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Title: A immature thought about bitcoin note Post by: realdos on May 21, 2013, 04:14:50 AM Say some company with good credit issues a bitcoin note and the value of each is 1 BTC. The public key of the BTC is printed on the note so the public could see that there is certain value in this note. The public also believe that with such good reputation the company won't take the bitcoin and run away. Also the company promises to pay the note-owner the bitcoin once requested.
This looks like a monetary system on gold standard. But I think it may be a way to facility payments in some certain circumstances. Title: Re: A immature thought about bitcoin note Post by: Stampbit on May 21, 2013, 05:00:49 AM You mean fractional reserve bitcoin lending, aahahahahahaa happy hanukkah!
Title: Re: A immature thought about bitcoin note Post by: Stephen Gornick on May 21, 2013, 05:05:37 AM Also the company promises to pay the note-owner the bitcoin once requested. Assuming these are for circulation (and not single-use notes), how do you protect against a counterfeit of your bitcoin note being produced from someone who held the note previously and submits it to you for redemption? Title: Re: A immature thought about bitcoin note Post by: luv2drnkbr on May 21, 2013, 05:07:39 AM i think this is called a non-two factor casascius coin.
Title: Re: A immature thought about bitcoin note Post by: Elwar on May 21, 2013, 05:08:14 AM Say some company with good credit issues a bitcoin note and the value of each is 1 BTC. The public key of the BTC is printed on the note so the public could see that there is certain value in this note. The public also believe that with such good reputation the company won't take the bitcoin and run away. Also the company promises to pay the note-owner the bitcoin once requested. This looks like a monetary system on gold standard. But I think it may be a way to facility payments in some certain circumstances. Happens all the time. Except it is called an online wallet. Title: Re: A immature thought about bitcoin note Post by: yona on May 21, 2013, 06:20:30 AM I actually think this is a probable scenerio give the human nature... We all seek autority...
Title: Re: A immature thought about bitcoin note Post by: CasinoBit on May 21, 2013, 11:23:00 PM Say some company with good credit issues a bitcoin note and the value of each is 1 BTC. The public key of the BTC is printed on the note so the public could see that there is certain value in this note. The public also believe that with such good reputation the company won't take the bitcoin and run away. Also the company promises to pay the note-owner the bitcoin once requested. This looks like a monetary system on gold standard. But I think it may be a way to facility payments in some certain circumstances. China can produce fake USD bills that are of superior quality to the originals, makes you realize that they would fake your BTC bills to the extent that you wouldn't even be able to pay out 0.005 per bill and get in a similar situation like Zimbabwe. You don't have 80 thousand brutes to protect your interests like the government has. Title: Re: A immature thought about bitcoin note Post by: glitch003 on May 21, 2013, 11:38:07 PM Say some company with good credit issues a bitcoin note and the value of each is 1 BTC. The public key of the BTC is printed on the note so the public could see that there is certain value in this note. The public also believe that with such good reputation the company won't take the bitcoin and run away. Also the company promises to pay the note-owner the bitcoin once requested. This looks like a monetary system on gold standard. But I think it may be a way to facility payments in some certain circumstances. China can produce fake USD bills that are of superior quality to the originals, makes you realize that they would fake your BTC bills to the extent that you wouldn't even be able to pay out 0.005 per bill and get in a similar situation like Zimbabwe. You don't have 80 thousand brutes to protect your interests like the government has. Maybe they could print some kind of secret code on each bitcoin note? Some kind of cryptographic key, but you know, one that should be kept private. Revealing the key would be needed to "redeem" the note. That could possibly stop counterfeiting. If only there was a decentralized computer network to verify these codes? I think we may be onto something here, people! Title: Re: A immature thought about bitcoin note Post by: CasinoBit on May 21, 2013, 11:41:22 PM Say some company with good credit issues a bitcoin note and the value of each is 1 BTC. The public key of the BTC is printed on the note so the public could see that there is certain value in this note. The public also believe that with such good reputation the company won't take the bitcoin and run away. Also the company promises to pay the note-owner the bitcoin once requested. This looks like a monetary system on gold standard. But I think it may be a way to facility payments in some certain circumstances. China can produce fake USD bills that are of superior quality to the originals, makes you realize that they would fake your BTC bills to the extent that you wouldn't even be able to pay out 0.005 per bill and get in a similar situation like Zimbabwe. You don't have 80 thousand brutes to protect your interests like the government has. Maybe they could print some kind of secret code on each bitcoin note? Some kind of cryptographic key, but you know, one that should be kept private. Revealing the key would be needed to "redeem" the note. That could possibly stop counterfeiting. If only there was a decentralized computer network to verify these codes? I think we may be onto something here, people! Then it would be reduced to stealing the Bitcoins right under the notes owners nose. Title: Re: A immature thought about bitcoin note Post by: franky1 on May 22, 2013, 12:02:52 AM Maybe they could print some kind of secret code on each bitcoin note? Some kind of cryptographic key, but you know, one that should be kept private. Revealing the key would be needed to "redeem" the note. That could possibly stop counterfeiting. If only there was a decentralized computer network to verify these codes? I think we may be onto something here, people! but if it is printed on one note.. then someone can just make 100,000 notes with that same code. disperse them out knowing only 1 out person will be lucky enough to redeem it and the other 99,999 would lose out.. even having the secret code under a hologram doesn't help much for circulation. because i can print 100,000 with holograms.. and underneath them all instead of a redeem code it simply says "ha ha suckers" Title: Re: A immature thought about bitcoin note Post by: grue on May 22, 2013, 01:23:25 AM China can produce fake USD bills that are of superior quality to the originals [citation needed]Title: Re: A immature thought about bitcoin note Post by: CasinoBit on May 22, 2013, 01:57:41 AM China can produce fake USD bills that are of superior quality to the originals [citation needed]Should have thrown in a "probably" somewhere there, it's still a valid assumption given the history of superdollars (http://en.wikipedia.org/wiki/Superdollar) and just basic logic that hasn't been spoiled with propaganda. |