Currently tripping on my first ever E. Purchased on Silk Road using Bitcoins. Wouldn't underestimate the demand for this! Just looked at my own website. It's beautiful!
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Bitcoins get physical
31–40 of 49 posts
Re: Bitcoins get physical
#32Re: Bitcoins get physical
#33Even if you trust the coin issuer 100% to not keep a copy of the private key, these sorts of schemes only work until anyone anywhere counterfeits the first BitBill or Casascius coin.
At that point, it becomes necessary that all of the other physical tokens in the world must then be immediately destroyed on redemption and validated as a normal network spend... Which defeats the purpose of these transferable tokens to begin with.
The tamper seal doesn't help. You might as well just print out your own private keys as QR codes, the person accepting them will need Internet access to verify+transfer them, just as now with these "tamper-evident" systems.
Re: Bitcoins get physical
#34I wish he'd invested the time/effort into producing something useful or cool that I could buy with bitcoins instead of these. I like the checkout system - just address and bitcoin payment.
Re: Bitcoins get physical
#35What's the point? That just defeats the whole philosophy of anonymous cryptocurrency and... 25 physical BTC = 29.50BTC!! You loose money if you buy physical coins...
> You loose money if you buy physical coins... Gold and silver coins also cost more than spot.
That's why gold and silver isn't used for coins anymore (except for special limited editions). Nowadays fiat money coins face value is much more than the material of which the coins itself are made.
Re: Bitcoins get physical
#36Earlier quoted context omitted.
> if you gave someone the coin, it still doesn't confer ownership It does because the coin has the private key. Maybe it's better to think of it as a key to a (public) safe. The key represents the right to open this safe. So, by giving you the key, I give you the ownership to the content of the safe. (However, if I have another copy of the key it get's problematic.) > It's essentially an anonymous IOU Which is exactl…
except I can't write down the serial number of my hundred dollar bills, give the bills to you and then spend them myself.
It is also why they have a tamper-evident hologram. You essentialy have to destroy your bill in order to spend it.
Re: Bitcoins get physical
#37It'd need some encryption+verification like a QR code that can easily be scanned with a phone, which would open up a website, contain an encrypted key and then decrypt and run block explorer to verify without revealing the key.
Re: Bitcoins get physical
#38The simple fact that "people like to peel stickers" will be this project's demise.
Re: Bitcoins get physical
#39Currently tripping on my first ever E. Purchased on Silk Road using Bitcoins. Wouldn't underestimate the demand for this! Just looked at my own website. It's beautiful!
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Re: Bitcoins get physical
#40Earlier quoted context omitted.
except I can't write down the serial number of my hundred dollar bills, give the bills to you and then spend them myself.
It is also why they have a tamper-evident hologram. You essentialy have to destroy your bill in order to spend it.
I think you mean make sure it has any value at all. When anyone buys a coin from this organization. The first thing they should do is rip off the hologram and make sure the code works. As far as I can tell, casascius provides no warranty, guarantee, insurance, or backing of any kind.