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All About Loomster
Ecurrency UpdateTags: Loomster, Loomster Gold, Loomster Silver, Patrick Chkoreff.
How it began
It all started when I emailed Mark to ask what is the procedure and the cost like to start a digital bullion based currency, as I was interested in the process and aspire to run one in the long run as a full time business. You won’t believe how absurd the amount of money we have to spend on incorporating, the vault fees and the trouble to run one.
There’s when Mark brought Loom, and his current project Loomster (Yes, it was his original baby) into the picture.
Brainstorming session follows and we believed we came out with a winning product and solution to people who values privacy as well as integrity of the bullion stored behind the system.
Why Loomster?
Anonymous and Secure
Loomster allows total anonymity when you transfer from one user to another without compromising the security as it utilizes Loom, a brilliant API creation by Patrick Chkoreff. Currently Loomster runs on version 51 of Loom API, and will be constantly upgraded by Patrick himself as soon as new features get introduced in. Also, Loom is open-source, which means there should be a high chance of communities forming up to develop Loom tools, and cover security loopholes. I just love open source stuff.
If you’re interested in the development and news of Loom, it’s here.
User Friendly
It’s easy to add an asset, add a folder, pick up and give to anyone your Loomster Gold or Silver. If you are interested, just look at ‘Getting familiar with the Loom System‘, which pretty much explains itself on how to do most of the transactions.
Your Gold and Silver!
Mark and I came up with two asset types, Loomster Silver (LS-S), and Loomster Gold (LS-G). When LS-S and LS-G is transferred from one user to another, rest assure that there’s bullion backed behind the system. The asset is issued according to the grams that Loomster physically hold. Users are also allowed to bail out any time they want from the system, as little as 5 grams at one time.
Yes that’s right, enjoy cold hard silver or gold sent right to your doorstep.
No Transaction Fees, EVER!
This is the catch, you’re only paying a $25.00 upfront fee for registration (via any major supporting digital currencies, we’re friendly!) and that’s it. Nadaa! No more fees! (Oh there’s still a storage fee, but well, that’s really nothing). You’ll get
* 220 usage tokens
* Unlimited access to the Loomster
* no transaction fees for the life of your folder(s)
* Multiple folder creation allowed - limited only by your usage tokens
* Perpetual life on all folders - no expirations
* Unlimited access to our tutorial section (text and video)
* Unlimited access to our live help and skype support & email support
Now that’s a lot of tokens for you to start with 
Think of a conventional company that usually makes use of ‘X’ digital currency to do mass payments of over 1,000 clients. The company will have to incur costs on transaction fees which could be saved and used for other purposes instead if they use Loomster (no transaction fee!)
It benefits both users as well as future merchants of Loomster in a very, very attractive way.
No Reversal!
It saves trouble both ways and I do think its pretty idiot proof and HARD for anyone to transfer LS-S and LS-G wrongfully to anyone with the hash address that you have to physically add in. It benefits businesses and users without having the risk of facing charge backs. Note that also no administrators are able to reverse, block, change or reclaim it in anyway.
Loomster is an accounting software!
What it simply means is that your asset LS-G and LS-S belongs solely to you since these assets are uniquely owned by you since its just a part of the accounting software.
You should probably read this interview with Patrick since it brings a clearer picture to how Loom operates
Patrick: Correct, Loomster is not a currency. At its core, Loom is an entity called the Grid, which is somewhat like a giant abacus with one slight complication…you must reserve space on the abacus with “usage tokens.” Usage tokens are burned up in small fees as a user sets up their folder(s). This technique prevents the public from despoiling the space, and compensates the creators for the energy and time they spend maintaining it.
Still a Pilot Month, Interested to Try?
As August is a pilot month for Loomster (not operational for commerce yet at this point) which will run all the way to mid September, you’re encouraged to send me or Mark an email if you are interested in testing out Loomster. Keep your eyes on Mark’s DigitalMoneyWorld and our HYIPblog here as we bring you more updates on Loomster’s community forum, new exchangers and merchant directory listing.
Popularity: 11% [?]
Most interesting system. I have 4 questions :
—————————————————————
1) When will it be operational and launched ?
2) Where is this system located ? Not in US I hope ?
3) As funds can be exchanged anonymously, how would you prevent or avoid the alarm bells in the SEC, FED or any authorities’ office.
4) How do you ensure both parties will honor their transactions after they agreed to it but one disappeared ?
Thanks !
Buzz
1) I don’t know for sure. We are beta testing now and through September, answering questions such as you have posed here. We may hit some snags on the operation or regulations, upgrades, marketing, partnerships etc. Its a lot to look ahead at so its best to wait until its properly functioning and we are providing a value service people want and can use without any issues.
Loomster expects to be around for years to come so we are taking it slow out of the gate. We receive input each day on how to make it better and I’d rather have all of that input and ‘upgrades’ before one dollar changes hands. Its operational right now, but won’t be launched until we have a stronger plan for the operation without any questions on the use. We’ll get all that sorted out here before launch. I hope you can appreciate we don’t want any problems or headaches.
2) The servers are in Malaysia, the domain is registered through XtraOrbit.com in Egypt, the company owner is Panamanian.
3) No you are 100% incorrect. No funds are exchanged with the digital web site Loomster.net Funds go to that 100% through 3rd party exchange agents. Not anonymously. Precious metal units issued by Loomster LS-G and LS-S can be converted to physical metal and bailed out, that is just a purchase transaction of precious metal. Also, this is simply an Open Source software program operating online, next year this time there should be about 100 versions of the loom software up and running. I don’t think the software would be the focus of any problems, it might be the operation or how its used? We don’t know yet, but trust me its getting looked at by more than just the beta tester at the moment. If it might pose a problem, then that will be 100% addressed before the launch. The treasury dept anti terror financing is aware or it, also I have consulted, World-check for their input and I’ll have that next week. So all that will get sorted out before a launch. I won’t operate anything illegal so it will get fixed, moved or closed BEFORE launch.
4) Not sure what you mean here can you give an example?
Thanks for your input, good questions. If I was not clear, get back to me or post more exact questions.
Mark