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well true that the mining aspect may be less profitable then buying from a exchange...but this isn't meant to solely be a profit venture. I feel the mining aspect needs to be there to be fully comprehensive. but exchange buying will be covered in the Financial part of the project...already in talks with Oglala Lakota College here to look into a course on Crypto Algorithms, Dynamic Cryptography, etc.
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Maxwing...while yes Mining is a first step in this project is is only one aspect...and designed to be more of a hands on study element for it. Mining IS a fact of this industry so it's important that we look at how bitcoins are generated. It also goes towards Algo research, mining unit design, chipset design, and other parts of that element. the bitcoins generated go towards teaching how the exchanges work and how to trade on them. I think alot of people are seeing this as just a mining project, it's not...it's a fully comprehensive plan where we generate the coins locally, exchange them locally and use them locally. But they have to come from somewhere.
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Ok well I know the Owner of the free lakota bank...they're working more with the sales of Silver coins which is cool...but they're not exactly a bank in the sense that we think of a bank. To date theres been no talks between the two of us...not to say that it wouldn't happen in the future, who knows. But we are open to exploring all ways to increase bitcoins true market viability. A few people have expressed a interest in developing a stable Banking structure around Bitcoin and various crypto currencies
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Recently in the news there have been several countries, China, France, and India that have come forward with reservations regarding the acceptance and usage of Bitcoin as a recognized means of Trade and or a legitimate currency. With other news items reporting high level scams and cyber thefts in recent weeks raising consumer questions into the safety and security of Crypto Currencies, these countries and others around the world have ample reason to be concerned for the future and what regulations need to be in place to protect both consumer confidence as well as the liquidity of their fiat reserve currencies and their position in global exchange markets. But the question also comes as what should regulation look like? What role does the national government have in what their citizens use for trade in a free market economy? Enter the Bitcoin Oyate Initiative, all of the worlds global concerns are largely based on misinformed speculation, hearsay rumors, and a lack of genuine understanding of Bitcoins technical element and what it could mean for the growing e commerce market.
Tribal Sovereignty: The Lakota “White Knight”
Native American tribes hold a unique political relationship with the American Federal Govt. as they are De Facto Sovereign nations they have the unique distinction of the right to determine their own future through Political powers backed by longstanding treaties with the US Govt. One such treaty would be the historical FT Laramie Treaty of 1868, and specificly under Article XIV of said treaty
“It is agreed that the sum of five hundred dollars annually for three years from date shall be expended in presents to the ten persons of said tribe who in the judgment of the agent may grow the most valuable crops for the respective year “
now it is important to understand that at the time Agriculture was the primary commercial application the Federal Govt was wanting to direct the Tribes interests towards and since the treaty remains a legal and binding document we can assume it remains in effect to this day as a matter of US Law under the US Constitution and Adjusting for current standards for international norms it is safe to say that Bitcoin and Crypto Currencies are the “Most Valuable crops for the prospective year”
But what does this mean for the Bitcoin Industry as a whole? Simple, it means that Native American Reservations, Being in fact Sovereign nations under treaty, make a perfect incubator to introduce Bitcoin into, freely nurture it's usage, growth and development and see what the results will be. Shannon County is the 2nd poorest county in the US with a median Annual income of only $6,286 so if Bitcoin can really in fact make a positive impact on a economically devastated area this is it. This Initiative will allow all the hype and promises of Bitcoin and Crypto Currencies to be proven in a natural environment which will allow tribal officials to work out exactly what regulation needs to be in place to allow for proper consumer protections, strengthen current US and International AML statues, while still supporting a consumers right to choose their method of trade albeit Bitcoin, Debit/Credit Cards, Check or Fiat Cash, without incurring harsh fee's or sanctions biased against any specific trade medium.
Drafting regulation on Bitcoin without first openly embracing it is like trying to run a marathon blindfolded then being shocked when you run off course. Will there be challenges? Yes there will be, but thats why the BTC Oyate Initiative is designed to do, identify potential real world challenges, shortcomings, and flaws in a environment that fosters continued growth and development of the industry rather then prohibition. If the project is successful and proves out to be able to make a
significant positive impact for a economically shattered region like the reservation then it becomes a
model for other areas to use for their own development projects in the future to promote economic growth and stability.
As stated in earlier project descriptions the Bitcoin Oyate Initiative is looking forward to sharing our data points with world leaders and financial policy makers so they can look at the factual data and determine the best course of action for instituting Bitcoin regulation in their countries based on fact rather then hyperbole and conjecture.
Sincerely
Payu Harris
BTC Oyate Initiative
Project Manager
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Right now we're interested in any and all equipment that parties would consider donating, Block erupters, ASIC units, we've even had a few people offer the lil mini 334 Mhs usb units...those are all fine..like I said...it's about introducing the basic concepts of Algorithm based mining. People on the reservation have a better time understanding something thats running right in front of them then just reading white papers and a tech sheet online. I spoke with a person with the it dept of Oglala Lakota College and they were very intrigued by the idea of being possibly the first college in America to offer a course around Bitcoin technology. if we received the target goal of even 25 BTC we were planning to purchase a KNC Neptune Unit which would allow us to generate enough BTC quickly so we could self fund the second phase involving exchange trading. Now alot of us are speculating on what Congress and federal regulations are in store for the future of bitcoin. This Project gives is a chance to demonstrate a working model which can prove out whether or not Bitcoin can really be a primary source of exchange and commercial trading, and I know people will say we're already doing that with E commerce and Coffee shops in various locations but we have along way to go still...remember the couple that spent their first 90 days on BTC? anyone keep up on the challenges they had in the beginning? Well this project is working on doing the same thing...only on a wider scale...lets see what happens if a sovereign nation embraces it as their national currency. We're sifting through ALOT of emails with very valid points, comments, and suggestions... I'll share a couple...Crypto Currency Banking...will the project look into a safe and effective Crypto Banking system? Yes we're looking into that actually, using bitcoin and litecoin checks basicly cold storage notes that could be traded like fiat notes. or even as investment instruments like Crypto CD's of sorts. What about your tribes Casino operations how could BTC impact that market? We're looking at various ways Bitcoin could increase marketability for our tribal casino...Including Bitcoin/Litecoin Exchange services to possibly working with the Native american gaming device industry to prototype a gaming device that would accept a variety of crypto currencies. So theres alot of potential... But to answer the main question what type of gear...Anything what would we LIKE to obtain in time a KnC Neptune or possibly a BFL 300-600 Ghs ASIC miner...the goal is to develop the mining side up to 1 Ths whether that happens in a week, a month, or 6 months no one knows... and again...as I've stated a few times before...as the nay sayers shout that im just looking for free BTC...remember the Bitcoin community gave a random fan at a football game 22 BTC in donations. Am I looking for the same? yes I am...whats the difference? the results...now I dont know what he did with his...but I KNOW what Im planning to do with 22 BTC if we raise that much...the rest is up to the community...again please keep the Emails coming, questions and advice coming...and feel free to check out out Coinfunder initiative and if you dont feel like donating thats cool just please share it with others that might feel like supporting the project  https://www.coinfunder.com/project/view/id/118 |
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Ahhh ok well maybe one thing I need help with is someone that can help with writing this more effectively...this project is merely meant to be a starting point for the tribe to take a more active role in bitcoin development in the future...I have the mining aspect in there because mining is how bitcoins are generated...also as part of that phase of the project I would hope to see perhaps the Tribal College, Sinte Gleska, or OLC take a interest and perhaps develop a course around chipset designs, SHA and SCRYPT Algorithms, Opensource Mining application development, etc. I feel this would be productive because of Bitcoins inherent Open source platform which would allow a smaller college to develop a course structure around Bitcoin and Crypto technology Bit still the question will come up...How are bitcoins made? and where do they come from? The Mining aspect isn't meant to be a big income producer...it's meant simply to generate enough btc so that the second phase will have a greater chance of success...that being exchange trading. Exchange trading opens the door to market study, how Crypto currency exchanges work and how to exchange Crypto to Fiat and back. this part of the project also seeks to address the Sovereignty question and how tribal Sovereignty can be used to safeguard bitcoin technology and foster it's future growth. look at start ups like Bitinstant, Bitfloor and other exchanges and services that had good services, good aspirations, and good people behind the wheel...but were stopped due to federal regulations and state interference because of misinformation and pressure from the Fiat based banking community. Had a start up like Bitfloor partnered with a Native american tribe, the tribe could have hosted their servers or even helped run a brick and mortar exchange under Tribal Unified Commercial Codes and insulated them from crippling federal regulations...kinda like how places like costa rica host Online Poker sites due to it's international Sovereignty...only in this case you can drive to South Dakota. But there again..the bitcoins need to come from somewhere...and I wont lie there is a amount of risk involved in this project...but rather then asking for people to blindly donate BTC/LTC for us to experiment with...we're looking to fund a way to generate them ourselves we're also look for people who could come out after the project is started and give talks, guidance, advice and more to people here that want to learn. Im not a expert in mining gear...but there are some of you out there that are...that have designed your own units...I know there are people out there that are more experienced with setting up exchanges and how they run...if we get this project started even at a minimal level...how many would be willing to come out to SD and work hands on with the project to help develop it ? if people are leery of donating used gear or BTC how many of you would be willing to donate your time?
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Ok again for people just thinking this is ONLY mining look at the ENTIRE project overview...the Mining aspect is only a small part of it...the mining aspect not only teaches about ASIC technology hands on...but the coins generated are planned to be used to teach the basics of Exchange Trading, Market reaction, and other elements of the bitcoin exchange market. By using coins we've generated through mining it reduces the tribes exposure to having to buy bitcoins to train trading basics. you can find the main project page with www.kimitsuassetmanagement.com and as far as the amount we're looking for...currently BTC price is down 30% I dont want to set the project budget too low then be stuck trying to ask again to help get it started...if we can get it started with a lesser amount I'll post that we got it started...and yes this type of project has been done before but not at this level. We're talking about Bitcoin being embraced as a national currency of a sovereign nation, this will go along way towards proving out Bitcoins viability as a stable means of exchange. We are looking at a idea to work with my tribes Casino to develop a exchange service point where people can buy and exchange btc to usd. Again, this is where the mining element comes into play. This project takes into account ALL aspects of Bitcoin from Generation to exchange to merchant acceptance. I do appreciate the feedback and to the people saying im just looking for free btc...last weekend at the Auburn/Alabama game the bitcoin community gave a random guy in the stands 22 BTC just because he held up a sign saying "Send me Bitcoins" which is great...this project is designed to test bitcoins true viability and see whether or not it truly can come in and rescue a failing economy. If someone wants to help draw up a proper whitepaper I'd love the help. if anyone feels like stopping by South Dakota next summer to help with the project hands on that would be great too (assuming it's going). |
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Well heres the thing...the tribes here hold a unique relationship with the American Govt...we are, as I said, a Sovereign nation however we have a ways to go before we're respected as such. Thats why this project is unique and important for both the Native American Community as well as the Bitcoin community because it will show the world that we can re build our shattered economy through the use of Bitcoin technology and at the same time it can show the world that bitcoin CAN be deployed and used as a successful primary medium of exchange and commerce without having to resort to a fiat currency...now as for the question of "joining", it takes alot to become a tribal member...mostly through family lineage. However the tribe is always open to welcoming potential new citizens that can bring something to the table and help bring together a better future for our people. my recommendations would be travel here during the summer, see the area, meet some of the people and see what you think. Despite the outward poverty theres alot of opportunity there with new skills, products, goods and services to offer.
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I'm working on a website page for the project...and very true bringing in Casinos didn't impact Native american communities quite as planned...but thats also the idea this project was looking at...this is not just building a new casino or a bank or a specific business...it's deploying Bitcoin Technology and concept across the board Mining, Exchange trading and Merchant services. Also this will affect a entire Sovereign nation, small as it is...but we'll be able to see what happens when a country embraces the idea of Bitcoin as a national currency. Last weekend the Bitcoin Community Donated 22 BTC to a collage kid for holding up a sign with his QR address on it...which is great..it shows the willingness for the Crypto community to help one another and support one another...thats what Im hoping can happen here...the same type of community support but for a good cause that would make a positive impact for the industry...I do understand it looks like im just asking for free BTC...im open to alternate means of financing the mining aspect to start this project...if mining groups wanted to aim a day or two of their efforts towards the project I set up a specific worker on -o http://mint.bitminter.com:8332 -u kimitsu_btcoyate -p x if a interested party wanted to Finance the mining unit and send it...that way they'd be sure of what their efforts were going to or even putting together a loan financing arrangement...like I said...the main Goal is to get the project started and see how the results turn out...that's why we're looking at the 500 Ghs - 1 Ths range for the Mining Phase...that should generate enough BTC to start the Exchange Trading aspect (taking into account the increased Diff rating if project funding takes awhile) I have a detailed plan write up available if any Serious Supporter would like to look at it...PM or email me kimitsugroup@gmail.com I will be working on the Project webpage today and will post here when it's ready again I appreciate the Comments and input good and bad...keep them coming -Payu H arris- |
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One thing to note for everyone...yes explain it to them and they'll take over but seeing as im from Pine Ridge, I've lived there...I figure im a good person to oversee the Project and help train others...and thats why we're seeking enough BTC to get a 500 Ghs - 1 Ths miner because like I said the BTC generated will be used to help train prospective traders on CC trading and market basics...again...this project is designed to become 100 % self sufficient.
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Yes I considered using LTC however with BTC being the main traded Currency I figured it would be better to use that over others...one interesting thing to note is seeing how the tribes Sovereign nation status will come into play in all this...I chose the 25-50 figure in order to beat market fluctuation...as BTC prices are falling currently I want to insure not having to seek another round of project financing...KAM has already offered .25 BTC. As for the Tribe they're interested in seeing exactly what crypto currencies could do for rebuilding a tribal economy. Im a tribal member and have close family ties on the reservation and have lived there and seen the poverty firsthand...I firmly believe BTC could be produce a stabilizing effect for the reservation. I know this Project is going to raise some eyebrows, I can see the Trolls already warming up...we always talk about what BTC could do if it was openly accepted by a government and supported...well here's our chance to see and find out...if successful Im planning to invite people to come and share their success stories with crypto currencies...According to the US Dept of Interior...they agree the tribe has the full right to regulate the use of Crypto Currencies on the reservation...or to openly accept them....so the question becomes...if the tribe opens a Native American Exchange how will that impact any US regulations outside of tribal lands?
Also with the Electricity issue since it's a experimental developmental program the tribe would pick up power costs until the project was able to become self sustaining.
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Bitcoin Development Project Concept: The Concept for this project is to test Bitcoins true market viability by introducing it to a economically impoverished area, and education the local community in regards to 3 elements, 1.) BTC Mining including ASIC hardware and development, software and control scripts 2.) BTC Exchanges and trading, understanding how market volatility works and how it can be good for the overall industry. 3.) Payment Processing and merchant acceptance The Target location is the Pine Ridge Indian reservation in western South Dakota, this location was selected for two main reasons, one is it's long standing history of economic hardship and poverty. Also it's unique political status as a Sovereign nation, this would insulate it from outside federal regulations and the issues surrounding that. This will allow the Oglala Lakota Tribal nation to freely explore a BTC based market and can determine what, if any, regulations should be imposed in order to maintain a free market and consumer security at the same time Our immediate goals are 25-50 BTC in order to purchase basic Mining gear to get started with Phase one of the project For those interested in Donating we've set up 2 main Donation Accounts BTC Donations: 15v9sS7KPPmBw4wgRDYVGrRiaMXNphCxdd LTC Donations: LYADg8z4vFmmay3Fo35dh1FpGVxpU5p5sY Also for those willing to Purchase/Donate Mining gear or with input and/or advice on this project email me Payu Harris BTC Oyate Project mgr kimitsugroup@gmail.com |
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Would be cool if this service was still open...however NO website and NO way to contact....if anyone knows how to contact or if still operating...I'd love to use it pm me here
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I've bought from Coinbase but CB takes a couple days to get in....our Social network site bitofunity.com has a AD section with a specific part for bitcoin buy/sell and other crypto currencies...has anyone heard anything about bitinstant other then they were being sued?
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Hey guys...we just started a new indie social network community...and are having a focus on Bitcoin and cryptocurrencies...we even put up a specific Bitcoin/Crypto currency marketplace in our ads section and we even started a Bitcoin group....we're alot more then just a social network site...we want to be a community where the bitcoin community and the general community can merge and share info. Payu Harris www.bitofunity.com |
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