New Physical Bitcoin: This Represents a New Standard Folks - page 2.

htspringer

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Quote from: BurtW on February 26, 2014, 04:06:20 PM

Has anyone cracked open a random one to see if it has the private key?

I'm sure some of these coins will be redeemed. If the private key isn't there, it will become public news pretty quick. Why does everyone trust Casascius coins? Since so many have redeemed, it is logical to assume that Mike Caldwell did defraud anyone.
I bought an Adam Smith coin. I can tell you that this would be difficult to counterfeit, so the chain of custody is far less critical for resale than other physical bitcoins. Furthermore, making a custom made case such as they have would cost literally thousands of dollars for a mold...not to mention they have a very unique method of sealing the case that they haven't disclosed. Also, they have a proprietary cipher system for each case. This means than you can take a photo of the case and coin, email it to the company... And they can determine if its legitimate vs counterfeit. I seriously believe that if bitcoin reaches a value of $100,000, these coins would still be fairly safe from counterfeiting.

BurtW

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Has anyone cracked open a random one to see if it has the private key?

BTCINVESTOR

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Cryptographic money will be the bedrock in time.

Received the remainder of mine...

Again, I am related to the artist so passing these on to my children will have personal meaning for me.

BurtW

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Quote from: blink.blonk.01 on February 08, 2014, 10:33:05 AM

In this case, it means that it will be impossible to resell these. Because say "John" buys a valid coin (containing the 2BTC) and is perfectly honest, when he tries to resell it to me, I have no idea if John is selling a real coin or a fake coin. Therefore these are only useful for personal cold storage and can never be resold.

Very difficult to resell, probably. I know people that will buy them from me because they trust me. But then they might have a harder time because the chain of trust gets longer.

blink.blonk.01

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In this case, it means that it will be impossible to resell these. Because say "John" buys a valid coin (containing the 2BTC) and is perfectly honest, when he tries to resell it to me, I have no idea if John is selling a real coin or a fake coin. Therefore these are only useful for personal cold storage and can never be resold.

BurtW

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We do need at least one wealthy individual, goat?, to pick one at random, break it open and report back the results here. I say wealthy because they will destroy about 1 BTC in value just to test the seller.

BurtW

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When buying items like this you must totally trust the source of the item. I have to trust that in fact there is a private key on the coin. If it is not there I am screwed. This is true for the holographic sticker coins as well. If you put out fake coins all you have to do is get people to trust you and then rip them off. Yep.

blink.blonk.01

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Can someone explain to me how this coin protects against me making a similar coin (for 2oz of silver = $40), placing it in a plastic case, slapping some holograms on it, and then claiming I have a 2BTC coin? It would appear that the physical value of the item is less than $100, but the BTC value is over $1500. Therefore if I can spend $1000 to forge a $100 coin/case, I have just made $500.

htimsxela

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These looks nice, but I agree about the physical engraving - as 'cheesy' as a hologram sticker can look, I think it is still the best method to date. I think a lot of people who are into coins and collectibles will be fine with keeping it in a tamper-proof case and leaving it on a shelf, but many other people will be interested in a coin that they can physically handle - a neat token of bitcoin history, even if handling it does diminish value.

It seems your goal is to create high quality collectibles, that is fine in itself, but many highly collectible pieces become collectible after their inception. It feels less authentic to make this a business plan right from the start.

Honestly though, I don't mean to be negative, just my two cents! Obviously you've put in a lot of time and effort creating these pieces, best of luck with the project!

BTCINVESTOR

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Cryptographic money will be the bedrock in time.

Got mine. Here is one of them...

I am very pleased.

BurtW

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Got mine. They are beautiful!

fatnlovelyfred

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Looks beatiful, great piece of art!

BTCINVESTOR

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They are licensed and owned by Ambicash, LLC. Pretty sure.

Astro

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Quote from: BTCINVESTOR on December 12, 2013, 02:57:39 PM

I know some people have expressed concern that some mints are being shut down in that they have not been registered with FinCEN.

Alitin Mint is a registered money transmitter with FinCEN and is also licensed in the State of Missouri. I believe they are doing everything above board.

Can you provide more info on the details of their MSB registration? I can not find them in the database by name or location.

BurtW

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Quote from: Waramp22 on December 12, 2013, 08:17:29 PM

Edit: Just decyphered the hand writing on the pic and realized they have a private key to redeem the actual bitcoin. That i am okay with, because someone cant just print 200 of them out of thin air.

Ah, I see why you were concerned. If it does not have actual BTC engraved on it then yes, it would be a total sham. Luckily each coin comes with 2 BTC of value engraved right on it so it can never be worth less than 2 BTC. Given that, the 3 (or so) BTC price seems reasonable to me.

geoffreyqp

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Quote from: DrahogErusiel on December 12, 2013, 08:42:13 PM

Quote from: SaltySpitoon on September 18, 2013, 01:41:51 PM

Any idea what the pricing for said coins will be?

3BTC

2.903btc for a 2btc coin if i'm not mistaken

so markup isn't incredibly off casascius's, plus this one seems to cost more to produce.

i might buy one. still waiting to see other people's reactions to it first.

BTCINVESTOR

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Cryptographic money will be the bedrock in time.

www.alitinmint.com

DrahogErusiel

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Account was hacked and now reclaimed.

Quote from: SaltySpitoon on September 18, 2013, 01:41:51 PM

Any idea what the pricing for said coins will be?

3BTC

Waramp22

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Quote from: BurtW on December 12, 2013, 05:08:55 PM

Quote from: Waramp22 on December 12, 2013, 04:29:54 PM

Quote from: RodeoX on October 17, 2013, 11:20:51 AM

Quote from: carlosiness on September 19, 2013, 11:05:15 AM

i dont really understand how it is related to digital money Huh

These are coins backed by bitcoins. A little like silver certificates are dollars backed by physical silver.

What happens when one bitcoin is worth double the amount of that coin?

I can make them myself and collect the profit?

One bitcoin (about $1000) is already worth more than the silver (2 oz, about $40) in the coin. You can make your own coins now if you are so inclined. What the heck are you going on about?

The coins cost 2 BTC + a premium for the silver and profit to the creators.

Story:

Back in the day someone bought a one ounce gold coin with 1000 BTC pasted on it with a sticker. IIRC at that time the value of the gold and the value of the 1000 BTC were about the same. Now look at it! The value of the gold has gone down and the 1000 BTC is now worth about one million dollars (give or take a few $100,000)!

What i am going on about, is the fact that you are saying this is backed by BTC. It is not. If it is an art piece, go for it. Sell the 600 to people that want a piece of history, but don't expect to be spending these at walmart a couple years down the road.

I'm worried a scammer is going to make 100,000 coins and sell them on amazon and ebay to people expecting them to be "that new bitcoin that everyones been talking about"

Fast forward 5 years and we have mini federal reserves printing physical bitcoin out of thin air.

Edit: Just decyphered the hand writing on the pic and realized they have a private key to redeem the actual bitcoin. That i am okay with, because someone cant just print 200 of them out of thin air.

BTCINVESTOR

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Cryptographic money will be the bedrock in time.

Realize too that this is an art piece. JBA has pieces in high-end galleries and on display in museums. It is a limited edition of only 600, hand signed and numbered by the artist himself. I don't care whether its the art world, numismatic world, or the crypto-currency world, that is an extremely small edition! I suspect that these could be considered to be the "Honus Wagner" of physical bitcoins someday.

And for those that have difficulty with trusting a coin maker that is new or unknown, I know JBA personally and he would NEVER risk his reputation on coins that could be tainted or participate in any type of scam. He is a wealthy man already and has no need for any of that. This is going to prove to be a very rare opportunity for those that are able to obtain these coins.

Topic: New Physical Bitcoin: This Represents a New Standard Folks - page 2. (Read 7224 times)