated and accepted. LODE Coin transfers will be enabled over a private, secure, autonomous, and immutable blockchain, with transmissions secured by encryption keys.
Do I receive confirmation from SWP when my “Buy” or “Deliver” contribution is received?
Yes, once your contribution has been deposited to the vault, you will receive confirmation by way of e-mail.
Do LODE Coin holders receive rewards in other ways?
Yes, LODE Coin holders also receive (as AGX Pay) a percentage of the transmission fees generated on the AGX Coin velocity in the marketplace.
How are my Lode tokens stored and secured?
Your Lode Coins and AGX Coins will be stored in separate, private, and secure wallets either developed or under development by projects such as MyEtherWallet.
How do I buy silver for the vault?
Once you have set up your account and are logged in, follow the links on https://members.lode.one/ for "Buy Silver" on the left side of the screen. Once you've clicked on that menu option you'll be taken to a screen where you will need to input the number of ounces that you wish to buy.
Once you've entered the amount of silver that you wish to buy click on the blue "COMMIT" button and then confirm the amount of purchase.
Your dashboard will show the order has been placed in the system as "new" and you will receive an automated email from our system confirming the details.
Our bullion partner, SWP, sells investment grade silver (.999) to Lode members at the spot price plus $1.60 USD per ounce. Once you place your “Buy” order, SWP will be in touch with you within the next 24 hours and provide more information and instructions on how to complete your “Buy” transaction.
Note: This is a measure of Troy Ounces which converts to 31.1 grams.
How does LODE earn money?
The LODE silver monetary model is based upon the anchoring of reserved and vaulted silver bullion to the two cryptographic assets, each underwriting the other. LODE Coins represent ownership of the “mining” machine; AGX Coins represent the product that the mine produces and sells, at a margin.
Each gram of silver bullion secured to the LODE vaults provides the LODE “INTERFIX” with a reserved asset upon which to create a corresponding AGX Coin, which is then offered and sold at a margin of plus 15% to the ‘spot’ pricing. This margin is typical of the retail premium for smaller weights of silver bullion.
The revenues realized from AGX Coin distributions are then utilized to acquire additional silver bullion at wholesale pricing (after expenses and AGX Pay Rewards). Wholesale premiums on large weights of silver are between 3-5% over ‘spot’ rates. The additional bullion, now reserved, allows the INTERFIX to mint additional AGX Coins to rinse and repeat the cycle, AND retain the difference in silver bullion for the LODE Community!
The AGX Coin distributions and subsequent bullion purchases can continue for as long as silver bullion is offered in the market, regardless of the fiat price.
In this model, the growing reserve of vaulted silver bullion always exceeds the number of AGX Coins outstanding. In theory, a ‘run’ on the vault by every AGX Coin is easily absorbed, with plenty of silver bullion remaining.
How does the AGX Coin work?
AGX Coins represent real weights of verifiable and vaulted silver bullion. AGX Coins may be exchanged or redeemed for physical silver and gold products at any time, and from anywhere, with affiliated LODE bullion dealers and retailers (subject to the vendor’s terms and conditions), at the prevailing market rate of exchange for a one (1) gram weight of silver bullion.
AGX Coins are anchored to the reserved silver bullion and then tethered to it cryptographically by the blockchain architecture.
This rate of exchange will be posted on the LODE website in multiple fiat currencies to provide merchants with a baseline for price discovery when settling commerce. Merchants are free to price their products and services however they choose and are not subject to mandates or pricing schedules. All parties to AGX Coin settlements are expected to conduct themselves with integrity and honesty. The LODE Association is not a third-party to any transaction between members or users and cannot be held liable for transactions or transmissions between private parties.
How does the LODE Coin work?
First, participants can contribute investment-grade silver bullion (or gold equivalent) to the LODE (INTERFIX) vault. Upon receipt, the silver bullion will be certified as 99.9% pure, properly accounted, and then vaulted and insured by the LODE Association vaulting partner (Strategic Wealth Preservation).
Next, a corresponding contributor’s certificate is generated by way of a “smart contract” for the total gram weight of each contribution, triggering the creation of a LODE Coin (LC) position commensurate with the LODE Coin exchange-rate. The creation and issuance of LODE Coins will occur in progressive phases and at exchange-rates determined by LODE service partners and vendors. The LODE Coin exchange-rate will rise over time as the community grows and the supply (float) of AGX Coins increases.
LODE Coins are delivered to the contributor’s private wallet, leaving a verifiable and immutable receipt upon a public blockchain.
How is silver “tokenized”?
A “token” is a contract containing rights that are codified and enabled upon a distributed ledger, or blockchain. The LODE Project will construct two tokens where each represents a unique stake or right of claim to investment-grade silver bullion.
The first token, referred to as a Lode Coin, is a digital representation of a weight of silver bullion contributed and delivered to the LODE Reserve by individuals seeking an ownership stake in the Lode Silver Monetary System. LODE Coin owners will collectively own a growing stack of silver bullion as the LODE “INTERFIX” mines and monetizes increasing weights of silver bullion. LODE Coin owners will also receive rewards (known as AGX Pay) with each new sale and distribution of silver-secured AGX Coins, and with increased coin adoption by individuals, merchants, speculators, miners, etc.
The second token, referred to as an AGX Coin (AGX), will serve individuals, merchants, and speculators seeking a private and sound utility for trade and commerce, or for placing bets upon the fiat price of silver, or upon the actual demand for silver bullion.
How long does it take for my “Deliver” order of silver to reach the vault?
Shipments can take anywhere from two to ten days to reach the nearest LODE vault. Shipments may be tracked in real-time on the FedEx or Loomis websites.
I like what I see, how do I get involved?
First, open and register an account at www.lode.one and join the LODE Community. Next, after clicking the confirmation link (via your email), you simply follow the instructions in your new back-office to contribute to the project and stake your ownership claim with a purchase or delivery of silver bullion to the LODE Vault. Be sure to read the Terms of Service. Once confirmed, and agreement is made, the order triggers a purchase order or shipping manifest to SWP, who will reach out to you within 24 hours with further instructions.
If I have a concern about my contribution, my member account, or want more information about the LODE Project, who do I contact?
You can always contact a LODE ambassador at email@example.com for more information, or with questions and concerns about your “Buy” or “Deliver” order, or with any other issues, concerns, or suggestions regarding the LODE Project.
Is there going to be a technical white paper on the LODE Project?
YES! The White Paper will be published upon further development of the token architecture and the Ethereum blockchain protocol.
Is there going to be an ICO, or Initial Coin Offering?
NO! The funding mechanism for staking ownership in the LODE project is limited exclusively to an exchange of LODE Coins for investment-grade silver bullion.
What happens next once I have committed to “Buy” or “Deliver” silver bullion?
Upon registration of your “Buy” or “Deliver” order, a corresponding purchase or delivery order is triggered and delivered to the ambassadors at SWP. You will then be contacted by this ambassador with instructions on how to make payment for your “Buy” order, or instructions with a shipping manifest and FedEx label(s), for completing your “Deliver” order of metal from your own silver stack to the LODE vault.
What information is required to register?
To become a member of the LODE community the system will ask for your first and last name, your phone number, country of residence, and finally your email address. In addition you will pick a username and enter your password for the account. This is all that's needed to register for an account. If you would like to participate in LODEing the vault with metal you will also need to provide a physical address.
What is the “mother lode” in the LODE Project?
The “mother lode” targeted by the LODE Project for tokenization is above ground, investment-grade silver bullion, most of it sitting idle today, and its utility as sound money unrealized.
What is the conversion rate of silver to LODE Coins in each of the Phases?
The LODE Coin exchange-rates are as follows:
Phase 1: 1.176 grams of silver per 1 Lode Coin – NOW CLOSED
Phase 1.5: 1.20 grams of silver per 1 Lode Coin – NOW CLOSED
Phase 2: 1.85 grams of silver per 1 Lode Coin – Available until June 30th 2018 and silver delivered in the vault by July 27 2018
Phase 3: 3.70 grams of silver per 1 Lode Coin – July 1st 2018 >> onwards
What is the downside risk for participating in the LODE Project as a Contributor?
When you decide to become a stakeholder in the LODE Project, 15% of your silver bullion is monetized to cover technical and marketing expenses, including coding, administration, and vaulting fees (shipping, storage, insurance, etc.). The LODE Coin Terms of Service state that 85% of all contributed material would be returned to LODE Coin subscribers should the project stall or fail to deliver the two tokens and accompanying blockchain architecture within six (6) months of their release into the market.
What is the INTERFIX EXCHANGE?
The INTERFIX EXCHANGE is the “linking element” that synchronizes the total number of reserved physical grams of silver bullion controlled by the Lode Association (and LODE Coin owners) and the representative “tokens” that verify certain rights and claims against it.
The INTERFIX functions in a synchronized, consistent, disciplined and transparent manner similar to the movements of a clock. The INTERFIX will only rotate as long as silver bullion is transacted from and/or to the vault. With each cycle of the INTERFIX, the reserved weight of silver bullion will grow beyond the number of AGX Coins outstanding. This marginal silver bullion will be utilized for the operational costs of the INTERFIX, and for flowing rewards (AGX Pay) to the LODE Coin holders.
What is the LODE?
LODE is an abstract of what certain LODE community members and sound money advocates have designed and scaled to fit the needs of a society which recognizes that silver can serve as an affordable, verifiable, safe and secure store of value, and that when “tokenized” upon a blockchain, could become a superior medium of exchange, one that returns to the economic system, a fungible, private, resilient, and autonomous unit of account.
The LODE vision is to construct transformative blockchain architecture that ensures a supply of investment-grade silver bullion is made transparent and verifiable to all LODE stakeholders at all times, and also provide that certain rights and claims upon the silver are codified and represented by two unique “tokens” that are uniquely and individually controlled with private encryption keys.
What is the minimum weight of investment grade silver bullion that must be committed?
The minimum weight of investment grade silver bullion required to participate as a LODE Coin stakeholder is 3110 grams, or one-hundred (100) troy ounces.
What is the price to Buy investment-grade silver from SWP?
If you choose to buy “Buy” silver to contribute to the project, you will pay the current “spot” price plus $1.60 USD per ounce.
What options do I have for payment of my contribution if I am buying?
Purchases of silver bullion from SWP made be made by way of a bank wire (USD only), credit card, or with bitcoin. Please note there is a 5% surcharge on credit card purchases and a 1% surcharge to settle your order with Bitcoin.
What wallet should I use for these coins?
For LODE Coins you can initally use any ERC-20 compatible wallet. We’re working on evaluating the current offerings so that there will be three (3) we will recommend and support for the community. We will be building our own wallet for use with the AGX Coins that will support the LODE Coin reward system.
When will the AGX Coins be created and ready for sale into the market?
The target date for the creation and issuance of AGX Coins is Q4 2018.
When will the LODE Coins be created for the contributors?
We are working to create the LODE Coin contract and have it audited by late summer-2018 with the target of deploying to the mainnet early fall-2018. As we continue to learn from events related to other tokens our purpose is to make the token the most secure it can be.
Where does the term “LODE” originate from?
The term “LODE” comes from the phrase “mother lode”, which is a principal vein, or zone of veins, of gold or silver ore. The phrase refers to the origin or source of something valuable or in great abundance.
Where is the silver bullion vaulted?
The silver bullion vaulted and controlled by the LODE Association will be by contract with Strategic Wealth Preservation (SWP) Cayman (SWP Cayman). This CLASS 3 Vault was constructed in Georgetown, Grand Cayman Island, in 2014. SWP is the LODE Community strategic partner charged with the handling, verifying, accounting, and insuring the silver LODE, and for maintaining the vaulting operations and interactions with community members, bullion dealers, and retailers.
SWP is a fully integrated precious metals dealer and secure storage provider specializing in the acquisition and secure storage of precious metals for individuals, companies, trusts and wealth management professionals on behalf of their clients. Their website can be found at www.swpcayman.com
Who are the best candidates for AGX Coins? I would like to help market the LODE Project’s silver-secured monetary system and push it forward for profit and prosperity!
Here Are Eight Terrific Use Cases for AGX Coins
1. Individuals can insure savings and protect purchasing-power by holding AGX Coins in their own private wallet, secure in the knowledge that each AGX Coin is tethered to a verifiable one (1) gram weight of reserved silver bullion, and confident that AGX Coins may be exchanged at any point, and from virtually anywhere, for physical silver and gold products with affiliated LODE bullion dealers.
2. Merchants, small business owners, manufacturers, professionals, and retailers can discover new customers by offering products and services within the LODE marketplace, and accepting AGX Coins from other members seeking value. AGX Coins may allow merchants to protect their purchasing-power from depreciating fiat currency, or recover losses on idle inventory, or more easily afford business expenditures offered by other merchants aggressively seeking AGX Coins.
3. Traders and fund managers of cryptographic currencies and blockchain assets can position into AGX Coin as a means to stabilize and diversify their portfolios, insulate profits, or hedge against volatility.
4. Precious Metals Dealers & Retailers can align with the LODE and discover new customers by enabling their stores and websites to accept AGX Coins for physical bullion products. Dealers can hold their AGX Coin balances and deploy them on future “street” purchases (buybacks), or “call” for silver bullion from the LODE Reserve at wholesale pricing.
5. Commercial Barter Exchange Operators may conduct reciprocal trading for AGX Coins by offering their member inventories (scrip, due bills, etc.) within the LODE marketplace, and provide their local members with new opportunities and new customers! When successful, exchange operators can exchange their AGX Coin balances for physical silver and gold products and enable themselves or other members to spend down and profit with sound money!
6. Owner and investors of silver bullion may exchange their physical coins and bars for AGX Coin, and tap its purchasing-power among AGX friendly merchants and retailers who
seek sound silver settlements. Additionally, AGX Coins can be deposited with a crypto-currency exchange operator and converted into other digital assets like Bitcoin, and allow “stackers” to more seamlessly position into the crypto space.
7. Public and private silver mining companies may deliver silver into the LODE System and exchange their AGX Coins within the LODE marketplace to enhance purchasing power with AGX friendly merchants, or utilize their AGX Coins to reward employees and/or vendors.
8. Industrial Users of silver may seek to buy, exchange, or earn AGX Coins as a means to further secure their hedging operations, or to secure future supplies of silver for industrial applications, or to speculate upon future silver prices.
Who pays for the shipping of my investment grade silver to the vault?
The LODE Association covers all costs of delivery to the LODE vaults, including insurance, and storage. LODE Coin owners will never be asked to cover any costs.
Will I receive the same material I originally contributed should the LODE Project stall or fail to comply with the Plan Of Arrangement (POA)?
In the unlikely event that the LODE Project does not move forward, LODE and SWP will make every effort to return similar denominations of silver bullion. However, LODE and SWP cannot offer any guarantee except to return your 85% of the original weight of silver contributed.
Will LODE be providing regular updates, news, and other information to contributors and the general public on a regular basis?
LODE Ambassadors will attempt to post relevant news concerning the LODE Project in the “News” section of the LODE Members’ back-office. Additionally, LODE Ambassadors will produce regular newsletters, and provide various channels for communicating through social media, including a Telegram channel.
Will there be an AGX mobile App?
Yes, certainly. The LODE technical team will construct a mobile app for facilitating LODE and AGX Coin transfers and transmission upon a smart device.