Yes, they would fly a convenience flag and no one will care about minimum wage, but the sovereign country won't offer any protection, either from pirates or from other countries. Yes, the US won't attack the ship of another country, but the other country will be happy to oblige the US and cede the ship, retroactively, if necessary. I'm getting this from the Seasteading Institute, too.
Recently the relatively awesome entrepreneur invested 1.25 million USD into this (seasteading institute website here).
It seems such a wonderful concept, finally somewhere where new forms of government could be tried out. But I'm just wondering how in the world they hope to deal with existing governments since their reaction to any kind of serious alternatives, especially one that either economically or ideologically presented a significant challenge, is bound to not be positive.
I was just wondering what LWer thoughts are on this matter? Also has there been any discussion of seasteading in the past that I've missed? Also I'm wondering if anyone would hazard to perhaps offer a prediction or judge how likley this is to succeed (maybe on predictionbook)?