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New Cryptocurrency Idea, Please Help

Wed Feb 21, 2018 3:36 am

This is an idea about a cryptocurrency, with a near flat rate price just like tether.

People will physically send USD bills (1$, 2$, 5$, 20$, 100$ bills) to obtain said cryptocurrency, we could accept digital USD but that's for another discussion, going to focus on this for now.

So, along with the USD they send us, they will be instructed to write down in their own handwriting (we may only accept printed type if personal handwriting becomes a problem, but we need at least something written by them in their own handwriting.) their wallet address for this cryptocurrency, and their email address or phone number just incase we can't read their handwriting well enough.

The bills they sent would then be analyzed for their legitimacy, and cryptocurrency coins / tokens will be added to their wallet address if the bill is proven to be a real USD bill.

Each and every bill will be scanned, and a public blockchain database will store all the numbers and letters / all the information on every part of every bill we've stored.

A Website will be available to lookup this information and display each bill in our possession, with separate pages sorted by the numbers and what they mean.

Example: https://preview.ibb.co/jQXAsc/websiteexample.jpg Click For Larger Image
this is a full screen image, please click, I spent a lot of time photoshopping this, haha.

This will ensure that if someone were to steal the money from us, especially once there is a lot of it, that theorhetically no one would even want try to take it because they couldn't spend it without somewhere without someone so easily looking it up, there could even be phone applications tied to this that lets you scan the bill directly, and if we were to report missing bills, people would be able to scan the bills very easily, people who invested their money into our coin would surely use the application to help track down who stole it from where ever we hold it. But... Obviously we would have to find some way to keep the bills secure in a vault somewhere, somewhere that isn't a bank.

All the bills should have their picture taken on top of or next to a news paper for that day the bills were received, and this picture should be posted on our website as documented "proof" that we received.

Bills can be sent back if the user will cover the shipping cost, or we can deduct the fee from the money we have of theirs in our possession, and they can choose if it should be sent through package, envelope, letter, or what ever other service. We would also need the cryptocurrency equivalent that they received for their USD back from them.

Hopefully you're still with me here, I Imagine all of this would get people pretty excited about switching to cryptocurrency, we could even start to accept other bank notes from other countries, but yeah this gets people deeply involved with the process, the goal being to get rid of banks and get the world's money on a decentralized ledger where there is no middle man, and all that good stuff that comes with cryptocurrency / blockchain like added security.

Here's my proposed system for this coin, I'd like to use mining but I can't think how that would work, because this coin is going to do some very important revolutionary things, which I'll explain now.

Every time you stake the coin, you are rewarded like normal Proof of Stake Cryptocurrencies, but with our cryptocurrency, people who "Stake" it will only earn 2.5% interest every month on the coins they stake.

Stay with me here.

and the other 97.5% of the coins they would have earned will be distributed properly / fairly among every wallet address sent to us by mail with USD, and by properly I mean accounting for how much they originally sent us, they will get a cut every month of the coins being generated by our Proof of Stake system.

I'm having a bit of trouble conceiving the % amount they should receive versus the amount that would be distributed to everyone else but uhh, we can work and think / hash that one out.

Point is, this is a robinhood type coin, but it doesn't exactly steal, it's just a redistribution of wealth over time.

If you thought this seemed like a good idea let me know, would love to work with someone on it, I've got nothing to really get this started.

Here's some examples of proof that was could use to show people we legitimately received the bills.
Last edited by Epee on Wed Feb 21, 2018 4:43 am, edited 1 time in total.

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Re: New Cryptocurrency Idea, Please Help

Wed Feb 21, 2018 4:25 am


Would love to contact these people about it, but they don't give out their contact info until you buy one of their products, which makes some sense but I have not bought anything.

I might start a website for donations to get this started, and maybe buy some random product on dev.cryptolife.net so I can get their contact info.

Would still need a ton of help with this from experienced individuals.

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Re: New Cryptocurrency Idea, Please Help

Wed Feb 21, 2018 5:26 am

And If It comes down to it, we could use safety deposit box's are credit unions, which are much better than banks, that is if we cannot think of a better solution, or one that makes people feel more secure.

And if people are uncomfortable with the idea of sending money through the mail, they can send us USDT, Paypal, or any other method they feel comfortable with, although I've sent money to people many times through the mail it's not a problem, it's not illegal either and the post office should obviously never know that that is what you're sending anyways so. My only concern was all of it coming to our address of where ever we ask people to send the bills to. But I'll carry on my point.

They send us USDT, for a really small fee we could just go to the bank and obtain USD bills with that USD / USDT / Paypal, then we just send them an email saying, you know, here's your information if you want it, these are the bills we bought with your money, this is what can be sent back to you if you so choose.

and then we just reverse that process, turning the USD back into USDT or paypal or what ever it may be, and sending it to them, or sending it by mail.

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Re: New Cryptocurrency Idea, Please Help

Wed Feb 21, 2018 5:30 am

Been thinking about it for awhile now, it's pretty over the top I guess, one group of people holding a lot of USD like that, I just had the idea of displaying it to the public, and trying to imagine some way if that would actually work or not, and I'm just trying to put that out there.

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Re: New Cryptocurrency Idea, Please Help

Thu Feb 22, 2018 12:13 am

I wanted to create a universal income coin, where if you had like $1,000 or more worth of the coin you would begin to be taxed on it, but that tax would be directly distributed to every persons wallet, and the more that you held in your account, the higher % you would get taxed.

With That I wondered for quite some time, on how to ensure that one person doesn't make 500 or some ridiculous number of wallets just to get paid more, and then I thought all this, of sending in USD and tracking how much they gave us to begin with, seemed like the solution I was looking for.

Then I thought of the PoS system being able to function in this way, but, there is a max supply on the coins, PoS can't run forever as far as I know, transaction fee's wouldn't be enough in the end to make this a legit basic income coin.

I thought my numbers looked all right though, for the initial phase, 2.5% for staking your coins or w/e, that would get the ball rolling, would be enough incentive.

I didn't mention most of this until now because I thought it was more important to get that website registry for $ idea out first.

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Re: New Cryptocurrency Idea, Please Help

Thu Apr 12, 2018 11:18 am


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Website https://www.epixelmlmsoftware.com

Looking forward to hearing from you.


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Re: New Cryptocurrency Idea, Please Help

Fri Apr 20, 2018 9:27 pm

Looks like you have not much viewers here to give you feedback. I suggest to share this thoughts in BitcoinTalk forum

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