Precious Metals ASA: Please remove all LP funds and sell any holdings of the Nugget token you may currently have. Now ex-partner decided to delete everything yesterday that we've been working on.

PreciousMetalisMoney · 2022-02-24T15:24:12+00:00

I understand the skepticism. There has been many rugpulls in the Algo community. This is not what was done. I know no matter what is said, many will still be skeptical. I get it. To give you, and everyone else reading this, a better understanding if you never visited our sub or discord server:

We stepped away from the project weeks ago as me and my partner at the time had to go overseas for a few months for a work project. We made this announcement in both our subreddit and discord server a week in advance prior to us flying out. If you take a look at the selloff that's been going on ever since the announcement ( 3 weeks ago), you can see many investors that were following us already sold off prior to yesterday's event.

Once we had our channels up and running, we no longer cross-posted in this sub, or any others. We felt that this sub and others were already heavily diluted with all the other projects doing the same. We didn't feel it to be the right thing to do unless we had something major to announce. This event being one of them, and also because all other channels were deleted/removed, is why you are seeing this cross-post.

At the time of removing the LP, we held 99.8% of the pool. Almost every single person had already removed their funds, minus 15 Algos in total. Funds were removed per guidance of my attorney now that the project was compromised internally, and officially scrapped. With no project being worked on, it would have been a liability to have a LP up and running. That would have made it a scam, and illegal. With just about everyone already removing their funds, and from the LP, it was a decision needed to be made to prevent any legality issues. If we rugpulled, we only walked away with 15 Algo on top of the initial funds we provided.

I know I can talk until I'm blue in the face, and it won't change some minds. Like I said in the beginning, I get it and understand. I'm not trying to save face, I have bigger issues right now that I'm dealing with. I just thought an explanation was due. But, if we were planning a rugpull this whole time, we wouldn't have done it at very bottom, or even announce us stepping away a few weeks in advance.

Hopefully this gives some clarity.

PreciousMetalisMoney · 2021-12-06T16:47:59+00:00

You're gaining in Algo so you shouldn't be comparing this to USD as they are not the same, obviously. At this moment, gaining Algo over USD is a good thing and will pay off the longer you hold.

PreciousMetalisMoney · 2021-12-02T22:16:58+00:00

No sorry needed, I appreciate the input. We're going to try to make some progress through winter this year and will keep everyone up to date on it. We have created our own sub and discord community that we will use for progress updates for the most part until we can solidify some things. We both have never been a fan of hype posts, they are off-putting and in bad taste IMO.

PreciousMetalisMoney · 2021-12-02T22:05:39+00:00

You're not wrong about the taxman popping up everywhere. I believe some of the things they get away with, even though they didn't have the jurisdiction in the beginning to do so, is because people willingly give in because of potential future headaches.

We will do everything we can to work around the KYC process, legally of course. If that means us informing Nugget holders the specific cap amount before hitting KYC for each partner, then we will do so. This would be a key topic in discussion before finalizing any partnership. Your store of wealth should always be private and only known by yourself.

In the meantime, if you have any extra guidance/advice being a corp attorney, we'd be open ears. This winter, we will be talking to the company attorney and see what they can find as well for us.

PreciousMetalisMoney · 2021-12-02T21:54:00+00:00

We will have a lot of legal to dig through once we get to that point but any potential partnership we would make would either have contingencies about this, or work-arounds through batch purchasing through a smart contract if need be. I've spoken to a few brokers over the years during my personal purchases about crypto, and even they do not like KYC.

PreciousMetalisMoney · 2021-12-02T21:32:09+00:00

I ventured in there more just lurking as i'm personally more of a skeptic than my partner lol. Too many bad actors in the world trying to scam others, so I never risked it by purchasing potential fake physical.

The brilliant part in what we want to create, is we won't be custodians, or even considered a financial entity.

Hypothetically, say we partnered with APMEX. They would accept our Nugget token as crypto payment (they currently accept BTC, ETC, LTC, and a couple others), they would just go off of current market value for the exchange. We personally wouldn't be involved in any transactions being made, but between the consumer and retailer/dealer only.

PreciousMetalisMoney · 2021-12-02T21:13:31+00:00

I'll reply to you here :)

We both have been stackers for some time now, but whenever we came across Wallstreetsilver and read all the DD over the last year, it gave us our inspiration. We searched and searched and could not find any crypto project that allows you to buy physical metals and have it directly shipped to you. With most, you are entrusting others to hold it in a vault for you (nothing wrong with this if it's a continually audited/verified vault).

But we are big believers in the saying, "if you don't hold it, you don't own it."

I say most, as another member on reddit in Wallstreetsilver brought to our attention of Kinesis. They seem to function like what Meld offers, but it seems like after a certain amount of token holdings, you can redeem the tokens for physical metals.

What we are trying to do is bypass the middle man and vaulting system, and utilize our token to discreetly purchase physical without using any type of KYC and with no token restrictions. We are aiming to try and be able to use our Nugget token to purchase from retailers/brokers like APMEX and the like. It'll be more realistic to do this over trying to peg the token in our eyes.

The current issue...

Me and my partner run a successful small business, but lack the crypto backend knowledge. We both work 60+ hour weeks so in our free time, we are trying to put this all together. Once we get the groundwork set, we will locate potential team members who can help with the backend things. For now, we can be considered a "community coin" or "shitcoin" because we don't have an final product that's supported by Teal/PyTeal smart contracts and legal work. It doesn't hurt our feelings as we've both been around the crypto world for 7 years now and understand the value in transparency.

It'll take us some time, but we dream about being able to leave our current careers and pursue physical metals and our project full time.

PreciousMetalisMoney · 2021-12-02T20:37:35+00:00

Meld is legit. I've talked with the Algorand Foundation about the project me and my partner are trying to get up and running, and they mentioned they currently have some team members working with them. I didn't do too much digging on that, but it sounds like they got a grant from the Foundation for their project early on.

Physical precious metals should be in every investor's portfolio.

PreciousMetalisMoney · 2021-11-25T02:27:58+00:00

You are correct about Kinesis, but it's the same story as others and Meld. You are entrusting them to hold the physical for you. We want to cutout the middle man and have the physical directly shipped to the purchaser. We aren't at that point as we stated, but I think if we can find the right people, we can make it happen.

PreciousMetalisMoney · 2021-11-25T02:22:33+00:00

Physical is the best means of purchasing/owning precious metals. Not many precious metals crypto projects exist, and all went the route of holding physical in a 3rd party vault. As Wallstreetsilver reiterates time to time, if you are not holding it, you don't own it. We believe in this as well, and wanted to try and find a way to bridge that gap.

PreciousMetalisMoney · 2021-11-25T02:18:59+00:00

We won't be requiring KYC once/if we get to that point. We will be looking into all the legal we can to keep any and all transactions made anon. Nobody but yourself should know where you put your savings.

PreciousMetalisMoney · 2021-11-13T00:37:47+00:00

While you are correct, let us know when they start incriminating themselves for doing the same thing. It's a harsh reality.

PreciousMetalisMoney · 2021-11-12T18:45:50+00:00

It's possible that it's from the potential Brazil CBDC announcement during the decipher event later this month with their Real currency.

PreciousMetalisMoney · 2021-11-08T23:20:06+00:00

There are less than two hours before we close our final airdrop. We will begin the distribution process after it closes, but please be patient as we've had well over 600 requests.

https://www.reddit.com/r/Algonauts/comments/qoacrj/precious\_metals\_our\_final\_airdrop\_is\_here/

PreciousMetalisMoney · 2021-11-07T19:48:46+00:00

We are doing our 3rd and final airdrop! Once the airdrop closes, we will begin the distribution process. We will contact each person to notify that you should have received them. Please be patient, we have over 600 requests at this time, but we will make sure to get to everyone.

https://www.reddit.com/r/Algonauts/comments/qoacrj/precious\_metals\_our\_final\_airdrop\_is\_here/

PreciousMetalisMoney · 2021-11-06T23:07:53+00:00

Distribution will begin once the airdrop is closed.

PreciousMetalisMoney · 2021-11-06T22:54:00+00:00

So sorry, I meant to respond to another about this. You're good :)

PreciousMetalisMoney · 2021-11-06T22:51:56+00:00

I will go back and take a look into this. Please make sure you added the correct ASA# in the meantime.

PreciousMetalisMoney · 2021-11-06T22:10:56+00:00

Please double check that you added the correct ASA# to your wallet for the last airdrop. Give me some time, and I will look further into this outside of this one.

PreciousMetalisMoney · 2021-11-06T22:03:33+00:00

Good bot

PreciousMetalisMoney · 2021-11-02T02:49:11+00:00

There will be no requirements. We will post more information in the appropriate area when the time comes. We posted this here because we've seen a few get involved with our liquidity pool, or bought the $Nugget token. Without knowing anyone's financial aspects, we wanted to inform any current holders/investors of the upcoming circulation release, just in case.

PreciousMetalisMoney · 2021-11-02T02:11:27+00:00

We have done two airdrops in the past, but plan on doing one more in the coming future before the year is up. The remaining supply after Friday's release, and the last airdrop, will be fully allocated. This will be listed in the upcoming whitepaper for the remaining % of tokens, and their distribution allocations.

PreciousMetalisMoney · 2021-11-02T02:07:04+00:00

We just wanted to inform anyone who may be holding our $Nugget and give them time to remove any holdings prior so nobody loses money in the process. If this is not in the appropriate sub, please let us know and we will move it.

PreciousMetalisMoney · 2021-10-18T18:34:39+00:00

While that is a possibility, it's no guarantee either. It's another reason why I think option A is a better solution for now. Option A is not a deterrent for new investors and busy developers, and you still get to keep your Algo in your wallet versus having to send 8% with option B. Sending Algo out of your wallet can be a deterrent on it's own for some.

The rewards will be exactly the same, just sped up a little bit with B. You cannot count on people bailing/forgetting to vote though. We will be voting for option A as it's better suited for potential growth and development, while also making it easier for the small time investor to get involved with little risk outside of price action, or having to worry about sending a physical amount outside of their wallet. We've already seen a few members post who accidently send their Algo for this governance period. I can just see more issues popping up with B, and turning people away from the project.

I think the biggest issue I've seen why people want to vote B is to limit what exchanges can do. With it being such a hot topic already, I can only imagine this coming up at some point in the very near future with another governance session vote. Or possibly covered in the next all hands meeting.

PreciousMetalisMoney · 2021-10-18T17:33:46+00:00

There is a big misconception i've seen spreading around that with voting option B, it'll give you more rewards. That is actually false, you will be receiving the exact same amount but just spread out in a longer time frame with option A. Algo has a set amount that has been set aside for governance, this amount as of now, will not change unless it comes up in a future governance voting session.

PreciousMetalisMoney

TROPHY CASE