This sounds like an interesting idea. I personally would like the price to remain stable at least for a year (be it high or low). However, I also wouldn't commit to a price for the whole 21M bitcoins.
What should be done is a few options for BTC amount (e.g. 1, 100, and 1000). I feel that commiting to a bigger value is unrealistic.
Topic: ibackbitcoin.org (Read 663 times)
No point to commit to buy 21,000,000 bitcoin for these reasons:
1. It makes people commit for ridiculous low prices.
2. Only the top commitment has meaning (anyone under him is irrelevant)
3. Bitcoin is much more valuable if it is backed by a community and not 1 big whale.
Solution:
The commitment should be for a minimum amount, for example 100 bitcoin.
I back Bitcoin … I promise to buy 100 bitcoin for 10 USD per btc and to not sell them for less.
Now we just need to find 209,999 more people
1. It makes people commit for ridiculous low prices.
2. Only the top commitment has meaning (anyone under him is irrelevant)
3. Bitcoin is much more valuable if it is backed by a community and not 1 big whale.
Solution:
The commitment should be for a minimum amount, for example 100 bitcoin.
I back Bitcoin … I promise to buy 100 bitcoin for 10 USD per btc and to not sell them for less.
Now we just need to find 209,999 more people
I have an idea for a cool project - ibackbitcoin.org.
I have a bit of money I can use to finance this, but zero (negative?) time to work on it ... looking for good people to join and help me build and manage it.
This is not a for-profit endevor, just a cool project that I want to start.
If you're serious, feel free to comment and edit on the document, and contact me at [email protected]
High level vision
The question What Backs the value of Bitcoin has been discussed to death. The site I’m proposing is a novelty (not for profit) website where people can provide answers to this question by backing up bitcoin themselves.
Initial Mockup
I have a bit of money I can use to finance this, but zero (negative?) time to work on it ... looking for good people to join and help me build and manage it.
This is not a for-profit endevor, just a cool project that I want to start.
If you're serious, feel free to comment and edit on the document, and contact me at [email protected]
High level vision
The question What Backs the value of Bitcoin has been discussed to death. The site I’m proposing is a novelty (not for profit) website where people can provide answers to this question by backing up bitcoin themselves.
Initial Mockup
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