If I started my own nation...

[bryant.coleman]

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]

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.

[freedomno1]

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

[Bicknellski]

No.

[bryant.coleman]

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.

[Kiki112]

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..

[john641]

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.

[Kiki112]

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

[john641]

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.

[Kiki112]

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

[john641]

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.

[Kiki112]

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

[john641]

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.

[Kiki112]

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

[john641]

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.

[blacksails]

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.

[bryant.coleman]

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.

[Lauda]

How would you even do this?

[blacksails]

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!

[zolace]

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