The man who was convicted of counterfeiting for issuing silver rounds called Liberty Dollars is back.
This time, Bernard von Nothaus says he is starting his own cryptocurrency based on 100 percent silver backing.
My understanding of what the word cryptocurrency means is a unit of account and exchange that has no physical form. It exists solely as digital records of it on a computer ledger called the blockchain.
The new form of Liberty Dollar is an electronic warehouse receipt for silver.
Is that a bad thing?
It is called LD2. I assume that stands for Liberty Dollar 2.
Von Nothaus said that “LD2 is a silver-backed cryptocurrency that facilitates vaulted, physical ownership of silver, real-time trading and physical redemption in silver – just like the original Liberty Dollar!”
He credits two people for its creation.
The first is his son named “Extra.”
The second is Steven Brendtro, whom Von Nothaus said was “an outstanding Regional Currency Officer in the original Liberty Dollar organization.”
But harking back a bit to the past, Von Nothaus has created a beautiful BU 20th anniversary one-ounce silver Liberty Dollar.
It is called LD2.zero, meaning it is the first of the new LD2 cryptocurrency.
It is carefully noted in the legends on the reverse in engraved letters, “Not To Be Used As Current Money.”
The new von Nothaus venture is offering 10,000 of these for $35 each. This includes pre-payment of 10 years of storage.
Sales proceeds will basically be used to cover start-up costs.
Von Nothaus said this silver piece will be “issued as an ERC20 token.”
This will be recorded on the Ethereum blockchain.
Ethereum is a cryptocurrency.
Von Nothaus is acutely aware of the legalities.
He said these silver pieces are being privately offered.
He also said, “Please note LD2 is completely legal as it does not encourage usage of the physical silver in commerce, so it does not violate USC Section 486 of which I was convicted. As a cryptocurrency it also has stronger encryption, more privacy and far better functionality than the original Liberty Dollar."
For a full explanation of this new "whatever we think it might be," visit the new website.
There is a 10-page white paper explanation.
There is material about vault inspection.
Go to the website and check it out for yourself.
A new chapter in the story of the Liberty Dollar is being written.
Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper "Numismatic News."
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