The NEXT generation of Physical Bitcoins...

[TitanBTC]

Have you devised a defense against the solvent attack, demonstrated at this summer's DefCon?
http://codinginmysleep.com/casascius-physical-bitcoins-cracked-at-defcon/

2-factor authentication is built in.  You can't redeem a coin without also having access to an email address that the coin is registered to.  A new owner can immediately change that registration info and protect the coin's value from being swept by someone that previously owned the coin.

You might seriously consider discussing this model with legal so that it can be cleared of money transmission issues.  If you are holding the value and it is transferred from person to person, there could be some questions raised, being that you are in the US.
I am not saying that it is illegal or wrong.  It is pretty cool actually, but just a word to the wise... cya with your legal counsel.  Even if it is perfectly legal, it is good to have a legal defense fund ready and a lawyer that knows the facts and the law ahead of issues being raised.  If nothing else, set aside a portion of profit in a custodial fund for when you get around to this.

BTW, this is a nice looking piece, we should talk. 

I've dug pretty deep and we're definitely a MSB as long as we accept dollars.  It's a fine point of distinction but, We can't really say that we make it easy for people to get started with bitcoins without letting them pay in their currency of choice.  We're already planning through the process of registration and compliance.  I appreciate your concern and its right on, but that's part of the project.

Thanks very much for the compliment.  We have 3 more designs on the way soon for the half, quarter and 0.1 bitcoin denominations.  Stay tuned. 

[LiteCoinGuy]

I would prefer an original bitcoin look of the coins...

[adamas]

Take a look at this: https://www.bitmit.net/en/item/68244-stunning-new-physical-bitcoins-limited-edition-casascius

[TitanBTC]

Take a look at this: https://www.bitmit.net/en/item/68244-stunning-new-physical-bitcoins-limited-edition-casascius

I'm not sure I understand how this one works.  Could you explain a bit more?

[smoothie]

Take a look at this: https://www.bitmit.net/en/item/68244-stunning-new-physical-bitcoins-limited-edition-casascius

It appears these just say 10mBTC and do not give any access to any cold storage of actual bitcoins. The post says "key-free". Meaning no key?

It's a bit misleading in my view the way it is posted.

[adamas]

Take a look at this: https://www.bitmit.net/en/item/68244-stunning-new-physical-bitcoins-limited-edition-casascius

I'm not sure I understand how this one works.  Could you explain a bit more?

I think these coins can't be "unloaded". They have a fixed 10 mbtc denomination and a (much higher) collectors value which is of course fluctuating.

[No_2]

Hi Tim,

    Really glad to see you have posted on bitcointalk about your coins!

    Trust issues with centralisation aside this is a different approach to Casascius and I think it could have a place in the market.

    Can one buy via your website now?

[NewLiberty]

Have you devised a defense against the solvent attack, demonstrated at this summer's DefCon?
http://codinginmysleep.com/casascius-physical-bitcoins-cracked-at-defcon/

2-factor authentication is built in.  You can't redeem a coin without also having access to an email address that the coin is registered to.  A new owner can immediately change that registration info and protect the coin's value from being swept by someone that previously owned the coin.

You might seriously consider discussing this model with legal so that it can be cleared of money transmission issues.  If you are holding the value and it is transferred from person to person, there could be some questions raised, being that you are in the US.
I am not saying that it is illegal or wrong.  It is pretty cool actually, but just a word to the wise... cya with your legal counsel.  Even if it is perfectly legal, it is good to have a legal defense fund ready and a lawyer that knows the facts and the law ahead of issues being raised.  If nothing else, set aside a portion of profit in a custodial fund for when you get around to this.

BTW, this is a nice looking piece, we should talk. 

I've dug pretty deep and we're definitely a MSB as long as we accept dollars.  It's a fine point of distinction but, We can't really say that we make it easy for people to get started with bitcoins without letting them pay in their currency of choice.  We're already planning through the process of registration and compliance.  I appreciate your concern and its right on, but that's part of the project.

Thanks very much for the compliment.  We have 3 more designs on the way soon for the half, quarter and 0.1 bitcoin denominations.  Stay tuned. 

This is great, Very happy to hear it.  The selling of the pieces may be less of an issue (even if it turns out that US want those to be MSB) than the custodial relationship during transmission/reregistration and the MTB risks (which have much higher AML requirements).  This is a great innovation, and looks to be first of its kind, and I want you guys to be around for decades to come. 

[TitanBTC]

Hi Tim,

    Really glad to see you have posted on bitcointalk about your coins!

    Trust issues with centralisation aside this is a different approach to Casascius and I think it could have a place in the market.

    Can one buy via your website now?

Yes.  Our coins are available for sale now.  Feel free to PM with questions.

[FatMagic]

Honestly the best physical BitCoin I've seen yet. I really really want one of these.. just beautiful.
Well done Titan!

[cypherdoc]

Tim,

when do you anticipate the gold and silver coins to be available?  hopefully some with this same design pattern which is beautiful.

[TitanBTC]

Tim,

when do you anticipate the gold and silver coins to be available?  hopefully some with this same design pattern which is beautiful.

We're working on the silver version of this coin now.  As you can imagine, its expensive to get production started but I expect we'll at least have the silver one ready to sell sometime in November.

Thanks for the compliment, Cypherdoc.   That means a lot coming from you.

We actually started out the project by consulting with one of the current engravers for the U.S. mint who is producing the latest line of quarters.  Interestingly, The legal team at the U.S. Mint told him he could no longer be involved with our project because they felt that bitcoin was a foreign currency.  Since engravers at the U.S. mint can't work for foreign countries, his working with us was deemed to be a violation of his non-compete clause. 

The U.S. Mint legal team called bitcoins "foreign currency".  If that isn't evidence that bitcoin is real money, I don't know what is.

[TitanBTC]

Honestly the best physical BitCoin I've seen yet. I really really want one of these.. just beautiful.
Well done Titan!

Thanks Fat Magic!  There's no artist I know who doesn't like a good ego stroking, so I'm forwarding these comment on to our sculptor and designer.

[No_2]

I've not completed checkout using your website yet but wanted to as: can one pay in bitcoin?

[shadallion]

From the website:  "In fact, you can report a theft to our security team and the coins in question will be deactivated, leaving the crook with goods that are flagged as stolen.  For a nominal fee, we’ll even transfer the value of your stolen coin to a replacement coin and send it out to you."

Woah, hold up.  So you're saying that you can control the usage/activation of the bitcoin from your homebase there, Titan? 

Pardon me, but that's a little frightening that at any time you could change your mind and simply deactivate all the Titan coins out there and buy yourself an island somewhere.

[tysat]

From the website:  "In fact, you can report a theft to our security team and the coins in question will be deactivated, leaving the crook with goods that are flagged as stolen.  For a nominal fee, we’ll even transfer the value of your stolen coin to a replacement coin and send it out to you."

Woah, hold up.  So you're saying that you can control the usage/activation of the bitcoin from your homebase there, Titan?  

Pardon me, but that's a little frightening that at any time you could change your mind and simply deactivate all the Titan coins out there and buy yourself an island somewhere.

I thought the 2FA requirement would queue everyone in to the centralization of this system.

@OP Good idea, bad implementation?  Seems that way a little, you're basically selling bitcoin IOUs instead of actual bitcoins.

[TitanBTC]

From the website:  "In fact, you can report a theft to our security team and the coins in question will be deactivated, leaving the crook with goods that are flagged as stolen.  For a nominal fee, we’ll even transfer the value of your stolen coin to a replacement coin and send it out to you."

Woah, hold up.  So you're saying that you can control the usage/activation of the bitcoin from your homebase there, Titan? 

Pardon me, but that's a little frightening that at any time you could change your mind and simply deactivate all the Titan coins out there and buy yourself an island somewhere.

For security, we used a closed system that tracks coin ownership, with 2-factor authentication built in.  The big benefit for this comes into play when you're buying from a third party.  Because of the ease of hacking or counterfeiting other phsyical bitcoins out there, we're providing a solution that limits redemption of the coin to the person who currently owns it.  You need access to the email address registered to the coin in order to redeem.  New owners can change that registration as soon as they buy, protecting themselves from buying a coin with a compromised private key.

I totally understand that this isn't for everyone and for people that don't want that extra protection, we'll be offering coins that include the private key underneath the hologram. 

For new bitcoin owners, we're finding that the 2 factor authentication provides a peace of mind regarding the safety of their investment.  For existing members of the community, we're happy to be flexible.

[ninjarobot]

The design is absolutely stunning. Well done!

The premium is pretty steep, making them more like collector items. As such they will probably be stored in a safe long-term. This also means I would not be comfortable being dependent on titanbtc.com/ still being around by the time the coin might be redeemed.

[TitanBTC]

From the website:  "In fact, you can report a theft to our security team and the coins in question will be deactivated, leaving the crook with goods that are flagged as stolen.  For a nominal fee, we’ll even transfer the value of your stolen coin to a replacement coin and send it out to you."

Woah, hold up.  So you're saying that you can control the usage/activation of the bitcoin from your homebase there, Titan?  

Pardon me, but that's a little frightening that at any time you could change your mind and simply deactivate all the Titan coins out there and buy yourself an island somewhere.

I thought the 2FA requirement would queue everyone in to the centralization of this system.

@OP Good idea, bad implementation?  Seems that way a little, you're basically selling bitcoin IOUs instead of actual bitcoins.

I totally see your point.  We didn't decide on this particular implementation lightly.  With any product, saying yes to one benefit often means saying no to another.  

For new bitcoin owners, the ease of use is the biggest hurdle.  Email registration is something that is familiar and easy to understand.  We ARE working on a more advanced, decentralized solution, but innovation takes time  Fortunately for us, the benefits of these coins seem to outweigh the drawbacks for many.

[wopwop]

Sounds more like degeneration as its a centralized subcurrency of bitcoin

Not to mention it's illegal to distribute your own currency in most countries