MintChip Vs bitcoin, the currency wars are starting... who will win? - page 2.

FreeMoney

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Strength in numbers

Quote from: Spekulatius on April 06, 2012, 06:45:49 PM

Quote from: blablahblah on April 06, 2012, 05:12:09 PM

Early adopters of Bitcoin made lots of bitcoins at a low cost.

Early adopters of Mint Chip will get first dibs at cracking the protocol so they can print (steal) money.

Hmm, they dont necessarily have to steal it: Remember ixcoin, s0lidcoin, etc.. Those forks had a large deflation shortly after released, leading to some quick bucks for the innovators (those commonly miscalled "early adoptors", because the adoption in terms of actual use had not even begun).
With all that media attention attributed to Bitcoin, having the canadian GOVERNMENT launching a similar project, could create a (short?) hype with huge deflation as in the early days of Bitcoin.
Ill watch closely! Wink

P.S.: Does anybody know when the first MintChips will be available and can be exchanged?

Yeah, no. That would be like buying a bunch of credit cards or checkbooks when they came out hoping to make money. Think purse, wallet, bucket (that only holds garbage incidentally) not gold, bitcoin.

DeathAndTaxes

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Gerald Davis

Quote from: Spekulatius on April 06, 2012, 08:20:39 PM

Am I wrong, does the device hold the original currencies without converting them?

Yes you are wrong.

(well you asked).

It holds fiat currency nothing more. Initially the only supported currency is Canadian dollars (CAD) but the hardware itself does support multiple fiat currencies so it is possible in the future the MintChip ecosystem could support YEN, USD, EURO, and CAD for example.

There is no new currency, no deflation, no intermediary.

Initially if you have 10 CAD on your MintChip conversion becomes a non-issue. There is only one supported currency. A broker would allow you to move 10 CAD in your checking account (or maybe Paypal or credit card) to 10 CAD on your MintChip and back again.

IF other currencies were added you would need a broker to exchange them for you. If you have 10 USD and you want Euros a trusted broker (only entities authorized by Royal Mint) could remove 10 USD from your MintChip exchange it for x Euros (likely for a fee and poor exchange rate) and then load x Euros back to the MintChip.

This isn't a new currency it is simply a new way to use existing currencies.

Hypothetically BTC (and/or micrograms of Gold) could be one of the supported currencies but I doubt that will ever happen.

Spekulatius

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Quote from: DeathAndTaxes on April 06, 2012, 07:51:38 PM

Quote from: Spekulatius on April 06, 2012, 06:45:49 PM

Quote from: blablahblah on April 06, 2012, 05:12:09 PM

Early adopters of Bitcoin made lots of bitcoins at a low cost.

Early adopters of Mint Chip will get first dibs at cracking the protocol so they can print (steal) money.

Hmm, they dont necessarily have to steal it: Remember ixcoin, s0lidcoin, etc.. Those forks had a large deflation shortly after released, leading to some quick bucks for the innovators (those commonly miscalled "early adoptors", because the adoption in terms of actual use had not even begun).
With all that media attention attributed to Bitcoin, having the canadian GOVERNMENT launching a similar project, could create a (short?) hype with huge deflation as in the early days of Bitcoin.
Ill watch closely! Wink

P.S.: Does anybody know when the first MintChips will be available and can be exchanged?

What deflation? This isn't a new currency. It will be exchanged 1:1 with physical Canadian dollars.

U sure?
I thought there is some sort of (intermediary) currency (MintChips?). If I gave you 10 USD via the MintChip device and you want to convert it to EUR, how would you do it? I guess u would have to convert it using a broker that (as I understand it) exchanges 10 USD worth in MintChips for euros. Am I wrong, does the device hold the original currencies without converting them?

Qoheleth

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Spurn wild goose chases. Seek that which endures.

Quote from: grue on April 06, 2012, 07:24:25 PM

Quote from: ribuck on April 05, 2012, 06:32:40 AM

Read the docs. Value can be transferred offline, provided your device has a microSD slot or a USB socket. However, iPhone users will need to be online.

There's a central issuer, but there's no central transaction server. Transactions are validated between the buyer's and seller's device.

this is going to be so funny when i double spend thousands of dollars. Cheesy

Yeah, that's the stinger. Theoretically, the whole system is secured by their custom chip, which does the handshake with the recipient to prove that it's a legit source address (and uses challenge/response to negate replay attacks). But that means the first person to extract the private key from one of those chips may as well have stolen a Royal Mint rotary press - they'll be able to generate as much money as they want, and for free. And cracking a chip to extract the private key is something criminal elements have done for much less substantial rewards.

DeathAndTaxes

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Gerald Davis

Quote from: Spekulatius on April 06, 2012, 06:45:49 PM

Quote from: blablahblah on April 06, 2012, 05:12:09 PM

Early adopters of Bitcoin made lots of bitcoins at a low cost.

Early adopters of Mint Chip will get first dibs at cracking the protocol so they can print (steal) money.

Hmm, they dont necessarily have to steal it: Remember ixcoin, s0lidcoin, etc.. Those forks had a large deflation shortly after released, leading to some quick bucks for the innovators (those commonly miscalled "early adoptors", because the adoption in terms of actual use had not even begun).
With all that media attention attributed to Bitcoin, having the canadian GOVERNMENT launching a similar project, could create a (short?) hype with huge deflation as in the early days of Bitcoin.
Ill watch closely! Wink

P.S.: Does anybody know when the first MintChips will be available and can be exchanged?

What deflation? This isn't a new currency. It will be exchanged 1:1 with physical Canadian dollars.

grue

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Quote from: ribuck on April 05, 2012, 06:32:40 AM

Read the docs. Value can be transferred offline, provided your device has a microSD slot or a USB socket. However, iPhone users will need to be online.

There's a central issuer, but there's no central transaction server. Transactions are validated between the buyer's and seller's device.

this is going to be so funny when i double spend thousands of dollars. Cheesy

Spekulatius

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Activity: 1022

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Nada.

The only place some info is available is the project site: http://mintchipchallenge.com but no comment on that. Maybe my new thread yields some enlightment:http://mintchipchallenge.com/forum_topics/782

Spekulatius

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Activity: 1022

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Quote from: blablahblah on April 06, 2012, 05:12:09 PM

Early adopters of Bitcoin made lots of bitcoins at a low cost.

Early adopters of Mint Chip will get first dibs at cracking the protocol so they can print (steal) money.

Hmm, they dont necessarily have to steal it: Remember ixcoin, s0lidcoin, etc.. Those forks had a large deflation shortly after released, leading to some quick bucks for the innovators (those commonly miscalled "early adoptors", because the adoption in terms of actual use had not even begun).
With all that media attention attributed to Bitcoin, having the canadian GOVERNMENT launching a similar project, could create a (short?) hype with huge deflation as in the early days of Bitcoin.
Ill watch closely! Wink

P.S.: Does anybody know when the first MintChips will be available and can be exchanged?

RodeoX

legendary

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The revolution will be monetized!

Could mintchip be the next way to buy bticoin?

molecular

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mintchip: the evolution of (fiat) currency
bitcoin: the revolution of money

MatthewLM

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I don't really know what MitChip is but it seems like it isn't competing with bitcoin at all and it's competing more with payment processors like Visa.

blablahblah

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Early adopters of Bitcoin made lots of bitcoins at a low cost.

Early adopters of Mint Chip will get first dibs at cracking the protocol so they can print (steal) money.

DeathAndTaxes

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Gerald Davis

Quote from: rebuilder on April 06, 2012, 04:41:12 PM

So how good can that kind of validation be currently? ~~I'm no expert by far, but it sounds like either they're trusting the users not to double spend (unlikely) or~~ they're trusting whatever DRM scheme (essentially) their chip implements not to get cracked.

This.

The private key is on the chip but inaccessible to end user. As long as the chip is never hacked then double spends are impossible. Of course the history of "the secret is on the chip" it littered with failed security schemes but they think they will be successful.

The weird/scary part is that as a central bank they can simply treat any double spend like any central bank treats any counterfeiting. It just adds to the money supply and increases the rate of inflation.

So unless in bitcoin where in a double spend one of the receivers won't get paid in a MintChip double spend both receivers would get paid the attacker would just illegally be minting money out of thin air.

rebuilder

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Quote from: ribuck on April 05, 2012, 06:32:40 AM

Read the docs. Value can be transferred offline, provided your device has a microSD slot or a USB socket. However, iPhone users will need to be online.

There's a central issuer, but there's no central transaction server. Transactions are validated between the buyer's and seller's device.

So how good can that kind of validation be currently? I'm no expert by far, but it sounds like either they're trusting the users not to double spend (unlikely) or they're trusting whatever DRM scheme (essentially) their chip implements not to get cracked.

Caveat: I think I read "the docs", the site was a bit sprawling. What I found wasn't very big on details.

RodeoX

legendary

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The revolution will be monetized!

Quote from: OgNasty on April 04, 2012, 09:37:58 PM

Quote from: adamstgBit on April 04, 2012, 09:06:10 PM

will this news effect bitcoin price?

No. MintChip is just another inflationary currency dressed up like Bitcoin. It's like Bitcoin only without all the things that make Bitcoin great.

+1
You cant can't just put whipped cream a turd and tell me its a hot fudge Sunday. Undecided

ribuck

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Quote from: adamstgBit on April 05, 2012, 11:49:32 PM

Did someone say Mint Chip?

Mint Is Not The
Chip He Is Praising

Crypt_Current

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Shame on everything; regret nothing.

Quote from: adamstgBit on April 05, 2012, 11:49:32 PM

Did someone say Mint Chip?

LIKE

one of the better posts from admsmatgbiitelyslsldbtgbitadam

lololololololololol.

adamstgBit

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Trusted Bitcoiner

Did someone say Mint Chip?

Dutch Merganser

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Quote from: notme on April 05, 2012, 12:38:49 PM

Quote from: Dutch Merganser on April 05, 2012, 12:33:36 PM

Quote from: OgNasty on April 05, 2012, 11:42:27 AM

Quote from: Dutch Merganser on April 05, 2012, 09:43:17 AM

Quote from: OgNasty on April 04, 2012, 09:37:58 PM

Quote from: adamstgBit on April 04, 2012, 09:06:10 PM

will this news effect bitcoin price?

No. MintChip is just another inflationary currency dressed up like Bitcoin. It's like Bitcoin only without all the things that make Bitcoin great.

Thanks, good to know it's that simple Wink

“If you can't explain it simply, you don't understand it well enough."
- Albert Einstein

Wink

LOL. I'm sure that's a real feel good for a lot of folks Wink

Odd coincidence, I'm on another message board right now discussing why being ignorant, superstitious, and unacquainted with logic or reason has now become a mark of virtue amongst so many Americans.

I know that I know very little, so I am ignorant. I believe there are forces I don't understand, so I am superstitious. But, I only give up logic and reason when I deal with women or when infuriated.

Anyway, the first two are just part of being humble, and thus virtues. Logic and reason however, are a crucial part of living in a sane world.

Uh huh, right. You don't have to thank me for this opportunity to engage in such self-indulgent public masturbation, just send your bitcoins of gratitude to the folks at MintChip. I certainly wouldn't have anything better to do with them other than gamble at Bitcoinica Grin

notme

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Activity: 1904

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Quote from: Dutch Merganser on April 05, 2012, 12:33:36 PM

Quote from: OgNasty on April 05, 2012, 11:42:27 AM

Quote from: Dutch Merganser on April 05, 2012, 09:43:17 AM

Quote from: OgNasty on April 04, 2012, 09:37:58 PM

Quote from: adamstgBit on April 04, 2012, 09:06:10 PM

will this news effect bitcoin price?

No. MintChip is just another inflationary currency dressed up like Bitcoin. It's like Bitcoin only without all the things that make Bitcoin great.

Thanks, good to know it's that simple Wink

“If you can't explain it simply, you don't understand it well enough."
- Albert Einstein

Wink

LOL. I'm sure that's a real feel good for a lot of folks Wink

Odd coincidence, I'm on another message board right now discussing why being ignorant, superstitious, and unacquainted with logic or reason has now become a mark of virtue amongst so many Americans.

I know that I know very little, so I am ignorant. I believe there are forces I don't understand, so I am superstitious. But, I only give up logic and reason when I deal with women or when infuriated.

Anyway, the first two are just part of being humble, and thus virtues. Logic and reason however, are a crucial part of living in a sane world.

Topic: MintChip Vs bitcoin, the currency wars are starting... who will win? - page 2. (Read 6924 times)