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Poll
Question: How long until someone can live only on Bitcoins?
By Oct 31 2011 - 7 (8.1%)
By Dec 31 2011 - 3 (3.5%)
By Jun 30 2012 - 8 (9.3%)
By Dec 31 2012 - 14 (16.3%)
By Dec 31 2013 - 12 (14%)
In 2014 or later. - 42 (48.8%)
Total Voters: 86

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Author Topic: How long until someone can live on Bitcoins only? (10 BTC Bounty)  (Read 2080 times)
GoWest
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July 26, 2011, 05:09:18 AM
 #1

Requirements:

1) The individual has a job or runs a business that pays them in Bitcoins;
2) All of this person's needs (food/transportation/shelter) are met through spending only Bitcoins at businesses that officially accept Bitcoin (not at a business making a one-time exception);
3) All of the transactions in requirement (2) happen in person (offline) with businesses located within a 50mi/80km radius of the individual;
4) Rent is paid for (or home purchased) in Bitcoins;
5) Bitcoins are never converted to other currencies to complete transactions;
6) Utilities need not be paid in Bitcoins.

Mandatory:

- Groceries
- Shelter
- Local Transportation
- At least two occurrences of long-distance (>200km) transportation being paid for with Bitcoins (airplane ticket/train ticket/rental car/owned car/fuel, etc), and meeting the rules set out in requirements 2, 3, and 5.

I will pay out 10 BTC to the first person that can prove to me that they've achieved the above.  Proof includes links to websites of businesses with which transactions occurred (to prove they officially accept Bitcoin - not required for proof of rent paid) as well as scans/photos of receipts.

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EricJ2190
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July 26, 2011, 06:51:52 AM
 #2

2) All of this person's needs (food/transportation/shelter) are met through spending only Bitcoins at businesses that officially accept Bitcoin (not at a business making a one-time exception);
3) All of the transactions in requirement (2) happen in person (offline) with businesses located within a 50mi/80km radius of the individual;

Why is this necessarily to pay for everything offline? Many people already pay for rent or make housing payments online. In some cases, you can even pay for food and transportation online.
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July 26, 2011, 07:08:01 AM
 #3

 Thanks for good promotion initiative. But prize money are not so high to really motivate people. Probably, you may try to appeal for donations to support this project Wink.
silverchair
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July 26, 2011, 07:28:27 AM
 #4

Next year i guess. Wink

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July 26, 2011, 07:30:13 AM
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Thanks for good promotion initiative. But prize money are not so high to really motivate people. Probably, you may try to appeal for donations to support this project Wink.

By the time he has to pay out..  who knows how high 10 BTC may be!?


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July 26, 2011, 09:42:43 AM
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Thanks for good promotion initiative. But prize money are not so high to really motivate people. Probably, you may try to appeal for donations to support this project Wink.

By the time he has to pay out..  who knows how high 10 BTC may be!?

To achieve this, bitcoin will have to be pretty much mainstream. 10BTC will be worth allot!
GoWest
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July 26, 2011, 01:14:51 PM
 #7

2) All of this person's needs (food/transportation/shelter) are met through spending only Bitcoins at businesses that officially accept Bitcoin (not at a business making a one-time exception);
3) All of the transactions in requirement (2) happen in person (offline) with businesses located within a 50mi/80km radius of the individual;

Why is this necessarily to pay for everything offline? Many people already pay for rent or make housing payments online. In some cases, you can even pay for food and transportation online.

Good point.  I will remove the "offline" requirement but keep the distance requirement.

wareen
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July 26, 2011, 04:16:03 PM
 #8

What about intermediaries who make the BTC/USD conversion transparently?

I think it's a bit hard to know where to draw the line here. For example, what about merchants offering their products through bitcoinworldmarket.com to be sold for BTC but choose to be paid in USD themselves (bitcoinworldmarket.com does the BTC/USD conversion without your knowledge)? In this case you could not even tell if the merchant does accept Bitcoins "directly".

The extreme case would obviously be some service you can pay for in Bitcoins which takes care of all your USD bills for you.

I don't want to be nitpicking here but I think it's an important question (not just for this bounty) because we're inevitably going to see more such intermediary services in the transition period towards a full-fledged Bitcoin economy (which is probably what you're aiming for in your poll).

If your question does not include such services then despite all my usual optimism, I don't think your bounty will ever be claimed.
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July 26, 2011, 08:22:55 PM
 #9


3) All of the transactions in requirement (2) happen in person (offline) with businesses located within a 50mi/80km radius of the individual;
4) Rent is paid for (or home purchased) in Bitcoins;
5) Bitcoins are never converted to other currencies to complete transactions;


Damn, i don't even match those requirements in Euros right now.  Grin

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
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July 26, 2011, 08:59:36 PM
 #10

You technically can already.  You can buy meat, jerky, hotels, motels, socks, shirts with bitcoin.  If you own a house you can buy solar panels.

1x4d2A4tbNkmcfN1g7X1qCQMsTMx7SdjC send it
bitcoinminer
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July 26, 2011, 09:03:53 PM
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You technically can already.  You can buy meat, jerky, hotels, motels, socks, shirts with bitcoin.  If you own a house you can buy solar panels.

1x4d2A4tbNkmcfN1g7X1qCQMsTMx7SdjC send it
You missed this part... must have been the bold:

"I will pay out 10 BTC to the first person that can prove to me that they've achieved the above.  Proof includes links to websites of businesses with which transactions occurred (to prove they officially accept Bitcoin - not required for proof of rent paid) as well as scans/photos of receipts."


Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
GoWest
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July 26, 2011, 11:12:47 PM
 #12

You technically can already.  You can buy meat, jerky, hotels, motels, socks, shirts with bitcoin.  If you own a house you can buy solar panels.

1x4d2A4tbNkmcfN1g7X1qCQMsTMx7SdjC send it

1) I'd like to see you live on meat and jerky alone;
2) I don't consider a hotel or motel to be a permanent living arrangement;
3) Are all these businesses physically located within 50km of your home?
4) Where are your receipts?
5) You missed transportation altogether;
6) You obviously didn't even read my post; and
7) Fail.

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July 27, 2011, 03:57:21 AM
 #13

I think if it will not be reached soon then it will never be reached.
nemo
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July 27, 2011, 07:26:35 AM
 #14

I could do this, but I'd spend a bit more than 10 coins doing it. I'll burn through my stash if there was a pooled escrow following me.
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July 27, 2011, 08:43:01 AM
 #15

There should be a "Never" option, for completeness. I'm optimistic that it will happen, though Wink

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