MIT Bitcoin Project To Create Cryptocurrency Ecosystem, Give $100 Per Student

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."

Comments

Also in the budget:

[i kan reed]

Giving every student a fedora and trench-coat.

Unfortunately there was no money left for the "enough razors to shave neck-beards" initiative

This is MIT

[kruach aum]

More like they'll pool their money, buy components for and build a dedicated bitcoin harvester, invest their gains in more equipment, and virtuously circle their way to enough bitcoins to buy free weed for everyone, including the staff.

Re:This is MIT

[bobbied]

Yea, but they will run their mining operations in their dorm rooms and MIT lab computers which will increase the university's electric bill by thousands of dollars a month. In the end, the University will have paid for one HUGE pot party and the further decline of their student's potential. Then when they try to clamp down on the parasite electricity drain, it will be time to break out the riot gear.

Usage

[rjstanford]

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

[jeffmflanagan]

>Having everywhere in MIT that accepts dollars also accept BitCoin would do far more.

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!

[bobbied]

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?

[Anonymous Coward]

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.

Re:To the moon!

[JesseMcDonald]

The question is what can you GET for them... Right now? Not much.

You really need to update your anti-Bitcoin propaganda. Between Bitcoinstore, Overstock.com, TigerDirect, Fancy, eGifter, and Gyft you can get quite a bit for a bitcoin these days, and that's not counting all these other merchants:

Trade page at the Bitcoin Wiki

Next fall?

[ArcadeMan]

...giving each MIT undergrad $100 in Bitcoin (or about 0.22 Bitcoins) starting next Fall.

By next fall, 100$ in Bitcoin might be 0.0022BTC or 22BTC.