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Author Topic: Gigantic physical bitcoin  (Read 3023 times)
dissipate
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August 24, 2012, 06:36:42 PM
 #1

Would it be worth it to create a gigantic physical Bitcoin? Check out this $1 million Candian maple leaf gold coin: http://coins.about.com/b/2007/05/05/canadian-mint-issues-1000000-face-value-coin.htm. Yes, this would be a publicity stunt. I'm thinking the gigantic physical Bitcoin could be 100,000 BTC (to roughly match $1 million in current prices) with the private address covered by a huge hologram that would have to be removed with special tools (if anyone wanted to get the private address). Thoughts?
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August 24, 2012, 07:09:04 PM
 #2

LMAO

Awesome
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August 24, 2012, 07:22:07 PM
 #3

I think it would require having $1M first.
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August 24, 2012, 07:54:20 PM
 #4

lol


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nimda
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August 24, 2012, 07:54:24 PM
 #5

I think I want you to tell us before you buy the $1M of BTC Wink

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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August 24, 2012, 10:41:07 PM
 #6

I think this would be perfect for Casascius!  It would be great publicity, even if nobody buys it.

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August 24, 2012, 10:49:10 PM
 #7

Think bigger. Tongue
dissipate
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August 24, 2012, 10:50:14 PM
 #8

Think bigger. Tongue

What did you have in mind?
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August 24, 2012, 10:51:16 PM
 #9

Lol, this story reminded me of another one...

http://www.npr.org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

I really feel lucky compared to these guys, because I'm able to carry my wealth allot easier without overhead, just in my head.

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maaku
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August 24, 2012, 10:56:06 PM
 #10

Lol, this story reminded me of another one...

http://www.npr.org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

I really feel lucky compared to these guys, because I'm able to carry my wealth allot easier without overhead, just in my head.
Wow, that was an awesome read. Thank you.

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August 24, 2012, 10:56:46 PM
 #11

Lol, this story reminded me of another one...

http://www.npr.org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

I really feel lucky compared to these guys, because I'm able to carry my wealth allot easier without overhead, just in my head.
Wow, that was an awesome read. Thank you.
QFT

I bet we can relate it to Bitcoin somehow Tongue

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
dissipate
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August 24, 2012, 11:01:44 PM
 #12

Lol, this story reminded me of another one...

http://www.npr.org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

I really feel lucky compared to these guys, because I'm able to carry my wealth allot easier without overhead, just in my head.
Wow, that was an awesome read. Thank you.
QFT

I bet we can relate it to Bitcoin somehow Tongue

Since weex said to 'think bigger', perhaps we should make a physical bitcoin the size of a Yap stone?
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August 24, 2012, 11:09:16 PM
Last edit: August 25, 2012, 12:10:36 AM by paraipan
 #13

Lol, this story reminded me of another one...

http://www.npr.org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

I really feel lucky compared to these guys, because I'm able to carry my wealth allot easier without overhead, just in my head.
Wow, that was an awesome read. Thank you.
QFT

I bet we can relate it to Bitcoin somehow Tongue

Since weex said to 'think bigger', perhaps we should make a physical bitcoin the size of a Yap stone?

You bet  Smiley

Interesting part starts from minute 2:00 - http://blip.tv/amherstmedia/making-money-gavin-andresen-ignite-amherst-4789326

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August 25, 2012, 12:01:04 AM
 #14

I would weld a manhole cover over that private key.
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August 25, 2012, 12:19:53 AM
Last edit: August 25, 2012, 01:55:05 AM by TangibleCryptography
 #15

Lol, this story reminded me of another one...

http://www.npr.org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

I really feel lucky compared to these guys, because I'm able to carry my wealth allot easier without overhead, just in my head.
I bet we can relate it to Bitcoin somehow Tongue

Yap stones are very similar to Bitcoin.   In Bitcoin we use terms like "sending coins" but the reality is you never send them to the recipients.   You announce you are transfering ownership to the bitcoin community and miners make a lasting record of that announcement.  Your wallet knows you have 123.456 BTC because it looks at all these "announcements" (transactions) and tallys them up.

Yap stones were never/rarely moved.    Wealth was transferred by announcing it to the community.   Ownership was determined by consensus.  If you owned the stone at the river bend it was only because the consensus of the community said you did.  Yap stones were an analog precursor to the Bitcoin network.  With physical stones at unique locations being the equivalent of Bitcoin addresses and oral traditions/stories being the human equivalent of the blockchain.  Double spend was prevented because ownership transfer was a big deal and the new owner would make sure the community was aware.  They weren't fungible or divisible however and it wouldn't scale beyond a community of trusted members but Bitcoin has more in common with Yap stones than any modern payment system.
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August 25, 2012, 12:31:53 AM
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Yap stones are very similar to Bitcoin.   In Bitcoin we use terms like "sending coins" but the reality is you never send them to the recipients.   You announce you are transfering ownership to the bitcoin community and miners make a lasting record of that announcement.  Your wallet knows you have 123.456 BTC because it looks at all these "announcements" (transactions) and tallys them up.

Yap stones were never/rarely moved.    Wealth was transferred by announcing it to the community.   Ownership was determined by consensus.  You had the stone at the river bend because the consensus of the community said you did.  Yap stones were an analog precursor to the Bitcoin network.  With oral traditions and stories being the human equivalent of the blockchain.

A very apt analogy. We always speak in terms of sending bitcoins, but the reality is that they never go anywhere. Rather authority over them is just assigned to another signer. As long as the village agrees that you own them then you can announce that you have given them to someone else.
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August 25, 2012, 12:40:30 AM
 #17

This talk by Gavin referencing Yap Stones is part of what got me so excited about Bitcoin.

Still around.
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August 25, 2012, 01:31:21 AM
 #18

You can buy original pre-O'Keefe Yap Stones, they come up for auction once every couple years, current price is around $20K (2000BTC) for the nicer ones.  They are a scarce limited resource worldwide for primitive money collectors, because it is now forbidden to export any out of country.  Most of the original exported ones were bought up for display by banks and museums.

Just as a milestone was reached when 1BTC > 1USD, I predict that someday 1BTC will reach parity and exceed the market value of 1 Yap Stone Smiley

http://stacksbowers.com/auctions/auctionlot.aspx?lotid=297409


http://coins.ha.com/c/item.zx?saleNo=3010&lotNo=21988
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August 25, 2012, 04:47:34 AM
 #19

I think it would require having $1M first.

Even when you have $1M it will be hard to buy bitcoins worth $1M as you would move the market and not know if it would settle much lower shortly later so your "coin" would not actually be worth $1M or if you ignite the next rally leaving you to ask if it was worth getting $1M in the first place. (Well, it would Smiley )

Think bigger. Tongue

I say, think smaller! What if the $1M coin is about the size of a penny? The fact that $3M worth of gold can barely be transported by less than 3 guys with a custom trolley and 15 bodyguards can much better be put in contrast with a dime-sized coin worth the same than with a gold-coated bunch of iron/whatever.

(Disclaimer: I distrust physical bitcoins as much as hosted wallets.)

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August 25, 2012, 05:11:37 AM
 #20

http://www.youtube.com/watch?v=uaCOn9uDW6U this one holds the world record and weighs 1 tonne. Its worth 55 million dollars with a face value of $1 000 000 AUD.


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