ChessCoin cryptocurrency

[Neil Frarey]

Anyone have ChessCoin cryptocurrency in their wallet?

https://coinmarketcap.com/currencies/chesscoin/

[Sid Belzberg]

Re: ChessCoin cryptocurrency

Anyone have ChessCoin cryptocurrency in their wallet?

https://coinmarketcap.com/currencies/chesscoin/

It so happens that our company is doing major innovative work in the Crypto Currency space. Our company could easily issue a chess crypto currency that would actually work and finance a Canadian Chess Olympiad and then some. The way the above issue was done was purely amateur. Here is an interview with me discussing a mining company that we are issuing a crytpo currency for. "Digital Mining Meets Real Mining"
Our website for the cryptocurrency project is http://ig17.xyz

[Garland Best]

Re: ChessCoin cryptocurrency

Maybe I'm missing something about cryptocurrencies. Exactly what gives them value? Why should one Bitcoin be worth anything? You can't hold it, burn it, eat it, etc. I guess you can say the same of an actual dollar, but we have an entire country where it's citizens have agreed to use it as a common medium to keep score, so we ALL agree to its value. If I had a bitcoin, I would have a very difficult time going into my neighborhood grocery store to buy milk with it. If I cannot easily use it to purchase goods what is its value? So why aren't cryptocurrencies the 21st century tulip bulbs?

[Neil Frarey]

Re: ChessCoin cryptocurrency

It so happens that our company is doing major innovative work in the Crypto Currency space. Our company could easily issue a chess crypto currency that would actually work and finance a Canadian Chess Olympiad and then some. The way the above issue was done was purely amateur. Here is an interview with me discussing mining company that we are issuing a crytpo currency for. "Digital Mining Meets Real Mining"
Our website for the cryptocurrency project is http://ig17.xyz

Very interesting!

Just curious, which geophys service did KWG use to map it's potential mining assets in Canada?

[Sid Belzberg]

Re: ChessCoin cryptocurrency

Maybe I'm missing something about cryptocurrencies. Exactly what gives them value? Why should one Bitcoin be worth anything? You can't hold it, burn it, eat it, etc. I guess you can say the same of an actual dollar, but we have an entire country where it's citizens have agreed to use it as a common medium to keep score, so we ALL agree to its value. If I had a bitcoin, I would have a very difficult time going into my neighborhood grocery store to buy milk with it. If I cannot easily use it to purchase goods what is its value? So why aren't cryptocurrencies the 21st century tulip bulbs?

Go to our website and listen to the video and that will answer your question. http://ig17.xyz We construct coins that have fractional reserves built into them. It is very different then bitcoin. The whole point of the type of cryptocurrencies our company issues is that they are asset backed. I entirely agree that the purely "fiat" cryptocurrencies are comparable to "tulip mania".
However the blockchain technology crypto currencies are built on is an excellent platform that has proved almost impossible to hack because of its decentralization features where altering data requires changing an identical ledger on thousands of nodes instead of one centralized node. THese nodes that verify transactions against their copies of the ledger are validators of transactions and are known as miners that get paid for this service.
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[Sid Belzberg]

Re: ChessCoin cryptocurrency

Very interesting!

Just curious, which geophys service did KWG use to map it's potential mining assets in Canada?

KWG owns about 30% of the ring of fire but they also staked 330 contiguous kilometers that follows the only viable railway transportation corridor form the ring of fire to Thunder Bay. I do not know who did the drilling etc on the actual deposit but the China Railway company did the feasibility study on the transportation corridor.

[Vadim Tsypin]

Re: ChessCoin cryptocurrency

[ Post expired. ]

[Ken MacDonald]

Re: ChessCoin cryptocurrency

It so happens that our company is doing major innovative work in the Crypto Currency space. Our company could easily issue a chess crypto currency that would actually work and finance a Canadian Chess Olympiad and then some. The way the above issue was done was purely amateur. Here is an interview with me discussing a mining company that we are issuing a crytpo currency for. "Digital Mining Meets Real Mining"
Our website for the cryptocurrency project is http://ig17.xyz

Interesting idea.

Isn't this simply a different way to issue some different type of shares? Wouldn't the OSC and other provincial Securities Commissions be required to get involved?

[Sid Belzberg]

Re: ChessCoin cryptocurrency

Interesting idea.

Isn't this simply a different way to issue some different type of shares? Wouldn't the OSC and other provincial Securities Commissions be required to get involved?

Good question, many resource companies in Canada have market caps that are less then the value of their proven but undeveloped reserves. The result is that offerings such as this in effect they are selling some of their production forward. The oil patch in Alberta in the 1930's used financing where royalties were sold directly against oil wells instead of selling shares.
This is a 21st century version of a royalty offering that is digitized. One of the main interested buyers of coins in this offering is a very large chrome producer that is interested in hedging some of its production as they can sell more chrome then they can produce.
The offering is being done in consultation with the OSC where they have recently set up a "sandbox" to establish a evolving regulatory framework for this.
Our company is also developing a high performance Blockchain platform
I could see a scenario where we could create an ICO for games coins that include chess where winners of chess tournaments get rewarded with digital coins if they have nodes set up that validate transactions. We would use some of the proceeds that would be put aside to establish a reserve backed currency similar to the product described above.

[Garland Best]

Re: ChessCoin cryptocurrency

Still coming up the learning curve here, so I hope my questions aren't too dumb. I did visit your website before my original past, thanks.

1) With a decentralized system how does one monitor and control transaction activity, to ensure that activities such as money laundering are not taking place?
2) If the currency is asset backed, is the price of the coin directly tied to the asset, like a gold certificate is? Or is it free to rise and fall like other cryptocurrencies?

[Sid Belzberg]

Re: ChessCoin cryptocurrency

Still coming up the learning curve here, so I hope my questions aren't too dumb. I did visit your website before my original past, thanks.

1) With a decentralized system how does one monitor and control transaction activity, to ensure that activities such as money laundering are not taking place?
2) If the currency is asset backed, is the price of the coin directly tied to the asset, like a gold certificate is? Or is it free to rise and fall like other cryptocurrencies?

1) Initial participants invited to a coin offering are expected to be screened with the usual "know your customer rules" and in some cases coin offerings are limited to accredited investors etc. Once the currency is sold into secondary markets just like with any regular currency in the form of actual "cash" or commodities no assurance can be made that it won't be used for illegal purposes as it is untraceable.

2)The price of the coin is tied directly to the asset like a gold certificate. In the case of the Ferro Chromite example the development of the mine is mostly being financed through the issuance bonds. The coins are a vehicle used for preselling production where the cash will be held in escrow and governed by a third party (Lloyods of London). The coins have a smart contract embedded in them where the cash can only be transferred out of escrow upon the delivery of the Chrome to a London Metals exchange certified warehouse. At that point a third party umpire or "oracle" such as Lloyds has a private key that is transmitted to the smart contract on the blockchain that then sends fund release instructions to the escrow holders bank upon confirmation of the Chrome being in the warehouse.
The net effect is that the coin holds cash reserves until the chrome is delivered at which point it holds chrome reserves. The coins are fully redeemable for cash or chrome at any time.

[Kerry Liles]

Re: ChessCoin cryptocurrency

Very interesting...

https://ibb.co/bHqrkm

(anyone who knows how to put that image inline is welcome to do so... :) )

[Garland Best]

Re: ChessCoin cryptocurrency

Thanks Sid.

So one advantage of a centralized system is that it can halt trading if suspicious activity is found, or if there is a sudden crash in the market such as what happened on Black Monday 30 years ago. What safeguards in place for coin offerings?

With all the talk these days about ICOs, I'm somewhat interested, but I'm near that age where I am less willing to take risks. Still, I need to keep an open mind.

PS: I find gold certificates interesting. I read that the number of gold certificates issued grossly exceeds the world's total volume of gold, including that still in the ground, so if people bought gold certificates as insurance against economic collapse are in for a rude awakening if they later try to redeem them en masse for the actual gold.

[Roger Patterson]

Re: ChessCoin cryptocurrency

Very interesting...

https://ibb.co/bHqrkm

(anyone who knows how to put that image inline is welcome to do so... :) )

1) click of the little picture of a tree in the edit options

2) click on the tab that says "From URL"

3) uncheck the box that says "Retrieve remote file and reference locally"

4) Paste the picture url in the text box and hit "OK"

Note: Kerry supplied a webpage address - not the address of the picture (https://image.ibb.co/nDhhrR/Capture.jpg) To find the address of the picture (in FireFox), right click on the picture and chose the option "view image info". Other browsers have similar capability.

[Sid Belzberg]

Re: ChessCoin cryptocurrency

Sid, this is really exciting, thanks for sharing.

What is your timeline for the Ferro? Are you planning the ICO? Working on getting a SEC approval?

The six other asset categories featured on your site - are they more of an eye candy / clickbait :), or does your company make serious effort with any of them? Real Estate - yes, sure, there are brickcoins already, plus people would easily warm up to the idea since they are used to REITs, but Music? If you guys figure out how to reduce extreme volatility that comes from artists' potential misconduct, it would be amazing.

What about Diamonds? Theirs is such a controlled marketplace, plus Canada has vast resources, would seem a good fit.

1)The Ferro is over the next few months we are working with the OSC in their newly created "regulatory sandbox". Our major buyers for the FERO are accredited investors and large institutions so if we deisinate it a security as opposed to a utility token we will rely on appropriate prospectus exemptions.
2)We are talking with several labels about doing a music coin where holders of the coin would get permission from the main music distributors to listen to prereleased songs. As more music tokens are purchased part of the cash paid for the coin goes into a reserve so that the more popular the song the greater the reserves hence the coin grows in value.
3)Real estate has potential but we are not in advanced discussions yet.
4)We have at least one producing diamond mind that is in discussions to do an ICO.
I will send you a private message with more info.