Crypto 360°

Sunday, 3 May 2020

How are people in the crypto community not smart enough to realize that these price increases (which impact the entire crypto market) are not a result of BTC becoming more valuable, but rather whales pumping and dumping BTC to get richer while everyone reacts to the market emotionally?

In all honesty, it's almost as stupid as people who follow CNBC for financial advice when CNBC has proven to be LITERALLY the worst financial advisor. These people are practically getting used without realizing it.

submitted by /u/1MightBeAPenguin
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source https://www.reddit.com/r/btc/comments/gckrfj/how_are_people_in_the_crypto_community_not_smart/

Wallet ID and extended public key in Bitcoin.com wallet?

Hi guys,

When i open my bitcoin.com wallet and click on wallet information, i see there is a bunch of numbers and letters indicating my wallet ID and public key. Should i be writing this information on a piece of paper like my 12 word seed phrase?

Is it important information?

submitted by /u/Ivaylo12
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source https://www.reddit.com/r/btc/comments/gckn2s/wallet_id_and_extended_public_key_in_bitcoincom/

An Island Nation with the real BTC as currency

Hello all,

I am here with my plan for my subreddit Reddit Nation

If you are interested in joining a (hopefully) newly formed island nation then this is the place to be.

I have prepared a plan that explains how we will go about doing such a task. More detailed elaborations for each component of the plan will be given at request.

Obviously the first question is where we would have our island. I have identified places of interest. One place of interest is the Nation of Belize. Belize is a small nation with a low GDP of 2 Billion and they are selling off most of their island. Islands with 50-100 acres can be acquired for around 500,000; give or take 50,000. From the people (Government Officials) I have contacted, they are perfectly okay with this plan.

Now here is a 5 step proposal of how this will come to fruition (I will expand on how we will finance this)

Acquire the island
Set up the initial infrastructure
1. Form of Government that I propose is a constitutional monarchy
  1. Country will be run as a democracy (two chamber form of parliament)
  2. Noble titles such as Duke, Earl, Count, Lord, Baron etc will be sold off to help initially finance the island.
2. Establishment of the Government Building
  1. For now this is where the government will convene until more infrastructure is added and the island is improved.
  2. People will be made citizens at this location
3. Establishment of Civil Services
  1. Waste collection, Police, Social Services
4. Establishment of a Port
  1. This will allow supplies to enter the island.
  2. This will allow for the island to participate with the rest of the world economically(I will expand on this later).
  3. The port will function as the entrance point and exit until the runway can be constructed.
5. Establishment of Resident Housing
  1. This temporary housing will be until the island can be developed and more permanent buildings can be put up.
  2. Resident Housing and the Government building will be set up near the port until island development is completed
6. Set up a massive solar powered crypto mining operation to help finance further development of the island
  1. A partnership with big mining companies can be brokered to have this set up
Make the Island a desirable location
1. Set up the island as a luxury city
  1. Free housing for citizens
  2. Free healthcare for citizens
  3. Free schooling and university for citizens
2. Build resorts and legalize gambling on the island
  1. The revenue generated from such activities will help finance further development of the island
  2. With the revenue generated from this, the island will be able to provide for the residents a luxury city
  3. The gambling industry investments will help to finance the island as well
3. Make the island a banking haven
  1. Set up a bank on the island
  2. No KYC laws will be enforced on the island
  3. This will attract forgien investment into the island
4. Allow cryptocurrency companies to conduct business without oversight and for miners to set up large scale operations using solar powered energy
5. No income tax,sales tax, capital gains tax or corporate on the island
  1. Commercial businesses such as casinos, resorts, and banks will just pay slightly inflated property taxes
  2. This will help attract a lot more forgien investment as well
  3. Will attract companies to set up offices here and thus bring jobs to the island.
Expand on the island infrastructure
1. Build an airport. The islands have enough space to accommodate runways for planes even up to jumbo jets
2. Build more free luxury housing for residents
3. Establish schools and universities
4. Establish libraries
5. Establish Museums
6. Establish a healthcare system
Enjoy the luxury haven of an Island that we have built

Now for the question of how much this island will cost and how we will get the funding

According to my calculations (you can look at them below) it will cost us $2,600,000

The Island itself
- 500,000
The Port
- 200,000 to build
  - This will benefit us later when we receive forgien investments
- 500,000 for 250 passenger ferry
  - We will budget around 100,000 for operating costs
Initial Buildings
- 1,000,000
  - These buildings will be permanently built but occupied until the island is built and then will be sold off to recoup the investment.
  - Buildings include
Civil Services
- Around 50,000 to purchase initial equipment and medical supplies
- Another 100,000 to purchase ATVs
- Another 100,000 to purchase off roading vehicles
Bitcoin mining operation
- We will get the money for the operation by partnering with a large company
Water Purification
- 50,000
Food Supply
- We will purchase MRE’s and other preserved food products for the island
- An exact count of this cannot be made until we move further into the plan
Further development of the island
- This will be financed by the forgien investments in regards to banking, gambling and tourism along with money raised from property taxes

Now in regards to how we will raise that sum

We will sell off noble titles (this is why we will set up a constitutional monarchy)
- While no price has been established yet, the titles for sale can include
  - Duke, Duchess.
  - Marquess, Marchioness.
  - Earl, Countess.
  - Viscount, Viscountess.
  - Baron, Baroness.
A small percentage of the island (less than 25%) will be earmarked for sale immediately. The part earmarked for sale will be part of the planned downtown district/capital and developers of this land will be allowed to build whatever structures they want and won't have the problem of jumping through hoops like zoning laws.
- On a 60 acre island, 15 acres would be marked for sale
  - The acres on this haven of an island will be sold for 250,000 each so the island would raise 4.5 million and the sale of said acres will help kickstart the massive infrastructure of the island and provide the island with adequate funding.
Once the island is set up, the island will continue to profit from digital activities which will allow it to not have to charge an income tax or corporate tax
- Digital activities include the solar powered bitcoin mining operation
  - We will partner with an existing bitcoin company for this
- Solar powered web hosting
People can become citizens for a fee of $10 which will mainly go to the printing of their ID and filing in the government archives but the island will profit a few dollars off of this