Big Project Please Read
I have come across this forum whilst researching a potential project of mine, hopefully some experienced members would be interested in being a part of the project.
I would like to create a crypto-currency very similar to bitcoin but launch it as a brand. I feel confident that I could sell the brand to merchants and get them accepting the currency (which is where bitcoin fails). This project would involve a lot of people working on smaller projects such as the p2p system, the mining (hashing and verification systems), the internal banking system, security, merchant software and systems, the end user systems, the currency exchange and many many more.
The exchange would hold a level of certain currencies as liquid assets and the remaining balance will be transferred into precious metals to ensure the currency is not a fully fiat operation.
There are so many factors to this project it is impossible to list them all here.
I would be interested to speak with anyone that would be interested or if anyone would like to add constructive criticism (to find out if I haven't covered any of my bases) it would be greatly appreciated.
How will you ensure that the government will not crack down on you? And how will you secure the gold (especially from the government)?
Also, what qualifications do you have to ensure team members that your project could be a serious contender to other currencies?
Not to be critical I am just curious.
Assuming you could get merchants to get on board, which is a big if, how would it work? Merchants are unlikely to get on board unless you reimburse them, so the customer gives your currency to the merchant, and then the merchant then gives the currency back to you in exchange for cash. who would be paying the cash out to merchants to get them to accept the currency?