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Author Topic: Bitcoin Moving Forward (Help requested)  (Read 858 times)
acoindr
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October 13, 2011, 12:27:40 AM
 #1

Hey everyone, requesting help!

In my last posts on this forum I introduced a thread and eBook called "How to Grow Bitcoin", which outlined thoughts I had for Bitcoin gaining traction. I didn't seem to convince anyone with my point of view. Forum member julz questioned the one area of the plan I felt was tricky. This was members required to use Bitcoin at a low fixed rate of exchange (around $.40 to $1.00) for a time until the exchage rate rose. I still feel this would work in practice, but no one else seemed to agree. The thread died away. Shortly thereafter the price of Bitcoin plummeted from around $14, and I'm wondering if there is any connection.

Regardless, the good news is circumstances have changed.

In the original plan I tried structuring trade such that Bitcoin had an impetus to grow. That's what Bitcoin has been missing. Having functionality as a black market currency is good but not enough, at least in the near term. Shopping with dollars wins out easily, but now there is a factor which can drive adoption: growing worldwide protests including Occupy Wall Street.

These protesters are varied, but a growing theme is dissatisfaction with banks and the dollar based financial system. "End the Fed" and "end banks" can often be seen in their livestream chats. This forum even showed their attempt to make an alternative OWS money system.

This is EXACTLY the intended use of Bitcoin.

What Bitcoin needs to grow is people compelled to use it in spite of early inconveniences. These protesters have that. We just need to make the system and information easily accessible.

So, I've already started in this direction. I'm still using everything outlined in my book, except the part about exchange rates. That no longer matters, because these people have incentive to use it at any rate. There are, however, other pieces of the puzzle missing.

People may be compelled to use Bitcoin, but they still need something to spend it on.

In my last thread someone asked why my book focused so much on food. If you look at the Occupy protests, what they are asking for in donations, and all the unemployed and homeless participants, the reason may now become clearer. Food is a basic need. Many people take it for granted, until no longer having access to it.

I had mentioned setting up local communities where food and other goods and services could be exchanged using Bitcoin as the currency. A big tool needed to do this is a website to connect people. This was in the book under "Bitcoin Markets" and I've started building a website to accomodate this, but now on a global scale. These protests are resonating worldwide, so Bitcoin has added ability to gain traction. The site is GlobalBitcoinEconomy.com and you can get the gist of it here: http://www.globalbitcoineconomy.com/about

The site is an early version, and still needs a lot of work but I've got the basics. I'd love people to sign up, look around and provide feedback. Just use invite code 55JR647.

Another crucial component is a "Person-to-Person Pay Service".

Using Bitcoin in its current form is far too burdensome. Most people should never need to worry about the client. The majority of transactions should be handled by updating rows of a database somewhere. Ideally transactions are all free too. Once I've got the above site finished I plan to start on a Bitcoin version of PayPal.

The last piece needed is a Bitcoin Bank. Securing Bitcoins presents unique challenges. I believe the PayPal-like service should limit the number of Bitcoins held to cut down risk. Instead, there should be proper Bitcoin Banks which are focused on storing large amounts of people's wealth. Naturally, these banks should be as transparent as possible, and incorporated in a legally robust country like the U.S. or UK.

This is where my request for help comes, as I have no desire to create a Bank too. But I'll start that too if I have to. I'm also open to teaming up with others, or possibly just contributing code, etc.

Other than that,  I just need help spreading this growing plan to protesters and others, so we can begin to see local Bitcoin communities worldwide begin to form.

Side Note: I've been busy developing the site, but I've been checking this forum, and think the project Atlas has to take Bitcoin mainstream is also good. I think the impact would likely be limited in the near term, but Alex Jones listeners are similar to the protesters. They should also view Bitcoin favorably.
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jjiimm_64
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October 13, 2011, 02:33:09 AM
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I am glad to see someone excited and eager to do things for the bitcoin community.

there is a big bitcoin bank.   flexcoin

also  mtgox can be used as a bank, which then connects to your own bank

about the protest. there a a number of projects currently in the works.
and other, use the search tool

I have contributed btcs to donor thread,  and also   #feedtheprotest

enjoy

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acoindr
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October 13, 2011, 03:07:23 AM
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I visited the flexcoin site when they first announced on this forum, but for some reason they didn't stick in my head as a robust bitcoin bank.

Looking at their site now though, it's pretty much exactly what I have in mind.  Smiley

They have the 3 most important criteria:

1. Emphasis on properly securing Bitcoins
2. Clearly spelled out terms (they are not responsible for insuring bitcoin loss)
3. Transparency of corporate entity in legally respected country like US or UK (looks like they are in the process of forming to their own entity in the US, and currently affiliated with a US based company)

That will do. Ideally there would be more banks coming into existence too, but one is enough to start.

I saw the other threads related to the Occupy protests. Those are great too in terms of promoting awareness, although it's not enough to just drop bitcoin in the lap of new users. They would have no more reason to spend them than current holders have had for several months.

That's what I hope to change with the actions I'm putting forth.

Thanks for the info!

EDIT: Oh, and I agree the exchanges are somewhat used as banks too, but what's really needed for banks are entities addressing the 3 above criteria. Exchanges are certainly well positioned to beef up and add banking service should they desire that.
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October 13, 2011, 09:56:18 AM
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nice dude. I've been thinking along similar lines for months.

I'm going to a hackathon tomorrow night in San Francisco. I'm going to pitch something really similar.

We basically need the infrastructure to use Bitcoin as a currency. Simple nuff amirite?

I want to make a decentralized web of trust, so people trading and interacting can avoid scams.

As far as your bitcoin bank idea - it seems there's a way to split up transactions between multiple servers. So, you can have 50 servers sign off on a transaction, and require 45 of them to cooperate to release the funds. This way if one (or ten) get hacked, the attacker can't release the funds and send them to himself. I don't have a detailed understanding of this, come to agora.anarplex.net and talk to fellowtraveler if you want more info
acoindr
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October 13, 2011, 11:06:13 AM
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We basically need the infrastructure to use Bitcoin as a currency. Simple nuff amirite?

Yes. I'd say more "consumer-friendly" infrastructure to be precise.

But we also need purchasable items of high value pertaining to Bitcoin users. Books, games, Alpaca socks, etc. as mentioned on the WeUseCoins.com video are all things that can be bought with dollars with less hassle or risk of currency depreciation. Why would people buy them with Bitcoins? Most wouldn't bother, and most don't.

Drugs on the other hand ARE of high value for certain Bitcoin users, because of its anonymity features. And people do spend Bitcoins on them.

Local community food markets along with other goods and services could also be of high value specific to Bitcoin users, especially those of the protester type since they're looking for alternatives to the dollar based economy.

I want to make a decentralized web of trust, so people trading and interacting can avoid scams.

I agree that would be highly useful! Similarly, I plan to have a sort of eBay-like feedback system on the local community site.

As far as your bitcoin bank idea - it seems there's a way to split up transactions between multiple servers. So, you can have 50 servers sign off on a transaction, and require 45 of them to cooperate to release the funds. This way if one (or ten) get hacked, the attacker can't release the funds and send them to himself. I don't have a detailed understanding of this, come to agora.anarplex.net and talk to fellowtraveler if you want more info

This sounds like something that could work in practice as a security measure for mid-level users, people not comfortable being totally on their own, but having some technical ability. I was thinking more in terms of an online-banking experience comparable to dollar based banks. Something even moms and dads could feel comfortable using.
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