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MoneroSilver.com 6-month update
Published on October 25, 2023.
MoneroSilver.com has existed for over 6 months now, and we'd like to report some updates:
New Domain Name: MoneroMetals.io
We are changing the domain name to MoneroMetals.io . The old MoneroSilver.com domain will continue to function for the rest of 2023, but it should no longer be used starting in 2024.
One of the reasons we are changing the name is to give equal importance to both silver and gold. Even though we like silver more, it is clear from customer demand that gold is the product that most people want.
New Decentralized Structure
Up to this point, we have been the counterparty of all trades, but we would really like to change that. We want MoneroMetals.io to be more of a "marketplace" where many people can trade metals for Monero easily... sort of like LocalMonero, but specialized for metals.
There would be some major advantages to a decentralized structure:
* Global Service ─ Shipping metals internationally is complicated and expensive.
If we could find people who can serve their local areas, it will enable
service in countries other than the USA.
* Higher capacity ─ There are cash-flow issues and other limiting factors that
makes it difficult for individuals to serve a large audience. If we have
more people doing the trades, it solves these limitations.
There are also some challenges to a decentralized structure, particularly the question of how to keep the participants honest. Reputation and honesty is easy if you do everything yourself, but not so easy if other people are involved. Our initial thoughts are to re-use the LocalMonero infrastructure for reputation and escrow. We will develop new solutions as needed.
If you would like to be a trader on this platform, please get in touch with us using the contact info at the bottom of the MoneroMetals.io website. We are looking for reliable, trustworthy people who want to help develop the Monero ecosystem. You can define your own prices and product offerings. We'll find a way to incorporate your services into the MoneroMetals.io website.
Some Business Experiment Results
This project is still just a business experiment. It is obvious that there is a need for this kind of thing, but we haven't figured out how to make it sustainable yet. Here is what we have learned thus far:
* The Monero community is great. You might have expected that a privacy-focused
money would attract bad people, but we have found exactly the opposite.
Everyone we have worked with has been absolutely wonderful.
* We are not profitable. Up to now, it seems like this can only be a "hobby",
not a real business. Sustainablility is going to be difficult.
* We figured out how to ship heavy things across the country for the least cost.
Our average shipment costs only $2.50.
* Currency volatility risk is an issue. The main reason our prices may appear
high is because we need to compensate for rapid changes in the value of gold,
silver, and Monero. We are thinking that one way to solve this would be to
offer a lower price for customers who do not require escrow, so we would not
have such long volatility exposure.
* Long periods of low demand. The demand in gold/silver markets is very irregular.
Sometimes, we go weeks without a single order. Then suddenly there is a
surge in demand and we have trouble keeping up.
* High customer loyalty. Most customers make 4 separate purchases.
* Cash flow is a challenge. Most gold/silver dealers only accept cash, not Monero.
Replenishing inventory is difficult because it requires extra conversion steps.
If you can think of ways that we can improve, please get in touch!
Thank you all!
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