ibackbitcoin.org

[ripper234]

I have an idea for a cool project - ibackbitcoin.org.
I have a bit of money I can use to finance this, but zero (negative?) time to work on it ... looking for good people to join and help me build and manage it.

This is not a for-profit endevor, just a cool project that I want to start.

If you're serious, feel free to comment and edit on the document, and contact me at info@ibackbitcoin.org

High level vision

The question What Backs the value of Bitcoin has been discussed to death. The site I’m proposing is a novelty (not for profit) website where people can provide answers to this question by backing up bitcoin themselves.

Initial Mockup

[peled1986]

No point to commit to buy 21,000,000 bitcoin for these reasons:
1.   It makes people commit for ridiculous low prices.
2.   Only the top commitment has meaning (anyone under him is irrelevant)
3.   Bitcoin is much more valuable if it is backed by a community and not 1 big whale.

Solution:
The commitment should be for a minimum amount, for example 100 bitcoin.

I back Bitcoin … I promise to buy 100 bitcoin for 10 USD per btc and to not sell them for less.

Now we just need to find 209,999 more people  

[R2D221]

This sounds like an interesting idea. I personally would like the price to remain stable at least for a year (be it high or low). However, I also wouldn't commit to a price for the whole 21M bitcoins.

What should be done is a few options for BTC amount (e.g. 1, 100, and 1000). I feel that commiting to a bigger value is unrealistic.