Canada's government is printing it's own digital currency?

[yomofo]

http://www.inc.com/jeremy-quittner/bitcoin-rival-mintchip-pilot-currency.html

[1715183475]

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[1715183475]

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[empoweoqwj]

how can you "print" a digital currency 

[Jungian]

How does it work? The article is sparse on details to say the least

[hilariousandco]

how can you "print" a digital currency 

Isn't that what pre-mining is?

[kwest]

It's been in testing for a few years now. Mintchip is tied to the value of the Canadian dollar and exists "in the cloud".
They are developing Point of sale integration (the devices in supermarkets etc. that you use to pay with credit cards). It's in closed beta testing now.

[yomofo]

so if this is the first version of a Government coin, what does that hold in store for bitcoin?

[kwest]

so if this is the first version of a Government coin, what does that hold in store for bitcoin?

IMO it's a different beast entirely. It's tied to the CAD, and as such is more of a stable currency.. while bitcoin is an open source smart/programmable commodity.

I think they can coexist and be used for different purposes.

[Mezzmarr]

http://www.inc.com/jeremy-quittner/bitcoin-rival-mintchip-pilot-currency.html

Let's make sure we are all on the same page: Centralized crypto-currencies = manipulated crypto-currencies.

[cr1776]

so if this is the first version of a Government coin, what does that hold in store for bitcoin?

IMO it's a different beast entirely. It's tied to the CAD, and as such is more of a stable currency.. while bitcoin is an open source smart/programmable commodity.

I think they can coexist and be used for different purposes.

If by stable you mean losing 94% of its value between 1914 and 2005 (http://www.bankofcanada.ca/wp-content/uploads/2010/07/appendixa.pdf)

:-)

[fallinglantern]

MintChip is basically CAD loaded onto a secure EMV chip. Ironically, this will make localbitcoins transactions much easier. No need to deal with people making fraudulent deposit receipts or handing over counterfeit cash.

[empoweoqwj]

so if this is the first version of a Government coin, what does that hold in store for bitcoin?

Means that governments are starting to recognise "going digital" with money is the thing to do. In other words, bitcoin got it right. All good

[Ix]

How does it work? The article is sparse on details to say the least

So is the mint. I remember reading the few info pages that were put up when it was first announced. It's going to likely be some secure, tamper-proof* type thing that will sign transactions on behalf of the mint. I'm not sure how in person, non-connected transactions will work ("like cash") though without some relatively complex devices. They would probably have to reconnect at some point though--likely every so often, because I can't imagine people accepting large transactions or any from a device that has not been verified in a long time without proof from the central authority that this transaction is good to go. Otherwise if someone did successfully hack one, he could single-handedly destroy the monetary system.

* tamper-resistant

I could be way off though.

And privacy implications are interesting, to say the least.

[thaaanos]

http://www.inc.com/jeremy-quittner/bitcoin-rival-mintchip-pilot-currency.html

Let's make sure we are all on the same page: Centralized crypto-currencies = manipulated crypto-currencies = early adopter favoured crypto-currencies.

there fixed that for you

[WompRat]

MintChip is a digital wallet.  Digital wallets have quite a long history now and are worthy of further examination, particularly their failure to reach wide scale adoption.  When I first went to University in 1997 we were all issued with Mondex cards which were a very early digital wallet integrated into our Uni cards and backed up by one of the large UK high street banks. In fact I think one of the creators has something to do with MintChip.  I had no idea how pioneering this was at the time I just know no one who used it after the first term.  Mondex launched in several locations in Canada and the UK and ultimately failed in each despite hundreds of millions going on marketing and retailer training.  The reasons vary, but the encryption at its heart was never broken. 

Although Mondex could be used online it was essentially an offline product with instant verification.  Online, in the 90's, the most significant company was Digicash and their electronic cash ecash.  The whole project is fascinating, not least the fact that Bill Gates wanted to embed ecash into Windows 95.  Again its eventual collapse and bankruptcy seems to be largely driven by consumer disinterest.

Digital wallets are now going through another renaissance and there are dozens of competing systems online and offline including bitcoin's wallet which of course uses a different currency too, but few have achieved anything noteworthy so far.  Several countries use digital wallets in public transportation such as London's Oyster card, but the only one I am aware of that has broken into retail usage is the Octopus card in Hong Kong.  Despite the overwhelming advantages of digital cash to both consumer, retailer and bank, shopping habits have proved incredibly difficult to change.

[specgamer]

If this is actually true, or going to be true. The United States would not approve it, and Canada would listen.

[Q7]

I hope everyone is aware and draw a clear borderline over here to note the difference. A decentralized bitcoin network not controlled by anybody is not the same as a digital currency issued by a centralized entity. You can call it crypto if you want to for that matter but it's just not the same.

[Amph]

this would be definitely a centralized currency, it doesn't matter if it is digital or not, and it's not so different from a standard fiat currency

not really what the cryptoscene want

[manslen]

http://www.inc.com/jeremy-quittner/bitcoin-rival-mintchip-pilot-currency.html

Let's make sure we are all on the same page: Centralized crypto-currencies = manipulated crypto-currencies.

and you think bitcoin isnt manipulated by anyone? phah

[clementinal]

http://www.inc.com/jeremy-quittner/bitcoin-rival-mintchip-pilot-currency.html

Let's make sure we are all on the same page: Centralized crypto-currencies = manipulated crypto-currencies.

and you think bitcoin isnt manipulated by anyone? phah

atleast these manipulations are transparent. you can only guess who is behind BTC price regulation

[manselr]

how can you "print" a digital currency 

Isn't that what pre-mining is?

This, coupled with closed source simple that's only accessible to the controllers (canadian central bank, goverment or whatever). Also known as absolute trash.