Dec 21, 16 07:36 UTC

Bitcoin  

Hi Fellow Asgardians.

John here again with a suggestion. 1) Asgardia adopt Bitcoin as our official currency. Or make our own crypto currency. My suggestion is there is a great one in use right now and it's doing very well. Bitcoin.

Now - In the bitcoin realm, there there are things called faucets. They literally "drip" out pieces of bitcoin, called Satoshi, for performing small tasks like filling out a form or completing an offer. Many are just filling out a captcha form.

All it takes to adopt bitcoin as a currency is to open a bitcoin wallet on line somewhere. The nation would then have the ability to accept Bitcoin for all her transactions at very little financial cost. The days of paying the fees banks are asking are over. This is a new nation, let's adopt a new currency that isn't centralized or controllable.

Now is when the faucets are employed. Asgardian volunteers (rotating) would agree to spend a certain amount of time on a set number of faucets to collect small amounts of bitcoin for Asgardia's sake. We would all have Asgardia's bitcoin wallet address and all could log in to faucets using that address and collect for Asgardia. There would be a limited number of Asgardians needed to volunteer for this task as there are only so many faucets and only 24 hours in a day (plus a few seconds) The maximum number still needs to be worked out. The faucets could be worked to maximize their output for the benefit of all Asgardia. Even with only 500 volunteers we could really stoke the coffers.

This gets better - now we have 570,000+ citizens. If Bitcoin IS our currency then we ALL want to get some right? - Heck, we all want to get some anyway. It just went past $800 today.

Faucets are one way to do it and everyone can because it's free to do. If 100,000 of us committed to collect satoshi for OURSELVES for an hour a day, we could raise hundreds of bitcoins for Asgardia. And at $800 USD a coin right now - that's nothing to sneeze at.

You see, the faucets have a referral reward program. So all us Asgardians would sign up to the faucets using Asgardia's link, which would be published, perhaps on a thread here. That way, when you collect your satoshi, Asgardia collects a small amount because she referred you. Double duty for our new country :-). We as citizens get to "mine" the nations currency and the nation benefits financially right alongside us. Possibility for ALL to participate in that program. If you have access to the internet you can access bitcoin faucets. All I need to set it up is Asgardia's Bitcoin Wallet Address. But that MUST come from Admin because there is no way to tell if it actually IS going to where it is supposed to go to other than the identifiers on the transaction.

With Igor's Approval I can get this project started immediately. Because of my businesses, I have paid very good attention to bitcoin over the years it has been in existence. From 10,000 bitcoins for 2 Papa John's Pizza's 7 years ago to $800 a coin. Those were some pretty expensive pizza's.

Bitcoin is nothing to be afraid of, it's just a different way of handling money. It is unfamiliar to us so we tend to be skeptical. However Bitcoin has proven itself to be an aswer to currency challenges the world is having right now. India removing cash, Venezuela doing the same. People are looking to Bitcoin to use and the price is rising because of it.

We all know that bank transfers are extremely expensive. Bitcoin gets rid of all the hassles and delays when dealing with SWIFT transfers. Bitcoins are done usually in minutes and for very little expense. A few pennies to transfer any amount of coin.

Well - There you have a first argument for Bitcoin - in this thread anyway. A really good way to fund the country with patriotic involvement from all citizens where both country and citizen benefit.

What could be better than that?

Cheers from the Stone Age (It's our boat) John Willms

Dec 21, 16 10:15 UTC

Quite interesting post, you make some good points along the way.

For the actual question of using crypto currency as our currency is something I somewhat support. There are problems that we would have to solve, but in general this is a very easy and secure system. Using this crypto as our "national currency" or not is a question that is too early to answer, but a good way to "test" this system before making any decisions would be to use crypto currency to fund ourselves in this starting phase.

As "money" is the system used all over the world we would have to adapt and keep on using this system, in the beginning. We also need to do this quite well, because we need A LOT of money...

Could we try to get some estimates of how much net-income we could generate per day per volunteer?

If we can get some numbers and facts we could see if this is a viable method of funding ourselves in this startup phase.

Dec 25, 16 18:08 UTC

Arcturian Industries wants to get in on this! Haha. Sounds like a good contract.

Dec 26, 16 02:02 UTC

Some form of blockchain-based legder would potentially be of advantage at least in the short term. There's a few flaws in bitcoin that would make it wisest to avoid. Making our own could potentially mitigate these issues - a good alternate would maybe be "decred" - which is what spawned when the original bitcoin devel team split off after being no longer able to tollerate the directions the project was headed. It'd be quite easy to setup both dedicated mining rigs and allow individual Asgardians to donate spare cycles in order to mine the nation fictional resources in order to facilitate trade and expansion.

As for actual numbers they would possibly generate, it would depend on many factors, most critically, processing power available. In terms of home technology, users with higher capacity GPU's will be able to offer more. If selecting bitcoin, then as the intensity of the calculation increases for each sucessfull coin mined, and it's pretty far through the saturation, so currently the amount of time spent mining to the amount of coin delivered isn't really incredibly cost effective in terms of power draw(however, harvesting wasted cycles from hardware what would be powered anyway could be made profitable) using conventional equipement, with the larger percentage of rigs now being custom ASIC's entire datacenters strong competitors can mine the same coin, faster, using less power.

In the long term, endowed with the infinite resources of the stars, currency will become quite meaningless.

  Updated  on Dec 26, 16 02:07 UTC, edited 1 time in total.
Reason: typo

Dec 26, 16 03:04 UTC

Hello!

I'm agreed with your post and all those stuff but when I was reading your note and I realized that Venezuela was doing the same. Can you explain me, what are they doing? Because I live there and I haven't seen any news of Bitcoin o something related to that.

Dec 26, 16 06:04 UTC

Possibly not the best place to be asking of such things - I'm sure your favorite search engine should be able to find you the relevant data from a simple query like: "Venezuela blockchain" or "bitcoin Venezuela".

However to directly answer your question, and assuming we're talking about the same thing, I believe it may of had something to do with bypassing various governmental restrictions on access to currency. As in they were leveraging the fact that this is not controlled by their government and simply mining coins themselves in order to purchase goods and services. Until about a year later when the government responded by restricting access to relevant sites.

Another possible is Venezuela has followed suit with many other countries banking industries and started employing blockchain technology in order to take advantage of the distributed ledger to aid security and track where every coin has ever been.

Dec 26, 16 06:23 UTC

Thank you for the answer and sorry to bother! Just wanna know and have knowledge of that.

Dec 26, 16 18:57 UTC

With the Bitcoin Faucets, there is potential for HUGE increases in bitcoin for Asgardia.

A typical faucet will offer a small amount per claim. I have seen anywhere from 50 to 3,000 satoshi and more every few minutes. some are 5 mionute intervals between collecting and others are an hour.

Let's use an hour time frame and an average of 150 satoshi collected by half of the Asgardians - 570,000 /2 = 285,000 Asgardians collecting Satoshi. All signed up for the faucet using the Asgardian link. Most faucets offer a 50% referral fee. Meaning for every Asgardian that collects 150 satoshi from a faucet - Asgardia would receive 75. Take 285,000 Asgardians collecting 150 Satoshi every hour for a 24 hour period = 42,750,000 satoshi collected every hour that would go directly to the asgardian collecting. BECAUSE they used the Asgardian referral link to collect, Asgardia gets a 50% bonus for referring. That is 21,375,000 satoshi for Asgardia every hour or 513,000,000 satoshi per day. That is 5.13 bitcoins per day For Asgardia. Just from a faucet income. at $900/bitcoin - $4,617 per day, $1,685,205 per year for Asgardia. On the large scope - it's not much. But it's an easy bunch of money for Asgardia AND her citizens.

Just need a go ahead so I can get it set up and publish the faucets here. There are hundreds of them :-).

Cheers.

Stone Age.

Dec 26, 16 19:45 UTC

A cryptocurrency for Asgardia has been in development

Dec 26, 16 20:44 UTC

Able to provide a link to source?

Happen to know what measures have been taken to address various deficits in the existing cryptocurrency systems?

Dec 27, 16 00:52 UTC

I am not able to provide much information, it is covered by an NDA. Although I can say it is the fastest cryptocurrency and does not use block chain technology.

Dec 27, 16 16:01 UTC

The NDA isn't overly comforting. Especially in a nation promoting freedom of information. It's ultimately futile as it's assured to be reverse engineered when it's in the hands of the "public".

Fast isn't as important as secure.

If not "blockchain" what mechanism is employed to assure security?

  Updated  on Dec 27, 16 16:02 UTC, edited 1 time in total.
Reason: typo

Dec 27, 16 16:48 UTC

So a new altcoin is in development? Look at all those altcoin. All of them have very few value for each coin. Why not adopting bitcoin? It is alredy established and it is accepted all over the globe.

I think we should use bitcoin.

And who will control the exchanges of the coin? Will it be centralized or decentralized?

Also, the cryptocurrency should be open source.

Anyways, we should vote our cryptocurrency.

  Last edited by:  CharlesDeep (Asgardian)  on Dec 27, 16 17:40 UTC, edited 2 times in total.

Dec 27, 16 19:07 UTC

If an Asgardian Crypto Currency is already in development and ISN"T relying on the block chain, where does it's value and security come from? What will it be tradeable for? Is it centralized or decentralized. Decentralized is better - less possibility for hacking because all information is not in the same place. What exchangers are hoping to be used?

If it is exchangeable for something that is usable in the real world, great.

Bitcoin is already exchangeable. Yes, it has some flaws. No where near the number of flaws any central banking system has however :-). Nor the volatility a new crypto has being accepted on the open market. Nice thing is that we already have a captive audience, but only 600K or so.

Cheers.

Dec 27, 16 19:08 UTC

Who develops the Asgardian Crypto Currency ?