Cryptocurrency Idea

[Epee]

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 in case 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

this is a full screen image, please click, I spent a lot of time earlier photoshopping this, lol.

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.
https://preview.ibb.co/eid5Qx/proof1.jpg
https://preview.ibb.co/cOOTdH/proof2.jpg
https://preview.ibb.co/gZAkQx/proof3.png
https://preview.ibb.co/iby5Qx/proof4.png

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[Epee]

https://dev.cryptolife.net/

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.

[alia]

Hate to break it to you, but this sounds like a logistical nightmare. First off, tons of postal services don't allow you to mail money (and if you did, it would not be insured). There's the issue of the mailman stealing the money, or someone on your receiving end stealing the money, or lost packages, etc etc.

Also, people would have to trust you. And the postal system. And your workers. And their luck...

USDT is just a lot easier, and it's more legal and established too.

[Epee]

Hate to break it to you, but this sounds like a logistical nightmare. First off, tons of postal services don't allow you to mail money (and if you did, it would not be insured). There's the issue of the mailman stealing the money, or someone on your receiving end stealing the money, or lost packages, etc etc.

Also, people would have to trust you. And the postal system. And your workers. And their luck...

USDT is just a lot easier, and it's more legal and established too.

Ok well they can send us USDT if they feel uncomfortable with the process, 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 would should obviously never know that that is what you're sending.   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 buy real USD with that USDT (long process but there's a way), then we just send them an email saying, you know, here's your infomation 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 and sending it to them, or sending it by mail.

Thank you for the reply I really didn't think I was going to get any, haha, these are the things I want to think about though, let me know if you like my solution, i'm sure there are many.

[Epee]

And If It comes down to it, we could use safety deposit box's are credit unions, which are much better than banks.

USDT is just a lot easier, and it's more legal and established too.

yeah but, USDT doesn't post their bills online that they received... and everyone gets really sketched out that USDT doesn't have what they say they have.

If you ever saw one of our bills in circulation you would immediately know we're not legit.... that's what would make this cryptocurrency work better.

There's nothing illegal about what we would be doing either, I've checked the laws there's nothing wrong with sending money, or scanning it and displaying images of it online.

[Colorblind]

And If It comes down to it, we could use safety deposit box's are credit unions, which are much better than banks.

USDT is just a lot easier, and it's more legal and established too.

yeah but, USDT doesn't post their bills online that they received... and everyone gets really sketched out that USDT doesn't have what they say they have.

If you ever saw one of our bills in circulation you would immediately know we're not legit.... that's what would make this cryptocurrency work better.

There's nothing illegal about what we would be doing either, I've checked the laws there's nothing wrong with sending money, or scanning it and displaying images of it online.

This is an interesting idea but it doomed to fail. I'm fairly certain most of the money in crypto are not cash but some sort of wired money that are lacking attributes you need for service to work. In order for your Idea to work you will have to install some sort of cash machines on every corner, where people can put their money and turn it to digital tokens. You will also need armed people to empty the machines and transport funds to vault. In reality you will have to become bank to make this work. Also dealing with cash will make you a money-transfer service provider that is subject to all sort of regulations.

[AGD]

Great idea!!! People send you money and you will be giving them the possibility to get rich quick just another worthless token.
 

[alia]

Hate to break it to you, but this sounds like a logistical nightmare. First off, tons of postal services don't allow you to mail money (and if you did, it would not be insured). There's the issue of the mailman stealing the money, or someone on your receiving end stealing the money, or lost packages, etc etc.

Also, people would have to trust you. And the postal system. And your workers. And their luck...

USDT is just a lot easier, and it's more legal and established too.

Ok well they can send us USDT if they feel uncomfortable with the process, 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 would should obviously never know that that is what you're sending.   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 buy real USD with that USDT (long process but there's a way), then we just send them an email saying, you know, here's your infomation 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 and sending it to them, or sending it by mail.

Thank you for the reply I really didn't think I was going to get any, haha, these are the things I want to think about though, let me know if you like my solution, i'm sure there are many.

Let me get this straight. They send you USDT, you go to a bank and buy USD. So:

1) They are already putting their trust in the Tether Foundation (risky move). Now, they have to put their trust in Tether and in you, a random and unknown entity.
2) You are facing counterparty risk (Tether) and probably can't scale due to restrictions on purchasing/selling USDT (banking regulations and so forth)

[Epee]

Great idea!!! People send you money and you will be giving them the possibility to get rich quick just another worthless token.
 

Feels rude man.

People send money, but we would provide crystal clear details about where that money is kept, down the to individual bill, I've been thinking about it a bit more and I think setting up safety deposit box's in credit unions would work fine, but there's got to be some better way, once you're dealing with a lot of money that's some pretty siginificantly targetable stuff, I don't think anyone wants to be behind that much money...

Perhaps once it reaches a certain amount, you could start to rip up the dollar bills at random, randomly draw, and then award that amount in our coin to who ever owned the bills you're going to destroy.

You could even work that into like a new system, where people stake their coins and get like 5x the amount of their dollers worth in our coins if they are the ones randomly chosen to have their dollars ripped up, how ever much they staked, would have people staking a lot less.

Wow that's a great idea for me to come up with in this reply to your message friend, with that maybe you can see what I'm trying to accomplish here, just brainstorming about this idea.

Edit: no nvm, isn't it illegal to rip up money? lol... damnit overlooked that one....

Maybe you could bury it really deep somewhere with live cameras / live sensors watching the whole thing from underground and above ground, streaming it to the website so people can watch and report if something happens, lol idk, might just have to hold onto it like originally planned.

[Epee]

"They are already putting their trust in the Tether Foundation (risky move). Now, they have to put their trust in Tether and in you, a random and unknown entity."

No tether would just be some form of payment, you could easily use paypal or moneygram or creditcard, it doesn't matter, I used only tether in that example because I hadn't thought the whole way through on that yet.

"You are facing counterparty risk (Tether) and probably can't scale due to restrictions on purchasing/selling USDT (banking regulations and so forth)"

eh, well, hopefully what I said works there as well.

[alia]

"They are already putting their trust in the Tether Foundation (risky move). Now, they have to put their trust in Tether and in you, a random and unknown entity."

No tether would just be some form of payment, you could easily use paypal or moneygram or creditcard, it doesn't matter, I used only tether in that example because I hadn't thought the whole way through on that yet.

"You are facing counterparty risk (Tether) and probably can't scale due to restrictions on purchasing/selling USDT (banking regulations and so forth)"

eh, well, hopefully what I said works there as well.

PayPal? Hahahah

Even worse, they'll just freeze the funds instantly. Credit card? Enjoy getting your account closed for buying crypto on credit. This is a really bad idea, just saying - nevertheless, all the best

[Epee]

I'm aware that there are credit cards out there that don't allow you to buy cryptocurrencies, not all of them do that though.
Debit Cards still work fine, I should have mentioned that instead.

Maybe paypal isn't a good choice, you could pay in bitcoin I suppose, or any crpytocurrency, adjusting for the price it takes to get what ever it is into USD Bills.

Yeah I get it, it's pretty over the top, 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.

I'm just trying to put that out there.

The whole point of it is to have none of the USD bills in circulation anymore, or ever again, and this would be displayed to the public somehow.

[alia]

It's honestly very interesting, and a promising one, but I don't see how this can ever be executed properly. But good luck all the same.

[Random Seller]

This system doesn’t need to be implemented as a Cryptocurrency. Just a normal database would achieve the same effect without needing to pay miners.

Another problem here is that the admin would need to store the cash locally because if he were to store it in the bank he may or may not get back the same bill unless a safe deposit box is used.

Even if all the bills are recorded online there is a high risk of robbery. People are smart, they’ll work around any limitation if there were money to be made.

Lastly, this is not a trustless system. People have to have trust in you and your team. What’s stopping you and your team from engaging in fractional reserve banking after you’ve recorded the bills? What happens if your company go out of business? From whom do user recover their money if you and your team were to disappear?

[Colorblind]

Great idea!!! People send you money and you will be giving them the possibility to get rich quick just another worthless token.
 

Feels rude man.

He just summarized everyone's thought without getting into detailed explanation (probably because a lot of people already posted enough). Your Idea is pretty impossible unless you are crazy billionaire willing to risk couple of hundreds millions for this (also it's not clear how one will profit or even return his investements from your idea).

[Epee]

This system doesn’t need to be implemented as a Cryptocurrency. Just a normal database would achieve the same effect without needing to pay miners.

Another problem here is that the admin would need to store the cash locally because if he were to store it in the bank he may or may not get back the same bill unless a safe deposit box is used.

Even if all the bills are recorded online there is a high risk of robbery. People are smart, they’ll work around any limitation if there were money to be made.

Lastly, this is not a trustless system. People have to have trust in you and your team. What’s stopping you and your team from engaging in fractional reserve banking after you’ve recorded the bills? What happens if your company go out of business? From whom do user recover their money if you and your team were to disappear?

So, we would offer any way of sending in your USD, but it has to end up in bills.
If they send us bills, it's like a 10 cent stamp, that's the cost it takes to get that money to us.
if you send in USDT, we would have to transfer it to BTC, sell it on coinbase, go to the bank our selves to get the bills, and that's really not as easy.

But the whole point in doing any of this is so that we can build a database of the money we have received, so that we can give proof of stake coin rewards to those people, kinda like a Basic Income, but as I understand it PoS doesn't last forever and we might have to implement another system toward the end to make this a basic income coin, for now though until it just runs out and reaches it's max cap, 2.5% is what a staker will get, and the 97.50% of the rest of what that staker would have got ends up going to all the people who sent in money, distributed smartly based on what they donated, you can't just set up a database to do this with some other coin, you need control over the amount staked, the whole cryptocurrency has to function in this way.


A security deposit box would work, I did mention that earlier however.

With every ICO you have to send them money to receive coin, this would be the same thing except perhaps longer, until all the coins are distributed.

There is a high risk of robbery for many things which are already out there in the crpyto world, and that doesn't stop people from making those things.

The bills wouldn't be released, they would just be kept, the whole point is that people can take their bills back at any given moment.

[Epee]

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.

[SPdiginomads]

The idea is good but its so impossible unless you’re a crazy billionaire. There are various scope limitations and securities to place in crypto.

[tprabash]

In Concurrency we need a system to report or block scams everyday i can see a scam in this industry.

[yo_mama]

A state backed currency will easily make this obsolete...
Backing by fiat isn't a great idea to be honest, this makes it dependent on the government.

[mountrock]

Good idea but you need to start simple. You will have to face a lot of obstacles if you go high profile.
May be you need to adjust your system and do trial and error to start with before you launch it.

[Epee]

Good idea but you need to start simple. You will have to face a lot of obstacles if you go high profile.
May be you need to adjust your system and do trial and error to start with before you launch it.

Yeah, I'll think about that, thank you, but I had similar ideas.

Would like to be able to buy bitcoin with this currency to, or develop some currency that buys the #1 coin, to have something to fall back on, like, the overall value of your currency should stay above a certain level if everyone is guaranteed to get back a certain amount of money...






Tether doesn't allow you to get your money back so I figure something in the market that actually does let you get your money back would be pretty successful...

My coin would get people involved with the process in an interesting way.