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Possum
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July 27, 2011, 08:44:02 AM
 #1

What would happen if one of those Third world countries based their currency on bitcoin?

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Just a though
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July 27, 2011, 09:19:49 AM
 #2

What would happen if one of those Third world countries based their currency on bitcoin?

Rates * 100 or more. The current bitcoin rate is very very low - still. That said, wont happen.

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Non-issue. This is like me pretending to be king of the world, and demading taxes from you - noone cares.
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July 27, 2011, 11:11:04 AM
 #3

There's an interesting bet – how long until Bitcoin becomes the official currency of a nation, if ever. If Bitcoin becomes a major global currency, it wouldn't be too hard to imagine. That's a big if, though.

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July 27, 2011, 11:20:09 AM
 #4

What would happen if one of those Third world countries based their currency on bitcoin?

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Just a though

How about world peace Wink. Just a thought... not trying to be too negative, but the "bitcoin republic" seems quite asleep with negligable amount of fresh immigrants after the hot weeks when the gold was found... some things take time.

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July 27, 2011, 11:56:14 AM
 #5

 Its not a utopia. For sure, in this case bitcoin might worth lot lot more.
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July 27, 2011, 02:34:27 PM
 #6

What would happen if one of those Third world countries based their currency on bitcoin?

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Just a though

I like the idea, but bitcoin would have to become physical first.

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July 27, 2011, 03:02:47 PM
 #7

What would happen if one of those Third world countries based their currency on bitcoin?

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Just a though

Awesome idea. Let's establish a virtual libertarian sovereign cyberspace (I recommend to have a fake religion too, since cults are endowed special freedoms all over the western world).
The final objective should be to establish legal residence there, and release valid passports.

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July 27, 2011, 03:03:38 PM
 #8

What would happen if one of those Third world countries based their currency on bitcoin?

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Just a though

I like the idea, but bitcoin would have to become physical first.

Not possible, though nowadays even in the low areas of Mexico many kids have cellphones and even smarthphones.

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July 27, 2011, 03:06:54 PM
 #9

Bhutan should adopt Bitcoin. Would help a lot, at least about the 3-letter acronym debate.  Roll Eyes

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July 27, 2011, 03:15:16 PM
 #10

Bhutan should adopt Bitcoin. Would help a lot, at least about the 3-letter acronym debate.  Roll Eyes
Bhutcoins?  Cheesy

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July 27, 2011, 03:17:13 PM
 #11

third world countries don't have computers  Huh
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July 27, 2011, 03:31:00 PM
 #12

third world countries don't have computers  Huh

Thats why I said, bitcoins need to become physical  Grin

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July 27, 2011, 04:37:49 PM
 #13

What would happen if one of those Third world countries based their currency on bitcoin?

Or how about a Virtual On-line Republic with Bitcoin as their Currency?

Just a though

Screw a third world country... We should buy a cheap offshore lighthouse or small island from the government and start our own Republic Of Bitcoin.

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July 27, 2011, 04:44:16 PM
 #14

third world countries don't have computers  Huh

Maybe (old) computers... but lousy internet conncetions! A friend of mine told me that it takes him ~5 minutes for a google search - and this is not the PC being slow...
Until Bitcoin could be adopted there, the Blockchain would be so enormous that they can't even update it in realtime!

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July 27, 2011, 04:52:46 PM
 #15

Until Bitcoin could be adopted there, the Blockchain would be so enormous that they can't even update it in realtime!

Sneakernet?
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July 27, 2011, 05:55:56 PM
 #16

How about a Bitcoin army?

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July 27, 2011, 06:00:46 PM
 #17

Bhutan should adopt Bitcoin. Would help a lot, at least about the 3-letter acronym debate.  Roll Eyes
Bhutcoins?  Cheesy

LOL
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July 27, 2011, 06:06:18 PM
 #18

third world countries don't have computers  Huh

Maybe (old) computers... but lousy internet connections! A friend of mine told me that it takes him ~5 minutes for a google search - and this is not the PC being slow...
Until Bitcoin could be adopted there, the Blockchain would be so enormous that they can't even update it in realtime!

Well I dont know about other third world countires but I live in a third world country JAMAICA and actually our IT infrastructure is pretty good as far as I think we have up to 100mbit connections available in all cities and also 95% 3g coverage at (1.5mbps) and 95% 4g coverage at 6mbps (I can drive around and be connected monitoring my miners anywhere I go no problem). I'm pretty sure there are lots of places in the USA that cant get anywhere near those connection speeds.

Right now the average Jamaican is connecting to the internet at 20mbps, so dont knock third world countries

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July 27, 2011, 06:36:20 PM
 #19

Screw a third world country... We should buy a cheap offshore lighthouse or small island from the government and start our own Republic Of Bitcoin.

Without a kinda police force or authority enough powerful expect to have big drug / weapons lord kill everyone to steal your island and establish their commerce there. And this is only one reason of not doing it. Very nice idea but non viable for real.

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July 27, 2011, 06:50:03 PM
 #20

Screw a third world country... We should buy a cheap offshore lighthouse or small island from the government and start our own Republic Of Bitcoin.

Without a kinda police force or authority enough powerful expect to have big drug / weapons lord kill everyone to steal your island and establish their commerce there. And this is only one reason of not doing it. Very nice idea but non viable for real.

Those guys won't be a problem if this country willingly trades with them or runs their finances. Though the bigger problem (especially should that happen) will be nearby governments objecting. Check out the Republic of Rose Nation http://en.wikipedia.org/wiki/Republic_of_Rose_Island

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