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Author Topic: The legalization of bitcoin.  (Read 4763 times)
Lancusters
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June 17, 2017, 10:44:28 AM
 #1

Do you think if we create an initiative group for the legalization of bitcoin. To find uninhabited island, to announce the collection of funds for its acquisition. Everyone who contribute will receive a piece of this island. Based on the state of Bitcoin official currency of this state to make a bitcoin. Do you like this idea?

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June 17, 2017, 02:31:57 PM
 #2

Every island out there is already controlled by a government, uninhabited or not - they will not allow you to just take over and build your own jurisdiction. You will still be subject to all the laws of the governing country, so cannot make your own laws. I think Sealand have gotten the closest to this idea, an offshore rig that offers hosting and other online services, along with "citizenship". If their closest neighbour wanted to take them over it could be done with ease.

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June 17, 2017, 02:38:25 PM
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Every country has their own law and so is the case with Bitcoin . Few countries have legalised it while some are I. Process of how to bring this under purview so that it can be monitored and legalised as well. How does it benefit economy and citizens of the country is also what government takes into consideration .

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June 17, 2017, 02:48:03 PM
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Every island out there is already controlled by a government, uninhabited or not - they will not allow you to just take over and build your own jurisdiction. You will still be subject to all the laws of the governing country, so cannot make your own laws. I think Sealand have gotten the closest to this idea, an offshore rig that offers hosting and other online services, along with "citizenship". If their closest neighbour wanted to take them over it could be done with ease.
Yeah, normally every island is located somewhere that falls under the jurisdiction of some country. There are not many if any pieces of land which are not owned by a government, or have overriding rules for it. There are some private islands available that you can buy and as long as they don't infringe on or override any other laws, you can make any rules you want on your own property. But those private islands are ridiculously expensive. Your idea wouldn't work this way.
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June 17, 2017, 03:12:38 PM
 #5

Do you think if we create an initiative group for the legalization of bitcoin. To find uninhabited island, to announce the collection of funds for its acquisition. Everyone who contribute will receive a piece of this island. Based on the state of Bitcoin official currency of this state to make a bitcoin. Do you like this idea?
The idea in itself is not bad at all. In the same way that communism was a great political system - on paper.
The problem with making this idea works lies with execution and legal framework being weak points of this project.
What you want to create here is like hippie community and projects like these are very often ending very badly.

Conclusion:

Do I like the idea? Yes, very much.

Do I think it will succeed? No, it will be a disaster.


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June 17, 2017, 03:14:38 PM
 #6

Who cares if bitcoin is declared legal or not in your country? I'm not using bitcoins because my government said it's OK I'm using it because I can make my own decisions with my own money.
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June 17, 2017, 03:31:08 PM
 #7

Do you think if we create an initiative group for the legalization of bitcoin. To find uninhabited island, to announce the collection of funds for its acquisition. Everyone who contribute will receive a piece of this island. Based on the state of Bitcoin official currency of this state to make a bitcoin. Do you like this idea?

The idea is good but the implementation is really really tough. Because most of the islands are controlled by the government. Even if the sell it to the group, they won't allow to introduce your own legalities there. The group will still have to act within their legal framework.

Also I believe, bitcoin is not really a good idea for transactions. It is really slow and transaction fees is also high which makes it an investor's currency. Personally I prefer to transact in fiat instead of bitcoin. Because bitcoin has got huge upside potential which makes it an attractive investment asset.

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June 17, 2017, 03:38:48 PM
 #8

Who cares if bitcoin is declared legal or not in your country? I'm not using bitcoins because my government said it's OK I'm using it because I can make my own decisions with my own money.

Yes you right. But remember one thing, when a country start to decide to make bitcoin as legal currency it will give bitcoin one step to become more popular and impact its increasing price.

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June 17, 2017, 03:53:16 PM
 #9

Do you think if we create an initiative group for the legalization of bitcoin.

Bitcoin is already legal in almost every country. Here's a list of Bitcoin's legality by Country: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

In some cases the Country hasn't formally declared Bitcoin legal but they don't declare it illegal, therefore it is legal.



And I don't like the "piece of this island" idea. How do you split up an island by a million or more people? What do we do with our small plot of land? Nothing.

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June 17, 2017, 04:21:51 PM
 #10

Do you think if we create an initiative group for the legalization of bitcoin. To find uninhabited island, to announce the collection of funds for its acquisition. Everyone who contribute will receive a piece of this island. Based on the state of Bitcoin official currency of this state to make a bitcoin. Do you like this idea?

This is not a good idea, I'm sorry to say that. We live in a world where pirates and other bandits are still there. So to live on that island we'll need an army, weapons and stuff and that's not what we want at all, right?

Actually we already have an island in a way, this forum, and seeing how people fight with each other sometimes we can can imagine what life would be like on the island you proposed even if we had no other problems.
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June 17, 2017, 04:33:42 PM
 #11

Novel idea but it will be very difficult to implement. Organising different folks from different backgrounds,  cultures and countries to come together to pull this off will be very very difficult. Unless there is some financial benefit for signing up to such a scheme, people wouldn't. And bitcoin has been adopted in some countries already, and more will follow shortly.

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June 17, 2017, 05:07:19 PM
 #12

Novel idea but it will be very difficult to implement. Organising different folks from different backgrounds,  cultures and countries to come together to pull this off will be very very difficult. Unless there is some financial benefit for signing up to such a scheme, people wouldn't. And bitcoin has been adopted in some countries already, and more will follow shortly.

Making bitcoin is legal in any country makes the money evaluation in the pipeline more than what world bank do now. It will organize the each transaction with the tx id so there is no corruption will take place in the Government. If the corrupted people leave from the bitcoin then it will be legal in everywhere.

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June 17, 2017, 05:16:29 PM
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Ahh no. Even buying an uninhabited island from a country wouldn't work since no one would sell it to you and secondly, almost every island in this world is already under the sovereignty of a country. Besides, some countries are trying to put one step forward towards bitcoin legalization, one of which is Australia. Also by legalizing bitcoin means submitting yourself over to the government's control and you're allowed to use bitcoin under their mandates. Would you even like that?

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June 17, 2017, 05:23:03 PM
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Some country forbid bitcoin for security reason , for example for preventing them to using bitcoin for terorism funding.
Logically the reason is valid but all depend on their goverment to take the decision

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June 17, 2017, 05:29:35 PM
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The legalization of bitcoin at this time as it is highly expected by the entrepreneurs, because this I think is very profitable for various parties, in addition, of course there will be no more any kind of corruption, but everyone of course has a different thinking, it Just a little thought of me

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June 17, 2017, 07:17:16 PM
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The legalization of bitcoin at this time as it is highly expected by the entrepreneurs, because this I think is very profitable for various parties, in addition, of course there will be no more any kind of corruption, but everyone of course has a different thinking, it Just a little thought of me
In all respects the legalization of Bitcoin is very good things, but the fact is that every Bitcoin user will have to prepare to lose his independence. This means that every state that recognizes Bitcoin will demand payment of taxes from this income.

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June 17, 2017, 08:03:58 PM
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I'd love to see a Bitcoin country. There were similar project in the past, just look it up.
One of those projects was the Isle of Man, but it's still under a government's jurisdiction.
https://www.bloomberg.com/news/features/2015-09-07/isle-of-man-tax-haven-with-tailless-cats-becomes-bitcoin-hub

Like others have already said, you won't find an island that doesn't belong to someone. There are uninhabited islands, but the waters they are on belong to a country.

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June 17, 2017, 08:30:13 PM
 #18

I'm having a hard time trying to understand why anyone would want a country with bitcoin as the main form of currency. As a really volatile coin, prices would raise and fall almost daily, as globalization made almost every single product international. Living in the island would be a really terrible experience, or just plainly impossible. It would make bitcoin a "real" currency... But that would change nothing on how things work today. It's a bad idea, in general.
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June 17, 2017, 08:52:07 PM
 #19

Do you think if we create an initiative group for the legalization of bitcoin.
I like the idea but wherever you go bitcoin anyone can use it regardless of the country's law, there will be people that will keep on using it.

To find uninhabited island, to announce the collection of funds for its acquisition. Everyone who contribute will receive a piece of this island. Based on the state of Bitcoin official currency of this state to make a bitcoin. Do you like this idea?

I also like this idea that this island will be a bitcoin paradise where every transaction will be in bitcoin. But for sure there will be people hoarding and will pay for piece of that island. And of course since it is just an island, invasion is a risk.

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June 17, 2017, 08:56:24 PM
 #20

Do you think if we create an initiative group for the legalization of bitcoin. To find uninhabited island, to announce the collection of funds for its acquisition. Everyone who contribute will receive a piece of this island. Based on the state of Bitcoin official currency of this state to make a bitcoin. Do you like this idea?

The idea is terrible because it is not possible in the real work as every island comes under some country or the other so you really go and own something just like that and top of that you really cannot make rules over ruling the laws of that country,so it is an impossible task.
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