[INFO/WARNING] New Lydian Coin on Powercoin.it

[tldr-hodl]

There's a new silver coin on Powercoin called "New Lydian Coin":

https://www.powercoin.it/en/home/7141-new-lydian-coin-bitcoin-backed-1-oz-silver-coin-02-mbtc-2022.html

(Have to say the design is somewhat nice IMHO.)

First of all it's mistakenly labeled as Niue coin - it isn't. I assume this is an actual mistake, since most of their other BTC coins are Niue.
In reality it's just a private coin from a company called "Coint Co." that started supposedly in 2021, but their website is still "being minted" (alright, that's a neat joke):

https://www.coint.uk

Second of all, Powercoin wants 169.95 EUR for that coin, but you can find the company's shopify store where they offer it in pre-sale for 99 USD.
Also it seems they are going to offer a gold plated version of the same for whopping 700 USD (which means God knows how much on Powercoin).

But what's really, really funny, is how the coin is "loaded".
It's supposed to come with "a password to a Bitcoin address with 0.2 mBTC". But there's no public address nor sticker visible on the coin itself (not even serial number?).

Please, (especially if you're considering buying it) do yourself a favor and read these instructions:

https://cointco.myshopify.com/pages/instructions

I mean this kind of hard-core OpSec would make Jameson Lopp proud.
Just wow.

[ChiBitCTy]

Powercoin are a bunch of shady overpriced fucks. I will never give them my business again and wish others wouldn’t either.  Still waiting on their response about the Sol Noctis private key issue and I’m guessing we will be waiting until the end of time. Shady company through and the through.

[MoparMiningLLC]

agreed - $20 ish worth of silver and what? like $5 in btc? and they want nearly $200 per coin.... I guess its better than the coin with only 1000 sats...

[CointCo]

Hi,

We are Coint Co and we are happy to answer your questions!

Indeed, the information about Niue is wrong and we have asked power coin to remove it. We are a registered Brazilian company (as you might suspect for Renato's past work).

You can check the transactions from our bitcoin wallet to the addresses for each new lydian coin in here : https://www.blockchain.com/btc/address/1CointCoXgzKSeCECFHoatVyJd6S6zgpkf
Currently there are 50 wallets loaded since we would like to keep track time in the blockchain as we sell the coins.

We also agree that the instructions to move those bitcoins might be challenging. We would love to use a qr code to read the private key from the certificate of authenticity, for example, but currently blockhain.com app doesn't allow that (we have informed them of the issue and they replied they'll be working on this). Also, if you have any suggestions on how to access the private key easily, we are happy to take into account.

We have used the word "password" on our marketing material since most of our customers are not familiar with public/private keys or dealing with bitcoin wallets.

Again, happy for your interest in our coin!

Regards,
Coint Co

[MoparMiningLLC]

Hi,

We are Coint Co and we are happy to answer your questions!

Indeed, the information about Niue is wrong and we have asked power coin to remove it. We are a registered Brazilian company (as you might suspect for Renato's past work).

You can check the transactions from our bitcoin wallet to the addresses for each new lydian coin in here : https://www.blockchain.com/btc/address/1CointCoXgzKSeCECFHoatVyJd6S6zgpkf
Currently there are 50 wallets loaded since we would like to keep track time in the blockchain as we sell the coins.

We also agree that the instructions to move those bitcoins might be challenging. We would love to use a qr code to read the private key from the certificate of authenticity, for example, but currently blockhain.com app doesn't allow that (we have informed them of the issue and they replied they'll be working on this). Also, if you have any suggestions on how to access the private key easily, we are happy to take into account.

We have used the word "password" on our marketing material since most of our customers are not familiar with public/private keys or dealing with bitcoin wallets.

Again, happy for your interest in our coin!

Regards,
Coint Co

the problem is the coins dont come with any address - so a buyer has no way to confirm the balance on their own coin.

and the coins are heavily overpriced. $200 but 20 in silver and 1000 sats (about 20 cents currently)

[owlcatz]

We would love to use a qr code to read the private key from the certificate of authenticity, for example, but currently blockhain.com app doesn't allow that (we have informed them of the issue and they replied they'll be working on this). Also, if you have any suggestions on how to access the private key easily, we are happy to take into account.

Regards,
Coint Co

So are you the actual coinmaker? Why didn't you just use a fckn QR code containing the private key like most other modern coins? Or the mini-key like Casascius?

What is blockchain.app and wtf/why does it have anything to do with redeeming private keys?

Methinks you need to go back to square one and figure out what the hell you are doing lol..

also, How can you prove you are the coinmaker? Can you even? 

I agree this seems ridiculous and just another stain on collectibles...

the problem is the coins dont come with any address - so a buyer has no way to confirm the balance on their own coin.

and the coins are heavily overpriced. $200 but 20 in silver and 1000 sats (about 20 cents currently)

WTF? No address? LMFAO... Fuck these guys....

[tldr-hodl]

Hi,
so alright, lets delve into this...

As for the price, I agree it seems steep, but that's pointless debate - you can try to sell for whatever price you want, I have no problem with that.

Now - what you are doing is selling a normal commemorative coin PLUS 0,0002 BTC. There is simply NO connection between those two.
Coin itself has no public address, no private key and as far as I can tell not even a serial number - bitcoin (in a form of CoA) and the coin are totally separated.

You can make a simple commemorative coin, there's nothing wrong with that.
OR you can make a so called "physical bitcoin" coin with visible public address (so you check if the coin is loaded) and hidden private key (or as in your case a seed phrase, why not, even though it's longer), so you have to visibly damage the coin to reveal it. In that way undamaged coin automatically guarantees ownership of bitcoin - that is the whole point of such coin.
(Please research Casascius or some other reputable maker for this.)
What you did is neither.

Plus your instructions for redeeming are very, very amateurish - and I don't mean "simplified for ordinary people", I mean amateurish and insecure.

One problem with physical bitcoin is that it requires trust (which kinda goes against the whole bitcoin ethos, but that's another debate) in the maker of such coin.
I have to trust not just you're not a scammer, but also that you know what you're doing.
I am not sure if you are scammers, but just after reading your instructions I AM sure you don't really know much not just about making physical bitcoin, but also about bitcoin in itself.

Please, either stick to making commemorative coins (as I stated originally, the design itself is quite alright) OR get someone knowledgeable, if you really want to do this.
If it helps, you're not alone, Mint21 tried with "Liberty" coin and they got a lot of flak here as well (and deservedly so):
https://bitcointalk.org/index.php?topic=5405047.msg60501825
(But again, your case is still much, much worse.)

Hi,

We are Coint Co and we are happy to answer your questions!

Indeed, the information about Niue is wrong and we have asked power coin to remove it. We are a registered Brazilian company (as you might suspect for Renato's past work).

You can check the transactions from our bitcoin wallet to the addresses for each new lydian coin in here : https://www.blockchain.com/btc/address/1CointCoXgzKSeCECFHoatVyJd6S6zgpkf
Currently there are 50 wallets loaded since we would like to keep track time in the blockchain as we sell the coins.

We also agree that the instructions to move those bitcoins might be challenging. We would love to use a qr code to read the private key from the certificate of authenticity, for example, but currently blockhain.com app doesn't allow that (we have informed them of the issue and they replied they'll be working on this). Also, if you have any suggestions on how to access the private key easily, we are happy to take into account.

We have used the word "password" on our marketing material since most of our customers are not familiar with public/private keys or dealing with bitcoin wallets.

Again, happy for your interest in our coin!

Regards,
Coint Co

[ChiBitCTy]

Hi,
so alright, lets delve into this...

As for the price, I agree it seems steep, but that's pointless debate - you can try to sell for whatever price you want, I have no problem with that.

Now - what you are doing is selling a normal commemorative coin PLUS 0,0002 BTC. There is simply NO connection between those two.
Coin itself has no public address, no private key and as far as I can tell not even a serial number - bitcoin (in a form of CoA) and the coin are totally separated.

You can make a simple commemorative coin, there's nothing wrong with that.
OR you can make a so called "physical bitcoin" coin with visible public address (so you check if the coin is loaded) and hidden private key (or as in your case a seed phrase, why not, even though it's longer), so you have to visibly damage the coin to reveal it. In that way undamaged coin automatically guarantees ownership of bitcoin - that is the whole point of such coin.
(Please research Casascius or some other reputable maker for this.)
What you did is neither.

Plus your instructions for redeeming are very, very amateurish - and I don't mean "simplified for ordinary people", I mean amateurish and insecure.

One problem with physical bitcoin is that it requires trust (which kinda goes against the whole bitcoin ethos, but that's another debate) in the maker of such coin.
I have to trust not just you're not a scammer, but also that you know what you're doing.
I am not sure if you are scammers, but just after reading your instructions I AM sure you don't really know much not just about making physical bitcoin, but also about bitcoin in itself.

Please, either stick to making commemorative coins (as I stated originally, the design itself is quite alright) OR get someone knowledgeable, if you really want to do this.
If it helps, you're not alone, Mint21 tried with "Liberty" coin and they got a lot of flak here as well (and deservedly so):
https://bitcointalk.org/index.php?topic=5405047.msg60501825
(But again, your case is still much, much worse.)

Hi,

We are Coint Co and we are happy to answer your questions!

Indeed, the information about Niue is wrong and we have asked power coin to remove it. We are a registered Brazilian company (as you might suspect for Renato's past work).

You can check the transactions from our bitcoin wallet to the addresses for each new lydian coin in here : https://www.blockchain.com/btc/address/1CointCoXgzKSeCECFHoatVyJd6S6zgpkf
Currently there are 50 wallets loaded since we would like to keep track time in the blockchain as we sell the coins.

We also agree that the instructions to move those bitcoins might be challenging. We would love to use a qr code to read the private key from the certificate of authenticity, for example, but currently blockhain.com app doesn't allow that (we have informed them of the issue and they replied they'll be working on this). Also, if you have any suggestions on how to access the private key easily, we are happy to take into account.

We have used the word "password" on our marketing material since most of our customers are not familiar with public/private keys or dealing with bitcoin wallets.

Again, happy for your interest in our coin!

Regards,
Coint Co

This came up in a convo w a forum member so, why I’m back at this nonsense..

Not sure how I missed the rest of this convo. Here’s the truth, they are full of shit. Completely full of bs. Check out their blockchain link if it’s working, I think they got mad at me for going in and out so much (that’s not what she said?-Michael Scott) so I can’t anymore atm. Anyways there were just a few total transactions between I believe just two wallets, and very little left in this wallet they posted above. Shady much ? Nah they came back and addressed all concerns as they promised…wait. 

I am of the opinion they are part of TopWorldCoins who makes those dumb fucking United Crypto States coins with values and redemption and all that , which makes no sense.  Sounds familiar ..the original Sol Noctis Bull coins (by TWC) do not just have a simple private key under the holo, but some weird cryptographic nonsense that several cryptographers here couldn’t even figure out how the redemption works.  Oh and those are the coins where one member here reported on the coins moving out and shortly after back in to the coin wallet/address and he never even peeled it. This was verified by an expert as well. TopWorld /United Crypto States unsurprisingly refused to address it..to say the least.

So what’s that all mean….they don’t want you to move the coins and have all gone to great/nonsensical lengths to try and dissuade you from doing so or simply not allowing you to do so at all.

It’s of my opinion that TWC/CointCo/PowerCoin are all very much connected ..and not just because they sell each others coins..though that’s part of it.

Most the coin designs are repeats or virtually stolen.

If I had a penny for those who claimed they did it first lol..





Writing sure looks familiarly ridiculous no- https://www.ucs-coins.com/

(Note I erroneously said Power Coin was behind the Sol Noctis Bull key issues but meant TWC. Regardless they are all full of shit and untrustworthy)

[tldr-hodl]

Jesus and that gold plated one for insane $700 is marked as sold-out as well...
No wonder they just continue making this low effort stuff

[Eclipse33]

What is this creature that is on this coin? Is is a lion, a dog, a walrus?

One of the worst coins I have ever laid my eyes on, even worse than the Economic Ninja 100 XRP coin.

What does "WORLD'S FIRST CYBER PHYSICAL SILVER BITCOIN BACKED COIN" even mean?

This makes for an excellent meme coin.

[seavodin]

What is this creature that is on this coin? Is is a lion, a dog, a walrus?

Their interpretation is pretty hilarious
I think they were going for some sort of mythological creature?

They were trying to expand the original lydian lion:


And i think how they were trying to connect the ideas together was: just like the lydian lion is the first known physical currency, this new lydian lion is the first physical bitcoin (which it isn't).

Big red flag to me, is that its supposed to be comprised of two Brazilians and a guy from the UK, but they appear to operate out of Singapore...