Quick question:
Wouldn't the existence of a president imply there's a strong national government, which would go against libertarian ideals?
Thinking it all boils down to the question: Will Nauru once taken over by 10,000 libertarians actually be (and continue to be) a liberal state - or will it automatically develop into a less liberal state based on egoistic human nature which inevitably leads to abuse of power sooner or later?