Bitcoin Forum
September 28, 2016, 05:05:41 PM *
News: Due to DDoS attacks, there may be periodic downtime.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Idea: gold coins with bitcoin logo?  (Read 10389 times)
bitcoinex
Sr. Member
****
Offline Offline

Activity: 350


probiwon.com


View Profile WWW
December 04, 2010, 01:32:57 PM
 #1

Someone skilled in the jeweler should already begin to make souvenir gold coins with bitcoin logo.
And sell them for bitcoin.

New bitcoin lottery: probiwon.com
- Может, ты ещё и в Невидимую Руку Рынка веруешь? - Зачем же веровать в то, что можно наблюдать непосредственно?
"Bitcoin: mining our own business since 2009" -- Pieter Wuille
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1475082341
Hero Member
*
Offline Offline

Posts: 1475082341

View Profile Personal Message (Offline)

Ignore
1475082341
Reply with quote  #2

1475082341
Report to moderator
1475082341
Hero Member
*
Offline Offline

Posts: 1475082341

View Profile Personal Message (Offline)

Ignore
1475082341
Reply with quote  #2

1475082341
Report to moderator
S3052
Legendary
*
Offline Offline

Activity: 1918


BTC Up or Down? go to www.bullbearanalytics.com


View Profile WWW
December 04, 2010, 01:44:00 PM
 #2

+1
great idea
I want to buy one of these

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

http://twitter.com/BitcoinAnalyst

Subscribe here
Vinnie
Full Member
***
Offline Offline

Activity: 126


View Profile
December 05, 2010, 07:01:32 AM
 #3

You can contract out the design and production of the die with your local mint (Northwest Territorial, of instance.) There's a pretty hefty up front cost for that, plus you want them produced in bulk, again, by the minting company. Just being able to buy any gold or silver with bitcoins would be great.

Anonymous Cash-By-Mail Exchange: https://www.bitcoin2cash.com
Anonymous
Guest

December 05, 2010, 11:21:30 AM
 #4

http://coinable.com

Here is one place you could look at.

One idea is a bitcoin challenge coin. The idea is for everyone to get one and then if you meet another bitcoiner you challenge them to produce a coin and if they failed they owe you a beer ...as well as any other bitcoiners in the area who can produce their challenge coin.  Smiley
ribuck
Donator
Legendary
*
Offline Offline

Activity: 826


View Profile
December 05, 2010, 02:24:08 PM
 #5

I'd be interested in a wearable Bitcoin badge. That way, if you see someone else wearing one, you know that you can transact using bitcoins instead of fiat currency.
S3052
Legendary
*
Offline Offline

Activity: 1918


BTC Up or Down? go to www.bullbearanalytics.com


View Profile WWW
December 05, 2010, 05:14:45 PM
 #6

yeah
* bitcoin cuff links
* bitcoin ear rings
Exciting!

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

http://twitter.com/BitcoinAnalyst

Subscribe here
coinguy
Newbie
*
Offline Offline

Activity: 8


View Profile
December 06, 2010, 06:03:11 PM
 #7

Hello, Jeffrey here, owner of http://coinable.com. I noticed an interest in challenge coins. We can assist with your needs.

Challenge coins are made of brass, however we can create coins from .999 fine silver and solid 24K gold.
SPOT price + production and dies

http://www.kitco.com/market/ - SPOT price
__________________________________________

Challenge coins: $2.72 each, shiny gold plated
 add $4.00 more per coin for 24K gold plated.

Let me know....I am interested in your project and would like to help.

Vinnie
Full Member
***
Offline Offline

Activity: 126


View Profile
December 06, 2010, 06:59:50 PM
 #8

Challenge coins are made of brass, however we can create coins from .999 fine silver and solid 24K gold.
SPOT price + production and dies

It would be interesting to issue a silver or gold plated brass token pegged to the value of bitcoin. Pegged value is explained here:

New World Economics

Basically, the issuer would make the market for the tokens he issues, maintaining the market value at or sufficiently near the face value of bitcoins. In this way you could actually expand the money supply if demand warrants it. This strays from 100% backing, which I imagine many here would advocate for. Still, it is a more flexible way to operate a bitcoin backed token. A way to build trust in such a system would be to operate it as some sort of a non profit with a board of trustees comprised of trusted members of the community. Someone operating this for profit may not be as easily trusted.

Anonymous Cash-By-Mail Exchange: https://www.bitcoin2cash.com
MoonShadow
Legendary
*
Offline Offline

Activity: 1666



View Profile
December 06, 2010, 07:40:29 PM
 #9

One idea is a bitcoin challenge coin. The idea is for everyone to get one and then if you meet another bitcoiner you challenge them to produce a coin and if they failed they owe you a beer ...as well as any other bitcoiners in the area who can produce their challenge coin.  Smiley

This reminds me of the USMC...

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
coinguy
Newbie
*
Offline Offline

Activity: 8


View Profile
December 06, 2010, 07:59:24 PM
 #10

Challenge Coins derived from a military tradition, Military Coins.

CHALLENGE COIN HISTORY: http://coinable.com/challenge_coin_history.html
CHALLENGE COIN RULES: http://coinable.com/challenge_coin_rules.html
Anonymous
Guest

December 07, 2010, 03:06:37 AM
 #11

Challenge Coins derived from a military tradition, Military Coins.

CHALLENGE COIN HISTORY: http://coinable.com/challenge_coin_history.html
CHALLENGE COIN RULES: http://coinable.com/challenge_coin_rules.html

Thanks for joining and posting.  I heard about them here http://noagendafans.com/rules-coin-challenge

Might be an interesting bitcoin drinking game .

(anytime someone explains what a bitcoin is you have to take a drink )   Cheesy
RHorning
Full Member
***
Offline Offline

Activity: 210


View Profile
December 07, 2010, 03:10:26 AM
 #12

Challenge coins are made of brass, however we can create coins from .999 fine silver and solid 24K gold.
SPOT price + production and dies

It would be interesting to issue a silver or gold plated brass token pegged to the value of bitcoin.

This thread gives a link to how it might work:

[url]http://bitcointalk.org/index.php?topic=737.0[/ur]

The trick is to set up some system to keep somebody from "spending" the electronic representation of the value of that bitcoin.  Scratch-off cards seem to be the current best system I've seen, and that doesn't seem to apply to a minted bitcoin.

If you put the wallet information for a bitcoin address that represents 1 BTC and put that physically into the interior of the coin in some fashion, you would have a coin that really is a "Bitcoin" coin with the actual value of 1 BTC.  To get the electronic value of the coin, you would literally have to destroy the coin.

I don't know if that is possible, but it would be interesting to find out.

1FLK3uUT3Vup5JtkGJVXKHAoS3AZWPcKdv
Vinnie
Full Member
***
Offline Offline

Activity: 126


View Profile
December 07, 2010, 04:27:23 AM
 #13


It would be interesting to issue a silver or gold plated brass token pegged to the value of bitcoin.

This thread gives a link to how it might work:

[url]http://bitcointalk.org/index.php?topic=737.0[/ur]

The trick is to set up some system to keep somebody from "spending" the electronic representation of the value of that bitcoin.  Scratch-off cards seem to be the current best system I've seen, and that doesn't seem to apply to a minted bitcoin.

If you put the wallet information for a bitcoin address that represents 1 BTC and put that physically into the interior of the coin in some fashion, you would have a coin that really is a "Bitcoin" coin with the actual value of 1 BTC.  To get the electronic value of the coin, you would literally have to destroy the coin.

I don't know if that is possible, but it would be interesting to find out.

What I proposed was a token pegged to bitcoin, not backed by it. Rather than go through all the trouble of destroying tokens or using scratch offs you would set up a transparent, accountable entity to buy and sell the tokens at their face value in bitcoins. If there is always someone willing to buy and sell at face value then the money supply could grow and shrink as demand dictates without deviating from face value. It all hinges on setting up a trustworthy issuing entity, perhaps a board of trustees operating within very narrow parameters.

I'm just throwing out an estimate, but such an entity could probably fluctuate between 80% to 120% of reserves to tokens issued without a problem. If they were as low as 80% and a run on the bank occurred they would just have to stand tall and show that they were willing to buy back their tokens at face value until all of their reserves were gone. Well before that happens, though, speculators would recognize what was going on and make up for the remaining 20% by buying discounted tokens, thereby rebidding the price back to face value and allowing the issuing entity to start rebuilding.

It's not fool proof, but neither is 100% backed warehouse receipts.

Anonymous Cash-By-Mail Exchange: https://www.bitcoin2cash.com
sturle
Legendary
*
Offline Offline

Activity: 1416

http://bitmynt.no


View Profile WWW
December 07, 2010, 08:26:38 AM
 #14

+1
great idea
I want to buy one of these
I want to buy 50 if they are made of chocolate!

A chest with chocolate bitcoins, and a paper with an address to claim the real bitcoins on the bottom of the chest.  That would be a nice gift!

Sjå http://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
I support the roadmap.  If a majority of miners ever try to forcefully take control of Bitcoin through a hard fork without 100% consensus, I will immediately split out and dump all my forkcoins, and buy more real Bitcoin.
RHorning
Full Member
***
Offline Offline

Activity: 210


View Profile
December 07, 2010, 02:38:25 PM
 #15

What I proposed was a token pegged to bitcoin, not backed by it. Rather than go through all the trouble of destroying tokens or using scratch offs you would set up a transparent, accountable entity to buy and sell the tokens at their face value in bitcoins. If there is always someone willing to buy and sell at face value then the money supply could grow and shrink as demand dictates without deviating from face value. It all hinges on setting up a trustworthy issuing entity, perhaps a board of trustees operating within very narrow parameters.

That seems to be a full circle of monetary units if it happens, where a digital abstraction becomes something physical again.

You are correct that such an issuing entity would have to be trusted and that trust would be the key to such a physical currency.  The problem with pegging two currencies to each other is fraught with all kinds of problems where scarcity of one or the other is going to have an impact upon how they are used and the exchange rate.  The person at the middle of the exchange, namely the person "backing" the coins in some way is going to eventually get to the point where they will break when the two currencies get out of balance.

What you are also suggesting here is a fractional reserve currency, even if it is a physical coin rather than a paper note.  Even if every "physical bitcoin" is 100% backed up by a similar number of digital bitcoins, it still is a "fraction", although a relatively safe fraction of 1:1 reserves.  The moment you mint more coins than you have digital bitcoins in "reserve", the fraction is going to be smaller on the reserve to issued ratio.

I will ask this:  are you really serious about creating a Bitcoin-derived fractional reserve currency?

I always thought Bitcions were a stronger form of currency than gold.  This sort of proves the point where gold could be issued as the face of Bitcoins being held in a fractional reserve.

1FLK3uUT3Vup5JtkGJVXKHAoS3AZWPcKdv
FatherMcGruder
Sr. Member
****
Offline Offline

Activity: 322



View Profile WWW
December 07, 2010, 03:27:50 PM
 #16

What I proposed was a token pegged to bitcoin, not backed by it.
One day, governments might peg their currencies to the bitcoin. Just pick the most trustworthy one for your coinage, no?

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

Shameless display of my bitcoin address:
1Hio4bqPUZnhr2SWi4WgsnVU1ph3EkusvH
Vinnie
Full Member
***
Offline Offline

Activity: 126


View Profile
December 07, 2010, 04:47:45 PM
 #17


The problem with pegging two currencies to each other is fraught with all kinds of problems where scarcity of one or the other is going to have an impact upon how they are used and the exchange rate.  The person at the middle of the exchange, namely the person "backing" the coins in some way is going to eventually get to the point where they will break when the two currencies get out of balance.

This is why the issuing entity makes the market by buying and selling their tokens at or very close to face value. There may be situations where it would advantages to buy them back for slightly less than their face value with a promise to raise their buying price after XX number of tokens. This would give traders and incentive to bid up the price to face value, basically adding their bitcoins to the "reserve."

There are plenty of real world examples of this; such as currencies in Latin America that are pegged to the US dollar. They do this because the US Dollar has historically been very stable compared to other major currencies. If I understand Bitcoin correctly, it will be even more stable. A commodities basket currency would operate the same way. This model allows for expansion of the money supply driven by demand and demand only.

Quote
What you are also suggesting here is a fractional reserve currency, even if it is a physical coin rather than a paper note.  Even if every "physical bitcoin" is 100% backed up by a similar number of digital bitcoins, it still is a "fraction", although a relatively safe fraction of 1:1 reserves.  The moment you mint more coins than you have digital bitcoins in "reserve", the fraction is going to be smaller on the issued to reserve ratio.

Yes! But the point is to have expansion and contraction of the money supply driven by the demand for money rather than a board of financial wizards looking into their crystal balls trying to figure out how they can hit a moving target that only exists in their imagination.

Quote
I will ask this:  are you really serious about creating a Bitcoin-derived fractional reserve currency?

Why not? It's been suggested before, using an Open Transaction currency with Bitcoins as the backing.

Quote
I always thought Bitcions were a stronger form of currency than gold.  This sort of proves the point where gold could be issued as the face of Bitcoins being held in a fractional reserve.

Do you mean stamping a face value of Bitcoins on a gold round? I'd be all for that, but price of gold in Bitcoins will fluctuate. It'd be like the $20 gold coins that the US mint issues, which trade at the value of their gold content rather than their face value.

Anonymous Cash-By-Mail Exchange: https://www.bitcoin2cash.com
Vinnie
Full Member
***
Offline Offline

Activity: 126


View Profile
December 07, 2010, 04:48:47 PM
 #18

One day, governments might peg their currencies to the bitcoin. Just pick the most trustworthy one for your coinage, no?

Definitely!

Anonymous Cash-By-Mail Exchange: https://www.bitcoin2cash.com
coinguy
Newbie
*
Offline Offline

Activity: 8


View Profile
December 07, 2010, 05:58:08 PM
 #19

Here is a story on Ron Paul for President Coins:
http://deathby1000papercuts.blogspot.com/2007/11/ron-paul-dollars-fbi-secret-service.html


This story has a link back to coinable.com, regarding why the FBI does not raid coinable.com
http://www.orangemane.com/BB/showthread.php?t=63141


More stories:
http://www.thestreet.com/story/10390631/raid-on-ron-paul-dollar-maker.html
http://sweetness-light.com/archive/fbi-raids-crackpot-ron-paul-dollar-scam
RHorning
Full Member
***
Offline Offline

Activity: 210


View Profile
December 07, 2010, 06:08:12 PM
 #20

Do you mean stamping a face value of Bitcoins on a gold round? I'd be all for that, but price of gold in Bitcoins will fluctuate. It'd be like the $20 gold coins that the US mint issues, which trade at the value of their gold content rather than their face value.

The interesting thing about Bitcoins is that the overall tendency of the currency is going to increase in value relative to other currencies over time, including gold.  What I'm saying is that even if the value of the "gold bitcion" is technically worth more than the current exchange rate with the U.S. dollar to Bitcoin rate, there is strong reason to think that will change and be more favorable to the value of a Bitcion.  Buying such "gold bitcoins" might be an interesting statement of trust that the situation I'm suggesting here is very likely going to be reality.

The real trick would be if somebody gave this "trusted authority" some of those "gold bitcions" and that trusted authority couldn't redeem them for the electronic bitcions.  Of course that would result in a run on that "currency" too or like what was called a bank panic from a century ago.

I'd be curious about how you would stop "counterfeiting" of coins, even solid gold coins in this sort of a situation?  You might rely upon the legal system to protect you, but I think you might find that backfiring on you as well if you tried, particularly as government usually guard the ability to coin metal as an exclusive right for themselves.

1FLK3uUT3Vup5JtkGJVXKHAoS3AZWPcKdv
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!