Quote
What if someone tries giving me a used BitDollar?
Just ask TheBitMan on the forum and I will confirm if the code has any value.
Just ask TheBitMan on the forum and I will confirm if the code has any value.
I LOLed. A LOT.
Topic: Physical Bit Dollars (BETA) - page 2. (Read 4064 times)
I LOLed. A LOT.
just as a i thought, this is just overall a dumb idea? this is the same as an ewallet almost.
I think as suggested, it is a dumb idea. But if each bill includes the private key, it's not a bad idea. At least in that case, we can easily confirm that the reservoir has the claimed 100% reserve. (Though either way, they could run off with all the money at any point.) 
just as a i thought, this is just overall a dumb idea? this is the same as an ewallet almost.
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper.Is it really?
If you and your computer system disappeared into a crack in the ground during an earthquake - would the bit dollars still be usable?
With bitbills - the company could disappear and it wouldn't matter.
I can always open up the bitbill and use the private key to load the face value of the card into a normal bitcoin wallet.
Ah, interesting, thanks.
I wasn't contemplating printing coins to exchange but of printing coins to spend. That is, I did not expect the shop I spend them at to give them on to someone else, I expected if they want to give coins on paper to someone they would print them, whether they were printing the same value that I had just given them (which they moved to another address of course) or coins they already had.
-MarkM-
I wasn't contemplating printing coins to exchange but of printing coins to spend. That is, I did not expect the shop I spend them at to give them on to someone else, I expected if they want to give coins on paper to someone they would print them, whether they were printing the same value that I had just given them (which they moved to another address of course) or coins they already had.
-MarkM-
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper.This isn't quite the same as what BitBills is doing. First, BitBills can be redeemed even if the BitBills company disappears. Second, BitBills can be exchanged freely as currency. Assuming you don't find a way to defeat their security measures, only the person holding a bill is able to redeem its value, up until it has been cut open. BitDollars can't safely be exchanged since you have no way of knowing if a prior holder saved a copy of the code before spending the bill.
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper.If they can easily and conveniently be accepted by shops that accept bitcoin then for anyone who already owns a printer they should be very useful. heck if I had lots of shops nearby that accept bitcoins and lots of bitcoins to spend maybe I'd even buy a cheap printer just so I can walk around with paper bitcoins to spend at local shops.
I do not understand what fractional reserve and so on has to do with using printed on paper bitcoins though. What would I gain by using a fractional reserve system (backed only by whatever is left over after paying for website expenses or whatever it seems) instead of simply giving my printed bitcoins to the retailer to scan into their own system? Or is it precisely because I don't personally have a printer and maybe have no desire to own a printer that I might find using a website that does own a printer useful as a means of printing my bitcoins?
-MarkM-
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper. Do you pledge to always keep 100% of the bitcoins you issue as bitcoins? Or do you plan to have some kind of reserve ratio?
Not exactly sure of the question but I will never spend the Bitcoins that should be ready to redeem. I wont spend any of the Bitcoins other than my site fees.
what is the advantage of this over having real keys on paper.
Do you pledge to always keep 100% of the bitcoins you issue as bitcoins? Or do you plan to have some kind of reserve ratio?
image updated up on top
New bills out in a few minutes. To help counterfeiting I am going to put something on them. Although it's not the best technique, counterfeiting would only happen if someone taded the dollars because I know all the codes, you can't cheat the system with a fake code.
They would be cheaper than bitbills..
But will you still be around for customer service when your space exploration program takes off? 
Just teasing you! I hope you have success in one of your projects.
They would be cheaper than bitbills..
But will you still be around for customer service when your space exploration program takes off? Just teasing you! I hope you have success in one of your projects.
They would be cheaper than bitbills..
Bitman your sentences are very hard to understand. If you are using a translator of some type, I would recommend trying another, or getting an english speaking partner.
I was born and raised in America lol. I guess I have to pay more attention. And I still live here..TheBitMan isn't a man he's a boy lol aren't you like 15 ? just saying ....
Bitman your sentences are very hard to understand. If you are using a translator of some type, I would recommend trying another, or getting an english speaking partner.
I was born and raised in America lol. I guess I have to pay more attention. And I still live here..TheBitMan isn't a man he's a boy lol aren't you like 15 ? just saying .... might also explain a project every second
Bitman your sentences are very hard to understand. If you are using a translator of some type, I would recommend trying another, or getting an english speaking partner.
I was born and raised in America lol. I guess I have to pay more attention. And I still live here.. Jump to: