I am going to withdraw the offer to bitcoin alts to absorb them. Instead, i'd like to create a two pronged approach to providing easy fiat/OTC purchase of BCR as follows:-
3 million BCR goes into 30000 accounts , all multisig 2 of 2, namely one master key and 30000 client keys. These will be sold for fiat only via website , accepting visa , wire and/or western union.
The credits will have additional rules as follows :-
Redemption before a specific date of our choosing will result in the total coins being reduced ie instead of receiving 1000 BCR, early redemption will get X % less calculated based on time remaining. A redemption within the maturity stage will result in 1000 BCR + default increase in trust rating. We also give a final redemption date, which if it passes will result in all keys expiring.
What this does is allow interested parties to quickly buy BCR online without need for going through BTC exchanges or the overall hassles people face now to reach us. The other batch of 3 mill will be held to see the success of this project, should it work, we use the rest, or if we prefer we can use it to make physical scratch cards that users can to get more people in their locales/work places interested.
The second is mostly just a request for funds, i'd like to raise 10 BTC so i can hire coders to help me resolve the rather large to do list, review code, remove legacy material, bring in some SPV clients and finally finance creation of the above mentioned website.
Thoughts ?
how would you decentralize the fiat funds received from purchased bcr? who handles this money in the meantime? how will it be used and secured?
Any form of "decentralization" in this regard....leaves much in the wind, for example visa/mastercards or wire .....how exactly do we go about decentralizing that in any meaningful way? The idea is beautiful overall except when we try to connect to existing structures in the real world. A possible method would be for banknode owners to put up collateral and set up similar services, but then that would raise the problem of us pouring effort into coding such a solution for something that will only be used at most twice. Which would defeat the purpose of the fundraising as we would have used funds into something that is not long term.
The immediate objectives of this would be fund raising, accessibility, visibility and a kick start for utility. We could rationalize the coding part if we could have a certain level of certainty that users/service providers would actually use the facility to create and fund their own initiatives later in the lifetime of the project, but that is highly subjective.
On the other hand, If we stick to crypto based only funding, then we can decentralize, but that would kill off the objectives of utility, accessibility and severely reduce the fund raising aspect. Just think on it a little.....of the crypto start-ups , how many are funded in crypto? More to the point, the only crypto worth use as a funding start is BTC, maybe LTC too, the rest all suffer the same issue we have - illiquidity.
