Topic: Use envelopes containing Litecoin private keys as cash (Read 1677 times)

Actually like this idea. 

If I were you , I would look into using RFID Casino style chips as an option.
http://singularityhub.com/2011/02/12/1-5m-robbery-of-bellagio-casino-foiled-thanks-to-rfid-chips/

Bright Side:
If you don't track location or personal data when verifying if the chip is authentic. 
You would be closer to true anon transfers, than monero or nav coin, as your transfers could be Off-Chain. 

Possible Legal Issues.
Odds are your Country would sue you , Charged with : illegally marketed as government-sanctioned currency
So check with the local laws of your country to verify they have no case before proceeding.

FYI: If it succeeds , be prepared for the Asshats of your Gov, to sue you anyway on some made up charges,
Study this guy's history : https://en.wikipedia.org/wiki/Bernard_von_NotHaus
and have Legal Counsel prepared to defend you at a moment's notice.

Good Luck.

 

Q.E.D.

i suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail 

Alright, I would use the time to write a little more code instead of arguing with you here. Time will tell.

Having bad people involved with a coin project has proven to be detrimental big time !
Monero comes to mind.. shenanigans galore with them for years.

This guy is an idiot.

Sorry but it's true.
No one gives a shit about fantasy.
We need reality not unrealistic dreamer bullshit.. that mentality does not get anything accomplished.

Want to help the project then get the fucking currency adopted.. yeah wow shocking concept huh ?
Does that stroke your "ROI" ?

Don't gimme this "could be" crap.
It don't matter.. FIAT came first so it *IS* in fact NEEDED ..right NOW !
Litecoin is NOT.
Your dreamer stary eyed immature bordering on deceitful contrarian style exception retort game does not float boats sweety.

People could do this or could do that but that has sweet fuck all to do with reality.

Doubting ?
Uhhh notice my Avatar SIG says... FUD ?
Look it up.. figure out what that means  

FIAT kept alive by Govts ?
uhhhh yes it is and not "to some degree" ..it is !
Such as the US bailouts to prevent the economy from collapsing.
That is the very reason the federal reserve exists in the first place.

Like i JUST SAID do your fucking homework kids before crawling around the web spouting off about the future advancement of "currencies"
I know fuck all about economics but you crypto-dregs around here make me look like a genius.  

Seriously if you don't know what you are talking about then you have no business being in crypto at all.
Leave.
..get a job at McDonalds.. trust me it will pay better.

Do we NEED Altcoins ?
No .. how are you not sure about that ?
The answer is obvious.
AND !!
I *DO* support & like Litecoin but i can not honestly and rationally say it is deemed as NEEDED.
Sorry but i won't spin bullshit..

And you should be worried because if there is no NEED there will be no Interest.
Ever heard of the saying "Necessity is the mother of invention" ?
Ever heard basic sane investment advice ?

This place is horrendous.. TardTalk.org ..for bucks $$$

It's littered with greedy rats scurrying around in the shadows climbing all over each other spinning bullshit galore non stop from clueless millennial brats who found out about this shit late and popped up here to make a buck of it all.. any way they can.

Want to help ?

Be realistic + honest then find issues and tackle them head on with sane and realistic doable solutions.
Be a supporter and not a shit talking shill spewing dreamy fantasy rhetoric.

What does it tell you when LTC has been cloned a 1,000 times since it launched ?
Needed ?
Well since it's on Github it can be cloned now can't it ?

Time ticking away is not doing you guys any favors..
Want XYZ coin project to succeed i highly suggest you get our ass in gear.
And that means ?

ADOPTION .

..after all it *IS* a currency now isn't i ?

So basically you are reinventing cash money? Eventually you'll need the same safety measures as current bank notes have nowadays, plus even more safety measures to make sure the person who created the envelope doesn't have a copy of the private key.
Or, further back in time, this is the classic story of how receipts from the goldsmith turned into paper money to be used everywhere.

How does this improve Litecoin adoption? It takes away the sole strength of cryptocurrencies: not having to trust anybody.
Meanwhile, everybody who uses cryptocurrencies most likely has a mobile device that can handle it.

That being said: I don't want this for Litecoin, I want this for STOCKS! A trusted organization that creates a stockchain, based on cryptography, so you can simply print a paper wallet and own stocks.
I should still create a topic for this

You are a Litecoin developer, not an LTC cheerleader and you should act that way. Such statements are not helping.

Shall we simply believe someone all the time without doubting just because he is great? No.

Is FIAT kept alive by the governments? Yes, that's true to some degree. But the power of governments comes from people who submitted their rights, which can always be taken back.

Do we need altcoins? I am not sure. But we need Litecoin.

Kelsey is never wrong i noticed over the years.. you should listen up guy.
If Kelsey said it i agree period .

I did not hear about the physical bitcoin scam LOL
That is a good idea for a scam hahahah  

And i know it has gotten crazy with FIAT in Canada.. it's made with all kinds of crazy features.
They are plastic now with transparent parts etc.
Counterfeiting must be pretty damn tough now a days.

And i think people need to research or at least give FIAT some thought.
As in, why does the public believe in it and support it ?

I think it's mostly because governments pledge to keep it alive.
Because we NEED it.

Do we NEED Altcoins ?
I can think of other ways to transfer money electronically..

Not main way but complimenting other ways. I think it is a great way to aquire crypto from fiat in a shop? why not?

putting crypto currencies on paper and envelope is only good for giveaway, in other words it is only good if you want to get some new people interested in crypto currencies by giving them something familiar like cash so they can understand and trust it better.
but not as the main way of transferring money.

Trust can propagate. It's very difficult for those who do not understand it to directly trust it. But if they see their tech savvy friends are using it, they will start to trust it. For example, if Obama starts to use it, will people start to trust it?

i think you miss the point. with fiat they don't have to understand it to trust it, and even if they didn't they have no choice. with crypto as cash they have to understand it to trust it, and they have a choice.


average joe hmmm trust something we have been using our whole lives and have to use Verses something which is no real alternative, that we don't understand or trust 

Do people know how money is printed? But that does not stop notes from being an easy to use tool.

The underlying principle of this idea is not easy to understand. But to use it, you don't have to understand everything. In most cases, you just check wether it looks good or not like you check notes. And you will rarely need to use an Android phone with an easy to use app to tap it and the app will tell you how much Litecoin this card contains. You don't need any username or password. Just tap it. Nothing is really complicated, right?

firstly i am not against the idea of usable physical litecoin, i'm just surprised you think your OP idea for it is actually simple to average joes. and also i think the market for such is so small thats its hardly worth undertaking.

if you want to go for it knock yourself out.

i think you have a solution looking for a problem.

seriously if you can understand the idea of private/public key used in your physical litecoin concept well you can use a computer/phone for p2p banking. if you can't understand it well you wouldn't trust it; use tried and trusted cash instead.

simple trust is more important then innovation when we are talking currency.

(btw did you miss that whole empty wallet in physical btc coins scam?)

your trouble is; "the law of the instrument"

I still go back to China sometimes. I know how convenient it is to use WeChat or Alipay. But cash is still a very important part of our daily lives. Do you know that in China there is still a big proportion of people that don't know how to use Internet? They don't even know how to use a bank ATM card. They have no idea of what username and password are. How do you expect them to understand something like Litecoin if it is not in a physical form? Even many of my college classmates in computer science major think it's complicated to use. Maintaining a wallet for normal users is a big headache. What if they lose their phone or wipe their hard disk? Do you expect everyone to know how to backup a wallet properly? How many Bitcoins were reported to be lost because of backup issues?

You can also read this article https://www.reddit.com/r/litecoin/comments/5518gc/bringing_litecoin_to_the_masses/ written by a guy who knows the situation in South America.

Yes, all these will be improved in the future. But this is the situation right now. Whether you like it or not, you just cannot expect everyone is as smart and well educated as you. And physical Litecoin is definitely suitable for this situation. Are we going backwards in time? No, we are just trying to satisfy users' need.

Also, given the low cost of it, what can be wrong of doing it?

Also, it's a better replacement for OpenDime.

sorry from what i'm reading you seems to be very behind on china, perhaps limited to what you read about china/crypto on the internet.

have you seen how successful WeChat red envelops are becoming?

China now its used everywhere (surprised me how quickly its exploding), and even in Australia business are starting to accepting money via WeChat where chinese don't have to exchange can just pay straightly for CNY.........................................now this is the stuff that could make crypto viritually irrelevant  

average joe's don't want anon or over complication. they just want to be able to send money instantly p2p without fees etc keeping its simple and easy is the only way crypto should be heading.

in my opinion there is one big fundamental problem with this idea:

by printing a cryptocurrency (private key on a paper) you are moving backwards in time. one of the innovations that cryptocurrencies has brought to us is making everything digital and also not needing a third party.

this idea is bringing both back to cryptocurrency scene!

instead of using a printed LTC private key use fiat it is a lot easier and a lot more secure and you don't have to worry about places to spend it.

also this is making things centralized again as there is a need for a central authority to print these private keys so everybody accepts it. you can't print it yourself and ask others to trust you.

It can also be used as kind of commemorative coins. Perhaps we can make some for the 5th anniversary Litecoin?

A nice analogy that I hadn't thought about. But again, this would rather be for gifting rather than actually payments between customer/merchants.
I understand OP wants to get LTC in the hands of users, but going through the paper route seems like a step back.

Anyway, even with faster confirmation times than BTC, LTC takes too long to ensure 1 confirmation for buying a mooncake at the store. Maybe the payments would have to be suited for situations where confirmations times are not as critical, like purchasing items for shipping online or where a wait for 2.5 minutes is acceptable.

It means that 1 Bitcoin wallet can contain (for example) 10 addresses, and that 10 different addresses doesn't mean that 10 people are using Bitcoin.