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Offline MaxPWR

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MMCBANK - Max's Miners' Union & Community Trust
« on: January 22, 2014, 04:20:43 PM »

So, for the accountants, business owners, lawyers / etc - any general legal topics / advice to let people know about?

I've got a fun idea...how about an mmc/usd exchange?

"Voting" is the basic function necessary in business for a sole proprietorship to scale-up / develop into another business class (LLC, partnership, etc.).  With the voting and "auto charity" parts of the DAC, I think you could develop a model that leads to a real-world fiat-MMC credit union style business.

Combine the concepts of a nonstock (nonprofit) corporation, cooperative, a business trust, and a partnership, and you may be able to "legally" authorize (entrust) someone to operate a checking account on behalf of the MMC community members that person votes for.

Let's say the account is for operating funds such as payroll.  Let's say the co-op hires / contracts people to mine new coins.  As part of employment record, co-op may ask for ID and utility bill (if required by bank provider).  Co-op "votes" for employee miner address to approve / "hire".  Miner sends new coins to co-op's mmc address, co-op pays wages (income) from checking account to miner.  Co-op maintains any responsible documentation / records / tax records / etc.

Isn't that basically a community / non-profit accounting service, credit union, or financial trust?
« Last Edit: January 22, 2014, 04:39:18 PM by MaxPWR »
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Offline Delinquency

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Re: MMCBANK - Max's Miners' Union & Community Trust
« Reply #1 on: January 22, 2014, 08:08:26 PM »
Max, do you have a lawyer background?

We could have a real market to exchange mmc for real services.
Other possible ways are by converting the mmc to fiat by using a middle man with a high fee.

Offline MaxPWR

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Re: MMCBANK - Max's Miners' Union & Community Trust
« Reply #2 on: January 22, 2014, 10:08:02 PM »
No formal business / MBA / law experience - professional engineering background (www.nspe.org).  You end up reviewing a lot of engineering codes, standards, regulations, licensing documents, contracts, specifications, procedures, etc...kind of engineering legal-speak...

Helps a bit - but would need to consult with a real lawyer and accountant.

In the beginning, we could start as unregulated / trust-based person-to-person trades with a higher fee than what any experienced trader could get on their own, but it would go towards development...i.e., writing up business plan, bounty / hire real lawyer to review and complete, etc.

You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

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Offline ManeBjorn

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Re: MMCBANK - Max's Miners' Union & Community Trust
« Reply #3 on: January 25, 2014, 04:32:16 AM »
We would definitely have to start out unregulated.
What you are describing is almost like a Credit Union.  Actually a good concept for this type of thing as the shareholders are the owners and are invested in how it does.
There will be a bunch of legal requirements that would need to be drawn up and also a place of origin for the business would need to be designated.  This should be done based on things like local and international laws of the local and or country that was chosen.
I used to be a business manager for radio stations and also for a couple companies over the years.
While this would be a great way to stabilize and raise the worth of Memorycoin it would take quite a bit of work to be able to live up to the trust that the MMC community would want to place in it.  If done wrong it could irrevocably hurt MMC as a viable currency.

I can help with advice and some direction and research but I am not able to actually do any of the setup.  I was injured about 1 1/2 yrs ago and just had my 2nd spinal surgery.  I have been mining MMC for a couple weeks now and really like the community aspect of it and the great way people treat each other here. 

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Offline ManeBjorn

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Re: MMCBANK - Max's Miners' Union & Community Trust
« Reply #4 on: January 25, 2014, 04:34:16 AM »
This is a good idea and would also leave it very transparent for the community to see and get behind.
It would also get more people involved with becoming part of MMC as a whole.

So, for the accountants, business owners, lawyers / etc - any general legal topics / advice to let people know about?

I've got a fun idea...how about an mmc/usd exchange?

"Voting" is the basic function necessary in business for a sole proprietorship to scale-up / develop into another business class (LLC, partnership, etc.).  With the voting and "auto charity" parts of the DAC, I think you could develop a model that leads to a real-world fiat-MMC credit union style business.

Combine the concepts of a nonstock (nonprofit) corporation, cooperative, a business trust, and a partnership, and you may be able to "legally" authorize (entrust) someone to operate a checking account on behalf of the MMC community members that person votes for.

Let's say the account is for operating funds such as payroll.  Let's say the co-op hires / contracts people to mine new coins.  As part of employment record, co-op may ask for ID and utility bill (if required by bank provider).  Co-op "votes" for employee miner address to approve / "hire".  Miner sends new coins to co-op's mmc address, co-op pays wages (income) from checking account to miner.  Co-op maintains any responsible documentation / records / tax records / etc.

Isn't that basically a community / non-profit accounting service, credit union, or financial trust?
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Offline MaxPWR

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Re: MMCBANK - Max's Miners' Union & Community Trust
« Reply #5 on: January 25, 2014, 09:14:34 AM »
Short-term, CSO's working on a social networking site for "MMC community professionals" - web developers, merchants, service providers, miners, etc.  That should give us a place to market ideas like this, see if there's anything related, or if anyone else is interested in advertising further, etc.

Long-term, I like MMC as an "open-source collaborative planning" platform...start with a bunch of "what-ifs?", then see what develops.  We can always play in MMC and see where it goes.  For all we know, someone's already working on something similar, and maybe they just need a bit of co-branding.

But credit union is only the financial aspect of possible "cooperative" models.  Could use it for personal accounting, private business management, or even incorporate your "for profit" and "for the benefit of MMC" selves separately.  Could extend the model to other currencies. 

I think the "for those MMC shareholder who agree I am acting in their mutual benefit by voting for me" concept could link and span anything from consumer, professional, sole proprietor, LLC, corporation, non-profit, etc.  Would provide a solid-basis for "trades in MMC should be tax-exempt, trades in fiat should be recorded and accounted for".
You can't stop the signal, Mal. Everything goes somewhere, and I go everywhere.

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Offline ManeBjorn

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Re: MMCBANK - Max's Miners' Union & Community Trust
« Reply #6 on: January 25, 2014, 05:15:06 PM »
Definitely.  :)
So many great possibilities.


Short-term, CSO's working on a social networking site for "MMC community professionals" - web developers, merchants, service providers, miners, etc.  That should give us a place to market ideas like this, see if there's anything related, or if anyone else is interested in advertising further, etc.

Long-term, I like MMC as an "open-source collaborative planning" platform...start with a bunch of "what-ifs?", then see what develops.  We can always play in MMC and see where it goes.  For all we know, someone's already working on something similar, and maybe they just need a bit of co-branding.

But credit union is only the financial aspect of possible "cooperative" models.  Could use it for personal accounting, private business management, or even incorporate your "for profit" and "for the benefit of MMC" selves separately.  Could extend the model to other currencies. 

I think the "for those MMC shareholder who agree I am acting in their mutual benefit by voting for me" concept could link and span anything from consumer, professional, sole proprietor, LLC, corporation, non-profit, etc.  Would provide a solid-basis for "trades in MMC should be tax-exempt, trades in fiat should be recorded and accounted for".
Tips Appreciated MMC | MQotia5NmKTsaXXPaN8hw2ze3Z1DNwi39s
https://www.multibet.io/index.php?ref=ManeBjorn

 

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