Topic: New Physical Bitcoin: This Represents a New Standard Folks - page 4. (Read 7224 times)

Looks awesome!

The piece looks incredible. Honestly it reminds me of commemorative medals (not even coins) produced by the US Mint. Maybe I missed this, but what are these going to be priced at?

Forgot to mention that they will publish all of the bitcoin addresses online and a status for each coin. Around 50 have been pre-sold. I am buying 5 myself.

Love your URL by the way (@bit.co.in).

Bernie Madoff was very well respected also;)

i dont really understand how it is related to digital money

The artist engraves them. Again, when the coins are officially released you will have an opportunity to look at his vetting. They have been saying that the coins will be available at the next Bitcoin Foundation sponsored conference. They are doing this project partially as a fundraiser for the Bitcoin Foundation. I am a lifetime member and have known the artist for almost 40 years. He has impeccable character and is world renowned. As with many things in the Bitcoin community, irreversible transactions forces trust to come at a premium. Those that are willing to buy in to something like this in the beginning and take a risk will be rewarded commensurate to that risk. This is not just some guy selling stuff as you will come to find out.

Also what would worry me is who is going the engraving. I engrave my own coins inorder to maintiain security. I also have put a photo copy of mty passport on my website You might want to consider doing this.

What format is the private key in, and how to redeem it?

How is engraving done - what is the production cost?

Will there be a bounty for a succesful, non-invasive readout of the private key?

When these coins are released, you will find that the company is reputable. The artist is a known presidential sculptor and would not risk his reputation over these. I will get back with more information as I have it and am given permission to say stuff.

I am surprised people by these coins considering the considerable counterparty risks involved.  Especially to an anonymous seller.

PMed you. Please pass my info on.

Mahalo 

I'm sorry but I do not know the pricing. I will see what I can find out and get back to you all.

It called lead.  Not that novel.

The coins look nice, but I actually prefer cheesy holograms to engraved metal.  Will you consider switching at some point?

Any idea what the pricing for said coins will be?

Good questions.

They are 2 Troy oz coins.

As far as weighing them, I am told there are excellent (and relatively easy) techniques to assess the weight even when the coin is in the case. Most collectible coins that are highly valued are encased in tamper proof casing and it is common practice to analyze them even while in their cases. With that said, the coins can certainly be removed from the case, but as with any coins, physical bitcoins or otherwise, doing so certainly diminishes the value.

My understanding is that the private key is obscured somehow. I don't know if there is a metal ring around the coin (inside the case) to block attempts to scan the coin or what. I am told that the private key is laser engraved to be very small and would not be readable with typical imaging equipment. I suppose it's possible that MIT or NASA has some device that could get past the protections, but for the purposes of coin security for the average person, this system seems very trustworthy to me.

I doubt there are 100% perfect security systems anywhere in the world, and current examples of physical bitcoins are far from foolproof. The intent of most security systems tends to be to dissuade counterfeiters or thieves from making the attempt in the first place. In addition, the expense of utilizing a sophisticated imaging modality to lift the private key will likely be cost prohibitive for a very long time, far outweighing the value of the coin in the first place (just a guess). With that said, I realize that anyone manufacturing coins like these should take into consideration that bitcoins could be worth tens or even hundreds of thousands of dollars in the future, and that what would seem to be good security now could be foiled in years to come with the right financial incentive.

The nice thing about these coins is the high end artwork and architecture. This is a coin that even the numismatists of the world would appreciate and love to own and that has been a huge goal of the artist. They will be some of the rarest and highest quality physical bitcoins made in this era of crypto-currency.

Just curious, what would happen if a sonogram/spectrogram was used on the case (or a similar device) to gain access to the private key on the edge?

BTW I love the artwork.  

Is the coin 2 oz or 2 troy oz?

Not being able to hold just the coin itself without revealing the private key will make it difficult to assay the coin for the claimed silver content in weight and purity (if I am imagining the case enclosing the coin correctly). This indeed may present an issue.

All forms of physical coins (that I am aware of) have the ability to be held, weighed, and tested for the claimed metal content. This may pose an interesting issue for someone wanting to verify this.

Quite an achievement.  Many industries would be interested in this material.