Would you live on a seastead that uses nothing but bitcoin for its currency?

[Elwar]

Seastead company, Marinea, is planning on using bitcoin as its initial currency.

http://blog.marinea.org/?p=114#more-114

[pedrog]

If it's not a scam it sure looks a lot like one:

Funding

We are funding the Marinea Project primarily through the sale of memberships and the purchase of Sea-Notes.

The funds needed to complete phase 1 is $15M

A Sea-note is a measure of membership currently set at $100. The proceeds will be used to create our floating base of operations. Once the base is established, further funds and profits will be used to foster R&D through seed grants and resource support of entrepreneurs willing to test out their products and claims out on the sea.

You may of course purchase as many Sea-Notes as you wish.  To be used either for citizenship when the time comes, as a discount on Marinea partner products and services, or as an investment in a new industry, or maybe just because you want to see this project happen and have your name written in the book of the founders as a moment in history. Whatever your reason, we want to thank you for all your support, both financial and by telling your friends about Marinea.

https://marinea.org/phase1/#how

[BitWhale]

Only if there's Lobsters, Bitches, and Weed.

[LFC_Bitcoin]

Only if there's Lobsters, Bitches, and Weed.

Pretty much something like this but seriously, yeah I would. Me & my girlfriend always talk about doing a runner away from family & responsibilities etc.

[groll]

It is okay if there are places on that area where I can use the bitcoin.  Places like malls, pharmacy, restaurants, and market . That would be the place to be for all bitcoin enthusiast.  Evry transactions would really take the whole world by storm as ut is the first place where uses of bitcoin is very much alive.

[knightkon]

If it's not a scam it sure looks a lot like one:

https://marinea.org/phase1/#how

I agree that this sorta does look a little fishy, however even if they are going to do this, I think that it will be a failed venture.  Bitcoin is not accepted enough to support a whole company or government at this time.  If you are only doing virtual goods or something, then you might have a chance, but I do not think that this company is in the right mindset to keep above water with only bitcoin.  This is just my opinion.

[Elwar]

If it's not a scam it sure looks a lot like one:

Funding

We are funding the Marinea Project primarily through the sale of memberships and the purchase of Sea-Notes.

The funds needed to complete phase 1 is $15M

A Sea-note is a measure of membership currently set at $100. The proceeds will be used to create our floating base of operations. Once the base is established, further funds and profits will be used to foster R&D through seed grants and resource support of entrepreneurs willing to test out their products and claims out on the sea.

You may of course purchase as many Sea-Notes as you wish.  To be used either for citizenship when the time comes, as a discount on Marinea partner products and services, or as an investment in a new industry, or maybe just because you want to see this project happen and have your name written in the book of the founders as a moment in history. Whatever your reason, we want to thank you for all your support, both financial and by telling your friends about Marinea.

https://marinea.org/phase1/#how

I'm one of the board members and I can say it's not a scam. I'm just the IT guy so I can't say this is the best funding strategy but we went through many different iterations of trying to come up with funding. Being an international company that will not be based in a single country we started hitting legal walls. Initially we were going to sell shares and provide dividends but that would bring in all sorts of difficulty with any US investors which cuts out a major block of funding.

Our marketing guy seems to think people would be willing to pay $100 for potential citizenship and discounts down the road or just because they're excited about the possibility. But as an investor myself I do not see the return on investment that would be worth it.

We considered creating an alt coin and using that as the currency on the seastead but considering people on the seastead can buy things in the US with bitcoins a lot easier than using some alt, and bitcoin has worldwide use I suggested against yet another alt coin.

It is a good incremental solution though. Most proposals are looking for $200-$300 million for a huge final community without any stages of testing before then.

[jhenfelipe]

This is a big project/plan and will cost so much to complete all the resources needed by people. No worries with me living on a place that uses nothing but bitcoin as long as I'm with my family and we can support our daily needs on that place (it will be a big adjustment though). Honestly, I'm thinking if it's really possible to do/implement as of now since this will need not just lots of money but also time. But let's wait and see how far this project can go.

[TraderETH]

It is good news and innovation, i hope it is soon will happen. Because there are not many stores who accept bitcoin as payment method, if it happen will make bitcoin more popular and there are many people who use it, although it is still need time.

[gentlemand]

I'll wait a couple of decades to see whether it sinks, gets blown up or goes feral before moving in. Planned utopias usually end up the biggest dystopias.

[pedrog]

I'm one of the board members and I can say it's not a scam. I'm just the IT guy so I can't say this is the best funding strategy but we went through many different iterations of trying to come up with funding. Being an international company that will not be based in a single country we started hitting legal walls. Initially we were going to sell shares and provide dividends but that would bring in all sorts of difficulty with any US investors which cuts out a major block of funding.

Our marketing guy seems to think people would be willing to pay $100 for potential citizenship and discounts down the road or just because they're excited about the possibility. But as an investor myself I do not see the return on investment that would be worth it.

We considered creating an alt coin and using that as the currency on the seastead but considering people on the seastead can buy things in the US with bitcoins a lot easier than using some alt, and bitcoin has worldwide use I suggested against yet another alt coin.

It is a good incremental solution though. Most proposals are looking for $200-$300 million for a huge final community without any stages of testing before then.

What is the timeline?

What if it gets only 2 million of funding in the next year?

Will the money be returned to investors? Or is total loss and marinea people just burn 2 million in one year without anything to show?

Why not venture capital? It seems a lot more appropriate for this kind of project.

[btccashacc]

to be honest, I want to stay in some place where I could use bitcoin and spend them easily, anywhere, but if if actually happen, it seems the price of a house or for rent maybe there will be expensive i think, including all of which for sale, anyway i can't access the site it just showed me "403 Forbidden"

[Elwar]

I'm one of the board members and I can say it's not a scam. I'm just the IT guy so I can't say this is the best funding strategy but we went through many different iterations of trying to come up with funding. Being an international company that will not be based in a single country we started hitting legal walls. Initially we were going to sell shares and provide dividends but that would bring in all sorts of difficulty with any US investors which cuts out a major block of funding.

Our marketing guy seems to think people would be willing to pay $100 for potential citizenship and discounts down the road or just because they're excited about the possibility. But as an investor myself I do not see the return on investment that would be worth it.

We considered creating an alt coin and using that as the currency on the seastead but considering people on the seastead can buy things in the US with bitcoins a lot easier than using some alt, and bitcoin has worldwide use I suggested against yet another alt coin.

It is a good incremental solution though. Most proposals are looking for $200-$300 million for a huge final community without any stages of testing before then.

What is the timeline?

What if it gets only 2 million of funding in the next year?

Will the money be returned to investors? Or is total loss and marinea people just burn 2 million in one year without anything to show?


Why not venture capital? It seems a lot more appropriate for this kind of project.

And that is where we are currently focused. Our marketing guy, Bob, is focusing on the large investors including just going for a business loan since our Phase 1 will have a large floating structure that can be financed like a large boat.

I would imagine if we got 2 million without reaching our 15 million goal we would scale down the first phase and get something in the water at a lower cost as a proof of concept to move forward.

As for timeline we would be floating probably within 6 months of hitting the funding goal.

[unamis76]

OP's link gives a 403 error. So they want to build a floating city with Bitcoin as its currency? Looks interesting, but I'm not sure why would it have more success than other nations who wanted to raise themselves from nothing. What comes with the 100$ membership? Would it grant a building license?

[Junko]

I would just come visit for a couple of weeks of holiday as a tourist.

[BillyBobZorton]

It depends. How would one live in the middle of the damn sea? How is food and water acquired? How much is the cost of living? If it's cheap then yes, if it's expensive then I can't afford it and I will save my BTC.

[krishna1]

I always dreamed to stay alone with my laptop  in a seaside and if it was with bitcoin too then its really a dream come true thing for me but will seaside living is sea.i mean to say is sea are not dangerious like floods or tornados

[ontrackk]

Seastead company, Marinea, is planning on using bitcoin as its initial currency.

http://blog.marinea.org/?p=114#more-114

i would definitely do that in my opinion because i always wanted to live somewhere where bitcoin is the only currency and you dont need anything else

[countryfree]

Hey, that's funny. 2 years ago, I was working for a French company which had huge plans to exploit the seas. They've developed some smart bio-engineering tech to turn algae into fuel, and I was helping them raise funds to start large scale production. Unfortunately, the price of oil crashed, and all prospects to make the company financially viable. But I agree there's huge opportunity in the seas.

Not much for living, though. On the the project I was working for, all algae, once harvested, would have been converted into fuel in a factory on land. It's difficult to think of a floating structure as a viable living space.

[The Sceptical Chymist]

It is okay if there are places on that area where I can use the bitcoin.  Places like malls, pharmacy, restaurants, and market . That would be the place to be for all bitcoin enthusiast.  Evry transactions would really take the whole world by storm as ut is the first place where uses of bitcoin is very much alive.

Yeah, I'd love to open up a seaside pharmacy that accepts bitcoin, though it's murder trying to compete with CVS and Walgreens, both of which will never accept bitcoin (probably).  I'm all for people using it as a currency, though I myself don't find it useful as such.

As to the question posed by OP:  Hell yes I would.  Better than where I'm at.