Looks a bit like the failed US Susan B Anthony $1 coin. https://en.numista.com/catalogue/photos/etats-unis/g1288.jpg
The new £1 Coin
201–210 of 421 posts
Re: The new £1 Coin
#202That looks neat. Never seen a coin before that changes based on how you look at it. I kinda want one, even though I'm in the US.
Re: The new £1 Coin
#203Earlier quoted context omitted.
I kinda hoped that they'd include something like an RFID chip with something like a certificate inside, signed by the royal mint (Turkish government recently switched IDs to something like that). That'd allow verifying every single new coin (unless it is damaged to the level of breaking the rfid chip, but I suppose that's not that easy). It'd also enable tracking. I kinda regret that idea now. BUT if used responsibly…
> (Turkish government recently switched IDs to something like that). That’s actually quite an old idea – most european countries’ IDs just have a normal smartcard in them, allowing normal signing and verification.
Australian (NSW) drivers licenses actually have magnetic strips in them that cause interesting results in some credit card machines.
Re: The new £1 Coin
#204Earlier quoted context omitted.
I kinda hoped that they'd include something like an RFID chip with something like a certificate inside, signed by the royal mint (Turkish government recently switched IDs to something like that). That'd allow verifying every single new coin (unless it is damaged to the level of breaking the rfid chip, but I suppose that's not that easy). It'd also enable tracking. I kinda regret that idea now. BUT if used responsibly…
"Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future." So you never know - but how would that work inside a metal coin?
Supposedly the super secret bonus prize is embedded luminescent particles[1], if you fancy reading about what that is
Re: The new £1 Coin
#205Earlier quoted context omitted.
> That took me completely by surprise. Is there really that much of a market in counterfeit coins? The profit margins just seem so modest relative to counterfeit bills. If no one's checking for counterfeit coins, and the users themselves don't know they exist, it sounds like a pretty awesome opportunity for the counterfeiters. Just take a look at the number of comments here saying the same thing as you - from a count…
But, what do you do with your counterfeit coins? You've invested all this money and effort in minting equipment, but it would look extremely weird to spend more than like 20 at once. Unless they can fool machines, it seems very inefficient.
You mix in legitimate coins, and deposit them at a bank in Northern Ireland as takings from your (real) businesses. With a rotating cast of 20-ish fronts (each with multiple bank accounts), you could put in £1MM+ a month easy & transfer it onwards as normal-looking purchases.
Note that this was a great way to get millions of coins into circulation back in the early 2000s, not so easy now.
Re: The new £1 Coin
#206Earlier quoted context omitted.
I kinda hoped that they'd include something like an RFID chip with something like a certificate inside, signed by the royal mint (Turkish government recently switched IDs to something like that). That'd allow verifying every single new coin (unless it is damaged to the level of breaking the rfid chip, but I suppose that's not that easy). It'd also enable tracking. I kinda regret that idea now. BUT if used responsibly…
"Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future." So you never know - but how would that work inside a metal coin?
I'm assuming it has an NFC tag or something similar... Can't wait to cut one open and look. :)
Re: The new £1 Coin
#207Coin has WiFi and a microphone and sends data to the nearest surveillance spot if it is in range.
Re: The new £1 Coin
#208For a moment I thought/hoped the UK would introduce an official cryptocurrency...
Yesterday our home secretary said that WhatsApp's end-to-end encryption is "completely unacceptable". So we're a long way away from that.
A government cryptocurrency could be built on a blockchain, but there is really little point. Some properties that it would need are:
* It's backed by usual pounds by the treasury, which means only they get to issue new coins (no public mining rewards).
* Court judgements must be able to block, reverse or force transactions. This means either the government gets a copy of all private keys, or simply has master keys for the system.
* UK government would probably want to attach names to all accounts, so new wallets could probably be only generated on some gov.uk site, or participating businesses like existing banks.
In the end, the blockchain is wasteful and inefficient when you could just have a big-ass server somewhere with an API.
Re: The new £1 Coin
#209Re: The new £1 Coin
#210For a moment I thought/hoped the UK would introduce an official cryptocurrency...
I kinda hoped that they'd include something like an RFID chip with something like a certificate inside, signed by the royal mint (Turkish government recently switched IDs to something like that). That'd allow verifying every single new coin (unless it is damaged to the level of breaking the rfid chip, but I suppose that's not that easy). It'd also enable tracking. I kinda regret that idea now. BUT if used responsibly…
Can't RFID chips to be copied though?