MIT Bitcoin Project To Create Cryptocurrency Ecosystem, Give $100 Per Student 107
rjmarvin (3001897) writes "Two MIT students have raised $500,000 to turn the campus into a cryptocurrency ecoystem, giving each MIT undergrad $100 in Bitcoin (or about 0.22 Bitcoins) starting next Fall. The MIT Bitcoin Project will make MIT the first physical location worldwide with widespread access to the digital currency. As of yet, there are no regulations governing how the students can use it."
Usage (Score:5, Insightful)
The issue with BitCoin isn't the acquisition, its the storage and spending. Giving each student easy access to a university-run "bank" with safe backed-up storage and good access would be a big step in the right direction. Having everywhere in MIT that accepts dollars also accept BitCoin would do far more.
The reason that the dollar works - that all currency works, really - is that people need it to interact with the government. Make BitCoin the easiest way to interact with MIT (for daily use stuff even) and people will use it, which will force them to acquire it, which will entice more people to take it, etc.
Re:Usage (Score:5, Insightful)
Sure, but why deal in bitcoin at all unless it's to buy prohibited items from black markets via the Internet or smuggle money across borders? For any other transaction, the local currency offers much more stability and much faster transactions.
Re:To the moon! (Score:4, Insightful)
But you need to get out before the price goes down...
The simple fact that you are comparing BitCoin to its price, indicates to me that it is a poor imitation of an investment. If BitCoin is a currency, who cares what it costs... The question is what can you GET for them... Right now? Not much. So it doesn't really matter how many of them there are.
Why? (Score:3, Insightful)
Really the main question is why? What was the supposed problem that this is solving? Or is this yet another solution in search of a problem.
Next fall? (Score:5, Insightful)
By next fall, 100$ in Bitcoin might be 0.0022BTC or 22BTC.