 Show Posts
|
|
Pages: [1] 2 »
|
|
@ccamrobertson
Do you have a link to the public bitcoin script?
|
|
|
|
|
Currently, when you receive a note, there is no guarantee that it is not empty - and even if it is verified after you receive it. If the trace has been erased in a manner that is not obvious, once the issuer signs, you're out of luck. It could still be spent before you try to redeem it. The design doesn't need to be changed at all, but the security before and after circulation should be beefed up, as I suggested in my previous post. The more that issuance and redemption restrictions are automated, the better. It doesn't matter who the issuing (or de-issuing) party is, as long as notes are guaranteed to contain the funds while in the wild.
|
|
|
|
Ballet crypto pure series wallets and polymerbit notes work perfect for your idea
To my knowledge, both of these products are sold empty. The problem with openly selling preloaded btc notes in the United States is that the seller must comply with onerous federal regulations severely resticting money transmitters. Originating the notes in countries such as El Salvador and the Central African Republic, on the other hand, will make it possible to prevent the circulation of unbacked notes - which do not require special verification. |
|
|
|
I would use your idea in the opposite direction, national currencies to be moved to the blockchain.
CBDCs (central bank digital currencies) are the worst possible use of blockchain, and where the world is currently headed. National banks will attempt to preserve their ability to arbitrarily print unbacked notes (debase currencies) at will. But worse than reducing their value while artificially funding their tyrannical pogroms, they would love to be able to expire them. This is much different than the "expiration" of offline cash notes. Offline cash notes can empty the btc to any digital wallet throughout their lifetime, and, upon maturity, the holder of the note doesn't even require a second signatory to do so. CBDC notes, on the other hand, will not allow redemption in any form. They will literally expire. No backing. The whole point of bitcoin is to escape from manipulable centralized statist currency monopolies. Offline Cash extends the benefits of bitcoin to the physical world, much like gold-backed currencies (which are also despised by politicians), but even better. |
|
|
|
1 - who will prevent you from printing unlimited notes?
2 - who will regulate and issue these notes?
In Africa, corrupt governments are very tough, they love centralization and total control of the population, and more they love the local currency very much, they always sing the same song: "our local currency is the symbol of our sovereignty, and our story ". so if you arrive with a note that is not from any country in any country in africa they can arrest you! just be careful when it comes to getting involved with governments in africa
As long as the notes are loaded with btc, their issuance is strictly limited to the supply of btc on the note. An escrow account or simple smart contract guarantees that the issuer doesn't circulate the notes before they are loaded, and prevents them from being circulable once they are redeemed. This would eliminate the need to frequently verify the note. The ability to verify the note electronically, by those who have the means, is a second layer of security regarding the integrity of the note. Regimes that claim to be friendly to bitcoin would still be subject to the smart contract, and could freely issue the note under those parameters. But bitcoin notes do not require any "government" in order to function. Their acceptance of bitcoin and especially bitcoin notes facilitates and speeds the inevitable bitcoinization of the world economy. |
|
|
|
Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash. 1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal. 2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made. Solidity? Tapscript? https://bitcointalk.org/index.php?topic=5402259.0 |
|
|
|
In order to correct any misconceptions about the security and integrity of Bitcoin Cash, and regarding its level of decentralization, I am providing a link to a detailed description. Please review this carefully before commenting: https://offline.cash/pages/bitcoin-note-security-overview |
|
|
|
To create physical bitcoin doesn't look a good idea, because it's not supposed to work like this. Bitcoin demands internet access, so people can deal in real time person to person, without involving any central middlemen and barter systems.
A holder of bitcoin cash is not restricted from cashing in if he wants. No one is stopping him. Bitcoin cash simply allows the use of bitcoin offline. It is even environmentally friendly because offline transactions do not require electricity - which has been a big concern lately. |
|
|
|
|
Your argument is extremely fuzzy, Are you saying that bitcoin notes won't work because you think that they are not easy for the visually impaired to use?
|
|
|
|
This topic (Offline Cash) has its own thread which includes links to a FAQ and detailed description: https://bitcointalk.org/index.php?topic=5401680.0Please check it out as these high tech notes get ready to be rolled out. I have been in communication with Cameron Robertson, the inventor. Very promising technology! |
|
|
|
Even though "cheap" cellphones are more common than desktops and laptops, poverty inhibits Internet accessibility. |
|
|
|
There are many problems in the 3rd world country - one of the main issues is illiteracy and then the access to internet and there is non availability of smartphones to keep a track of the things. So the physical bitcoin won't be successful anytime sooner.
Well, that's kind of the point, isn't it? The purpose of the notes is to make bitcoin as easy to use as fiat without the likely abuse (debasement) by government officials - which plagues fiat. The technology is built into the note which alleviates the need to memorize passwords, pass phrases, or any other access keys. It also puts full custody in the hands of the bearer instead of a third party. Just exchange the bill for a product or service like fiat. It's cash. |
|
|
|
If I think about all of this, wouldn't one of the main issues with the lack of internet connection be faked physical bitcoin bills? If you can not scan a qr code or validate in another way that there is really bitcoin behind it, how would you know that it is not simply a copy or a complete fake. So yes, in theory you could make bitcoin usable for people without internet with this system, but in reality it is actually not possible since you can't verify.
These notes have currency-grade anticounterfeiting technology. It would take at least an official North Korea style hack to duplicate. Unlikely. The patented time lock technology assures that the funds will be available at maturity regardless of the number of people who hold the bill in the interim. The bills can be verified at any point with the built-in chip. |
|
|
|
Adapt the keypair generator to a 3d printer that prints the private key QR inside and forgets it immediately as the card is printed. The public QR can be printed on the top (4th) layer along with an anti-counterfeiting device of some sort. The inner QR code can only be accessed once. Here is a basic thingiverse QR: https://www.thingiverse.com/thing:46884This would solve both the durability and privacy problems. Putting this mechanism inside of a solar powered vending machine could open the possibility of selling BitCheques in the 3rd world - and elsewhere. It may even be patentable. Anyone interested? |
|
|
|
|
I like the durability of credit cards, but in the target market, vendors are not equipped for any electronic equipment. The bolt card seems to require a companion electronic wallet. Any nfc gurus out there?
|
|
|
|
|
Broadcasting transactions over the radio seems like a step backward. How would this increase privacy?
Dollar bills (which are currently used) are paper too. Let's take currency evolution one step at a time.
BitCheques are folded, sealed, and laminated (with the private key hidden inside). All this could eventually be done on a self-contained machine. But that would be phase 2. Having a storable paper wallet is an improvement over not having access to bitcoin at all. Making it into a physically exchangeable note is the bigger challenge (financially - not technologically). Hoppers, folders, and laminators are available off the shelf.
Trustability has been attained by bitaddress. The ability of a Piperesque machine to provably forget the private key is the objective. BitCheques are currently printed offline with the bitaddress tool. The only person that needs to be trusted now regarding not archiving the private key is me (the manufacturer). Having the BitCheques made locally (and automatically) helps to solve the trust problem because it removes the human element. It also negates the need for a supporting smart contract and/or escrow.
Right now, all that is needed is a segwit enabled Piper.
|
|
|
|
|
