Topic: New Physical Bitcoin - New Concept (Read 2441 times)

 This is exactly what I intend. I am going to make it that you will not fly somewhere unless you are 99% sure you are flying to the right place. Which means it will be very hard to crack

It's an interesting concept but I can't imagine people would actually fly around the world in search for the golden coin. I simply propose that you leave hints/riddles to clues which have an answer. Maybe the first person to have the answer or digitally map the co-ordinates can PM you and he/she get the 'treasure'.

Yes but not in bitcoin. That is the complication. I was going to turn the funds directly into Fiat to protect myself from the volatility of bitcoin. I could accept bitcoin as escrow and then when it comes to the delivery bitcoin could be worth 50 usd each.  Is there a way around that?  I am now thinking down the kickstarter line but a 5% fee will put the prices up slightly but at least it's everyone's covered. It may bring more publicity quicker too if it spotted.

I think in this case kick stater would be the best option and there is a chance we will get interest from people outside the btc community too which would be good for everyone!
I will look into starting a campaign early next week.

While I wouldn't trust a brand new coin maker these days due to the coinographic scam, I echo monkeynuts in that in this case, I trust gravitate.  He made the various microsoul silver and brass versions and earlier PBC coins.  

Like I said earlier, I'm on board in getting a coin.

I would say though to ensure this project moves forward that perhaps gravitate can do something to put people's minds at ease.  Escrow, partial payment, require only verbal confirmation vs payment, kickstarter, etc..

If you truly are just gauging interest then you should have no problem using escrow to hold the funds of preordering customers.

Are you accepting escrow?

Thank you for taking time to answer my comment about the x-ray. I think I understand what you planning to do.

I have covered my personal paper wallet with a decoy pattern, to prevent retrieving the key by holding the envelope against a powerful light source:


Something similar should be possible in the x-ray domain... with a decoy pattern as you mention.

Looking forward to hear more. 

I think I will get writing the campaign
Thanks

Maybe Kickstarter is the way forward. I've had dealings with gravitate and he went well beyond the call of duty for me, but folks are understandably twitchy on here from past experiences with others.

The kickstarter route would open up a new audience and increase exposure. The idea crosses over into gaming which is a huge area for kickstarter projects.

Pre-order=No-Order

I have limited it to 15 people who are considered 'investors'. And for their investment they get back a limited coin plus what they bought.
Adding escrow for me with everything I have going is just another unnecessary complication and I do not have time for it. I have never used it as I ensure when I do deals I have a good degree of faith in what is on offer. People will be paying in Bitcoin for escrow but I will be wanting it converted to FIAT so as to not be effected by the value of bitcoin. Complicated unless there are FIAT escrow on here? But I might as well use kick starter or something similar?


I understand that so many scams have happened that I am not aware of (if I was I would not have originally tried to pre sell all of them). I dont expect anyone who does not know me or dealt with me before to invest. I understand now that pre selling is a terrible idea but I do however need to know this coin is a good idea and that people want it to be made.  If there is not sufficient interest then the coin will not be made and I will focus on more traditional coins such as hologram coins (Actually there will be a new coin released very soon with some very interesting twists to it).

If I do not get 15 people then I will refund the people who have invested quite simply and stick to more traditional physical coins in the future.

I would be prepared to put the coin on kickstarter so the amount will be available to me in FIAT when the coin is produced. But if I find 15 people on here also that will for me be simpler and make it easier. I have so far had 2 people interested which is monkeynuts and bithalo. I will not be taking any payments until further interest. Or change it to kickstarter or something similar.

If this coin is worth making I will love to do it and will try work with the community on this. It is all very well minting coins, manufacturing holographic sticks and securely generating private keys then selling the coins. But when you add to the equation having to mint another 5 gold coins (actually only the cost of 1 of these is included in the price but this is high due to the cost of dies it is high), flying to another country to bury the gold coin, having the coins machined in USA and engraved by myself then I want a certain amount of confidence there will be a lot of interest in the coin. this is the reason I wanted some up front  payment not for you to take the financial risk but to show me you think it is a good idea.

Thanks for answering questions, but I just have a few more concerns:


Ok, but in the real world you either fund your company yourself or get financing, then create a product to sell.  This setup is making the customers also kind of like investors, only with no return even if there is a long wait.


If you are so confident in your process it seems like at least a portion of the pre-orders should be held in escrow.

Also, you say you are using these pre orders to fund another project?  This sounds exactly like what coinographic was claiming to do, take pre-orders (for coins that didn't exist and they had no means to create) in order to fund previously sold coins.


As opposed to refunding the customers if something makes this fall through?

Not saying you wont make this happen, I just have been disappointed in the lack of accountability in BTC related companies & products.  I for one will not be pre-ordering anything BTC related unless some sort of escrow is used, and a firm timeline of when the product can be expected is established.  I just think its somewhat arrogant to say that you for some reason don't need escrow, and must use a pre-order system, when many other coin makers have done fine without it.

Thank you for this. The private key will be incontact with the other surface which has a decoy engraved on. I have had dealings with radiography for testing welds for porosity and lack of fusion. These are very tiny defects which are very detectable. From my experience there will be parts (not everywhere) where you can differentiate which side the engraving was on but with the right manipulation this can be overcome. I am from an Engineering background and your concerns are quite right but I also am confident it will not be readable.

Buying....

After getting in early and getting the original PBC coins (way way back when), then all the Microsouls, I will grab an early one of these too. Love the new design, and interesting concept both for the coin itself, and the hunt (was that you I saw digging in my back garden ?  )

Agree with the bad taste after coinographic,  but I have dealt with Gravitate for a while now. I dont believe it is the same. I am happy preordering in this instance. I have seen some of the issues Gravitate has had with some of the earlier runs, and he has always worked through the issues to satisfactory conclusion and full delivery. If he were a new kid on the block .... I would have reservations

Interested to hear about the other coin

When I think of preorders, it reminds me of all the mining companies in the early ASIC race. Pretty much all companies screwed over preorder customers one way or another.

1. First of all I like the idea about something new and innovative - great job.

2. Preorders - No thanks.

3. There is a potential security breach with the engraved private keys.
I have worked with x-ray machine for inspecting soldering on electronic print circuit boards.
The machine is sensitive enogh to show hair fine cracks in a soldering balll under a BGA.
I am almost certain that it will be possible to copy the key without destroying the coin,
using one of these machine (which is fairly common in the industry).

Wow the coins looks great. But Im not interested to buy some. Good luck finding some buyers.

I would listen to your potential customers... No preorder.
Good luck with your project.

Hi I have also paid for all my own products before and I also have another coin in production right now which is similar to this one (1 troy ounce silver with hidden prizes) but not as involved and less complications (this one I am 100% funding). The problem with the buried treasure coin there is a huge amount of labour, travel and time involved. To be honest the pre sale was not 100% about getting the money but it was to gauge the interest also.

As for getting an investor goes then no that's really not a good idea unless you hike up the prices in order to pay them something in return. This is no good for the people buying the coin as far as I am concerned. As people know who have bought from me before my profit margins are very small and I want to keep it that way.

Also as I have said I have been in the coin business for just over 2 years so I am confident this project will go to plan. I am not a new entity who wants to make a physical coin with no idea how to handle the finances, utilise the best mints and deal with customers. As I have said I have been doing this for a long time and have the experience so as to not make any dumb mistakes like the story I read about coinographic. I have made mistakes and I have always sorted them out.

But as many people do have their concerns about this then I have thought about it and I will reduce the pre orders to 15. Also if you do pre order you will get an additional replica coin but with no private key on the inside. It will basically be a 1 troy ounce silver token with the map on (obviously only 15 will ever be made).

So only 15 pre orders required and if you are one of these not only will you have the lowest serial numbers but you will have a very limited addition 1 of 15 coin.

I hope this suits everyone? Let me know your thoughts.

NO PREORDERS!  NO PREORDERS!!  NO PREORDERS!!!  Just NO!

Interesting concept...

But biggest red flag (not saying you are a scammer), is the pre order concept.

One word: COINOGRAPHIC

If you can't fund the project I suggest you get an investor to back you.

Asking customers to fund your project is in my opinion immoral at this point in Bitcoin's history.

As a coin maker myself, I would not say this unless I do it myself. And yes I have paid for all of my own products upfront before ever taking a single order from a customer. That is how you should operate your business to gain integrity in this community.

Hopefully my words are of encouragement to you in this project.

Good luck!