Bitcoin:- Funding Suspension and Revival with cryptocurrency

All topics about cryopreservation costs, membership dues, etc.
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Andrew Clifford
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Bitcoin:- Funding Suspension and Revival with cryptocurrency

Post by Andrew Clifford » Mon Apr 08, 2013 6:21 pm

I consider that to be a cryonicist is to be a futurologist as well. At least to some degree, every member of this community embraces the potential of an advanced technological future.
Sometimes part of that future arrives and meets today's world!

It appears that there will be three paradigms in the evolution of currency:
1. Precious metals (gold silver)
2. Government-backed debt / fiat (dollars, euros, pounds, yen)
3. Cyptocurrency (encrypted peer-to-peer networked transaction logs)

Bitcoin, the first cryptocurrency, was launched in January 2009 and it is becoming very successful. It has been exponentially increasing in value against all precious metals and fiat. The issuance of each cryptocurrency is capped within the algorithm shared by all participants, Bitcoin at 21 million units and Litecoin at 84 million. Still others are following behind. Perhaps it will be Bitcoin, or another, but one of them is likely to absorb a significant percentage of the world monetary base. Bitcoin's first mover advantage seems insurmountable at present. The computing network supporting Bitcoin is already the most powerful in the world dedicated to a single application, having overtaken SETI.

The practical advantages of a currency like Bitcoin is huge. A truly global spread, very low fees, confirmed transfers from anyone in the world to anyone else within 1 hour, irreversible, anonymous, unable to be seized or blocked through intervention inside the transaction process. They are a bearer instrument which carries risk and responsibilty.for due care, but wallet technology is improving fast.

Funding for cryopreservation and revival processes might be easily assured if members invested in crypto-currency as well as the existing fiat currency of dollars. A per patient holding of 20 bitcoins and 80 litecoins, as well as any others which emerge, will assuredly be adequate funding, if and when these capture even 5% of the world monetary base. By 2050 they may have 90%, valuing each crypto-currency unit in the hundreds of thousands of the existing fiat units.

Cryonics can benefit hugely from early adoption of crypto-currency usage as it is such a long-term project. If Cryonics Magazine could do with an in-depth article on this subject, I will happily write one.

Disclosure, I have a smallholding in one crypto-currency. My wish here, as it has been for 22 years, is to see cryonics become viable for as many people as possible.

Links:
http://bitcoin.org/en/how-it-works
http://dev.economicsofbitcoin.com/maste ... 11-19b.pdf
http://konradsgraf.com/blog1/2013/4/6/h ... ubble.html
Last edited by Andrew Clifford on Mon Apr 08, 2013 7:16 pm, edited 1 time in total.

criley
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by criley » Mon Apr 08, 2013 6:53 pm

I agree. Bitcoin is getting a lot of press - finally but I was surprised to see it mentioned here. In addition to geographic diversification, this type of asset diversification can be helpful. Since it is so difficult to predict the future, hedging this way can be useful.

;-)
Last edited by criley on Sat Jun 08, 2013 12:43 pm, edited 1 time in total.

Andrew Clifford
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by Andrew Clifford » Mon Apr 08, 2013 7:02 pm

Thanks for the fast feedback! I am amazed that the fx rate is keeping pace ahead of difficulty, which means that mining for most people without ASICs can continue. This is great for the prospects of Bitcoin.

Yes. the investment required (which may be a loss or the smartest decision ever) to hedge against a possible cryptocurrency future is still a small percentage of the average suspension funding amount.

criley
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by criley » Tue Apr 09, 2013 9:15 am

Hi
The last month or two difficulty certainly increased significantly, but as you said, with the fx rate it still pays to mine. My ony loss right now would be electricity, which is worth the gamble given the upside potential. Owning bitcoins are a permanent very inexpensive option on its future and given the very long term future prospects which we all are hoping for here, well worth it.

Chris
Andrew Clifford wrote:Thanks for the fast feedback! I am amazed that the fx rate is keeping pace ahead of difficulty, which means that mining for most people without ASICs can continue. This is great for the prospects of Bitcoin.

Yes. the investment required (which may be a loss or the smartest decision ever) to hedge against a possible cryptocurrency future is still a small percentage of the average suspension funding amount.

criley
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by criley » Sat Jun 08, 2013 12:45 pm

If Bitcoin succeeds as it seems it may, the value will increase significantly in the future. My view is that for a little time now, it could either pay off a lot or be worth very little, but the little time now is worth the large potential payoff in the future. It is surprising that there are not more people interested in both.

Andrew Clifford
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by Andrew Clifford » Mon Jun 24, 2013 7:22 pm

I'm also surprised how little debate there has been on this topic.

The whole point of having super-long lifetimes is to enjoy and experience a boundless future. That has to be a major part of the raison d'etre of cryonics. People can't be afraid of death for no other reason except that death is a painful hassle.

Further, the future will not be like the present, preserved in amber. There will be change, and hopefully a lot of improvements (not vacuous Obama-like "change you can believe in"). Just as nanotechnology is a major improvement to manufacturing, cryptocurrency is a major improvement upon debt-based fiat currency. Abuse of fiat currency is crippling the whole world economy right now.

As visionaries cryonicists should be at the forefront of embracing change which brings improvements. That doesn't mean everyone needs the broad perspective of Ray Kurzweil, but there should be some awareness of future potential by ALL those who desire extreme life-extension.

Crypto-currency is just taking off, now is the time to get aboad. Just as registering common domain names was a smart investment decision in 1991-1995, loading up on crypto is a smart decision in 2013.

Insurance-based funding of cryonics is risky in a fiat system on its last legs. If members put 5% of their savings into Bitcoin, and 1% of the PCTF was invested in Bitcoin, that could be the smartest action by Alcor and its members since Alcor acquired its own building.

criley
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by criley » Mon Nov 25, 2013 8:35 am

It was nice to see the mention of Bitcoin in the latest magazine.

It is too bad that the "current issue" on the Alcor web site is August 2013 - several months out of date. It would be useful to share.

(The "Current Issue" link is:
http://www.alcor.org/magazine/2013/10/0 ... gust-2013/
)

garethnelsonuk
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Re: Bitcoin:- Funding Suspension and Revival with cryptocurr

Post by garethnelsonuk » Thu Oct 16, 2014 5:58 pm

I've been involved in bitcoin professionally for quite a while and would caution against using BTC as the funding mechanism for cryonics for one simple reason:

Exchange rate fluctuations

While the overall trend has been for the price of bitcoin to go up, it's still something that varies a lot and if you experience legal death while the market is in a down period, you'll be out of luck.

Of course there's nothing to stop BTC being used above the minimum requirements, or using BTC as a simple payment mechanism and converting immediately to USD.

As an analogy, my own funding is a british life insurance policy with a value of £100k, at current rates that gives $160k USD, but even if the dollar/pound exchange rates drop to a 1:1 ratio that's still $100k USD, $20k more than the minimal. I also plan to upgrade my insurance policy at some point to be on the safe side. Since £/$ is a very stable market i'm very confident that my current policy will be good when it's needed.

On the other hand, if I paid Alcor the equivalent 420BTC to be held in a prepayment account and the price per bitcoin dropped to $150 (as it easily could), i'd be underfunded unless they converted it instantly upon receipt.

I'd happily send BTC above the minimal though, using life insurance to cover the minimal costs and a small buffer, and some BTC to be held longterm by the patient care trust if mechanisms were in place to ensure it's not liquidated too early.

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