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The Satoshi is a large cruise ship with a total length of 250 meters, planned as a community based on crypto assets located in the Gulf of Panama. The plan to turn a large cruise ship into a self-governing city at sea began with the idea of a maritime state called Seasteading by former Google engineer Patri Friedman at an event about the future of humanity held in December 2010. .
Friedman’s plan didn’t materialize in the next decade, but suddenly it began to become a reality in November 2020 when three entrepreneurs, including the founder of Ocean Builders Ocean Builders, bought the large cruise ship Pacific Dawn. The ship was originally said to be worth more than $100 million, but was dumped for $9.5 million due to the impact of the 2020 coronavirus pandemic.
Three entrepreneurs who were supporters of Seasteading named Pacific Dawn the Satoshiho after Bitcoin’s creator Satoshi Nakamoto, and devised the idea of putting it at the center of the community where the crypto-asset economy was built. When Chad Elwartowski, one of the Satoshi buyers, revealed about his plans to the online community Reddit, questions arose about what life would be like on the Satoshi. He was also a person at the time when the Thai government demolished a house in 2019 for building an illegal marine house in Thailand.
According to his plans, the Satoshi will become an eco-friendly crypto-asset cruise ship powered by solar power. Also, for safety reasons, detailed rules are set, such as a microwave oven cannot be placed in a single room and pets weighing more than 9 kg cannot be kept. In addition, cryptocurrency mining can be carried out in Lake Satoshi, and various services will be developed. Transactions are set so that various cryptographic assets such as Bitcoin, Ethereum, and Bitcoin Cash can be used.
Luke Parker, who is a Seasteading supporter who has quit his Bitcoin investment business and is living, said that Satoshiho is the most realistic Seasteading project he has ever heard of. However, he also said that it was difficult to give up pressing the buy button.
The Satoshi, which received maintenance at the port of Gibraltar on the Iberian Peninsula on December 3, started sailing in the Gulf of Panama for an official opening in January 2021. But when it comes to the Atlantic, various problems arise. One of these is the Panama Maritime Law. Initially, Elwantauski predicted that it would evade various regulations by canceling the shipping registration on the Satoshi and registering it as a house rather than a ship. However, the Panama government allowed the Satoshi to dock in territorial waters, but stipulated that this would require the Satoshi to be officially registered as a vessel.
Originally, the sea is a limited place that is called the most strictly regulated place on earth. It is an industry that is bound by law as it is lined up with cruise ships, aircraft, and nuclear power plants. As the prospects for what it could do have ceased to exist, several insurance companies have all at once withdrew from Satoshiho Insurance.
On December 19th, the insurance company that took over the Satoshi Insurance finally announced the failure of the Satoshi Seasteading plan while it costs $12,000 a day for fuel while sailing. Customers who have already purchased the cabin have been notified of the refund by email.
The Satoshi, which was later decommissioned, was sold to a scrap yard in India. However, due to the Basel Convention regulating the transport of waste across borders, it was discovered that the Satoshi could not travel from the treaty member Panama to India, a non-member country, so the decommissioning plan was thwarted.
Finally, the Satoshi, which was purchased by Ambassador Cruise Line, a British cruise ship startup, is changed to Ambience and becomes a luxury passenger ship again. In addition to serving cocktails and full-course dinners, Ambience, which is scheduled to operate from April 2022, will host a variety of shows, but prices here are unlikely to be payable in Bitcoin. Related information can be found here.
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