This is interesting, though ultimately the private key is ostensibly only protected by a pin code of a few digits. At the end of the day that might be ok since no one would reasonably carry a large amount of cash in their wallet. Perhaps one would only load small amounts to their corresponding BTC wallet for the card.
Bitcoin physical bearer instrument using NFC JavaCards
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Re: Bitcoin physical bearer instrument using NFC JavaCards
#22But can’t I simply clone the signal that the chip emits using flipper or something similar?
I'm assuming based on the demo video that the private key is encrypted via the "CVC" code. Not great security but enough that someone would need at least a little while to brute force. Perhaps a solution where you only load a little cash onto it
Re: Bitcoin physical bearer instrument using NFC JavaCards
#23We could print pieces of folded paper containing wallets with a standard amount of satoshi and.... wooops, we just invented cash again
This is reductive. It may bear some resemblance to cash but it's more like a voucher, and the actual value is transferred on an immutable ledger. Wish Hacker News wasn't so curmudgeonly about crypto and actually tried to imagine the multitude of ways it would improve society if adopted.
Stated this way, though, we reinvented credit/gift cards?
Re: Bitcoin physical bearer instrument using NFC JavaCards
#24Earlier quoted context omitted.
This is reductive. It may bear some resemblance to cash but it's more like a voucher, and the actual value is transferred on an immutable ledger. Wish Hacker News wasn't so curmudgeonly about crypto and actually tried to imagine the multitude of ways it would improve society if adopted.
I'm not going to argue against some benefits' crypto can have. Especially with the under banked. But it had over a decade to improve society and so far the main use case is: Trick people with tech-bro talk and then scam them.
"Trick people with ____ talk and then scam them" is just a financial thing. See the recent Bed, Bath, and Beyond news.
Re: Bitcoin physical bearer instrument using NFC JavaCards
#25Earlier quoted context omitted.
Yeah, it’s the same thing as government issued currency the moment you put it in paper. A corollary is that digital dollars on your banking app is just like crypto.
Not the same, BTC can't be created / devalued at will.
We already see some currencies that are valued differently based on the current situation and who holds it, what's the difference with BTC? What safeguards it has that prevents such discrimination?
Re: Bitcoin physical bearer instrument using NFC JavaCards
#26Earlier quoted context omitted.
Yeah, it’s the same thing as government issued currency the moment you put it in paper. A corollary is that digital dollars on your banking app is just like crypto.
Not the same, BTC can't be created / devalued at will.
BTC is highly volatile and its price is sensitive to voluntary (“at will”) trading.
Re: Bitcoin physical bearer instrument using NFC JavaCards
#27Earlier quoted context omitted.
This is reductive. It may bear some resemblance to cash but it's more like a voucher, and the actual value is transferred on an immutable ledger. Wish Hacker News wasn't so curmudgeonly about crypto and actually tried to imagine the multitude of ways it would improve society if adopted.
I'll bite: What are some of the multitude of ways that cryptocurrency can improve society if adopted?
If bitcoin is adopted as reserve currency, it would innoculate against the existential risk of regional or even global hyperinflations.
Forever.
Re: Bitcoin physical bearer instrument using NFC JavaCards
#28Earlier quoted context omitted.
I'm not going to argue against some benefits' crypto can have. Especially with the under banked. But it had over a decade to improve society and so far the main use case is: Trick people with tech-bro talk and then scam them.
> I'm not going to argue against some benefits' crypto can have. Especially with the under banked. The under-banked don't have bank accounts because they don't have money. Nobody with money has trouble accessing a bank account. There's tons of online-only bank accounts you can open, often with no fees and zero or limited minimum balance requirements. Ally or Schwab in the US. Internationally, there's Wise, and all so…
> The under-banked don't have bank accounts because they don't have money.
They might have some money but they may not have a home address.
Re: Bitcoin physical bearer instrument using NFC JavaCards
#29Earlier quoted context omitted.
Yeah, it’s the same thing as government issued currency the moment you put it in paper. A corollary is that digital dollars on your banking app is just like crypto.
Not the same, BTC can't be created / devalued at will.
Awesome. That means that the fewer than 0.03% of wallet holders who hold more than 40% of the coins can own everything forever!
Also, it can. See the Ethereum fork and Bitcoin Segwit.
Re: Bitcoin physical bearer instrument using NFC JavaCards
#30Earlier quoted context omitted.
Yeah, it’s the same thing as government issued currency the moment you put it in paper. A corollary is that digital dollars on your banking app is just like crypto.
Not the same, BTC can't be created / devalued at will.
It can be created at the will of the developers of the software and their ability to influence the community.
Plenty of times the market value of Bitcoin has dropped drastically because one person said or did something.