A small community on an island, use Bitcoin or create an Alt?

[Elwar]

Ok, let's take a hypothetical island in the Bahamas with full Internet access via the US and the Bahamas mainland.

Let's say that a group of investors wanted to build a small "libertarian" (still abiding by Bahamas laws) community on that island for tourism and living.

If they wanted to use a cryptocurrency for their local economy, would it be better to just use Bitcoin or create their own alternative cryptocurrency?

If an alternative, what structure would be best for keeping most of the mining income local?

[Elwar]

I was thinking Bitcoin would be good because the tourists can more easily find exchanges for their local currency to bitcoins while an Alt would likely require conversion to Bitcoin and then the Alt. Plus, as the Bitcoin price goes up globally, the small community would gain automatic wealth.

But an Alt could fund much of their project by pre-mining.

[AlgoSwan]

In order to succeed in this project, this libertarian community should solve the energy problems first.

[Honeybooboo]

It would be too expensive to mine their own currency and difficult to trade with people outside their island where their currency would be largely useless so I'd just accept bitcoin. I really don't think a country would need their own coin either but what better way to promote bitcoin than an island or country adopting it?

[Guido]

Ok, let's take a hypothetical island in the Bahamas with full Internet access via the US and the Bahamas mainland.

Let's say that a group of investors wanted to build a small "libertarian" (still abiding by Bahamas laws) community on that island for tourism and living.

If they wanted to use a cryptocurrency for their local economy, would it be better to just use Bitcoin or create their own alternative cryptocurrency?

If an alternative, what structure would be best for keeping most of the mining income local?

hey, I know ypou Elwar, it's not hypothetical, you're actually planning this 
count me in if planning this
as long as there are some swedish blondes on the island 

I would use bitcoin and an established alt that has other better features. like startcoin for example, own platform, many backers areas of interest, very fast
both would be amazing, plus you could guarantee lots of airtime and exposure with BOTH these

it's time to jump ship, when my kids are older, I'm doing this!

[Amph]

better to use something like bitcoin, that is already established and could be recognized more easily by someone that live outside of that island and want to visit it in the future, than building a new alt which will be just a clone i guess....

[newIndia]

Ok, let's take a hypothetical island in the Bahamas with full Internet access via the US and the Bahamas mainland.

Let's say that a group of investors wanted to build a small "libertarian" (still abiding by Bahamas laws) community on that island for tourism and living.

If they wanted to use a cryptocurrency for their local economy, would it be better to just use Bitcoin or create their own alternative cryptocurrency?

If an alternative, what structure would be best for keeping most of the mining income local?

hey, I know ypou Elwar, it's not hypothetical, you're actually planning this 
count me in if planning this
as long as there are some swedish blondes on the island 

Yah... count me in as well for the same condition

As far as medium of exchange is concerned, I'd prefer bitcoin only. Island specific crypto will only end up being another local currency.

[Elwar]

It would be too expensive to mine their own currency and difficult to trade with people outside their island where their currency would be largely useless so I'd just accept bitcoin. I really don't think a country would need their own coin either but what better way to promote bitcoin than an island or country adopting it?

Hmm, I had not thought from this perspective. I guess I was focusing on the tourists. That does make sense.

hey, I know ypou Elwar, it's not hypothetical, you're actually planning this 

[DarkHyudrA]

Wouldn't be better to make a colored coin?
So, it would be controled by a group of the emission of the colored coin and turists would trade at a 1:X rate compared to what the coin is used on the island.
Of course simply setting a price for a colored isn't the best idea, but a lot of local communities already made their own money system so that they don't use banks, so the idea is the same, but with colored coins.

[BitcoinAddicts]

using bitcoin is better then creating an altcoin, so users can exchange them to cash in their own countries, buy them online at major exchanges, and there are already many peoples who are using bitcoin, most peoples don't like new altcoin

[michinzx]

using bitcoin would be better imo, it would give tourists an easy way to pay with something that already exists, and there is already something similar to this, not an island but a city, but bitcoin is integrated into most of the city's economy: http://cointelegraph.com/news/113262/my-experience-in-bitcoin-city-arnhem

[bornil267645]

I am thinking Bitcoin too, because the Bitcoin already have a established structure so it would add extra bonus in terms of usage. Creating an Alt would mean having to worry about the structure of that coin while they should be concerned about the structure of the Island.

[subSTRATA]

Terrible reply from the noobs 


If you want any control or more centralization , you will need a POS coin with premine phase.

something along the lines of auroracoin right?

[unamis76]

To start off, I don't see what the need is for an alt in such community... I don't really see a case use. They can perfectly fit in Bitcoin

[Elwar]

Terrible reply from the noobs 


If you want any control or more centralization , you will need a POS coin with premine phase.

Ya, the premine thing would be the main reason to go that route but it would require faith in people wanting to invest in it.

I am mainly thinking about the mining portion, if a hurricane hits or Internet to the island is shut off for a short period if the majority of the mining is done locally then they can continue the chain with most of the transactions. However it is more vulnerable to a 51% attack if it stays small and localized.

Like someone said, the infrastructure for Bitcoin already exists...focusing on the island structure should be the highest priority.

[BitUsher]

Terrible reply from the noobs  


If you want any control or more centralization , you will need a POS coin with premine phase.

Ya, the premine thing would be the main reason to go that route but it would require faith in people wanting to invest in it.

I am mainly thinking about the mining portion, if a hurricane hits or Internet to the island is shut off for a short period if the majority of the mining is done locally then they can continue the chain with most of the transactions. However it is more vulnerable to a 51% attack if it stays small and localized.

Like someone said, the infrastructure for Bitcoin already exists...focusing on the island structure should be the highest priority.

Bitcoin seems like the way to go here. Any other attempt at creating an alt could spark suspicions that this was a pump and dump project instead of a honest attempt at a libertarian project. If fundraising is needed for infrastructure than you can create your own asset or share with counterparty which uses Bitcoin to secure it and won't appear to betray bitcoin.

[NorrisK]

Terrible reply from the noobs 


If you want any control or more centralization , you will need a POS coin with premine phase.

Ya, the premine thing would be the main reason to go that route but it would require faith in people wanting to invest in it.

I am mainly thinking about the mining portion, if a hurricane hits or Internet to the island is shut off for a short period if the majority of the mining is done locally then they can continue the chain with most of the transactions. However it is more vulnerable to a 51% attack if it stays small and localized.

Like someone said, the infrastructure for Bitcoin already exists...focusing on the island structure should be the highest priority.

Can't to make the mining up restricted? This would limit mining to the island and using proxies.

As far as bitcoin vs other coin: Maybe it can be another coin pegged to the usd? Would require substantial stash of USD though?

[amiryaqot]

Bitcoin as core currency would be better idea so there are few reasons to use that because of more public awareness about it through social media and its adoption around the globe,now it has more big merchants so it would be more easy to trade outside the island, if OP want a group of bitcoin lovers at that island i would be like to be there.

[S4VV4S]

Ok, let's take a hypothetical island in the Bahamas with full Internet access via the US and the Bahamas mainland.

Let's say that a group of investors wanted to build a small "libertarian" (still abiding by Bahamas laws) community on that island for tourism and living.

If they wanted to use a cryptocurrency for their local economy, would it be better to just use Bitcoin or create their own alternative cryptocurrency?

If an alternative, what structure would be best for keeping most of the mining income local?

Bitcoin, definitely.
While having your own currency is cool, you are restricting transactions to your island's boundaries.

So if the island was good at producing and exporting a product, it would be easier to deal with a currency that is more widely adopted.
Plus, they would save on exchange fees

[anderson00673]

Clams.  Obviously they would have to use clams as their currency.  It would be an easy one to use and as a bonus they could gamble with them if they get bored.