Unique new coin idea

[PaperUnlimited]

The wallet would contain everything needed for operation, node, ledger, escrow, exchange, ect.

Coins are created with the creation of wallets, every wallet is alloted x amount of coins, maybe 100,000 or 1,000,000. Wallets would need a secure

Total coin supply equals world population times the amount of coins alloted per wallet.

Coin price is fixed to an asset with the code. For example, 1 coin equals 1/1000 oz gold or 1 lb of wheat. The price would not fluctuate like most tether coins, it will be a true fixed price. There could be a million sellers and no buyers but the price remains fixed. This will encourage buying and selling using the coin rather than exchanging for fiat currencies or speculating.

The ledger of each wallet only tracks transactions between itself and other wallets. Not every transaction in existence.

This coin will have unlimited scalability, zero fees and near instant transactions, like IOTA.

Every man woman and child in the US has $60,000-$250,000 of debt, depending on how you calculate it.  http://www.justfacts.com/nationaldebt.asp

Why don't we convert this debt into wealth? By giving a limited number of coins to every owner of a wallet and fixing the coin price to an asset, this would give every person a certain amount of wealth.

I think this would work as long as there is a limited supply of coins per person, a true cap on the total supply of coins. I'm guessing the problem would be ensuring one wallet per person. I'm not a developer so I have no idea if this is possible.

This is sort of what the Weimar Republic did to fix the 1920's hyperinflation.

http://www.usagold.com/germannightmare.html

[1713948533]

1713948533

[tk808]

Someone is writing a whitepaper now and getting ready for an ICO with your idea man. It doesn't take much to make an ICO coin, all you need is a solid developer and graphics and you have yourself a $100,000 ICO.

In reality, the guys who are making out with the big bucks (it's only like 5-10 groups who control almost all major ICO's, they bring on people to front their creation), is a team with about 2-3 coin developers, and some guys who know how to market their coins.

[Kaffo]

The guy who posted above me. I couldn't agree more. If you have a good idea, go for it.

[PaperUnlimited]

Someone is writing a whitepaper now and getting ready for an ICO with your idea man. It doesn't take much to make an ICO coin, all you need is a solid developer and graphics and you have yourself a $100,000 ICO.

In reality, the guys who are making out with the big bucks (it's only like 5-10 groups who control almost all major ICO's, they bring on people to front their creation), is a team with about 2-3 coin developers, and some guys who know how to market their coins.

That's interesting, what's the name of the ICO? That was one reason for this post, I was trying to get others opinion on the idea to see if there was any interest in doing something like this. I'm not sure where to start but I'll look into it a little more.

[BitWhale]

Nice idea, have a question though:

How do you plan to keep the price the same even when as you said "there could be millions of sellers and no buyers". Wouldn't people just exchange them for less outside of the in-wallet exchange?

I know if I had a coin that was worth x-amount but I couldn't sell it for x-amount I would happily take 80% of its value OTC, or less even.

I've always thought that the "Terra" idea (not to be confused with Terracoin) is one of the most innovative currency ideas, but it has it's own problems too.

[PaperUnlimited]

Nice idea, have a question though:

How do you plan to keep the price the same even when as you said "there could be millions of sellers and no buyers". Wouldn't people just exchange them for less outside of the in-wallet exchange?

I know if I had a coin that was worth x-amount but I couldn't sell it for x-amount I would happily take 80% of its value OTC, or less even.

I've always thought that the "Terra" idea (not to be confused with Terracoin) is one of the most innovative currency ideas, but it has it's own problems too.

The best I can think of is a wallet lock that will only release the coins at the exchange rate. Even if this was done, you could still get around it by purchasing an item for more than the exchange rate, e.g. a $500 item could be marked up to $1000 for the sale.

The only reason fiat currencies and cryptocurrencies work is because of faith, faith that you will be able to go out and buy property, food and fuel. By fixing the price to an asset the faith in the coin is solved. There will always be someone who will sell for less, as long as there are retail stores and people willing to accept the coin at the exchange rate, this should self correct. If it takes a considerable amount of technical knowledge/effort to get around the exchange rate, then the majority of users should still accept the exchange rate.

Maybe another option would be each wallet is it's own blockchain that requires low energy mining to acquire coins? Using an 2-4 core CPU would require 2-5 years to mine the coins. This would help to reduce a flood of coins being sold OTC.

I said "million sellers and no buyers but the price remains fixed" because I don't like the way other pegged coins have so much variance from the base asset, bitUSD is currently at $1.17?

I'm not sure what you mean by "Terra"?