Thanks David, yes I was beyond sceptical when tnr announced bullionfx.
Its not really about crypto this bullionfx.
I gave the whitepaper to a friend, a forensic auditor at the ATO for his opinion.
He said this is real smart, he said they have setup a company, there funding it with the sale of a bullion token.
Then they issue a gold token, pegged to gold and get people to trade that and in the process charge fees that go back to there bullion token.
Then each month from the fees they buyback there bull tokens reducing its issue. Capital reduction.
Gold token will be pegged to gold, but bullion not.
The value in bull is how much fees are recieved from gold token trade.
With 399m bull tokens, with enough trade in gold, millions a month could be generated. Would not take to many years to buy back a fair percentage of the issue.
No other crypto works this way. The inherent danger is if gold trade does not get traction, payments will not be recieved over at the bull side. The risk.
It also looks like they will have there own app, which points to there own controlled exchange or fees would be eroded by miners and 3rd party exchanges.
If so that opens up the door for other tradable on the exchange. Maybe a tnr e-gold.
I feel there's a bit more to bullionfx than we think based on its structure than being a crypto play per say.
TNR Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
(20min delay)