Topic: Trustless, physical crypto cash (Read 1276 times)

That is true.
I just saw these a little bit ago:
https://bitcointalksearch.org/topic/ann-bitprivacy-decentralized-trustless-privacy-200952
and
https://bitcointalksearch.org/topic/coin-mixing-using-chaums-blind-signatures-150681

the owner of the mixer service, smartchip protocol/redeemer service/validity checker tool. doesnt sound very decentralised to me.

if there is more then half a dozen people that have to go to one place to do a certain task then that is centralisation.. if you mean dispursing out sourcecode and gadgets to un reltated parties to start their own service. then that is localised or distributed... but not decentralised

Alrighty well anyway it occurs to me that this idea is pretty much exactly like a coin mixer that gives out a physical receipt in between accepting coins and giving back out the anonymous coins. The physical receipt can be used as cash indefinitely in the meantime which is worth some amount of anonymized coins at the mixer later. The mixer needs a way to identify counterfeits, which i guess can be done if the receipts are smartchips.

The problems are:
How to make the mixer trustless as far as redeeming coin
How to make the mixer trustless as far as minting a receipt that it can't duplicate

OK then.

Well, this idea is totally bitchin' though!!

Great ideas in history seldom start with that phrase.

Erm, no. You might want to read it again.

this is basically bitcoin but with an uncontrolled minting process.  you cant have that because then other people's money gets devalued by random people printing more.

why benefit does what you think you have in mind have over the current bitcoin system?

My bad, you can't have regular people create these because they can know what the private key is.

You would have to make some kind of decentralized machine create it for you.

However, you could still redeem it privately.

If this gets enough action, I'll edit the OP

I got a kickass idea maybe which will make it so anybody will be able to mint their own physical amount of crypto, and it will be redeemable back to crypto anywhere, both tasks even in his/her own house. In between, this cash can be verfied by anybody.

This idea has a giant, seemingly impossible hole in it, but if it can be figured out maybe this could work.

Ok the idea uses these things:
1. A decentralized network with a database, decentralized control of its own crypto accounts
2. Smartchips, as in a chip you can store a private key on that can't be read, but can sign, etc
3. A networked gizmo to interact with the smartchip

To make a piece of "cash", somebody does this:
1. Decides how much crypto the cash is to be worth
2. Generates a random key pair (having nothing to do with crypto addresses or anything)
3. Puts the private key on the smartchip
4. Makes a crypto transaction to an address owned by the decentralized network
5. The number denoting the amount of crypto that was given to the decentralized network address is stored in the database along with the public key.

The smartchip is now "worth" that amount of crypto because to redeem it, all one needs to do would be something like:
1. Tell the network an address to pay crypto to
2. The decentralized network gives the smartchip something to sign.
3. It uses the signature to lookup how much crypto to pay.
4. Maybe further confirms by encrypting random data with pubkey in database and see if smartchip can decrypt
5. Pays the crypto address in crypto, and deletes record of public key and amount

In the meantime, cash can be verified at any time much like the procedure for redeeming, but without the last step of actually paying crypto for it and deleting it.

There's probably holes all in this idea, but the big glaring one for me is how to give decentralized control of crypto addresses to a network, which is essentially a decentralized bank or wallet.