Has this been done? Coin for a US Town

[iamtheava]

Hi there, I'm new to the forum. I was thinking of creating a coin for my town and promote it to the town and local businesses. Has this ever been done before and what do you think some of the considerations would have to be in developing such a coin? The point would be to have a coin for real local trade from yard sales to supporting local business (non-national franchises). And exchanges would be mostly done using mobile wallets and technology. So you could go to a yard sale and a customer could use their phone to scan a label on an item or the salespersons phone, or they could scan the customer's; and that's how transactions happen. It could be promoted in local papers and local media TV/Radio/Net/Ads + Flyers and things. No rush-- just wondering if it's been done and possibly what kind of challenges would be faced? What considerations would have to be made?

[1713991721]

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[1713991721]

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[1713991721]

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[Hollowman338]

you'd get 1 or 2 total idiots to buy in, and then you'd end up in a shallow grave.

any other questions?

[iamtheava]

Why the pessimism?  Some friends and I have had great success with a few non-digital currencies. We have a few hours exchanges in my town. We also have some good tech colleges. I'm not suggesting a release into the wild such as how altcoins are done here. Probably something promoted just locally and looking for miners among the tech industry here. If it's such a terrible idea, why?

[Hollowman338]

Why the pessimism?  Some friends and I have had great success with a few non-digital currencies. We have a few hours exchanges in my town. We also have some good tech colleges. I'm not suggesting a release into the wild such as how altcoins are done here. Probably something promoted just locally and looking for miners among the tech industry here. If it's such a terrible idea, why?

Go for it.  Report back to us.

[bitkilo]

This has been done before, not US but i think it was Auracoin, big disapointment

[iamtheava]

This has been done before, not US but i think it was Auracoin, big disapointment

I'm going to research that specifically. I didn't see anything come up on Google about it being done. 1 article on an attempt of something similar in Australia but it's mined.

[autodiv]

Someone did it for St. Louis: http://www.stlcoin.org/

I do not believe it became popular.

[iamtheava]

It seems to me that new coins always have a good start but then quickly fall off. I imagine it could be a number of reasons. Personally, I have a experience in real life community management and I can develop, plus I have some seed money. I would love to start a coin or even pick up a dead one someday. But I recognize there are important factors to making it work such as a crypto-friendly established and proud community, start up money, reliable devs and admins, some kind of mission, etc. Local PAPER alt-currencies can work in towns. My city is about 100K residents. I'm just outside of Boston, MA, USA. My city has MIT, a Google Office, A Microsoft office, Harvard University, Tufts University, etc. I think a local coin would be a big hit. I also think several niche coins could launch from here such as a Cannabis coin, a Social 'wealth distribution' model for poverty/charity, and even a music coin. I'm still learning all the technical specifics though of building the wallets, blockchain explorer, etc.

Just the ol' brain ticking.

Thanks to those who bothered to give some insight and comment. So far my experience here has been hostile LOL!

 

[Netnox]

No need, there is bitcoin you can use that.

[iamtheava]

A lot of our city uses bitcoin already. We have bitcoin machines here too. The point would be a local economy mostly. Although nobody could really stop others from trading it or accepting it elsewhere, the goal would be using it here. MIT has a digital currency just for MIT students. Same deal except for a small city.

[shanem]

Many country coins have already failed.
It would be better to create a coin for a purpose rather than a coin named after a country.

[JohnnyBTCSeed]

A lot of our city uses bitcoin already. We have bitcoin machines here too. The point would be a local economy mostly. Although nobody could really stop others from trading it or accepting it elsewhere, the goal would be using it here. MIT has a digital currency just for MIT students. Same deal except for a small city.

Where is this??

Personally I think this is a bad idea. You would be better off starting a community exchange system. This is different then crypto.

 https://www.community-exchange.org/


However if you are deadset on starting a local crypto then you should consider using nxt to create a new coin. research NXT MS

and if you could combine the community exchange with nxt MS then that would be pretty revolutionary.

[autodiv]

A lot of our city uses bitcoin already. We have bitcoin machines here too. The point would be a local economy mostly. Although nobody could really stop others from trading it or accepting it elsewhere, the goal would be using it here. MIT has a digital currency just for MIT students. Same deal except for a small city.

I think a girl coder, adult entertainer, and stoner like yourself can do anything you set your mind to! Believe in yourself and you can accomplish anything.

[JohnnyBTCSeed]

It seems to me that new coins always have a good start but then quickly fall off. I imagine it could be a number of reasons. Personally, I have a experience in real life community management and I can develop, plus I have some seed money. I would love to start a coin or even pick up a dead one someday. But I recognize there are important factors to making it work such as a crypto-friendly established and proud community, start up money, reliable devs and admins, some kind of mission, etc. Local PAPER alt-currencies can work in towns. My city is about 100K residents. I'm just outside of Boston, MA, USA. My city has MIT, a Google Office, A Microsoft office, Harvard University, Tufts University, etc. I think a local coin would be a big hit. I also think several niche coins could launch from here such as a Cannabis coin, a Social 'wealth distribution' model for poverty/charity, and even a music coin. I'm still learning all the technical specifics though of building the wallets, blockchain explorer, etc.

Just the ol' brain ticking.

Thanks to those who bothered to give some insight and comment. So far my experience here has been hostile LOL!

 

oh jesus,

NOT another fucking marijuana themed coin.  What the hell is wrong with you people?

[cakir]

Countrycoins and location based coins are already dead, try something else.

Here some "more exciting"_shitcoin examples;
pdfcoin / pubcoin - to buy&sell online e-books etc
coincoin/moneycoin - to buy&sell fiat money (for collections of course not for an exchange).
you may think a lot of examples...

There'll be lots of people who invest in shitcoins

[SecretsOfCrypto]

I think MIT tried to get all students to use bitcoin as an experiment.

[rich93]

There was New York coin, though New York is a city, not a town. It seems almost dead now.

https://bitcointalk.org/index.php?topic=499842.0

[lucasjkr]

You're talking about a local currency; those have been done before, yes.

I don't see how you're going to get a town, or stores in a town, to adopt your local coin in lieu of bitcoin itself, though... Either they're on board with cryptos, or they're not... Besides, using a new crypto means that you'll have a tiny bit of computing power behind it, so any mining group of effectively DOS your towns crypto whenever they choose, or just 51% you.

Only reason i can see why you'd want to make a local coin is that you could mine it, sell it for value, and make money from nothing, honestly.

If you're really that interested in cryptos, invite your towns businesses to adopt Bitcoin or one of it's larger brethren, don't just make a new coin that'll inevitably be attacked and leave a horrible taste in everyones mouths...

[bitkilo]

This has been done before, not US but i think it was Auracoin, big disapointment

I'm going to research that specifically. I didn't see anything come up on Google about it being done. 1 article on an attempt of something similar in Australia but it's mined.

This is what i was talking about:
http://en.m.wikipedia.org/wiki/Auroracoin
Quote from link: "It is widely regarded as a scam coin"

What was the coin they tried to launch in Australia?

[Pepijn]

Worst idea ever. sorry.