2013-04-19 WSJ: Bitcoin Outshines Canada’s Stalled MintChip

[n8rwJeTt8TrrLKPa55eU]

It also seems that any momentum generated by Canada’s digital currency may have been lost. A quick search on Twitter for “MintChip” shows more interest in ice cream and cookie flavors than the Mint’s virtual currency.

http://blogs.wsj.com/canadarealtime/2013/04/19/bitcoin-outshines-canadas-stalled-mintchip/

[SgtSpike]

MintChip... hey, I remember that thing.  It's still around?

[StarfishPrime]

"MintChip" was a non-starter almost from day one. Soon after the initial announcement there was someone who claimed to be a developer/insider who swore the whole system was not anonymous at all, and had backdoor/tracking access (not too surprising, being a government project).

Nobody will use it, even in the unlikely event it's ever launched.

[wachtwoord]

Mintchip is merely a proxy for the C$.

[xcsler]

The following was taken from the Economist:
"And what if a country were to issue algorithmic money? At that point Bitcoin would probably be bust."

Well it looks like we have our answer from Canada- at least in part. Truth is that MintChip was never truly a digital currency comparable to BTC.

The question is what if we had the US government issue USCoin that had the same characteristics as BTC but in addition was legal tender.
Would THAT be the end of Bitcoin?

[DeathAndTaxes]

The following was taken from the Economist:
"And what if a country were to issue algorithmic money? At that point Bitcoin would probably be bust."

Well it looks like we have our answer from Canada- at least in part. Truth is that MintChip was never truly a digital currency comparable to BTC.

The question is what if we had the US government issue USCoin that had the same characteristics as BTC but in addition was legal tender.
Would THAT be the end of Bitcoin?

Possibly but it will never happen.  At best a government would launch something "like" Bitcoin but with implicit user tracking, tax reporting, mining done only by central bank, unlimited coin minting, etc.  That crippled currency would be no better than existing fiat and that is why MintChip was a non-starter.

Governments are all about control.  Bitcoin is freedom.  I find it unlikely any government would ever give the power of money back to the people.  If they do then great we won.

[kiba]

The number #1 use of mintchip is to buy bitcoin. But of course, they just decided to reject their own poll on how people will use mintchip.

[xcsler]

The following was taken from the Economist:
"And what if a country were to issue algorithmic money? At that point Bitcoin would probably be bust."

Well it looks like we have our answer from Canada- at least in part. Truth is that MintChip was never truly a digital currency comparable to BTC.

The question is what if we had the US government issue USCoin that had the same characteristics as BTC but in addition was legal tender.
Would THAT be the end of Bitcoin?

Possibly but it will never happen.  At best a government would launch something "like" Bitcoin but with implicit user tracking, tax reporting, mining done only by central bank, unlimited coin minting, etc.  That crippled currency would be no better than existing fiat and that is why MintChip was a non-starter.

Governments are all about control.  Bitcoin is freedom.  I find it unlikely any government would ever give the power of money back to the people.  If they do then great we won.

I realize that it is extremely unlikely that the govt. releases USCOIN as an exact BTC copy but as a mind experiment I wonder what would happen to the value of BTC. Who knows what they would resort to if BTC captured a majority of the market.

Would bitcoiners flock to USCOIN with a subsequent price devaluation/collapse of BTC?
Would nobody switch over because of distrust in government?
Would they be competing currencies and exchange freely on the open market?

[Junko]

The number #1 use of mintchip is to buy bitcoin. But of course, they just decided to reject their own poll on how people will use mintchip.

I remember that poll. That was hilarious.