I'll correct mode there on one point. The "worst case" is TNR...

I'll correct mode there on one point. The "worst case" is TNR ends up with a zero profit and lost 20m shares on a high risk investment. That's the worst case scenario. That said, the thing I like about that is the potential here seems huge and the absolute worst case scenario will not end the company. May well piss off more than a few holders and take a few points off the sp but tnr will continue and the gold is still in the ground. I can understand the scepticism here agree it's super unorthodox for a listed company but I do really struggle to see a tangible down side to the deal.

As far as a listing for the company (bullionfx), mode is 100% correct - they will struggle in major exchanges and be very limited to countries. Countries banning crypto are not all necessarily banning a company that owns, deals or promotes crypto, but it does add additional hurdles. I expect to see a listing in somewhere like Canada which has a secure and decent size exchange with a far more open open minded view towards this emerging space. If that fails and their visions come to fruition, there is always the option of a blockchain based token in lieu of shares on an exchange... now that's a "way out there" idea- but its possible right?

I may be very wrong, but I can't see $Bull moving north to 2, 3, 4 dollars anytime soon. The current price is propped by a drip feed of shares onto the market and will continue to be for sometime unless organic volume increases dramatically. Fact is, it is not well known so can't be driven by hype and to actually succeed as a business model (for the bull ecosystem to thrive) it needs the $Gold token to succeed. It's not even fully developed yet, let alone listed. There's an ultimate potential here, I'm sure of it... but it's a long way off and alot can go wrong. Best to remain positive, but don't count your chickens