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NewbieActivity: 17Merit: 0 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 09:03:17 AM #1 If a nation would buy 1% of total Bitcoin ever available (210k) at current prices (50M USD) and announce that this is their official currency, they would become world's wealthiest nation almost overnight.

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LegendaryActivity: 1344Merit: 1000cryptojunk bag holder Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 10:15:27 AM #5 Quote from: jk on February 23, 2015, 09:46:25 AM Is Greece small and desperate enough?



Other candidates?

I see Iceland capable of doing that. They are not big in terms of population, meaning that it will be easier to adopt and they already showed they are able to resist the pressure from the central banks. Therefore I see them capable of doing that.

Another country candidate is Estonia. They have been the first country to go fully for e-voting, so they already have some experience. I see Iceland capable of doing that. They are not big in terms of population, meaning that it will be easier to adopt and they already showed they are able to resist the pressure from the central banks. Therefore I see them capable of doing that.Another country candidate is Estonia. They have been the first country to go fully for e-voting, so they already have some experience. this space is intentionally left blank

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LegendaryActivity: 1288Merit: 1001New Decentralized Nuclear Hobbit Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 11:19:54 AM #9 Quote from: Mervyn_Pumpkinhead on February 23, 2015, 10:16:49 AM No nation would be stupid enough to trust their wealth in bitcoin.

The majority of bitcoins are held by unknown people with unknown intentions. What guarantees does anyone have that Satoshi or someone else won't just cash out their 1mil.+ coins? Absolutely none.

The only thing that bitcoin holders have is hope that some big holder won't start cashing out and won't push this thin little market to it's knees.

You can gamble on hope, but serious finance needs more then that.



You are right.



But, it is a better idea for a country to invest in it, like they invest in gold etc. because it has got huge potential. Once they do, Bitcoin will be more valuable and more people will start using it.



But accepting it as an official currency will get the country broke. You are right.But, it is a better idea for a country to invest in it, like they invest in gold etc. because it has got huge potential. Once they do, Bitcoin will be more valuable and more people will start using it.But accepting it as an official currency will get the country broke.

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NewbieActivity: 17Merit: 0 Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 11:46:19 AM #12 Quote from: ndnhc on February 23, 2015, 11:19:54 AM But, it is a better idea for a country to invest in it, like they invest in gold etc. because it has got huge potential. Once they do, Bitcoin will be more valuable and more people will start using it.



But accepting it as an official currency will get the country broke.



If a nation would just buy Bitcoin it would be speculation and not something that nations should do.



If instead the nation bought Bitcoin and announced that it's their new national currency that taxes must be paid in, it would create huge demand for Bitcoin compared to now and it would increase it's investment's worth by a big factor. Just like going from paper that costs four cents to print to being worth a hundred.



This is how Romans did it. They announced that taxes must be paid with this coin that has a picture of the ruler and gave the coins to soldiers to resupply themselves on their way to new battles, which citizens accepted because it was the only way to pay tax to the government.



This is how every nation gives value to it's currency. They create the demand by law. Law is backed up by violence and thus Bitcoin's value would go up violently.



The great thing about this is that it will happen for sure, because of greed. Bitcoin is faster, cheaper, more secure and private than the current system. The exciting thing about that is that Bitcoin's wide adoption will eventually end nation states and thus free humanity from the violent concept that a nation is. War is a side effect of nations and only a psychopath is against more peaceful future.



What's absolutely exhilarating is that this is a self-fulfilling prophecy. Just because the idea is out, it will happen. No force on earth is big enough to prevent this happening.



The question remains, which nation first? If a nation would just buy Bitcoin it would be speculation and not something that nations should do.If instead the nation bought Bitcoin and announced that it's their new national currency that taxes must be paid in, it would create huge demand for Bitcoin compared to now and it would increase it's investment's worth by a big factor. Just like going from paper that costs four cents to print to being worth a hundred.This is how Romans did it. They announced that taxes must be paid with this coin that has a picture of the ruler and gave the coins to soldiers to resupply themselves on their way to new battles, which citizens accepted because it was the only way to pay tax to the government.This is how every nation gives value to it's currency. They create the demand by law. Law is backed up by violence and thus Bitcoin's value would go up violently.The great thing about this is that it will happen for sure, because of greed. Bitcoin is faster, cheaper, more secure and private than the current system. The exciting thing about that is that Bitcoin's wide adoption will eventually end nation states and thus free humanity from the violent concept that a nation is. War is a side effect of nations and only a psychopath is against more peaceful future.What's absolutely exhilarating is that this is a self-fulfilling prophecy. Just because the idea is out, it will happen. No force on earth is big enough to prevent this happening.The question remains, which nation first?

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Hero MemberActivity: 840Merit: 509 Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 11:52:16 AM #13 No, the wealthiest nations are those that can print their own money at will and then steal their citizens money via taxes to give to their buddies. I would like to see what would happen to a country that adopted bitcoin as its national currency though I think it could be even more risky that using fiat with the current volatility. Hopefully the increased demand would escalate the value, though.

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NewbieActivity: 17Merit: 0 Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 11:57:36 AM #14 Quote from: yatsey87 on February 23, 2015, 11:52:16 AM No, the wealthiest nations are those that can print their own money at will and then steal their citizens money via taxes to give to their buddies. I would like to see what would happen to a country that adopted bitcoin as its national currency though I think it could be even more risky that using fiat with the current volatility. Hopefully the increased demand would escalate the value, though.



Volatility will reduce with larger market capitalisation.



The nation who will adopt Bitcoin first will make such a huge profit on their investment that they can take losses with their newfound wealth and still be ahead by quite a lot compared to their investment.



It will destroy nations eventually, but will make few politicians rich in the process.



I'm betting on politicians being greedy. Volatility will reduce with larger market capitalisation.The nation who will adopt Bitcoin first will make such a huge profit on their investment that they can take losses with their newfound wealth and still be ahead by quite a lot compared to their investment.It will destroy nations eventually, but will make few politicians rich in the process.I'm betting on politicians being greedy.

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LegendaryActivity: 2268Merit: 1278 Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 12:19:27 PM #16 The market would have to be big enough to support a national economy first. So, not yet.



But if a country were to mandate that their citizens only pay taxes in bitcoin it would be forced to shoot up to whatever price that requires. They would make bitcoiners around the world rich at the expense of their own citizens. Not gonna happen. Look inside yourself, and you will see that you are the bubble.

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NewbieActivity: 17Merit: 0 Re: 1st nation to adopt Bitcoin will become wealthiest February 23, 2015, 12:23:43 PM #17 Quote from: Ibian on February 23, 2015, 12:19:27 PM The market would have to be big enough to support a national economy first. So, not yet.



But if a country were to mandate that their citizens only pay taxes in bitcoin it would be forced to shoot up to whatever price that requires. They would make bitcoiners around the world rich at the expense of their own citizens. Not gonna happen.



It's a self-fulfilling prophecy. The market cap will be big enough after the announcement. It's a chicken and egg problem. The price will be stagnant until there's a need for it and then the price will go up violently.



Not only Bitcoiners around the world would be rich, but the nation and it's citizens would be too. Only envy of other Bitcoiner's wealth could prevent that and greed is stronger than envy.



Place your bets accordingly. It's a self-fulfilling prophecy. The market cap will be big enough after the announcement. It's a chicken and egg problem. The price will be stagnant until there's a need for it and then the price will go up violently.Not only Bitcoiners around the world would be rich, but the nation and it's citizens would be too. Only envy of other Bitcoiner's wealth could prevent that and greed is stronger than envy.Place your bets accordingly.