Topic: Numisalis: Physical Tradable Bitcoin (Read 966 times)

This is a really interesting idea and looks like a great design (technically) and beautiful artistically.

I put in for a few of the little guys. 

Come on guys, get the word out there!

Its about sharing

I have finalized the coin design.  I think every coin needs an animal.  I, of course, chose the Honey Badger.

This response keeps me up at night because accepting bitcoin should be the right thing.  Once I am running (after the campaign) I will only accept bitcoin as payment.  I thought long and hard about using a kickstarter type bitcoin site (the name slips me now) and I decided against it and the reason is that bitcoin is not a very good delayed payment mechanism.

What if bitcoin drops in value by 20% in the month it takes for me to receive funds?  I set my campaign at the lowest amount I could and still succeed.  If I am short $6000 I don't know if I can add that kind of capital (because that would be on top of what I am already doing).  That isn't fair to my customers.

What if bitcoin goes up in value by 20% in that same time?  Am I just supposed to tell my customers "thanks suckers"?

I don't want to introduce additional risk to my customers because in the end, it is them taking the risk.

I am not really trying to convince you, but you bring up a good point that I do want to address.  If you can think of a good way for me to accept bitcoin for this kickstarter campaign I would definitely be interested.

That might be a very interesting service to set up.  I accept bitcoin and turn around and make contributions to Indiegogo for you.  Hmm.  I may be back in a few days on this one.

I'm interested, but I will only pay in BTC

There are plenty of physical bitcoin on the market designed as collector's items.  I am trying to bring to the market one designed for trade.  With trade in mind, here are the properties integral to Numisalis bitcoin:

• Low margin - Minting margin has to be kept low so the trade markup is reasonable
• Low denomination - You need coins with a value low enough to handle day to day purchases
• Durability - Toss them around, carry them in your pocket, don't worry about stickers or getting them hot or wet
• Easy Verification - Companion NFC reading app to verify value and protect against counterfeits

Numisalis coins are plastic physical bitcoins with NFC tags embedded in them.  They are the size and shape of typical Vegas poker chips.  In that theme, the product is a poker chip attache case with 205 coins of various denominations (6 denominations in all).  A large number of the coins will be valued at ~$1 and ~$5 so they can be used for day to day trades and purchases.

I believe I am the most reasonably priced solution.  I am trying to hit the sweet spot of low margin and low denomination to make sure that you get a useful product.

I still need to get this project off the ground so I am doing an Indiegogo campaign to pre-sell my product.  The campaign is fixed goal because getting less money than my goal would not help me.  But that does mean you won't get charged unless I make my goal so hopefully you can contribute with confidence.

http://www.indiegogo.com/projects/numisalis-physical-bitcoin/x/1557834
http://numisalis.com


Please note that my business model is to sell a cold storage plastic solution and not bitcoin.  I will provide a script with every order that you can use to generate a transaction that will charge your coins successfully with your own bitcoin.