Topic: Major Project set to test bitcoins true strengths on Sovereign Tribal Nation - page 3. (Read 8165 times)

Why teach asic, mining ends in a couple years

There are cases of using local non-official currencies to help poor communities. Or, better saying, there are cases of poor communities helping themselves using local non-official currencies. How this currency would work depends of the reality of the community and can change from place do place.

Here is a case in Brazil:

http://en.wikipedia.org/wiki/Banco_Palmas

There are many other cases around the world (like Spain, because of the crisis).

The thing about free-market community based solutions is that they don't need external currencies. Maybe a new currency, not necessarily crypto, would work better.

But it is just my opinion. I hope your project works and your community gets out of poverty :]

Right now we're interested in any and all equipment that parties would consider donating, Block erupters, ASIC units, we've even had a few people offer the lil mini 334 Mhs usb units...those are all fine..like I said...it's about introducing the basic concepts of Algorithm based mining. People on the reservation have a better time understanding something thats running right in front of them then just reading white papers and a tech sheet online. I spoke with a person with the it dept of Oglala Lakota College and they were very intrigued by the idea of being possibly the first college in America to offer a course around Bitcoin technology. if we received the target goal of even 25 BTC we were planning to purchase a KNC Neptune Unit which would allow us to generate enough BTC quickly so we could self fund the second phase involving exchange trading. Now alot of us are speculating on what Congress and federal regulations are in store for the future of bitcoin. This Project gives is a chance to demonstrate a working model which can prove out whether or not Bitcoin can really be a primary source of exchange and commercial trading, and I know people will say we're already doing that with E commerce and Coffee shops in various locations but we have along way to go still...remember the couple that spent their first 90 days on BTC? anyone keep up on the challenges they had in the beginning?  Well this project is working on doing the same thing...only on a wider scale...lets see what happens if a sovereign nation embraces it as their national currency. We're sifting through ALOT of emails with very valid points, comments, and suggestions... I'll share a couple...Crypto Currency Banking...will the project look into a safe and effective Crypto Banking system?  Yes we're looking into that actually, using bitcoin and litecoin checks basicly cold storage notes that could be traded like fiat notes. or even as investment instruments like Crypto CD's of sorts. What about your tribes Casino operations how could BTC impact that market?  We're looking at various ways Bitcoin could increase marketability for our tribal casino...Including Bitcoin/Litecoin Exchange services to possibly working with the Native american gaming device industry to prototype a gaming device that would accept a variety of crypto currencies. So theres alot of potential...

But to answer the main question  what type of gear...Anything   what would we LIKE to obtain in time a KnC Neptune or possibly a BFL 300-600 Ghs ASIC miner...the goal is to develop the mining side up to 1 Ths whether that happens in a week, a month, or 6 months no one knows...
and again...as I've stated a  few times before...as the nay sayers shout that im just looking for free BTC...remember  the Bitcoin community gave a random fan at a football game 22 BTC in donations. Am I looking for the same? yes I am...whats the difference? the results...now I dont know what he did with his...but I KNOW what Im planning to do with 22 BTC if we raise that much...the rest is up to the community...again please keep the Emails coming, questions and advice coming...and feel free to check out out Coinfunder initiative and if you dont feel like donating thats cool   just please share it with others that might feel like supporting the project   https://www.coinfunder.com/project/view/id/118

What kind of mining gear do you want donated? Block eruptor blade? Or only bigger ASIC stuff now?

Ahhh ok well maybe one thing I need help with is someone that can help with writing this more effectively...this project is merely meant to be a starting point for the tribe to take a more active role in bitcoin development in the future...I have the mining aspect in there because mining is how bitcoins are generated...also as part of that phase of the project I would hope to see perhaps the Tribal College, Sinte Gleska, or OLC take a interest and perhaps develop a course around chipset designs, SHA and SCRYPT Algorithms, Opensource Mining application development, etc.  I feel this would be productive because of Bitcoins inherent Open source platform which would allow a smaller college to develop a course structure around Bitcoin and Crypto technology Bit still the question will come up...How are bitcoins made? and where do they come from? The Mining aspect isn't meant to be a big income producer...it's meant simply to generate enough btc so that the second phase will have a greater chance of success...that being exchange trading. Exchange trading opens the door to market study, how Crypto currency exchanges work and how to exchange Crypto to Fiat and back. this part of the project also seeks to address the Sovereignty question and how tribal Sovereignty can be used to safeguard bitcoin technology and foster it's future growth. look at start ups like Bitinstant, Bitfloor and other exchanges and services that had good services, good aspirations, and good people behind the wheel...but were stopped due to federal regulations and state interference because of misinformation and pressure from the Fiat based banking community. Had a start up like Bitfloor partnered with a Native american tribe, the tribe could have hosted their servers or even helped run a brick and mortar exchange under Tribal Unified Commercial Codes and insulated them from crippling federal regulations...kinda like how places like costa rica host Online Poker sites due to it's international Sovereignty...only in this case you can drive to South Dakota. But there again..the bitcoins need to come from somewhere...and I wont lie there is a amount of risk involved in this project...but rather then asking for people to blindly donate BTC/LTC for us to experiment with...we're looking to fund a way to generate them ourselves we're also look for people who could come out after the project is started and give talks, guidance, advice and more to people here that want to learn. Im not a expert in mining gear...but there are some of you out there that are...that have designed your own units...I know there are people out there that are more experienced with setting up exchanges and how they run...if we get this project started even at a minimal level...how many would be willing to come out to SD and work hands on with the project to help develop it ? if people are leery of donating used gear or BTC how many of you would be willing to donate your time?

Yeah, we don't think this is entirely mining, but your first point of three is directly about mining with specific and very expensive mining equipment.

Mining is still a bad idea.

The price of gear is still set assuming the price is $1100+, now BTC is about $700-800 and changes between daily, I doubt anybody that is seeking an ROI on their latest investment is feeling comfortable.

Getting a whole nation to places its resources into mining something so volatile would not be a safe bet.

As much as an advocate as I am for bitcoin and crypto currency generally, I wouldn't put all of my wealth into BTC, same reason i dont invest in mining. If an altcoin takes the mantle in a year or two, it is a rather risky investment. If I wouldn't put all my wealth into mining it, I certainly wouldnt encourage an entire community to do it either. You'll either make them stinking rich or dirt poor.

By all means teach them BTC and all things crypto. I do suggest you listen to some concerns by others on this thread about the mining aspect. It's high risk for an individual and currently unlikely to have an ROI unless price goes back up.

1. Get a few local people to confirm the project using a simple video camera, phone, any handheld digital camera, tablet

2. Post it to youtube

Ok again for people just thinking this is ONLY mining look at the ENTIRE project overview...the Mining aspect is only a small part of it...the mining aspect not only teaches about ASIC technology hands on...but the coins generated are planned to be used to teach the basics of Exchange Trading, Market reaction, and other elements of the bitcoin exchange market. By using coins we've generated through mining it reduces the tribes exposure to having to buy bitcoins to train trading basics. you can find the main project page with www.kimitsuassetmanagement.com and as far as the amount we're looking for...currently BTC price is down 30% I dont want to set the project budget too low then be stuck trying to ask again to help get it started...if we can get it started with a lesser amount I'll post that we got it started...and yes this type of project has been done before but not at this level. We're talking about Bitcoin being embraced as a national currency of a sovereign nation, this will go along way towards proving out Bitcoins viability as a stable means of exchange. We are looking at a idea to work with my tribes Casino to develop a exchange service point where people can buy and exchange btc to usd. Again, this is where the mining element comes into play. This project takes into account ALL aspects of Bitcoin from Generation to exchange to merchant acceptance. I do appreciate the feedback and to the people saying im just looking for free btc...last weekend at the Auburn/Alabama game the bitcoin community gave a random guy in the stands 22 BTC just because he held up a sign saying "Send me Bitcoins" which is great...this project is designed to test bitcoins true viability and see whether or not it truly can come in and rescue a failing economy. If someone wants to help draw up a proper whitepaper I'd love the help. if anyone feels like stopping by South Dakota next summer to help with the project hands on that would be great too (assuming it's going).

Hey OP, I see you want to do something,
but don't have a good idea what.

To make your people use BTC here's what you need to do:
- teach people how to transact in BTC
- make it easy for them to acquire BTC: set up at least one physical exchange point
- offer protection against market volatility.

The first 2 points require a lot of on-site work with people.

For the last point: you could offer to always buy back BTC for the same
price you sold them to that person. May be with some limits on the amount and/or time.
Here you can be losing money, so it makes sense to ask for donations/funding.

I don't see how mining can be useful at all.

Lot of Scam and Free Coins asker indicators:

1. No proper project plan, no project whitepaper, unfeasible mining plan
2. v Low posts, unknown to the community, came outta nowhere suddenly wants coins
3. Been done before so many times where someone thinks of a "legit" looking idea just to gain free coins

I would be careful with this.

So you plan to teach the joys of ASIC mining to a impoverish state.

Steps:
1) Get them to fork out $25,000 they don't have for an ASIC miner
2) Hope it arrives
3) If it arrives, or arrive on time, hope you can gather enough BTC to make an ROI
4) Pay the power bill
5) Be confused as to why they are no longer interested in BTC.

ASIC mining is not something you teach to beginners, it is for people with money to burn and risks to take.

Well heres the thing...the tribes here hold a unique relationship with the American Govt...we are, as I said, a Sovereign nation however we have a ways to go before we're respected as such. Thats why this project is unique and important for both the Native American Community as well as  the Bitcoin community because it will show the world that we can re build our shattered economy through the use of Bitcoin technology and at the same time it can show the world that bitcoin CAN be deployed and used as a successful primary medium of exchange and commerce without having to resort to a fiat currency...now as for the question of "joining", it takes alot to become a tribal member...mostly through family lineage. However the tribe is always open to welcoming potential new citizens that can bring something to the table and help bring together a better future for our people. my recommendations would be travel here during the summer, see the area, meet some of the people and see what you think. Despite the outward poverty theres alot of opportunity there with new skills, products, goods and services to offer.   

i'd be interested in donating...but

pardon my ignorance on these issues, is it possible for someone to join your sovereign nation?

Ok the Project info page can be found on www.kimitsuassetmanagement.com would like to ask people if they cant Donate please share the link to others that may be able to help with the project we're also now on https://www.coinfunder.com/project/view/id/118

I'm working on a website page for the project...and very true bringing in Casinos didn't impact Native american communities quite as planned...but thats also the idea this project was looking at...this is not just building a new casino or a bank or a specific business...it's deploying Bitcoin Technology and concept across the board Mining, Exchange trading and Merchant services. Also this will affect a entire Sovereign nation, small as it is...but we'll be able to see what happens when a country embraces the idea of Bitcoin as a national currency. Last weekend the Bitcoin Community Donated 22 BTC to a collage kid for holding up a sign with his QR address on it...which is great..it shows the willingness for the Crypto community to help one another and support one another...thats what Im hoping can happen here...the same type of community support but for a good cause that would make a positive impact for the industry...I do understand it looks like im just asking for free BTC...im open to alternate means of financing the mining aspect to start this project...if mining groups wanted to aim a day or two of their efforts towards the project I set up a specific worker on -o http://mint.bitminter.com:8332  -u kimitsu_btcoyate -p x   if a interested party wanted to Finance the mining unit and send it...that way they'd be sure of what their efforts were going to or even putting together a loan financing arrangement...like I said...the main Goal is to get the project started and see how the results turn out...that's why we're looking at the 500 Ghs - 1 Ths range for the Mining Phase...that should generate enough BTC to start the Exchange Trading aspect (taking into account the increased Diff rating if project funding takes awhile)
I have a detailed plan write up available if any Serious Supporter would like to look at it...PM or email me  [email protected]  I will be working on the Project webpage today and will post here when it's ready again  I appreciate the Comments and input good and bad...keep them coming   -Payu H arris-

do you have a website? a video? something more than just some sentences? remember: you want at least 25 BTC "for free" for that project 

http://abcnews.go.com/US/story?id=95944


Whether it be Bitcoin, casinos or a the biggest automotive plant in the world, it would not help those truly in need and, at the end of the day, sadly, the tribe would probably be worse off.

Interesting concept.   For purposes of discussion, I'll give you the benefit of the doubt and assume that you're trying to help people and not just trolling for dollars. Having tried to set up charitable organizations in the past I know it can be a serious PITA on many levels.

Maybe I'm missing something, but if it were me, which it is not, I'd be investigating setting up a BTC casino online, if that is allowed, and I'm not shitting around one bit.  It's something I've been thinking would be a great idea and it seems that you might have a leg up in this case, as it may or may not be easier to get a gaming license, although I'm admittedly ignorant of the laws that regulate those industries, so it may not be a possibility.

If it is, it is going to be simpler to get people to donate the cash for a startup, which is what this is in either scenario.  Write a business proposal/prospectus, put together a team of business people and programmers and either go to a bank for a loan or float stock options. 

But in either case absolutely do start with writing that business proposal, as it will help you think through the logistics and potential problems ahead of time.  Banks or investors won't take you seriously if you don't have your ducks in a row, so take the time to step back and do some of these preliminary things most often overlooked by people trying to get something off the ground.

One thing to note for everyone...yes explain it to them and they'll take over but seeing as im from Pine Ridge, I've lived there...I figure im a good person to oversee the Project and help train others...and thats why we're seeking enough BTC to get a 500 Ghs - 1 Ths miner because like I said the BTC generated will be used to help train prospective traders on CC trading and market basics...again...this project is designed to become 100 % self sufficient. 

Yes I considered using LTC however with BTC being the main traded Currency I figured it would be better to use that over others...one interesting thing to note is seeing how the tribes Sovereign nation status will come into play in all this...I chose the 25-50 figure in order to beat market fluctuation...as BTC prices are falling currently I want to insure not having to seek another round of project financing...KAM has already offered .25 BTC. As for the Tribe they're interested in seeing exactly what crypto currencies could do for rebuilding a tribal economy. Im a tribal member and have close family ties on the reservation and have lived there and seen the poverty firsthand...I firmly believe BTC could be produce a stabilizing effect for the reservation. I know this Project is going to raise some eyebrows, I can see the Trolls already warming up...we always talk about what BTC could do if it was openly accepted by a government and supported...well here's our chance to see and find out...if successful Im planning to invite people to come and share their success stories with crypto currencies...According to the US Dept of Interior...they agree the tribe has the full right to regulate the use of Crypto Currencies on the reservation...or to openly accept them....so the question becomes...if the tribe opens a Native American Exchange how will that impact any US regulations outside of tribal lands?  
Also with the Electricity issue since it's a experimental developmental program the tribe would pick up power costs until the project was able to become self sustaining.