Old Copper 2018
the coin that spends like cash, but you get it for free, or by shopping
Coins are earned in the following manner:
Sign up/open account = 10 coins
To sign up, you go to ecommerce website, type in your email address and a password, 10 coins will be placed in your account, your email and password are all that you will ever need to extract and/or spend a coin.
Sign up a new account =10 coins
(both the retailer recruiting a new member and the new member receive 10 coins)
New account gets 10 coins, Spender earns one coin for every 10 spent.
Retailers receive 50 coins for signing up as participants Retailers receive 1 bonus coin for every 10 coins they accept, Retailers must give a value worth at least $1 USD per coin when accepting coins.
Example: Pizza parlor can offer “Buy a large pizza, for $10.99 or $8.99 and two OC coins, or buy one large pizza and get medium pizza for 8 OC.
When Retailer signs up new member, retailer gets 10 coins.
Every coin will be traceable for every transaction from email to email. This should reduce theft as we should be able to track a theft to the new account, and remove the coins and return them to the rightful owner. As the coins should never be worth more than a dollar or two, stealing them, knowing there is a pretty good chance we can track you ought to make it not worthwhile to try and steal them, unless someone has a million of them.
After the initial sign up, the new member gets an email every day for ten days, in the email is a digital coin they click on to add to their account. After 10 days, we send an email once per week for ten weeks, now they have earned 30 coins in 3 months, we can cut it down to 1 coin per month, but we can also send them bonus coins whenever we feel we need to boost circulation.
But let’s say we get a few thousand members using OC, and a few hundred retailers accepting them, say 10,000 members spending 10 coins per month, and 300 retailers accepting 334 coins each not only would the corporate account earn 100,000 OCs, the collective members would 10,000 coins for spending, the retailers would earn 10,000 for accepting, and of course, the corporate account would get another 10,000 coins, so at this rather small base (it may be really hard for us to get 10,000 members and 300 retailers, but given the 330,000,000 people in the USA (and, I guess this could become an international currency at some point, so 7 billion people), 10,000 is a small group, and the same with 300 retailers:
Type Users Quan Total
Individuals 10,000 10 100,000
Retailers 300 334 100,200
Total 200,200 0.5 100,100 Corporate
if it scaled to this
Type Users Quan Total
Individuals 100,000 10 1,000,000
Retailers 3,000 334 1,002,000
Total 2,002,000 0.5 1,001,000 Corporate
Starting coin allotment:
2 million coins for founders’ group
2 million coins for IT team who coordinates the e-commerce, the coin and a system that automatically adds coins to wallets
We can encourage the retailers to offer the OCs as a giveaway, where let us say you buy out hypothetical pizza for $10 USD, you get a free OC or maybe more than one?
This would be an added value, and keep more of the coins in circulation. Of course, as we have discussed, at some point, the OCs might have some B2B value.
Until then, I think encouraging the retailers to use them as promotional giveaways to employees and customers would be best.
Using the bonus coin system to expand or shrink the level of circulation seems like a useful tool.
Each time a new coin is created, by any method, a half coin is generated and deposited in the corporate account. These coins would belong equally to the shareholders, based on how many shares an individual had.
When the retailer has a customer who signs up, they each get ten coins. The corporation also gets 10 coins.
When the customer uses the 10 coins, and the retailer accepts ten coins, they both each get one bonus coin, so does the corporate account.
By forcing the retailers to give the coin a value of at least $1USD even if they limit how many of them you can use at least, at first, this would create a cash value closer to $1.00 but it will also, as will the relative ease of earning coins mean there will not be a lot of upward pressure at first.
Ways coins are created:
Member sign up and member recruitment: 10 and 10 and 10 for the corporation
Retailer sign up: 50 coins and 25 coins for the corporation
Spending and accepting of coins creates .1 coin for every coin spent and .1 coin for every coin accepted, so each transaction creates, per coin, .2 coins plus a .1 coin for the corporation.
When a member signs up, they will receive an email per day, for the next 10 days, creating one coin per email, then for 10 weeks they will receive one email per week creating one coin per email
We may, from time to time, send random bonus coins to both members and retailers, at our discretion. We may also develop activities that are rewarded with bonus coins, such as spending a certain amount, or, for the retailer, collecting a certain amount. We may also use coins as incentives for recognizing good deeds.
There will never be a set limit on number of coins, nor an imposed value of coins (though a $1USD in store purchase value will be required).