I've seriously thought about this and really think we should do this. Maybe even an island nation. Would be awesome.  I think marlon brando bought his own island |
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After the events of last week.
I was making this suggestion to some folks yesterday, but they claimed that bitcoin is too small. Does it matter?
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Some interesting statistics.
Population: ~2000000 (estimate) (#148, after Botswana)
Estimate based on growth thanks to Max Keiser's 1000000 campaign.
GDP (last 365 days): $1.269 billion USD (#172, after Dijbouti)
Blockchain.info.
GDP per capita: $634.50 USD (N/A)
The average Bitcoin user grosses $600 USD annually in Bitcoin. Bitcoin seems to not yet be a significant portion of most people's lives.
Monetary base: $730 million USD (#120, after Fiji)
Based on total mined rounded down to approximate currency destruction.
Any others?
Needs a flag: I made this today: http://bitflag.orgLet me know if there any other designs out there |
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I realized that bitcoin is one of the only currencies without a flag so I decided to upload this design at: http://bitflag.org/Let me know if people prefer the red one ...  |
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10 posts... have an otc?
actually webr3 was the person that first alerted me to bitcoin ... ive been on here a few years ... can vouch he's legit |
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Bitcoin needs an officially recognized currency code to get traction as a valid investment available within mainstream finance. Major benefits would result, which include an even stronger fx rate and a much harder target for central banks to try to kill off. BTC is fine for an unofficial code, and it may become official if Bhutan registers it on Bitcoin's behalf. This will not be easy, but is do-able in theory. Further investigation shows their minor currency unit is the Chhertum, which means they are very unlikely to give up BTC. Because Bitcoin is a world currency ideally it should have an X-code to reflect this. Consider existing ones: XAG (Silver), XAU (Gold), XPD (Palladium) XPT (Platinum). If Bitcoin is "virtual gold" then it needs a code like the other precious metals. Mainstream financial systems expect to settle with a valid ISO code, and would want to use it in the API with Mt Gox and other exchanges. BTC can run alongside an x-code, because two codes could be treated as valid for Bitcoin, although only the X-code would facilitate inter-system settlement. Ripple are further down the mainstream road in this respect as they have XRP defined which could be forced upon the standards authorities through pressure of widespread usage. The poll above supports up to three votes per person, so a better ranked list can result, which is ideal as an official letter (from the Bitcoin Foundation perhaps) could offer several alternative codes to the standards authorities. Background reading: http://www.xe.com/iso4217.phpCampaign for XBT. A new ISO Currency Code is required for Bitcoin https://bitcointalk.org/index.php?topic=148229.0X-ISO4217-A3 (revised draft) Published https://bitcointalk.org/index.php?topic=127604.03 Letter ISO codes are a bit 20th century. That said, it's better to have one than NOT have one, but I'm not sure it's worth paying too much for ... The 21st century way to do things is to give the currency a URL. At the W3C Payments group we are going to add all the 3 letter ISOs to https://w3id.org/ and we'd probably be happy to add BTC (or other 3 letter code) to that list if you wanted a permanent ID there. The principle here is that the web plays a role in removing gatekeepers, squatters and high barriers to entry like the ISO system... |
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rwxo7BUnJwkq11upp4FsPK6kMLnHim5FM
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https://www.iana.org/assignments/uri-schemes/prov/bitcoin(last updated 2012-09-23) Resource Identifier (RI) Scheme name: bitcoin Status: provisional Scheme syntax: bitcoin:<address>[?[amount=<size>][&][label=<label>][&][message=<message>]] Scheme semantics: Send money to a Bitcoin address Encoding considerations: Unknown, use with care. Applications/protocols that use this scheme name: Interoperability considerations: Unknown, use with care. May be unsuitable for open use on the public internet. Security considerations: Unknown, use with care. This scheme claims to be used to send money, which implies a commitment by the client user; as described is not clear that this scheme does not violate the web principle of safe interactions ( http://www.w3.org/TR/webarch/#safe-interaction). In the absence of more details, it should be considered very dangerous to dereference a bitcoin URI. Contact: Registering party: Dave Thaler <dthalerµsoft.com> Scheme creator: Bitcoin URI Scheme Author/Change controller: Either the registering party or someone who is verified to represent the scheme creator. See previous answer. References: http://en.wikipedia.org/wiki/Bitcoin, https://en.bitcoin.it/wiki/BIP_0021 (file created 2012-09-23)
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I was little disappointed after reading the strategy, basically just saying "keep promoting and developing bitcoin". Thread starter must be a genius  Apologies, I could have expanded a lot more but I think the community already has the magic formula. "Just keep swimming..."
"Just keep swimming..."
"Just keep swimming..."  If there's one thing that stands out it's generate trust. Bitcoin has to become the most trusted currency it can be, or even, in the world. In most currencies it is the job of centralized authorities to reduce fraud. But all too often, fraud becomes institutionalized. As legacy currencies start to lose trust, new ones will gain trust. I call this "The Law of Conservation of Trust". The total amount of trust in a monetary system remains roughly a constant. Bitcoin is well placed to gain brand value as other poorly managed currencies falter. Here is the gap a decentralized currency can fill. Decentralization leads to a fault tolerant and self healing network, where it's very hard for one body to disrupt everything. Every transaction in good faith strengthens the trust, and therefore, the network - Increase the volume of good transactions - Increase the success stories - Increase the outlets - Scale out the OTC web of trust - Increase users - Inspire people, by generating a culture of good ethics Every time one of these things happens, bitcoin becomes one step closer to being the next great world currency. Network economics dictates that each new increment in the system takes bitcoin to a new level and makes it almost exponentially harder for any competition to challenge it. Hoarding, speculation and fraud are part of any currency. But we should aim for a culture that encourages good behaviour, discourages bad behaviour and perhaps provides metrics. (These are the classic 3 properties of an effective trust network). Quality, integrity and trust are key. Try not to split energies too much until it's felt a critical mass has been achieved. Just as in the rise of google or any other great share. Price increase should be a side effect of continuing (as a community) to do things well, rather than, the result of any one action. Dont focus on the valuation. Participate in strategies to generate trust, and everyone wins. |
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Update!!
Mission accomplished!
Preamble
I have followed bitcoin since the very start, and I think everyone will agree bitcoin has been a fantastic experiment to date. A great technical system, a great community and great leadership have contributed to something very special. ie the de facto currency of the Internet.
Back when bitcoin was around 2 cents, I was the first person to predict that it would go parity with the dollar, and people thought that was crazy. Within a year that milestone was reached and surpassed.
Prediction
So my next prediction may sound equally shocking. Bitcoin can go to over $1000.
I know not everyone is focused on price, but I believe there is a strong reason, a metric and a strategy to achieve this
Rationale
The reason I think this is the case is one simple idea. Brand Value.
Looking at the largest brands on the net we see valuations of 50bn to 100bn USD. If you consider google, a search engine, can have a brand value of over 100 bn. Why should bitcoin the brand not aim for the same value, usefulness, mystique and mind share?
100bn / 20m coins = would give a unit price of $5000 per bitcoin. Perhaps growing the btc brand to a google is ambitious, so I'll go for a conservative $1000 per.
Can we make a universal currency for humanity better than a search engine? Yes we can!
Strategy
Keep growing the brand. Above all be good bitcoin citizens and generate trust. Make bitcoin an honest currency and an exciting currency.
Innovate, fascinate, grow and support the community. Market. In short, keep doing everything you're doing now.
People will try and knock and disrupt BTC, but dont become bound to the negative energy.
Importantly, Keep growing the original bitcoin brand rather than become divided and conquered. When the time is right, more bitcoin variants will spring up, but it must be part of a big trust eco system. Bitcoin is the Galactica, other currencies can be the Colonial Fleet.
Master the regulatory hurdles that occur in individual geographical constituencies. Be understanding to century old laws, and social structure, yet show the path to modernization. Show how bitcoin can also be a force for social good.
Conclusion
Firstly, I'd like to thank an awesome community for doing something very special.
Bitcoin has had an explosive start. I think it's in an awesome position to keep consolodating. Whether you're in it for profit or to be part of it, be a good community citizen and your own success will follow.
Bitcoin is on a trajectory to reach $1000 if we keep doing the things we do well. And more importantly, well positioned to make a more exciting, and better world! KUTGW!
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Should bitcoin rebrand itself as "The People's Currency"? It is, after all, created, by the people, for the people. |
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My guess is that this will be the biggest economy in the world by the end of the decade.
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I'm going to make this short, because I'm more interested in reading your opinions rather than sharing mine. I'm sure most of you have invested in Bitcoins- and I consider even $50 an investment (though a small one). You could have invested when 10,000 Bitcoins were worth $25, or when a Bitcoin was worth about a buck. But do you regret not cashing in your investment earlier? Even I didn't expect the value of a Bitcoin to plummet this low, and despite getting rid of all my rigs and finally uninstalling both the RPC and Diablo miners from my main computer I still check MtGox each day in hopes that the economy will get much better. Then again, I'm a kid, so why should my opinion be taken seriously? The point that I'm trying to get at is, Bitcoins have been drastically falling in value ever since the CosbyCoin incident. At this point, do you intend to sell your investment and make what tiny profit (if any) you can get, or continue "believing" in Bitcoin?
As long as Silk Road is up, I'm sure Bitcoins will still be around regardless of their value. But I can just expect that one day I'll come back here and the whole community will be dead (metaphorically, of course).
One more thing, can someone explain to me how this ISN'T a ponzi scheme? I could have become a millionaire by selling Bitcoins right now if I had known about them from the start.
And finally, how do you think the BTC economy will influence other cryptocurrencies? Or as I call them, knock-offs.
You could have been a millionaire by investing in apple in the 80s, doesnt make apple a ponzi scheme. Some things accrue value. Bitcoin accrues values as it becomes more trusted, and more widely used. |
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What do you think will happen when 14 trillion dollars is created out of thin air? It rhymes with "sniper damnation".
Why would paying off debt as it comes due (over a 30 year period) cause hyper inflation? Surely the bonds are considered roughly AAA rated so exchanging them for real cash, as they come due, wont actually increase the money supply? How can they print money to pay the debt without increasing the money supply? Because the money supply was already increased when the bonds were issued? Paying the bonds is simply fulfilling the original expansion? (Disclaimer: This is part speculation / theorizing ) |
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What do you think will happen when 14 trillion dollars is created out of thin air? It rhymes with "sniper damnation".
Why would paying off debt as it comes due (over a 30 year period) cause hyper inflation? Surely the bonds are considered roughly AAA rated so exchanging them for real cash, as they come due, wont actually increase the money supply? |
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A decent overview of why deflation may not be the boogeyman so many believe it to be. I wish he'd spent more time discussing the economics of falling prices, but I guess that's "Deflation 102" and better for a follow-up lesson. http://www.youtube.com/watch?v=a6E1k2YO9qUNice wrap up. Inflation is a tax, yes. But I'm not convinced it is always necessarily bad. What if $10,000 were put in your bank account to stimulate the economy, would you complain? What if money printing was used to pay of the national debt as it comes due? I agree with his deflation argument. But what about those that hoard huge amounts of money, does it mean the rich become richer? I'm still undecided on this one, but I'm thinking about the "inflation used for the public good" concept, maybe being the best way. |
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Because the government wants to sell it's bonds to the Fed and monetize it's debt. It has nothing to do with the good of the consumer. The Fed's job isn't to stabilize prices. It's just to steal from the consumer in a controlled gradual way so that most people don't notice and don't freak out.
And also because every good is priced according to supply/demand which varies for each good individually, not specifically according inflation/deflation although obviously the latter will have a long term effect across the economy not only on the price level.
+1 inflation is taxation. But isnt it a tax where the richest pay more than the poorest? Could inflation be used positively? |
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Objective of the game:
Make money by buying BTC when the price is low and selling when it is high.
Rules of the game:
1. The price of BTC will go up when the Bitcoin economy is growing.
2. The price of BTC will down when the Bitcoin economy is shrinking.
3. Players can buy and sell BTC at any time, and participate in the Bitcoin economy and community as they see fit.
Optimal strategy for a single player:
1. Buy (or mine) Bitcoins as early as possible.
2. Convince others that Bitcoin is a viable currency and encourage them to start using BTC for their transactions.
3. Watch the economy grow and the price of BTC go up.
4. Sell your BTC for profit.
This is of course a tongue-in-cheek guide for profiting from Bitcoins since I hope that nobody will actually take this advice, but it is also very close to the truth due to the fact that Bitcoins do have a hard limit of ~21 million coins, meaning that any change in the size of the Bitcoin economy will be reflected in the value of BTC (i.e. the more people use BTC in real economic transactions, the more valuable BTC gets, and vice versa).
The question is, would you still continue using BTC for real economic transactions and continue contributing to the growth of the Bitcoin economy, if you knew that the biggest winners in the game are the ones who are not economically productive and only hoard Bitcoins for investment purposes?
Why not just buy bitcoins and use them to do real transactions? The value of a currency is based on trust. Every successful transaction increases the trust, your value and the value of the person you trade with. Be a good community member, and your own success will follow! |
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