This 'project' is so loosely though of that I'm scared if this does happen. Not everybody can just pack up and go 'Hey, met some people online, International Waters.' There needs to be a stable council that comes up with ideas. Not just random people asking questions, and people answering them.
This is a potential/country/micronation people! Not a Utopian city. You can't just say things like:
Does bitcoin island comes with bitcoin prison and bitcoin army?
Yes.There will be a police force, to enforce the law and order, as well as an army to protect you from the outside invasion. But I want to assure you that the Police force will be 100% professional, and well mannered.

Every country says this. We need something to make us different, instead of the fact of just using Bitcoin. Plus, just letting EVERY cryptocurrency go to a micronation? Nuts or not? If people are already shaming Altcoins, this needs to be thought of properly.