Mint Chip Technical Details - page 4.

zer0

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Quote from: adamstgBit on April 12, 2012, 11:05:48 PM

any merchants that accepts mintchip can easily accept bitcoin too, because exchanging bitcoins for mintchip's USD or CAD can be automated and FREE! 0.00% exchange fee! how? P2P irreversible transactions Biatches Cool

!

Yeah if that merchant doesn't sell anything over $5-10
Mintchip is for "very small transactions" which is still not a bad idea.

Also you are assuming (lol) no fees. I doubt all these supposed cloud cluster merchant payment gateway ideas floated on their site will do free transactions. Canadian Mint provides the hardware and infrastructure, then all the middle men vultures descend and take fees performing transactions on their network to credit/debit your mintchip. They will contract this out to huge corporations for the most money possible.

There's also the issue of the fine print where they can disable your chip whenever they want and make you replace it, arbitrarily reflash the firmware, ect. Oops there goes all your bitcoins, we're not liable because the mintchip was never designed for it. Sorry

Still a good idea, but yeah I'd rather just find somebody on the street and trade bitcoins for cash with an open source Cryptostick with AES-256 instead of using banks, centralization, tracking, IDs..

adamstgBit

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Quote from: zer0 on April 12, 2012, 06:26:36 PM

I'm going to assume it's exactly like the Visa/MC chips where it generates a unique handshake per transaction and somebody standing 10ft from you holding a RF reader bought from ebay can steal your coins and spend them without you ever knowing.

assuming makes and ass out of you and me.

Quote from: coinuser4000 on April 12, 2012, 08:48:48 PM

...
When a government takes control of something it tends to stop working well. Why would I want cryptocurrency issued (and regulated) by a government anyway? Isn't the whole point of Bitcoin that it is decentralized? Doesn't this remove one of the defining features of P2P cryptocurrency?

The reason i got interested in Bitcoin in the first place was that it circumvented the usual government-run banking systems.

right but who cares, MintChip isn't going to revolutionize money(it doesn't even have the potential for that), its only going to make buying bitcoins easier(which has the potential revolutionize money!) Cheesy

any merchants that accepts mintchip can easily accept bitcoin too, because exchanging bitcoins for mintchip's USD or CAD can be automated and FREE! 0.00% exchange fee! how? P2P irreversible transactions Biatches Cool

!

so thank Canada, they are working WITH us!

coinuser4000

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Quote from: zer0 on April 12, 2012, 06:26:36 PM

I'm going to assume it's exactly like the Visa/MC chips where it generates a unique handshake per transaction and somebody standing 10ft from you holding a RF reader bought from ebay can steal your coins and spend them without you ever knowing.

This.

If it's a chip, the first thing I want to do is stick it in the microwave and nuke it so it won't work. Microchips on my passport are bad, microchips on my credit cards are bad and microchips on my money are bad bad bad.

When a government takes control of something it tends to stop working well. Why would I want cryptocurrency issued (and regulated) by a government anyway? Isn't the whole point of Bitcoin that it is decentralized? Doesn't this remove one of the defining features of P2P cryptocurrency?

The reason i got interested in Bitcoin in the first place was that it circumvented the usual government-run banking systems.

Etlase2

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Quote from: zer0 on April 12, 2012, 06:26:36 PM

I'm going to assume it's exactly like the Visa/MC chips where it generates a unique handshake per transaction and somebody standing 10ft from you holding a RF reader bought from ebay can steal your coins and spend them without you ever knowing.

you need to be about an inch away but otherwise 100% accurate

Stephen Gornick

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Quote from: Phinnaeus Gage on April 12, 2012, 06:59:22 PM

I don't think that's a good idea, for it's been argued that MintChip is not a cryptocurrency. Moving it there would be like claiming it is.

You're right. The Off-Topic board would probably be more appropriate.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: Stephen Gornick on April 12, 2012, 04:11:44 PM

Should this be moved to the Alternate Cryptocurrencies board?
- http://bitcointalk.org/index.php?board=67.0

I don't think that's a good idea, for it's been argued that MintChip is not a cryptocurrency. Moving it there would be like claiming it is.

~Bruno~

zer0

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I'm going to assume it's exactly like the Visa/MC chips where it generates a unique handshake per transaction and somebody standing 10ft from you holding a RF reader bought from ebay can steal your coins and spend them without you ever knowing.

adamstgBit

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Quote from: Dan The Man on April 12, 2012, 03:59:32 PM

Quote from: hazek on April 12, 2012, 03:56:47 PM

Just a few threads down from yours you have this one: https://bitcointalksearch.org/topic/the-royal-canadian-mint-just-announced-a-new-alternative-to-bitcoin-75441

Which is a sprawling 12 pages about the benefits and downsides of a government digital currency.

So can you tell me the details of how Mint Chip works? What kind of cryptography does it use? When and who does it need to communicate with? If you fall in a lake is your mint chip toast? Can you have multiple mint chips all running the same account? How would they know what the other one is doing?

no one knows this, and if anyone does they are not allowed to give the public this information at this time. that's not stopping anyone from speculation that it will work like other chips have b4, and will fail because of this.... people see whatever they want to see.

Stephen Gornick

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Should this be moved to the Alternate Cryptocurrencies board?
- http://bitcointalk.org/index.php?board=67.0

Dan The Man

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Quote from: hazek on April 12, 2012, 03:56:47 PM

Just a few threads down from yours you have this one: https://bitcointalksearch.org/topic/the-royal-canadian-mint-just-announced-a-new-alternative-to-bitcoin-75441

Which is a sprawling 12 pages about the benefits and downsides of a government digital currency.

So can you tell me the details of how Mint Chip works? What kind of cryptography does it use? When and who does it need to communicate with? If you fall in a lake is your mint chip toast? Can you have multiple mint chips all running the same account? How would they know what the other one is doing?

hazek

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Just a few threads down from yours you have this one: https://bitcointalksearch.org/topic/the-royal-canadian-mint-just-announced-a-new-alternative-to-bitcoin-75441

Dan The Man

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Does anybody know how Mint Chip will actually work? How does it verify transaction? Is the transaction record kept on the chip, or does every transaction get checked by a central server somewhere?

Topic: Mint Chip Technical Details - page 4. (Read 6124 times)