bryant.coleman
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April 10, 2014, 07:27:39 AM |
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If the country currency is bitcoin,then count me in If it is so, then how will he take care of the foreign exchange? None of the other trade partners will be accepting BTC. So he will have to convert BTC in to USD or CNY every time he imports something from the outside world.
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blacksails (OP)
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April 10, 2014, 07:46:37 AM |
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If the country currency is bitcoin,then count me in If it is so, then how will he take care of the foreign exchange? None of the other trade partners will be accepting BTC. So he will have to convert BTC in to USD or CNY every time he imports something from the outside world. That's a good point. However, the plan is to be self-sufficient, so there won't be much use of a currency. Bitcoin could however be declared our official currency as a statement.
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freedomno1
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Learning the troll avoidance button :)
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April 10, 2014, 07:47:45 AM |
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depends where the country would be located
In a warm place, like the Caribbean! That sounds like a nice place to put the island ok why not if it existed
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Believing in Bitcoins and it's ability to change the world
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bryant.coleman
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April 10, 2014, 08:10:06 AM |
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That's a good point. However, the plan is to be self-sufficient, so there won't be much use of a currency. Bitcoin could however be declared our official currency as a statement.
No country in this world is 100% self-sufficient. I will give you an example. Some of the cancer drugs are patented to the US pharma. companies. That means that you cannot manufacture them in your country. You'll have to import them. To do that, you need fiat currency. Bitcoin will not do the job.
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Kiki112
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April 10, 2014, 08:23:01 AM |
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That's a good point. However, the plan is to be self-sufficient, so there won't be much use of a currency. Bitcoin could however be declared our official currency as a statement.
No country in this world is 100% self-sufficient. I will give you an example. Some of the cancer drugs are patented to the US pharma. companies. That means that you cannot manufacture them in your country. You'll have to import them. To do that, you need fiat currency. Bitcoin will not do the job. doesn't matter we can create stores that will import those products (they purchase with FIAT) and sell it in our stores for bitcoin the point is our currency has to be bitcoin the 90% reason everyone here supports the idea is because we thought the official currency would be bitcoin of course, we can print out bitcoins to make them more accessible, using the blockchain or however it works it would be a currency just like any other, we could just rearrange the paper to look like cash, that way everyone would consider it as FIAT currency..
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john641
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April 10, 2014, 08:23:53 AM |
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If the country currency is bitcoin,then count me in If it is so, then how will he take care of the foreign exchange? None of the other trade partners will be accepting BTC. So he will have to convert BTC in to USD or CNY every time he imports something from the outside world. What is the problem of converting btc to any currencies. While we import we will also find ways to export. And we will accept any acceptable currency they will pay. I think would be the ways to survive and become powerful nation in the future if we trade with other nations. It think is very hard to be self sufficient at first. Are you creating a north korea type economy here? This a least of problem. We need to create an island or any island we can call our new nation.
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Kiki112
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April 10, 2014, 08:25:12 AM |
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If the country currency is bitcoin,then count me in If it is so, then how will he take care of the foreign exchange? None of the other trade partners will be accepting BTC. So he will have to convert BTC in to USD or CNY every time he imports something from the outside world. What is the problem of converting btc to any currencies. While we import we will also find ways to export. And we will accept any acceptable currency they will pay. I think would be the ways survive and become powerful nation in the future if we trade with other nations. It is very hard to be self sufficient at first. Are you creating a north korea type economy here? that isn't the problem, the problem is that we will knock down the price by selling large quantities of bitcoin for importing purposes
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john641
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April 10, 2014, 08:28:49 AM |
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If the country currency is bitcoin,then count me in If it is so, then how will he take care of the foreign exchange? None of the other trade partners will be accepting BTC. So he will have to convert BTC in to USD or CNY every time he imports something from the outside world. What is the problem of converting btc to any currencies. While we import we will also find ways to export. And we will accept any acceptable currency they will pay. I think would be the ways survive and become powerful nation in the future if we trade with other nations. It is very hard to be self sufficient at first. Are you creating a north korea type economy here? that isn't the problem, the problem is that we will knock down the price by selling large quantities of bitcoin for importing purposes While we will be using bitcoin. We should also have a dollar reserve. Almost every country has this. We will not only accepting bitcoins on our exports thus will have dollar for importing purposes.
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Kiki112
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April 10, 2014, 08:34:37 AM |
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If the country currency is bitcoin,then count me in If it is so, then how will he take care of the foreign exchange? None of the other trade partners will be accepting BTC. So he will have to convert BTC in to USD or CNY every time he imports something from the outside world. What is the problem of converting btc to any currencies. While we import we will also find ways to export. And we will accept any acceptable currency they will pay. I think would be the ways survive and become powerful nation in the future if we trade with other nations. It is very hard to be self sufficient at first. Are you creating a north korea type economy here? that isn't the problem, the problem is that we will knock down the price by selling large quantities of bitcoin for importing purposes While we will be using bitcoin. We should also have a dollar reserve. Almost every country has this. We will not only accepting bitcoins on our exports thus will have dollar for importing purposes. that's a good idea but, for all products we need we could make an offer for companies to sell, we will pay them in bitcoin eventually one of the companies will realise how great of an opportunity this is because a new nation based only on bitcoin will definitely bring it's price up and might to the job for bitcoins! we could rely on this for everything we need but still have a dollar reserve just in case.. of course we should firstly try to find companies that accept bitcoin for this, if there are none offer to pay in bitcoin, if no one answers use the dollar reserve but only as a last resort our goal is freedom, complete freedom we will achieve only with crypto after years go by ,one day people will start accepting bitcoins as a currency and we will be able to trade without a reserve but until then we will do business this way
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john641
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April 10, 2014, 08:41:02 AM |
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We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites, casinos etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
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Kiki112
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April 10, 2014, 08:43:47 AM |
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We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
but the only currency accepted inside the island has to be bitcoin! as for tourists, when they enter the island we'll have stores where they could as soon as they enter purchase some coins with their dollars they will generate great revenue for us, there will be plenty of people willing to see the new utopia without taxes and without centralised currency, bringing money they will convert into bitcoins and spend in our stores, enhance the value of bitcoin (and our bitcoin reserve), put more money in hands of the islanders and increase our GDP
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john641
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April 10, 2014, 08:48:46 AM |
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We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
but the only currency accepted inside the island has to be bitcoin! as for tourists, when they enter the island we'll have stores where they could as soon as they enter purchase some coins with their dollars and therefore enhancing the value of bitcoin and our bitcoin reserve tourists will generate great revenue for us, there will be plenty of people willing to see the new utopia without taxes and without centralised currency I'm sure there will be a lot of tourist, if we do with proper promotions. But we need airports or ports, direct flight to our island. set up embassies to countries.
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Kiki112
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April 10, 2014, 08:51:17 AM |
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We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
but the only currency accepted inside the island has to be bitcoin! as for tourists, when they enter the island we'll have stores where they could as soon as they enter purchase some coins with their dollars and therefore enhancing the value of bitcoin and our bitcoin reserve tourists will generate great revenue for us, there will be plenty of people willing to see the new utopia without taxes and without centralised currency I'm sure there will be a lot of tourist, if we do with proper promotions. But we need airports or ports, direct flight to our island. set up embassies to countries. yes, that was exactly what I was thinking airports are expensive and that's the problem, this will be a rather large investment
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john641
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April 10, 2014, 08:54:51 AM |
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We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
but the only currency accepted inside the island has to be bitcoin! as for tourists, when they enter the island we'll have stores where they could as soon as they enter purchase some coins with their dollars and therefore enhancing the value of bitcoin and our bitcoin reserve tourists will generate great revenue for us, there will be plenty of people willing to see the new utopia without taxes and without centralised currency I'm sure there will be a lot of tourist, if we do with proper promotions. But we need airports or ports, direct flight to our island. set up embassies to countries. yes, that was exactly what I was thinking airports are expensive and that's the problem, this will be a rather large investment Airports arent necessary at first, we just need to make our island easily accesible.
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blacksails (OP)
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April 10, 2014, 10:45:30 AM |
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That's a good point. However, the plan is to be self-sufficient, so there won't be much use of a currency. Bitcoin could however be declared our official currency as a statement.
No country in this world is 100% self-sufficient. I will give you an example. Some of the cancer drugs are patented to the US pharma. companies. That means that you cannot manufacture them in your country. You'll have to import them. To do that, you need fiat currency. Bitcoin will not do the job. Yeah, sure, not that we will sign any international copyright treaty anyway, but we won't have the resources to produce medical stuff in our country. And as someone else said, it's not hard to convert BTC to dollars or whatever. We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
but the only currency accepted inside the island has to be bitcoin! as for tourists, when they enter the island we'll have stores where they could as soon as they enter purchase some coins with their dollars they will generate great revenue for us, there will be plenty of people willing to see the new utopia without taxes and without centralised currency, bringing money they will convert into bitcoins and spend in our stores, enhance the value of bitcoin (and our bitcoin reserve), put more money in hands of the islanders and increase our GDP Toursim could contribute to our economy. I know for sure that if I traveled in that area I'd visit a small nation like this. We'll build a harbour where all boats will arrive, and where we have our fishing boats. We could also let "illegal" sites operate servers on our island, for a small fee (basically anything except child porn). If we get a big surplus the money will be given to the residents.
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bryant.coleman
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April 10, 2014, 11:00:30 AM |
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I'm sure there will be a lot of tourist, if we do with proper promotions. But we need airports or ports, direct flight to our island. set up embassies to countries.
Hmm... if tourism catches up, then you don't have to worry much about the Forex reserves. Tourism itself will bring in the much needed foreign currency, be it in USD or in EUR.
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Lauda
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Terminated.
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April 10, 2014, 11:02:27 AM |
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How would you even do this?
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"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion)
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blacksails (OP)
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April 10, 2014, 03:44:57 PM |
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How would you even do this?
Good question. Since it's purely hypothetical I don't have a plan that I've really thought through, lol. Maybe buy an island, develop the island until it's self-sufficient, declare it independent and hope the nation we stole the island from doesn't invade us. And in that case we would shoot until they give up or they've killed all of us!
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zolace
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April 10, 2014, 06:25:30 PM |
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I think if you make it a nation you should name it True Liberty of America, then next we have to fight for the statue of liberty lol
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