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No it's not.
- https://en.bitcoin.it/wiki/Casascius_physical_bitcoins
It looks like Kong might be the first crypto-cash with an issuer that hasn't seen its private keys. And that's cool, but it'd be good not to exaggerate what this is.
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It should be just like normal, non-blockchain backed currency, should it not?
It’s more like selling stock to buy a sandwich. If you bought the stock for $100, and now it’s worth $200, and you sell $10 worth to buy a sandwich, you have $5 of income to be reported.
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Sorry, but (at best ) this is pure pedantry. Literally every bank in the UK will accept Scottish bank notes - if that's not a defacto legal tender, I don't know what is.
It's a very common misconception, there is no requirement for Scottish banknotes to be accepted as payment anywhere in the UK (including Scotland!) https://en.wikipedia.org/wiki/Banknotes_of_the_pound_sterlin...
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The bills are intended to be spent hand-to-hand in meatspace with cryptographic validation. See section 2.1 [1] The innovation of Bitcoin was decentralized electronic peer-to-peer cash. Kong does not remove any of those elements and makes the overhead of the peer-to-peer bit easier. Physical cash is still the dominant form of payment. The advancement here is figuring out how to issue physical cash without needing a c…
>The bills are intended to be spent hand-to-hand in meatspace with cryptographic validation. Then what problem is it solving? >Physical cash is still the dominant form of payment. The advancement here is figuring out how to issue physical cash without needing a central entity. It has to be physically manufactured. You're now the entity.
Section 4.1 goes into how to manufacture these so we're not the sole entity. Manufacturers of mining equipment set an...ok...precedent here. I think we can do better in this space which is why we're trying to minimize trust in these black boxes and move to open silicon with ARX - section 5.1. [1]
[1] https://ipfs.io/ipfs/QmRNRCocj4PwKMXrd1jeUGw7ASQSuEk7BDJu5Ks...
> Kong is the first crypto-cash No it's not. - https://casascius.com/ - https://en.bitcoin.it/wiki/Casascius_physical_bitcoins It looks like Kong might be the first crypto-cash with an issuer that hasn't seen its private keys. And that's cool, but it'd be good not to exaggerate what this is.
Oh yeah, because then the founders can't get rich in the ICO. Yuck.
Hi folks, I’m one of the contributors at Kong — https://kong.cash/ . Kong is a physical cryptocurrency that looks, feels and works like traditional cash. You can think of it as an ultra-secure, time locked cryptocurrency wallet with a fixed face value — no one can access the token except for the holder of the note after a period of several years. It consists of a secure element and NFC chips mounted on a flexible PCB…
> Kong is the first crypto-cash No it's not. - https://casascius.com/ - https://en.bitcoin.it/wiki/Casascius_physical_bitcoins It looks like Kong might be the first crypto-cash with an issuer that hasn't seen its private keys. And that's cool, but it'd be good not to exaggerate what this is.
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Kong has the useful property of peer-to-peer validation. Most paper currencies printed in your basement don't. Tokens loaded onto Kong Cash instruments and exchanged ephemerally in person between party A and party B are more anonymous than tokens sent directly from party A to party B electronically which will be recorded for everyone to see forever. It's programmable money. It's cooler than non-programmable money. We…
If you're handing off physically then just use cash. How is this any better? The exit to real currency will always reveal Kong transactions at some point. Real cash is more anonymous because it's seamlessly transacted everywhere.
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It's a very common misconception, there is no requirement for Scottish banknotes to be accepted as payment anywhere in the UK (including Scotland!) https://en.wikipedia.org/wiki/Banknotes_of_the_pound_sterlin...
I have no misconceptions here - I know Scottish bank notes are not technically legal tender, and thus, technically , nobody is under any compulsion to accept them. But in the real world, they are absolutely defacto legal tender - as above, every bank in the UK (and even many beyond) accepts them.
Earlier quoted context omitted.
>The bills are intended to be spent hand-to-hand in meatspace with cryptographic validation. Then what problem is it solving? >Physical cash is still the dominant form of payment. The advancement here is figuring out how to issue physical cash without needing a central entity. It has to be physically manufactured. You're now the entity.
The problem is how to make a sound cash instrument backed by cryptocurrencies. It matters because cash is the dominant form of payment worldwide. Section 4.1 goes into how to manufacture these so we're not the sole entity. Manufacturers of mining equipment set an...ok...precedent here. I think we can do better in this space which is why we're trying to minimize trust in these black boxes and move to open silicon with…
In what way is cash failing that it needs to be replaced by your type of cash?
The "it's decentralized and doesn't rely on a state level actor" argument has been thoroughly lost at this point.