I would propose that they start converting a fixed percentage of all newly donated funds into bitcoin going forward. Start building a local non-bank controlled economy with those local businesses around them, and start giving the world an example of what can be done without the "1%" getting involved.
It is unfortunate though that the easiest way to convert dollars into bitcoin is through Chase. I doubt that they would like that.
Edit: Unless the manipulator is there, and can sell his massive stockpile for cash directly...
Topic: Occupy Wall St. Debating whether convert funds over to Bitcoin - page 2. (Read 3179 times)
November 01, 2011, 02:08:04 AM
October 31, 2011, 11:47:56 PM
If they buy bitcoins, they'll lose 1/4th of their money, sadly. If they bought a little in bitcoins, it might be 1/2 or 1/3, but they'll probably buy large amounts of coins at once.
Nah, they're not stupid. Most likely someone that's familiar with bitcoins would help them buy and use additional coins efficiently.
The coins that have been donated to them appear to be circulating, not just accumulating at the main donation address, so someone knows what they're doing:
https://blockexplorer.com/address/1Q7DQVTubbUqr5by2YoZJRKCEzj9D3LQ9w
October 31, 2011, 10:07:54 PM
What do they have? USD. What do they need? Sleeping bags, blankets, gloves, food, etc. How much of this can they purchase with Bitcoin (aside from services that sell gift cards for Bitcoin and immediately sell the Bitcoin for USD) ? Not a whole lot.
Local businesses would adapt if they boycotted the USD. Food is already available for BTC, and compared to debit/credit card fees, bitcoins are cheap to transact in.
October 31, 2011, 10:01:22 PM
I hope they do, it would be fantastic publicity for bitcoin and is pretty much what occupy is for, a decentralized currency. run the idea by those that understand it and I gaurantee that they will be for the idea, although the uneducated definitely outnumber the smarter individuals in the protest,
Hopefully some of the crowd will be drawn to btc I'd like nothing more than to see bitcoin succeed all bitcoin needs is more ways to use them other than day trading
Hopefully some of the crowd will be drawn to btc I'd like nothing more than to see bitcoin succeed all bitcoin needs is more ways to use them other than day trading
+1
What do they have? USD. What do they need? Sleeping bags, blankets, gloves, food, etc. How much of this can they purchase with Bitcoin (aside from services that sell gift cards for Bitcoin and immediately sell the Bitcoin for USD) ? Not a whole lot.
I hope they do, it would be fantastic publicity for bitcoin and is pretty much what occupy is for, a decentralized currency. run the idea by those that understand it and I gaurantee that they will be for the idea, although the uneducated definitely outnumber the smarter individuals in the protest,
Hopefully some of the crowd will be drawn to btc I'd like nothing more than to see bitcoin succeed all bitcoin needs is more ways to use them other than day trading
Hopefully some of the crowd will be drawn to btc I'd like nothing more than to see bitcoin succeed all bitcoin needs is more ways to use them other than day trading
Why not just buy-as-they-go and use bitcoin via bit-pay or mtgox?
The main pragmatic point to their using Bitcoin would be to secure themselves against seizure of funds. Buy-as-they-go isn't an option if that's the goal. Of course, they could just dump their USD into one or more Mt. Gox accounts, but then they'd have to trust Gox. Try selling the idea of giving all your money to some guy on the Internet to a very diverse crowd of people...
Indeed. This is the decision we must all make.
Why not just buy-as-they-go and use bitcoin via bit-pay or mtgox?
The main pragmatic point to their using Bitcoin would be to secure themselves against seizure of funds. Buy-as-they-go isn't an option if that's the goal. Of course, they could just dump their USD into one or more Mt. Gox accounts, but then they'd have to trust Gox. Try selling the idea of giving all your money to some guy on the Internet to a very diverse crowd of people...
Why not just buy-as-they-go and use bitcoin via bit-pay or mtgox? They can organically show businesses one-by-one how to accept bitcoin for payment and either keep them and/or convert instantly to local currency.
If they buy bitcoins, they'll lose 1/4th of their money, sadly. If they bought a little in bitcoins, it might be 1/2 or 1/3, but they'll probably buy large amounts of coins at once.
From the article, seems as if the money decisions are decided by a vote of everyone - but very few people actually 'understand money', and many of the protesters just let the 'money guys' of the protest handle it.
This is rather ironic.
From the article, seems as if the money decisions are decided by a vote of everyone - but very few people actually 'understand money', and many of the protesters just let the 'money guys' of the protest handle it.
Obviously they're discussing that by spending the fiat directly, they're just enabling 'the system'. Even putting it somewhere runs the risk of having the account frozen for arbitrary reasons. While they still need to by supplies and such, I guess they're looking at Bitcoin quite seriously.
Obviously they're discussing that by spending the fiat directly, they're just enabling 'the system'. Even putting it somewhere runs the risk of having the account frozen for arbitrary reasons. While they still need to by supplies and such, I guess they're looking at Bitcoin quite seriously.
thx to bbit
"now confronting its own wrenching financial conflict: how to divvy up the nearly $500,000 the group has raised via donations"
"The fights over financing are as varied as the protesters' reasons for protesting. Should the library buy the cheapest tables available or more sturdy, durable ones? Should the funds be spent on infrastructure in Manhattan or to help Occupy movements across the U.S.? Should all the money be converted to an alternative currency like Bitcoin?"
Source:
http://www.huffingtonpost.com/2011/10/24/occupy-wall-street-money-donated-tension_n_1029377.html
https://bitcointalksearch.org/topic/occupy-wall-st-debating-whether-convert-funds-over-to-bitcoin-50276
Jump to: