Bitcoin Forum

The decentralized bitcoin exchange, would use any and all supported currencies on the MintChip to trade bitcoins
would you use such a system?

I voted yes before I saw the bit on mintchip. What is that ???

digital cash.
http://developer.mintchipchallenge.com/


you can change your vote...

I doubt I could just walk into a (canadian?) bank with 100k $ in mintchips and get paid...

Also, which currencies ARE actually supported on these "tamper proof" devices? Money is only as good as the places it gets accepted (a common problem for Bitcoin)... anyways, there are similar concepts already running for quite some time in Europe (paysafecard), though without this weird hardware obsession. I personally would not want to buy any mintchips anytime soon, just to be able to trade them for BTC unless I can do so via credit card without any additional fees.

these devices are not out yet, only dev. has access to them (I filled out the request to get a dev. kit)

it looks like they want to support all major currencies, but for now its locked into using CAD.

you wont have to set foot in Canada, I'll sell you a mint chip and mail it to you for like 2BTC, once you have the mint chip you could use the decentralized bitcoin exchange to load it with dollars, and start trading.

maybe their will be a bank in Europe that will allow you to load Euros on it, and you can use that to trade with. Its to early to tell if this MintChip will actually be used world wide, but it would seam to be their plan.

sheesh, mintchip has its fans already?

i think it will be useful.

i wouldn't be able to make a decentralized exchange without it.

so, i like it!

How can I answer a poll about such a vague question?

I'm sure if I had more detailed, I'd be more able to answer whether I'd used it.

would you use a decentralized bitcoin exchange, it would use any and all supported currencies on the MintChip to trade bitcoins in a decentralized fashion. assume the code is open source and we can all agree it can't be cheated.

feel free to ask questions

a decentralized exchange would be amazing (if it actually worked(how would it work?)) lets face it the biggest threat to btc is probably a political one and the easiest target for law makers is obviously the centralized exchanges.

right having a decentralized exchange would make bitcoin truly unstoppable.

the biggest problem with a decentralized exchange was, how do you get dollars loaded into the application without using a bank account. MintChip is the solution to this problem.

The biggest problem I see is: how do you get fiat money (USD, EUR, CAD...) in an easy-to-get, cheap (low/no fees) and irrevocable(!) way into the exchange and back out of it.

There is no real "digital cash" easily available (though stuff like these MintChips are existing in a more offline and closed way in my country already for years for microtransactions like soda machines or copy shops, with 0 fees and quite some adoption) MintChips might change that - it depends however on the fees (if any) and the possibility to load them via credit card, debit card etc. as well as unloading(!) them to a traditional bank account of my choice. I could live with a xxx EUR limit per day or having to authorize myself to a bank if I want to cash in on a 1 million EUR MintChip, but if there are more limits, fees and other harassments involved, it's just another Paypal system after all - this time even outside of the EU.

A (mostly) decentralized exchange already exists: Bitcoin-otc (https://en.bitcoin.it/wiki/Bitcoin-otc). The only problem is that the "Web of trust" is stored on a central server.

The MintChip will be cracked wide open by the end of the year; possibly during the contest period. It simply can not work. The attacker (the user) has physical access. The chip must store the private key that will allow arbitrary funds to be spent.

+1

the chips self destruct if you try to tramper with it  8)
lol

The first one yes, the second one you tamper with will have it's self destruction thingie deactivated by you... this is no "Mission Impossible" technology that works via magic, if you hand out keys to the public n a sealed container, you can expect that after some time there might be a way to access that key.

Also: You don't need to tamper at all with a chip to do side channel attacks. Just measuring the power consumption of a chip can already be quite revealing. This gets a bit off-topic though...

if bitcoin-otc counts as a decentralized exchange (not sure about this), then what we really need is an easy-to-use decentralized exchange

Not sure what the difference is between getting USD/CAD into MintChip and getting USD/CAD into Bitcoin...   :P

Would I use a decentralized exchange? Hell, yes!

But i don't have much trust in this mintchip-thingie, so if this is a condition: No!