New coin created by all the smart people here?


I mentioned it in XPY thread. I will copy and paste so we can talk here.

Honest question here. Maybe we can move it to the Alt coin section. Just need a bunch of you to actually look over there. But why do the people here not start and alt coin? Make it a foundation of former paycoiners and take the best of coins that would be useful. This thread has a ton of very smart people. So why not put it to good use and make a new coin that does what we all hope XPY would be but make it in a way that most of us think would work. Just a thought. If you guys want to discuss this I will go make a topic.

XPY - Paycoin Discussion - GAW DAYS
XPY - Paycoin Discussion - GAW DAYS

I would love to see a quality Staking coin with “Features”… It is the right idea. If the coin needs to be exchanged to and from BTC it’s a fail out the gate.
The coin features needs to allow for Fiat to coin directly and vice versa
Staking greater than current Banking rates - to encourage holding when not transacting
Debit card day one with integration into VISA/MC networks - this is the shortest path to - BillPay and Shopping
Those 3 features alone with a Staking coin is gold.


The problem is - the smart people here realize how much work it is to build an infrastructure to support said coin. Creating the coin is nearly trivial compared to what it takes to make the coin useful - something other than just another pump-and-dump cloned alt-coin.


Completely agreed – How much capital? $10m? $100m? I can assist in getting Angel/VC funding… If we truly have the right people for the coin. The features we can have built (sourced) with the right amount of funding… Again, GAW did have the right idea just horrible execution and a lot of incompetence.


Creating a new coin is indeed trivial. Just clone one of the coins that has the features you want and you are nearly finished with it. Like @Redacted said it’s all the rest that takes a lot of work and especially funds to get it off the ground. Debit card is almost impossible in the US (Look at xapo) I have no idea what the regulation are in Europe but I suspect they are almost the same. Using existing exchanges that have USD or EUR market is not that difficult you just need to convince those people to add a market. Then comes merchant adoption get the coin into a major payment processor like GoCoin and others seems to be also a problem.


Actually and I dont know how much work it would be but if you could get circle or coinbase involved half the work is done. But right now there only interested in BTC. So how you would sway them I dont know.


Oh and I already have the perfect logo for it.


@tom14cat14 I replied to your suggestion in the XPY topic but will quote it here:

GH’s stance on this would be:

Because we’re working on something (for our needs) much better than (yet) another altcoin. GH’s goal is to support BTC, existing blockchain technologies and those coins that are truly innovative. Simply launching yet another coin isn’t viable for us. There is plenty of coins, rather support those and Big Momma because without Big Momma receiving more recognition nothing will go anywhere.

[quote=“Redacted, post:3, topic:814”]
The problem is - the smart people here realize how much work it is to build an infrastructure to support said coin.[/quote]

Not just the infrastructure and the continued development but imho you also need “serious” financial backing to finance merchant adoption and marketing. Just look at coins like Ripple who are certainly not short on funds. Yet, the coin is as bouncy and volatile as a rubber ball.

[quote=“Nadeaup, post:4, topic:814, full:true”]
Completely agreed – How much capital? $10m? $100m? I can assist in getting Angel/VC funding… If we truly have the right people for the coin. The features we can have built (sourced) with the right amount of funding… Again, GAW did have the right idea just horrible execution and a lot of incompetence[/quote]

I would say $5M to kick-it off with a solid proof-of-concept and a 6 months marketing plan. Whoever does this should also build is business relationships first and then start developing. The coin (don’t shoot me) should be pre-mined or at least have a rapid decline in block rewards to conquer dumping from miners. I know this is contra “we love crypto” but if you’re looking to create a coin to work with banking partners then it would have to be something like Ripple.

You would still face the problem of having to concurrent with over 100 alts over your place in the market. Alternative for me would be to develop a coin that runs on a side-chain next to BTC with AuxPOW.

^^ this! So why not take advantage of it instead of trying to do something new yet again?


I expect that you could get it off the ground for under $10 million which would cover putting together a core team and getting all the basics in place. But once you start talking FinCEN MSB and individual state licenses, it’s going to take that much again to get that launched.

But there ARE alternatives to just throwing cash at the licensing part. As one example - Byron Pellman (Atomic-Trade exchange) has already spent the money to be FinCEN compliant and state licensed in all 50 states. I’m sure that some sort of mutually beneficial partnership could be worked out there, and there are many, many other opportunities where “symbiotic” relationships would work out well for both parties.

Anyone ever hear of Prypto? That’s another under-utilized possible partner. There are lots of bits and pieces around that could be woven into a coherent infrastructure…


@syntaks it’s time…it has come… code me… NEMEOSCOIN!


My take on that - if I can’t mine it, at least a little bit of it, then why would I care about it. I have to buy it to spend it on Amazon? I’ll just spend cash, thanks.

I’ll never touch Ripple, which I consider to be a 100% pre-mined scam. I don’t think the next iteration of Ripple, aka Stellar, is any different.

Hey - let’s you and me and our banking buddies create a coin, which we’ll own all of, and then sell it to people. Seriously? No thanks.


But even coinbase and circle have not come up with a way to use crypto with a debit card yet at least not in the USA. I think thats where most of these conversation are headed.Basically a coin that can be used for anything.Like BTC for Dummies -No offense


Talk to Sleak - he can fix you up with a cloner that can knock that coin out for you in about 15 minutes (for a small fee.)


Guess they never considered buying a small, Federally chartered credit union… Problem mostly solved.


Then the laws kick in at that point FINCEN MSB all the US acronyms. Some one has to find the loop hole that allows the use of crypto for debit cards and keep it legal. I dont think GAW has it in them or ever had. If coinbase that has been around for a year that I know of and Circle been around since August 2014 or so. I mean there both registered MSB and all the other acronyms you can have certified. Also have the funding so why no debit card. What part of the US law is there that says do not mix Crypto with Debit cards. Circle and Coinbase are legit for sure. They have everything but a blood sample from most of us.You know what think I am just going to ask them and post back.


Just woke up, but Nemeoscoin is done (I did it while I slept to be more efficient).


I’m not sure but I think you have to be a bank to issue debit cards. And becoming a bank is not something that is easily done. I think one of the suggest of @Allen1980s was to buy a small bank since they already have all the needed infrastructure and permits.


You only need that if you want to become a payment processor or money handler as it seems to be called in the US: You could leave this to your merchant / banking partners to worry about.

Looking into Prypto now. The 2nd part is exactly what I keep referencing to. It’s all there, just needs to be used.

Scam, Ponzi…calls the SEC

I agree with you but you’re thinking from the crypto community point of view. I was talking about “mainstream” which seems to be what everyone is striving to reach these days. A bank will not put the faith of their network in the hand of “some crypto nerdy miners”. They have all the money in the world to setup their own swarm of nodes and simply don’t need it. What they do need is stability in their “digital token or currency” and this requires a different concept.

Calling Ripple a scam is big words considering who’s behind the coin and it’s investors and backers. Fidor Bank is a very reputable bank in Germany. They would not be involved in a scam.

Hey - let’s you and me and our banking buddies create a coin, which we’ll own all of, and then sell it to people. Seriously? No thanks.

Did you actually read into it? The concept is not releasing an alt to sell it. Ripple is building a protocol to meet international banking standards for… banks.

The word USA is the keyword. It’s a local thing. You can however order cards even in the US. ANXBTC for example but it comes without a chip.

I think thats where most of these conversation are headed.Basically a coin that can be used for anything.Like BTC for Dummies -No offense

I agree, BTC is one of them for example. I use it every day.

A clone of his broken coin he never followed through with? Sorry but @Sleak is to young to be taken serious. Plus, it wasn’t him who developed his coin :wink:

I was looking for you… logs on to IRC…


All “fiat” or currency-based credit cards are underwritten by banks or financial institutions in the U.S., for obvious reasons: capital liquidity. Regardless of the money being “charged” merchants still want “fiat” to pay for their goods. Even department store cards are backed by financial companies. For instance, Best Buy’s own store credit card was backed by GE Capital at one point in the past, as well as Citi Consumer Credit, and Beneficial Consumer Credit.

Pre-paid debit cards are also underwritten by banks and consumer credit companies. All of these entities are “on-network” with Visa, MasterCard, AMEX. and Discover (Novus).

The “crypto” aspect of debit cards is really no different than as Coinbase operates. The “crypto account” is linked to an MSB that converts the crypto to the then dollar (or Euro) value on the exchanges, less a processing fee, and that fiat is then shown on the network as a “validation” of existing funds. The process is a bit time consuming, but fast enough that it is not much slower than existing or traditional CC and DC card transactions. However, there has to be an “on-network” bank involved to handle the transaction, and Coinbase is not a bank, in this example, so they have to rely on their existing bank as an additional layer of verification.

American banks are not very thrilled doing business with any entity that is involved with the crypto industry based on one major point: they are unable to fully comply with KYC and AML rules when the client is not a direct banking participant with the bank. So, when I go to Coinbase, without a verified account, and I want to link bank accounts or apply for a debit card, they require me to comply with their various levels of KYC. In turn, Coinbase is guaranteeing their bank that all of the services being used of the bank will be by those who have fully complied with KYC registration requirements.

Owning a bank is a major hurdle being overcome in the current banking environment, which has led to many businesses having their accounts closed by their own partner banks. If you own the bank, you can conduct compliance as simply a single layer of KYC/AML, because there are no additional relationships or layers in the process. You also have access to on-network CC and DC processing, and can better control the conversion processes of crypto to fiat, in a much more timely fashion. The software used to value the current crypto account, based against then market pricing conditions, is a one step process, versus a multi-step process under traditional banking arrangement (KYC/AML concerns).

On the regulatory front, banks are still held responsible for KYC/AML compliance of any of their account users/holders. Even though they may have compliance with the account holder, they have no control over the clients of the account holder, nor whether the account holder has been properly diligent to ensure KYC/AML compliance of their own clients.

This is where the “sticky wicket” comes into play… The risk factors to the bank are by proxy, through their own clients who deal in the crypto industry. Again, this is why we often see crypto company accounts frozen or closed by their partner banks. They deem that the risk to non-compliance has increased, based on account activity or volume. The higher the volume, the higher the risk that nefarious transactions are occurring that could bring regulators to the bank over KYC/AML compliance lapses “of their clients,” not directly by the bank itself necessarily. You are guilty by association in this regard, not guilty by direct negligence of the bank.


Ah now I get why Kraken does not have USD anymore. They still do EUR and suggest to US customers do to the same. So the Europen banking system seems to be more flexible.