NORFED debated on the Cypherpunks mailing list.

[Jason Pratt]

>The indexing of these things to Ag is truly fucked (
>http://63.126.1.222/AgOver10.asp ). Apparently a $10 Liberty Dollar is
>redeemable for 1oz of Ag which is today about $4.50. If silver goes over
>$10 then they'll reset things to a $20 base. Er..what? I guess I didn't
>study enough mathematics.
>
Hey Mike, it's simple. The silver base is the ratio of the FRN face value to
the silver content. It has to fluctuate because, unlike in every other sound
money period in history, you and I live in a time where there's a
[relatively] free market for precious metals.

>How the fuck are you going to make 40%? Especially in light of the sorry
>fact that if you're dumb enough to buy these little buggers it's going
>to be tougher'n'hell to find someone even more dumb to sell them to at a
>profit.
>
Except that there are 1,500 Redemption Centers and over 10,000 users of the
currency who are doing that right now! I just exchanged about $130 in ALD on
a trip to Las Vegas in four days. Could have done a lot more if I hadn't
been attending a trade show most of the time...I've been using it for almost
a year now and trust me, it works.

Check out http://groups.yahoo.com/groups/ALD-forum for more info