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Topic: CASASCIUS PHYSICAL BITCOIN - In Stock Now! (pic) - page 10. (Read 130362 times)

vip
Activity: 1386
Merit: 1140
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
Sad thing it has to be like that. The pre funded coins had some sort of credibility. Now you can not know for sure if those coins are safe...

AFAIK the coins were never pre-funded. The funds were always added after purchasers received their coins. This is no different; it's just you funding them upon receipt instead of Mike funding them.

To be fair, there's a difference between an unfunded coin that I intend to fund with the original buyer's funds on hand but just haven't done so yet, and an unfunded coin that I explicitly have no intention to fund.

All else equal, one's likely to be considered worth 1BTC more than the other.

There are some advantages to the latter.  For example, I don't have to force users to use expensive shipping options to keep a grip on unfunded coins making it into the wild.  If self-fund coins get lost, the loss is limited to the physical coins that got lost, and not any BTC.
legendary
Activity: 1554
Merit: 1009
Sad thing it has to be like that. The pre funded coins had some sort of credibility. Now you can not know for sure if those coins are safe...

AFAIK the coins were never pre-funded. The funds were always added after purchasers received their coins. This is no different; it's just you funding them upon receipt instead of Mike funding them.
sr. member
Activity: 364
Merit: 250
I have idea for your site, PM, cause i will need a supplier for it anyway
legendary
Activity: 1470
Merit: 1000
Want privacy? Use Monero!
Are you still trying to get permission for the original buissiness (selling funded coins)?
Or is this the new buissiness model and will you only sell funded coins person2person from now on?
vip
Activity: 1386
Merit: 1140
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
1. Quotation marks around the denomination: "1 BITCOIN" instead of 1 BITCOIN

Physical air quotes on a physical bitcoin. How clever!

Seriously, just remove the value if it is not guaranteed.

I hope someone else can do this.  I might do the same, but only if I'm offering a 2-factor version.  I don't like making wallets that purport to invite people to store limitless amounts of wealth on them without offering some sort of credible protection like 2-factor.  Instead, I anticipate printing multiple denominations as they're functionally identical, amount to nothing more than a cosmetic difference, and trivial to make if I"m doing them in quantity.
legendary
Activity: 4466
Merit: 3391
1. Quotation marks around the denomination: "1 BITCOIN" instead of 1 BITCOIN

Physical air quotes on a physical bitcoin. How clever!

Seriously, just remove the value if it is not guaranteed.
full member
Activity: 154
Merit: 100
I may be missing something but why don't you just produce the coins in a different country?

Or outsource them to a trusted supplier overseas?

 Huh
vip
Activity: 1386
Merit: 1140
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
The coins I plan to offer unfunded will have the following two distinctive features:

1. Quotation marks around the denomination: "1 BITCOIN" instead of 1 BITCOIN
2. The hologram won't say ONE BTC (etc.) but instead will say SELF FUNDED or something with similar effect.
3. Year >= 2014 (not a distinctive feature in and of itself, but will not make any earlier year coins with those features)
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
It'll be interesting to see what happens to values. It looks like there'll be an option to buy funded coins in person in bulk.

I'll probably buy more for the pure joy of ownership but won't be funding them.
legendary
Activity: 1578
Merit: 1000
May the coin be with you..
Mixed blessing really. Shame to see Mike not being able to supply us with the funded coins like before, but all our other coins should now pre-2014 should increase in value.
legendary
Activity: 1470
Merit: 1000
Want privacy? Use Monero!
It looks like he's back in business http://casascius.wordpress.com/2014/01/12/resuming-some-sales/  though unfunded unless you show up in person. Coolio.
Sad thing it has to be like that. The pre funded coins had some sort of credibility. Now you can not know for sure if those coins are safe...

Oh well,  I guess my small stash of pre 2014 coins just became more valuable :-)
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
It looks like he's back in business http://casascius.wordpress.com/2014/01/12/resuming-some-sales/  though unfunded unless you show up in person. Coolio.
donator
Activity: 2772
Merit: 1019
is there any coins left?

look for resellers (hint: my sig)


I recommend molecular's service! Very fast delivery and great guy(s) to do business with!

We don't ship to the US any more though. For US customers, I recommend Nightowlace.
legendary
Activity: 2198
Merit: 1989
฿uy ฿itcoin
is there any coins left?

look for resellers (hint: my sig)


I recommend molecular's service! Very fast delivery and great guy(s) to do business with!
donator
Activity: 2772
Merit: 1019
is there any coins left?

look for resellers (hint: my sig)
legendary
Activity: 2128
Merit: 1005
ASIC Wannabe
is there any coins left?

wow... couldnt bother reading the thread back a page or two huh? Hes clearly not selling anymore coins at this time

how'd you get out of the noobie section with only 5 posts?
see
newbie
Activity: 8
Merit: 0
is there any coins left?
sr. member
Activity: 252
Merit: 250
All he needs to do is call it a safe boom no longer currency
legendary
Activity: 4466
Merit: 3391
Quite honestly I don't even understand the FINCEN claims. How is Mike a money transmitter if no USD ("real money") is touched?

I don't know what FINCEN's specific claims are, but he is literally a money transmitter. Someone sends him bitcoins ("convertible virtual currency") and he mails bitcoins to someone. I doubt they are concerned about him selling single small denomination coins, but he does sell large denominations (100 BTC bar) and coins in bulk (rolls of 20 or 50 BTC) that are worth multiples of $10,000.
That's just ridiculous, isn't it? Why would anybody who wants to transmit some bitcoins from point A to point B choose such a cumbersome method (buy overpriced physical token and have it snail-mailed somewhere, that's like printing out an email and faxing it to someone who OCRs it) when the virtual bitcoins can be sent to any address via the blockchain for a low transaction cost. Let alone the fact that the bitcoins aren't even on the coins during the shipping process. They're sent to the coins addresses via the blockchain afterwards, specifically to avoid customs trouble.
I think the only difference here is that they have a guy to pin this down on. Otherwise it would mean that any blockchain transaction constitutes money transmitting.

Bitcoins sent through the block chain are traceable, while bitcoins sent through Mike are not. Furthermore, transactions using his coins are as anonymous as cash, so they probably want to know who is buying his coins.
donator
Activity: 2772
Merit: 1019
Quite honestly I don't even understand the FINCEN claims. How is Mike a money transmitter if no USD ("real money") is touched?

I don't know what FINCEN's specific claims are, but he is literally a money transmitter. Someone sends him bitcoins ("convertible virtual currency") and he mails bitcoins to someone. I doubt they are concerned about him selling single small denomination coins, but he does sell large denominations (100 BTC bar) and coins in bulk (rolls of 20 or 50 BTC) that are worth multiples of $10,000.

That's just ridiculous, isn't it? Why would anybody who wants to transmit some bitcoins from point A to point B choose such a cumbersome method (buy overpriced physical token and have it snail-mailed somewhere, that's like printing out an email and faxing it to someone who OCRs it) when the virtual bitcoins can be sent to any address via the blockchain for a low transaction cost. Let alone the fact that the bitcoins aren't even on the coins during the shipping process. They're sent to the coins addresses via the blockchain afterwards, specifically to avoid customs trouble.

I think the only difference here is that they have a guy to pin this down on. Otherwise it would mean that any blockchain transaction constitutes money transmitting.

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