so i was thinking. perhaps one way that i could avoid running afoul of the law on my nxt silver bullion gateway is to emulate a dry cleaners. dry cleaners take in cloths, issue a claim check for those cloths, alter the state of the cloths, and then return them in exchange for the claim check. for some reason unknown to me this claim check is not considered a "security" under financial regulations. Technically it should be, you can leave your cloths at the dry cleaner for an extended period of time and then sell the claim check to someone else and then that person can use the claim check to acquire your cloths, the dry cleaner claim check is a security in every sense of the word but legally it just isn't. So what ever the reason for that is, which i dont know, i can use it to my advantage by emulating that business to a t.
so lets imagine that i am a silver dry cleaners and the melting of silver shot into a bar is the analogue of dry cleaning the cloths, the silver shot is the dirty cloths, and the silver bar is the clean cloths. You buy 10 ounces of silver shot from some online retailer and set the address for delivery as a POBox of my specification. You then use your nxt address to sign the tracking number of the order and send me enough nxt to pay for the "cleaning". The "dirty" silver arrives at my shop and I issue you a claim check. After enough time has passed for me to "clean" the silver that claim check will become redeemable for silver that is now in the form of a bar. From that point on if other people want to trade that claim check amongst each other than thats none of my business. If there are legal ramifications than the onus is on them, it has nothing to do with me.
the nice thing is that there will still be a market for my claim checks but i will never under any circumstances be one of the sellers in that market. so if you want to acquire physical silver than the process will be no more complex for you. you will simply buy one of these claim checks on the market from someone other than me and then reimburse it at my nxt address. The people who deal with ordering silver shot and shipping it to my po box will be in a sense speculators trying to take advantage of arbitrage and for that service they will be affording me a level of legal protection.
one would think that since now there is a new middle man between me and the consumer that this would cause the price to be higher but i dont think this is necessarily the case because there is an advantage to be gained from outsourcing the acquisition of silver shot, a large group of people competing with each other to find cheaper supplies than the other will probably be much more effective at acquiring cheap silver shot than i could be on my own.
tell me what you guys think. ill post this in my silver bullion thread also so if you are seeing this message any later than say a half hour after it was posted than it will probably be better to reply to it there.
You should consult with lawyers, but seems to be a legit scheme. I've seen almost the same realization of fiat <-> e-currency exchange in Moscow, Russia few years ago. WM Transfer (webmoney.com, very popular e-currency in CIS) had their own or affiliated exchanger, who was acting such way:
Let's say I want to sell 1000 wmz ($1000 equivalent), ou want to buy it. They will ask me to send my 1000 wmz to their account, then they take your $(1000 + funding fee), and put $(1000 - withdrawal fee) to safety deposit box, and then send you my 1000 wmz and give me the key to deposit box.
Maybe I misremember some details, was maybe 8 years ago, but the idea was similiar to yours. They had some AML policies of course, you should be very carefull regarding this matters, especially if you are in US. So, hire a good lawyer and compliance specialist, and they will enlighten you how to minimize the risks of being involved in money laundering and stuff like that.
Hope my memory was helpfull a bit) Good luck with your service, people need it!
