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Author Topic: Invest, Donate to the future.  (Read 1314 times)
Brre
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July 21, 2010, 02:30:42 PM
 #1

After lurking for months now, I decided to download the client and see for myself how it works. I am quite impressed sofar except for the long initialization process of downloading the blocks and thrashing the hard drive.

I am also working on an excel macro that will hopefully allow you to basicly visualize/sort your accounts/transactions and maybe operate it all from Excel Smiley.

Another idea I have is discussed by Robin Hanson in this post:

http://www.overcomingbias.com/2010/03/parable-of-the-multiplier-hole.html

So the idea is to use the power of compound growth to donate now, but multiply it by time by spending it only in a 100 years (or more).

Now I think this will be very succesfull if bitCoin is successfull as there is only enormous growth in value if it catches on (and there currently is no lack of interest).

So yes this is my first project with BitCoin, gather at least a 1000 coins through donations and then "invest" it somehow. The most secure method would be to not spent it and as the coins get divided, the original investment keeps gathering value.

To prevent temptation the wallet can be weakly encrypted, with the expected computing power of 100 years (or more) be able to access the wallet.

So yes some committee or something?

Anyhow I already made a "for the future" philanthropy account for the brave and trusting: 1KMntZKFKYEPPq9qTUGw7Q49ugAJ9hmSKa

Also give the noob some bit bucks at my personal account: 12qQNhuvuumqVv6C2764EXKa1wECcicBbx

Any comments?
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July 21, 2010, 03:55:23 PM
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If the currency really takes off, then 1000 BTCs could be worth quite a bit in the future. One problem I see with this approach is that the wallet file might be completely unreadable in the future, and thus not spendable.  Undecided

Want to thank me for this post? Donate here! Flip your coins over to: 13Cq8AmdrqewatRxEyU2xNuMvegbaLCvEe  Smiley
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July 22, 2010, 04:47:29 AM
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I'm not getting the point.  Why would I add coins to your "investment" wallet?

I didn't see anything there about what you intend to do with the windfall in the future.   That seems important.

Otherwise, I'd just invest the coins in my own wallet, right?

Bitcoin accepted here: 1HrAmQk9EuH3Ak6ugsw3qi3g23DG6YUNPq
Brre
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July 22, 2010, 02:21:50 PM
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If the currency really takes off, then 1000 BTCs could be worth quite a bit in the future. One problem I see with this approach is that the wallet file might be completely unreadable in the future, and thus not spendable.  Undecided

That is the exact idea Smiley. Economic growth combined with demand growth in BC's will make a nice return on the investment.
The wallet file will have to be "maintaned" obviously, by many backups (printed on paper, engraved?). Also a trust can also be chartered, to legally keep it secret etc.
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