[PRE - ANN] BitRecovery - A Coin for Scrap Metals and More!

[BitRecoveryDeveloper]

you also have to setup eshop and accordingly shipping of stuff. i would suggest to keep POW period for a day or 3 and then go with full POS. but nice concept and watching this space to see further updates
good luck

Thanks for the suggestions. I will take them into consideration. I think the hardest thing with the estore would be getting a payment processor on board. I see many services out there but I'm not sure which one gets me the most bang for my dollar. Shipping will be sort of tricky, but I do have shipping providers with better rates than the avg public. Thanks for watching, and if you wish to chime in with any other suggestions please do so.

You could leave all the Dev work to the Syscoin team and start selling your items directly on the Syscoin blockchain once the main net release is launched!

https://bitcointalk.org/index.php?topic=757255

I will take a look at your suggestion. Thank You.

Really nice to see the interaction with the forum, i really dig the scrap metal part of this is pretty much a billion dollar industry also.

Yea I figure its best to get the feedback from the core community. Scrap metal is a bigger industry than most people realize, and pairing it with a crypto currency could have legs. Do you have any ideas to add to this discussion?

While you have a cool idea in mind, this thread sounds more of a brainstorming session than anything concrete.  Using words like "Maybe" "Why not" "Help" - not to mention:

we receive many things on a daily basis that I believe people could potentially use in return for crypto currency.

Maybe a CPU or PSU for your miners, or how about some scrap metal or car parts for that car project in your driveway?

Is poorly written and causes the reader to backtrack to your sales pitch.  I read this as: My family has a junkyard, and every day we get stuff that people might want to use but pay for in crypto (but it has to be my coin).

Very confusing!

Having said all this, please realize my post is constructive criticism; I'd be glad to help out in any aspect if you require an extra hand.  

I truly opened this thread to brainstorm with the community. I have no problem with your constructive criticism, and I appreciate you getting involved with the conversation.  Sounds like you might be someone that could help with a business plan? Do you think a bounty of BTR would be suitable as payment for a service like that? Thanks

I'm just having a bit of trouble linking the scrapyard business with the cryptocurrency, are you saying you would pay your customers with a cryptocurrency like this or am I totally off ?

I'm just linking the commodity to the currency at first glance. In due time if the currency picks up traction, I think offering our customers a informational packet about the crypto currency would be fruitful, but I wouldn't say paying my customers with the crypto currency is something I'm looking to do right now. Any other contributions would be awesome. Thanks.

Edit: It does look like the conversation is heading that direction though. lol

I like it, good luck!

Thanks. Hopefully you will be around if and when we launch the currency. Do you have any feedback for me on POW/POS? Seems like people are touching on this a lot.

Logo for BTR


https://i.imgur.com/L65dawI.jpg

Logo looks pretty cool, thanks for showing me a sample. I'm waiting on another sample or two from others and will contact you if I decide to use yours.

Hello dev, will this be only POW ? or will you add staking node or POS ?

Hello, not sure right now. I was looking to go POS+POW, but do a rather low count on the POW side of things. I don't wish for any early birds to get a ridiculous amount of BTR unfairly. I turn the question over to you, and ask what do you think about POS+POW with a low POW count?

Ok i understand that it's a coin for junkyard and scrapmetal, but why don't you try to make some physical coins maybe, and BitRecovery could be backed by some real coins

EDIT : i've just checked out the earlier posts and i see that there is already this idea developed

Ideas are still brewing here. I think that physical coins could be something we touch on later down the line if we gain some traction. I have a refiner that I deal with on a daily basis, so if its not coins, it could be big chunks of refined scrap in some sort of vault that backs it somehow. I love the idea of tying this all together, and hope to see more of your feedback as the discussion continues.

Consider setting a price in your coins per weight for each metal type.

Sounds interesting and can be developed further if there is possibility to change scrap for coins and vice versa.
What about mining and this token's specifications?

So trading in this coin is similar to commodity trading. Do we need coin for each metal type, say iron, copper and nickel?

Very good question. My first thought was to have some sort of tier system / weight pegging system in place.

Tier System / Weight Pegging ~ Set amounts of coins = Set amount of weight for each metal type.

Lets brainstorm on that more.

Now we have for almost everything this is a good concept and with a wide market,every country has a junkyard here in our place,every corner has a jundk yard but not every body can mine as those owners some of them do not have access to the internet or to busy to collect junk

Very good input here. So you are proposing the idea of paying scrappers in the crypto to collect junk? That's what another person was sort of touching on. I don't want to get to far ahead of myself here, but the input is very credible and could work if people really cared enough of the crypto. I really think that process needs to be more unseen than junk for crypto vice versa. There needs to be some sort of system in place that hides any and all confusion for the avg joe. Maybe convince intake customers that they can get more $$$ for their scrap if they take their payment in crypto? Than simply give them the directions to go to the website I create to cash in their crypto for BTC, and then I could buy them BTC from them for cash within 5 - 10 min if all goes well. The only reason I suggest funneling them through a website is to make a paper trail and some sort of log. This is something that could work, but I need more coffee to sketch out a business plan.

Thanks everyone for their input. Please continue to help me with feedback.

[super-cpu]

BitRecovery logo

   

[kondiomir]

Nice logo @super-cpu.

Also I've made one.

[super-cpu]

you too nice logo @kondiomir

[TimSweat]

you also have to setup eshop and accordingly shipping of stuff. i would suggest to keep POW period for a day or 3 and then go with full POS. but nice concept and watching this space to see further updates
good luck

Why would you think a 24-72hr pow would benefit this coin?
All that does is reward the first people in the door and doesn't really do anything beneficial for the coin itself.

Sounds to me like you only made that suggestion so you can make a quick buck.

I totally agree , making it a short POW period and then total POS (Piece of Shit) would kill it .

Maybe more along the lines of POW and then have staking kick in at a certain block but always keep POW for the life of it would be better Like the DEV said . Would be better IMO being able to mine as long as I want especially if you are lmited with your equitment . I would rather have a coin that rewards for everything I do , mine , trade , or be able to buy the stuff in general from the DEV's store .

Also Dev , as far as price is concerned , maybe you could base it on the price of the metals since it does flucate just like crypto does . Depending on what metal you want to trade it for .

[Waramp22]

I am imagining wallet where you can add and remove coin/material types from a drop down menu, providing the balance on hand is 0. You will have all of the common scrap yard material. Aluminum, Steel, Copper, 316 Stainless, Car Batteries etc as different coins. (colored coins?). Each coin type will have a set price, which automatically updates based on the world markets. Eg. Copper - $1.00 USD(lb) Cast Iron $0.62(lb) Gold $1028(oz)

There are three ways you could set this up...


1st option - This is going to be difficult but it would be awesome. In order to introduce coins/material you would need to mine the scrap, this wouldn't be mining, it would be "picking"
In order to pick certain materials you could add an option to the miner such as -C to mine copper, or -G to mine gold. The network would pull the current price of all scrap material from somewhere on the internet and base the difficulty to mine the corresponding material on that. Thus, cast iron would have a low difficulty, to mine aluminum would be a medium difficulty, and to mine gold or platinum would be a very very high difficulty. The neat part about this is, low priced scrap would be easy to find and rare scrap like tungsten would be very difficult to find but have a much higher value. Similar to the penny, nickel, dime, quarter, loonie etc. It would be like 20 different coin types within one currency. I am trying to wrap my head around how the set price of a colored coin, would hinder/promote mining. Imagine if bitcoin had 20 different difficulties of colored coins with set prices. What would happen? I think the miners would go after the "low hanging fruit" so to speak which would self regulate. If too many miners tried to mine copper it would no longer be practical. However, once the hashrate came back down to earth it would be economically feasible again which would keep the network alive and not waste excess power from insane difficulty levels.

2nd Option - Same as above, but instead of mining a certain coin/material type you simply mine "scrap" If you find a block that contains 50 coins, well lets call it a "truck load" it gives you an assortment of material types and quantities. You never know what you will get. Now that i think of it, it would be kind of like minecraft. (random) I am not sure if this would be a regulated value per truck load or if it would be completely random based on the rarity of the material. (You would never end up with a bunch of platinum, more like a couple car batterys, a radiator, 182lbs of cast iron, and a 6 lbs of copper)

3rd option - The material types are interchangeable, and while mining it would simply generate "scrap" Once the scrap lands in your wallet you can divide it however you like. If a block gives you 50lbs of "scrap" worth $24 you can leave it in your wallet as 50lbs of scrap, or you can divide it out. 50lbs ($24 USD) of scrap can become 4.0 copper, at $1.22(lb), 1.5 car battery at $9.50(ea), and .0001 silver worth $4.87(oz) = $24 Because each material type fluctuates based on the average market value across the world, you could move your scrap in and out of any material type you wish to speculate or hedge against swings in price. The price of "scrap" is simply the averaged amount of all the materials. It should also be a side chain to BTC so if i sell 8 car batteries to Jim, and he pays me by sending 8 car batteries in BTR, i can immediately convert it back to scrap, copper, lead, silver, or BTC if i wanted to spend it.

One thing i cant figure out is if there are 20 different coin types as per the first example, how you can distribute the coins in the first place? These coins are essentially tied to the real life scrap markets and can not be pumped. Well, i guess if they end up on an exchange they can, which would create an artificially inflated scrap market. Would someone pay $40 for a car battery that they can only convert to $9.50 worth of BTC?

For an IPO you could take all of the coin types you are going to have in your wallet, along with the current prices per unit of measure, and average a price out, and sell it based on that price. eg:

Gold $1000(oz)
Cast Iron $0.15(lb)
Copper $1.22(lb)
Car Battery $8.02(ea)
Lead $4.52(lb)
Tungsten Carbide $49.52(oz)
Average Scrap Price $176.485/"truck load"

Once you have your price per truck load you could have an IPO where users send corresponding BTC payments to an address. In this case, it would be $176.485 per truck load, and they would sign the message with their BTR wallet address. Once confirmed they would receive an assortment of random material back into their BTR wallet totaling $176.485 of value (at that moments current market prices)

I am not sure if colored coins with a fixed USD value (to world scrap market) and thus varying BTC value, could be in a side chain. It would need to be converted back and forth with BTC to give the scrap dealers an entry/exit to the market.  


 
  

[OSMIUMCOIN]

Logo for BTR

[BitRecoveryDeveloper]

BitRecovery logo

http://s22.postimg.org/skr3wvxv5/BITR.png   http://s16.postimg.org/6h06yajh1/BITR.png

Thanks for you contribution to the discussion. Still in the process of picking logos, and will let you know if I decide to go with yours.

Nice logo @super-cpu.

Also I've made one.


https://www.filepicker.io/api/file/DwMDuoqzRsaMFVhyUsIy

https://www.filepicker.io/api/file/Gb8uNLnvSkaQbDLo9LlJ

Appreciate the help on helping me make a logo, this one is excellent. Love the concept. Will let you know if I decide to go with one of these.

you also have to setup eshop and accordingly shipping of stuff. i would suggest to keep POW period for a day or 3 and then go with full POS. but nice concept and watching this space to see further updates
good luck

Why would you think a 24-72hr pow would benefit this coin?
All that does is reward the first people in the door and doesn't really do anything beneficial for the coin itself.

Sounds to me like you only made that suggestion so you can make a quick buck.

I totally agree , making it a short POW period and then total POS (Piece of Shit) would kill it .

Maybe more along the lines of POW and then have staking kick in at a certain block but always keep POW for the life of it would be better Like the DEV said . Would be better IMO being able to mine as long as I want especially if you are lmited with your equitment . I would rather have a coin that rewards for everything I do , mine , trade , or be able to buy the stuff in general from the DEV's store .

Also Dev , as far as price is concerned , maybe you could base it on the price of the metals since it does flucate just like crypto does . Depending on what metal you want to trade it for .

Thanks for the input on POW and POW. If I did do POS it would be 0.5% per year or less. I will take all your feedback into consideration and see what I can do.

Looks good waiting for launch.

Thanks for your feedback!

I am imagining wallet where you can add and remove coin/material types from a drop down menu, providing the balance on hand is 0. You will have all of the common scrap yard material. Aluminum, Steel, Copper, 316 Stainless, Car Batteries etc as different coins. (colored coins?). Each coin type will have a set price, which automatically updates based on the world markets. Eg. Copper - $1.00 USD(lb) Cast Iron $0.62(lb) Gold $1028(oz)

There are three ways you could set this up...


1st option - This is going to be difficult but it would be awesome. In order to introduce coins/material you would need to mine the scrap, this wouldn't be mining, it would be "picking"
In order to pick certain materials you could add an option to the miner such as -C to mine copper, or -G to mine gold. The network would pull the current price of all scrap material from somewhere on the internet and base the difficulty to mine the corresponding material on that. Thus, cast iron would have a low difficulty, to mine aluminum would be a medium difficulty, and to mine gold or platinum would be a very very high difficulty. The neat part about this is, low priced scrap would be easy to find and rare scrap like tungsten would be very difficult to find but have a much higher value. Similar to the penny, nickel, dime, quarter, loonie etc. It would be like 20 different coin types within one currency. I am trying to wrap my head around how the set price of a colored coin, would hinder/promote mining. Imagine if bitcoin had 20 different difficulties of colored coins with set prices. What would happen? I think the miners would go after the "low hanging fruit" so to speak which would self regulate. If too many miners tried to mine copper it would no longer be practical. However, once the hashrate came back down to earth it would be economically feasible again which would keep the network alive and not waste excess power from insane difficulty levels.

2nd Option - Same as above, but instead of mining a certain coin/material type you simply mine "scrap" If you find a block that contains 50 coins, well lets call it a "truck load" it gives you an assortment of material types and quantities. You never know what you will get. Now that i think of it, it would be kind of like minecraft. (random) I am not sure if this would be a regulated value per truck load or if it would be completely random based on the rarity of the material. (You would never end up with a bunch of platinum, more like a couple car batterys, a radiator, 182lbs of cast iron, and a 6 lbs of copper)

3rd option - The material types are interchangeable, and while mining it would simply generate "scrap" Once the scrap lands in your wallet you can divide it however you like. If a block gives you 50lbs of "scrap" worth $24 you can leave it in your wallet as 50lbs of scrap, or you can divide it out. 50lbs ($24 USD) of scrap can become 4.0 copper, at $1.22(lb), 1.5 car battery at $9.50(ea), and .0001 silver worth $4.87(oz) = $24 Because each material type fluctuates based on the average market value across the world, you could move your scrap in and out of any material type you wish to speculate or hedge against swings in price. The price of "scrap" is simply the averaged amount of all the materials. It should also be a side chain to BTC so if i sell 8 car batteries to Jim, and he pays me by sending 8 car batteries in BTR, i can immediately convert it back to scrap, copper, lead, silver, or BTC if i wanted to spend it.

One thing i cant figure out is if there are 20 different coin types as per the first example, how you can distribute the coins in the first place? These coins are essentially tied to the real life scrap markets and can not be pumped. Well, i guess if they end up on an exchange they can, which would create an artificially inflated scrap market. Would someone pay $40 for a car battery that they can only convert to $9.50 worth of BTC?

For an IPO you could take all of the coin types you are going to have in your wallet, along with the current prices per unit of measure, and average a price out, and sell it based on that price. eg:

Gold $1000(oz)
Cast Iron $0.15(lb)
Copper $1.22(lb)
Car Battery $8.02(ea)
Lead $4.52(lb)
Tungsten Carbide $49.52(oz)
Average Scrap Price $176.485/"truck load"

Once you have your price per truck load you could have an IPO where users send corresponding BTC payments to an address. In this case, it would be $176.485 per truck load, and they would sign the message with their BTR wallet address. Once confirmed they would receive an assortment of random material back into their BTR wallet totaling $176.485 of value (at that moments current market prices)

I am not sure if colored coins with a fixed USD value (to world scrap market) and thus varying BTC value, could be in a side chain. It would need to be converted back and forth with BTC to give the scrap dealers an entry/exit to the market.   


 
   

Wow, this is the best feedback I think I've received so far. Need a cup of coffee on this one as I want to read this back to back a few times. These are things I brainstorm myself, but as you can see its really hard to wrap your head around it all. Colored coins sounds like one of the best ways to construct this foundation, but also pretty complicated within itself. I can tell you I've never seen a wallet that complex with pulling that sort of data on the click of a drop down. That idea is pretty solid though.

If I did some sort of ICO with the 1% premine to pay for development such as that, would that be acceptable? I always see people trying to ICO the whole coin supply to the first come first server buyers, but taking the premine into account to raise some sort of BTC instead of purely selling BTR off on the market in the early stages just sounds better to me. Coin development is a breeze and so is a nice looking wallet, but adding all those extras inside would most likely need to be done with some assistance. I would also like to do some sort of fund raising for marketing on a few sites. Maybe an explainer video to get the idea out there a bit more.

Let me go drink a few cups of coffee, and come back to these conversation with you. I really appreciate the feedback. Thank You!

[qwep]

Hi BitRecovery any updates on launch or other details about the business plan  Looking forward to it.

[qwep]

  , what happen here i was so pumped to know more about this! dev what are you up too ?

[qwep]

anyone willing to make this type of idea happen ? i got a bunch of pc parts i could send out to salvage its metals.

[davien]

Seems that nobody is interested in this one anymore. Also the devs seems to be gone

[qwep]

Seems that nobody is interested in this one anymore. Also the devs seems to be gone

I guess we just have to move on, it was pretty interesting tho.