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I'm proposing 'pay-to-fiat-hash' transactions, and may be we need special script keywords. We can use one more key, to protect the transaction other than fiat serial number hash.
Or, may be other solutions that enable anyone to exchange bitcoins by exchanging fiat currency. We also need a way to check the balance on the fiat. It's ($xx + yy btc), means even one can transfer 100 btc to a $10 note.
May be my solution, and they way I explained it not so perfect, but anyone understands the problem (exchange btc, just by exchanging fiat), can start think towards the solution.
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Entrophy doesn't matter, as we use fiat currency only as a token. We can use another key to protect the Bitcoin. Please check my second post.
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I have described the solution in the best possible way that I could. Please go through this solution and comment on feasibility. There are various bitcoin transactions; like, pay-to-pubkey-hash, pay-to-pubkey, or transaction that requires solving given puzzle, etc. This new transaction, ' pay-to-fiat-currency' can be made as follows, 1. Generate a new key pair, (key1, addr1)
2. Generate another new key pair with the serial
number from 'fiat note', (key2, addr2)
3. Create 2-of-2 key, (key3, addr3); so, to spend,
one needs both 'key1' and 'key2'
4. As anyone can get 'key2' from a look up table,
'key1' secures bitcoins
5. Owner of 'key1' also owns the hard-copy of fiat
currency, with the serial number that gives 'key2'
6. During the spend, there are 3 different cases,
a. Use different fiat note;
pay to, [new key pair (key4, addr4) +
new fiat currency serial number (key5, addr5)]
b. Use same fiat note;
pay to, [new key pair (key4, addr4) +
same fiat currency serial number (key2, addr2)]
c. Get rid of fiat note;
pay to, [new key pair (key4, addr4)]
what's missing / unknown ? 1. How to know one of multi-sig address is
a 'fiat-currency-serial-number-hash'? would it need
a new script key word?
2. Is it possible to specify into the transaction,
that spending requires both keys and a hard-copy
of fiat note? or, only hard copy is enough to spend?
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Idea is to use fiat currencies for digital currency transactions. Fiat currencies are well distributed, difficult to counterfeit and they all have unique numbers. We also have various digital currencies, and these are not well adopted as fiat currencies. Can digital currencies use fiat currencies for a ride?
Say, someone transfers 10 BTC to a $10 bill with a specific number '12345ZXCVB' (script?), then he can use that particular $10 bill (worth $10 + 10 BTC) for offline bitcoin transactions, right? This $10 bill will work like a cassaious coin.
I think, it should be possible, but am I missing anything in the puzzle?
(This post was moved from "general discussions".)
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Done.  Hi TF, you paid me twice (0.08 btc more) for the last month signature ad. Either I'll keep it, so you can pay less next month, or I'll transfer back to you. Let me know.I'm not checking this thread often. So, may be I could miss your reply. Please also pm me.. I'd like to continue. Please confirm. |
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Hi TF, you paid me twice (0.08 btc more) for the last month signature ad. Either I'll keep it, so you can pay less next month, or I'll transfer back to you. Let me know. |
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Competition is good.. now let's wait for CoinTerra.. |
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Yay. |
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Hi @KNC, we need more frequent updates please.. If miner deliveries are expected in 2 weeks, so please give us some specific milestones / checkpoint / daily updates; also, in future use total network hash rate based pricing model, so that everyone knows you are also under pressure and possible loss of revenue.  |
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I have described the solution in the best possible way that I could. Please go through this solution and comment on feasibility. There are various bitcoin transactions; like, pay-to-pubkey-hash, pay-to-pubkey, or transaction that requires solving given puzzle, etc. This new transaction, ' pay-to-fiat-currency' can be made as follows, 1. Generate a new key pair, (key1, addr1)
2. Generate another new key pair with the serial
number from 'fiat note', (key2, addr2)
3. Create 2-of-2 key, (key3, addr3); so, to spend,
one needs both 'key1' and 'key2'
4. As anyone can get 'key2' from a look up table,
'key1' secures bitcoins
5. Owner of 'key1' also owns the hard-copy of fiat
currency, with the serial number that gives 'key2'
6. During the spend, there are 3 different cases,
a. Use different fiat note;
pay to, [new key pair (key4, addr4) +
new fiat currency serial number (key5, addr5)]
b. Use same fiat note;
pay to, [new key pair (key4, addr4) +
same fiat currency serial number (key2, addr2)]
c. Get rid of fiat note;
pay to, [new key pair (key4, addr4)]
what's missing / unknown ? 1. How to know one of multi-sig address is
a 'fiat-currency-serial-number-hash'? would it need
a new script key word?
2. Is it possible to specify into the transaction,
that spending requires both keys and a hard-copy
of fiat note? or, only hard copy is enough to spend?
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@phillipsjk, may be it's difficult to store all fiat currency numbers / hash, but that's quite possible. That's not my post was about.
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Simply take the sha256 hash of the ID and boom, there's your private key That's a fantastic idea and I'm going to use it now  I hope you are not serious. I'll explain further.. |
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Great. All the best. |
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I'm not saying that we should use that number *as* Bitcoin address, but we can use that number *for* a Bitcoin address, like, **using that number as a passphrase, generate key pair, and use this as one of two keys**.
One more thing, don't panic. This trick won't make mining obsolete. We would still need mining to secure the blockchain.
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Idea is to use fiat currencies for digital currency transactions. Fiat currencies are well distributed, difficult to counterfeit and they all have unique numbers. We also have various digital currencies, and these are not well adopted as fiat currencies. Can digital currencies use fiat currencies for a ride?
Say, someone transfers 10 BTC to a $10 bill with a specific number '12345ZXCVB' (script?), then he can use that particular $10 bill (worth $10 + 10 BTC) for offline bitcoin transactions, right? This $10 bill will work like a cassaious coin.
I think, it should be possible, but am I missing anything in the puzzle?
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error 404 your waiting on?
404 now, but hope, soon KNC will post something here.. |
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Right question to ask (related to huge increase in BTC exchange rate),
What's the cost of keeping
BTC exchange rates low?
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