The Royal Canadian Mint just announced a new alternative to BitCoin - page 2.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: cbeast on April 12, 2012, 08:46:42 PM

Quote from: Bitcoin Oz on April 12, 2012, 08:40:21 PM

If they know who and where you bought your bitcoins from does it matter if bitcoin itself is anonymous? Once bitcoin leaves the closed ecosytem they can track it at the exit and entry points like they can do with tor.

Bitcoin is not a network. Sure, networks can be used to trace some Bitcoin transactions at entry points. Exit points are another matter, and by the time the entry point is traced, it could be long gone. Exit points can be addresses never registered anywhere online.

Could someone please tell me why tens of thousands of people who practice payola aren't fully on board?

~Bruno~

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: Bitcoin Oz on April 12, 2012, 08:40:21 PM

If they know who and where you bought your bitcoins from does it matter if bitcoin itself is anonymous? Once bitcoin leaves the closed ecosytem they can track it at the exit and entry points like they can do with tor.

Bitcoin is not a network. Sure, networks can be used to trace some Bitcoin transactions at entry points. Exit points are another matter, and by the time the entry point is traced, it could be long gone. Exit points can be addresses never registered anywhere online.

Bitcoin Oz

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Wat

Quote from: cbeast on April 12, 2012, 08:35:38 PM

Quote from: evoorhees on April 12, 2012, 07:59:58 PM

Quote from: Bitcoin Oz on April 12, 2012, 07:43:09 PM

By chance would this "mintchip" be embedded in the back of your hand ?

If they destroy cash and the only way you can pay for things is by using this chip it becomes a distopian night mare where they can stop you spending money on what you want and instead make you spend it on things they "allow". Say goodbye to buying things the government doesnt agree with

Bingo.

Thank goodness Bitcoin was created and will grow in adoption before the governments were able to implement purely digital and tracked money. Humanity dogged a bullet there.

Think of Mint Chip as free advertising for Bitcoin.

If they know who and where you bought your bitcoins from does it matter if bitcoin itself is anonymous? Once bitcoin leaves the closed ecosytem they can track it at the exit and entry points like they can do with tor.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: evoorhees on April 12, 2012, 07:59:58 PM

Quote from: Bitcoin Oz on April 12, 2012, 07:43:09 PM

By chance would this "mintchip" be embedded in the back of your hand ?

If they destroy cash and the only way you can pay for things is by using this chip it becomes a distopian night mare where they can stop you spending money on what you want and instead make you spend it on things they "allow". Say goodbye to buying things the government doesnt agree with

Bingo.

Thank goodness Bitcoin was created and will grow in adoption before the governments were able to implement purely digital and tracked money. Humanity dogged a bullet there.

Think of Mint Chip as free advertising for Bitcoin.

evoorhees

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Democracy is the original 51% attack

Quote from: Bitcoin Oz on April 12, 2012, 07:43:09 PM

By chance would this "mintchip" be embedded in the back of your hand ?

If they destroy cash and the only way you can pay for things is by using this chip it becomes a distopian night mare where they can stop you spending money on what you want and instead make you spend it on things they "allow". Say goodbye to buying things the government doesnt agree with

Bingo.

Thank goodness Bitcoin was created and will grow in adoption before the governments were able to implement purely digital and tracked money. Humanity dogged a bullet there.

Bitcoin Oz

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Activity: 686

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Wat

By chance would this "mintchip" be embedded in the back of your hand ?

If they destroy cash and the only way you can pay for things is by using this chip it becomes a distopian night mare where they can stop you spending money on what you want and instead make you spend it on things they "allow". Say goodbye to buying things the government doesnt agree with

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: Stephen Gornick on April 12, 2012, 04:02:30 PM

Jon Matonis' article in Forbes:

- http://www.forbes.com/sites/jonmatonis/2012/04/12/mintchip-misses-the-point-of-digital-currency/

Now, I find this very, very interesting:

Quote

I am reminded of the Mondex experiment during the 1990s which is actually when I first met MintChip Challenge judge David Birch of Consult Hyperion. Originally and laudably, Mondex wanted to replicate the characteristics of physical cash via a smart card but due to centralized authorizations, it only embraced partial and contingent privacy for the user. The true test of any anonymous cash-like system is what happens when your device or digital tokens are permanently lost or destroyed similar to burning a paper $100 bill. If they can be recovered and returned to you, then you don’t have full privacy.

DeathAndTaxes

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Gerald Davis

Quote

If the integrated circuit chip is not hacked first, I can imagine a prestigious future gathering in the beautiful resort city of Victoria, British Columbia (similar to Jekyll Island in 1910) where the Royal Canadian Mint officials and the Government of Canada carve up the country into 12 MintChip Reserve Districts and bestow the privileged monopoly of issuance to their well-connected financier amigos. May the odds be forever in your favor.

This.

zer0

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So apparently the plan is to use this to replace regular coins (lol inflatacoin), as they already officially killed the penny and now are looking into not minting any coins for the future since it costs untold millions to manufacture for some reason.

That is of course if this is actually secure and functions as promised, and somebody 70yrs old can figure out how to use it. Unlikely since it's closed source, old people are still scared of automated doors and credit cards, and I wouldn't trust anybody in the Cdn govt right now to be at all competent to implement this.

herzmeister

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Quote from: Stephen Gornick on April 12, 2012, 04:02:30 PM

Jon Matonis' article in Forbes:

There is still hope, is there not?

Stephen Gornick

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Jon Matonis' article in Forbes:

- http://www.forbes.com/sites/jonmatonis/2012/04/12/mintchip-misses-the-point-of-digital-currency/

evoorhees

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Democracy is the original 51% attack

Go vote:

https://bitcointalksearch.org/topic/mintchip-challenge-vote-for-bitcoin-update-they-lied-scandal-76410

DeathAndTaxes

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Gerald Davis

Quote from: ShadowOfHarbringer on April 12, 2012, 09:32:40 AM

They are afraid. Good.

First they ignore you, then they laugh at you, then they attack you, then you win.

Ignore - check
Laugh - check
Attack - check
Win -

ShadowOfHarbringer

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Bringing Legendary Har® to you since 1952

Quote from: Phinnaeus Gage on April 12, 2012, 08:21:29 AM

Quote from: http://envelopeeconomics.com/2012/04/11/canada-has-unveiled-the-bitcoin/

The Bitcoin currency – an online, anonymous currency, ‘mined’ by computing power – was fraught with problems from the start. Bitcoin’s supporters champion that it’s ‘safe from the instability of fractional reserve banking‘. Hardly. Bitcoin has proven to be a volatile currency, with only a tiny market for goods and services, no available deposit insurance, no use offline, and no central authority to calm rough markets.

They are afraid. Good.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: cbeast on April 12, 2012, 08:18:31 AM

http://envelopeeconomics.com/2012/04/11/canada-has-unveiled-the-bitcoin/

Quote

Once mints and central banks around the world start unveiling similar portable digital wallets, and developers swiftly move in to ensure that transactions can be done anonymously, the Bitcoin experiment will end.

I find it curious as to why an economist thinks or cares about the "end" of Bitcoin. He clearly doesn't even begin to understand that these technologies he describes are insignificant compared to Bitcoin's capabilities.

This is fucking nuts! I quit reading after the first paragraph. Somebody inform me if I should have read further. Here's the first paragraph:

Quote

The Bitcoin currency – an online, anonymous currency, ‘mined’ by computing power – was fraught with problems from the start. Bitcoin’s supporters champion that it’s ‘safe from the instability of fractional reserve banking‘. Hardly. Bitcoin has proven to be a volatile currency, with only a tiny market for goods and services, no available deposit insurance, no use offline, and no central authority to calm rough markets.

cbeast

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Let's talk governance, lipstick, and pigs.

http://envelopeeconomics.com/2012/04/11/canada-has-unveiled-the-bitcoin/

Quote

Once mints and central banks around the world start unveiling similar portable digital wallets, and developers swiftly move in to ensure that transactions can be done anonymously, the Bitcoin experiment will end.

I find it curious as to why an economist thinks or cares about the "end" of Bitcoin. He clearly doesn't even begin to understand that these technologies he describes are insignificant compared to Bitcoin's capabilities.

Technomage

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Affordable Physical Bitcoins - Denarium.com

For me personally one of the biggest reasons to be involved with Bitcoin is that it is a real original currency that has, in my opinion, a better money supply model than currencies where the powers that be can simply devalue the currency at will. MintChip clearly goes to the latter category which means that I have little interest in it. There are also other reasons to prefer Bitcoin, namely that it is open source and that it's decentralized.

ShadowOfHarbringer

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Quote from: benjamindees on April 12, 2012, 02:27:38 AM

He's obviously confused. He thinks it will be anonymous. And he thinks it will be useful for large transactions.

1. Clearly, the technology is not open source
2. It is not decentralized.

End of story. This is in no way competition to Bitcoin at all.
It only may be useful as a suplement to Bitcoin.

benjamindees

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He's obviously confused. He thinks it will be anonymous. And he thinks it will be useful for large transactions.

cunicula

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Quote from: marcus_of_augustus on April 12, 2012, 01:29:47 AM

Some guy called Eric just shot his bolt over how great MintChip is ....

http://envelopeeconomics.com/2012/04/11/canada-has-unveiled-the-bitcoin/

Small correction: digital Canadian dollars are traceable by design, therefore not fungible.

In the same light, until we see Mintchip showing up on SilkRoad as an acceptable means of payment you will know they are less fungible than Bitcoin. As much as society despises illicit or shady activities, they are the acid test for that most essential property of any money, fungibility. As it has been since time immemorable, yet somehow forgotten by modern monetary managers, when rolling out their meglomaniacal financial monitoring and tracking systems.

If Canada is developing technology to support illegal pseudonymous transactions, then he is probably correct to argue that bitcoin is dead. I'm kind of confused though, why does he think that Canada will develop technology to support money laundering and crime? This seems highly implausible. Is he just confused? Or is this a case of the Canadian gov't's left hand not knowing what the gov't's right hand is doing?

Topic: The Royal Canadian Mint just announced a new alternative to BitCoin - page 2. (Read 19978 times)