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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#251

Post by deno »

ProblemFactory wrote: post #208
tonyonodi wrote: post #15

Earlier quoted context omitted.

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 f…

> * 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.

You can certainly avoid that, just make it part of the protocol. You could create currency with such rules on top of Ethereum today. Court judgments simply become a part of trusted oracle.

Re: The new £1 Coin

#252

Post by RugnirViking »

kuschku wrote: post #185
pjc50 wrote: post #177

Earlier quoted context omitted.

We used to have pound notes, and they're still technically in circulation in Scotland (although I've never seen one). According to wikipedia they were withdrawn because: "Part of the reason for this change was that notes, on average, lasted only nine months in general circulation, while coins could last forty years or more. The government also believed that the growing vending industry would benefit from the introduc…

> So maybe the fiver is next. Something like that is already being discussed on the continent. The memorial 5€ coin recently (which is legal tender) wasn’t just that, but it was also a test if a 5€ coin would be accepted, and doable.

We do also have memorial £5 coins here in the UK although I don't know if they are a test for anything, as there have been quite a few over the years. A common gift for people as they are quite large with nice designs on

Re: The new £1 Coin

#253

Post by peter303 »

wonderous wrote: post #131

For any interested in the related costs: https://www.theguardian.com/money/2014/mar/19/cost-new-pound... Seems like there are £45m worth of counterfeit coins in circulation, but the switch may cost over £100 million. ____ EDIT: The percent of fake coins in circulation appears to be in flux, which makes me wonder what methods they use to estimate the fakes in circulation, if they use controls like injecting known fake…

Who is counterfeiting? They dont usually do such small denomination.

Re: The new £1 Coin

#254

Post by gkya »

ardaozkal wrote: post #129
anothercomment wrote: post #4

For 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…

How much would it cost, though? I mean if a pound coin costs more than a pound, that's not good (that's possible even with the dumb coins, I recently heard that the turkish one kurus costs two and a half turkish kurus).

(edit: when I say "cost" I mean the production cost)

Re: The new £1 Coin

#256

Post by flobjax »

kuschku wrote: post #185
pjc50 wrote: post #177

Earlier quoted context omitted.

We used to have pound notes, and they're still technically in circulation in Scotland (although I've never seen one). According to wikipedia they were withdrawn because: "Part of the reason for this change was that notes, on average, lasted only nine months in general circulation, while coins could last forty years or more. The government also believed that the growing vending industry would benefit from the introduc…

> So maybe the fiver is next. Something like that is already being discussed on the continent. The memorial 5€ coin recently (which is legal tender) wasn’t just that, but it was also a test if a 5€ coin would be accepted, and doable.

https://en.wikipedia.org/wiki/Five_pounds_(British_coin)

There's been a British £5 coin since 1990 along the same lines (commemorative, but technically legal tender).

Re: The new £1 Coin

#257

Post by ajarmst »

I like the optimism of keeping symbols of Ireland and Scotland on the coin. Of course, those could become ironic in the not-to-distant. The leek seems safe, though.

Re: The new £1 Coin

#258

Post by eumoria »

wonderous wrote: post #223

How the "hidden high security feature"* in the new £1 coin works is covered here: https://security.stackexchange.com/questions/53673/how-does-... * Royal Mint’s new anti-counterfeiting technology, which can be authenticated by high-speed automated detection, was called Integrated Secure Identification Systems (ISIS) - but for obvious reasons, they've stopped using that name.

K, damn.

Re: The new £1 Coin

#260

Post by [deleted] »

peter303 wrote: post #253
wonderous wrote: post #131

For any interested in the related costs: https://www.theguardian.com/money/2014/mar/19/cost-new-pound... Seems like there are £45m worth of counterfeit coins in circulation, but the switch may cost over £100 million. ____ EDIT: The percent of fake coins in circulation appears to be in flux, which makes me wonder what methods they use to estimate the fakes in circulation, if they use controls like injecting known fake…

Who is counterfeiting? They dont usually do such small denomination.

[deleted]
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