Titan Bitcoins - Physical Bitcoins with 2-factor authentication

Quote from: cnblue on November 01, 2013, 04:02:20 AM

i already Order my first Titan Coin, Love it.
The customer service guy was really patience with me. Helping me getting all of my Question Answer.

i got this Coin with 2-Factor Auth. Planning to get Order 9 more before 2015.

Scenario Case #01
let say 20 years from now i lost The physical Coin from some tragic but i know the COIN ID, my email address and password that i register the coin with, would i still be able to redeem the value of the Coin?

Scenario Case #02
lets say the person who operate the Titan die from a misfortunate event, what would happen to my BTC in Cold Storage? or the Cold storages was Sabotage somehow?

Scenario Case #03
lets say its year 2045, now the value of BTC is insanely high. unbelievable and unpredictable from anyone wildest dream. and the person who have access to the Cold storage decided to cash out the all the Coin for himself?
me and everyone else who brought Titan Coin, just got rob. Sad

sorry for being Paranoid, $$$$ doesnt grow on Trees

Hi Cnblue,

Glad you like the coin!

In Scenario #1, If I understand correctly, you're describing a case where you only have the coin ID and registration info but not the redemption code underneath the hologram. This is information that could be gotten by an identity thief who had access to your email as a result of a compromised password. You will need the redemption code underneath the hologram in order to redeem the coin (it's one of the two forms of authentication).

In scenario #2 and 3, you bring up a number of questions that involve a failure on our end. While we have done a lot to ensure that our system has redundant backups and fail-safe contingencies, there will always be some trust required on the part of our customers with the current setup. We don't intend to keep it this way.

The simplest answer to your questions is that in the near future we will be updating the way we handle 2-factor authentication to address your concerns. The current website is a stepping stone to a larger, fully decentralized solution in which the bitcoin network itself will track ownership of coins.

There's no reason to apologize for being paranoid. Bitcoin has seen plenty of scams and failures so we appreciate customers like you bringing up important issues. We did consider these issues when starting out and chose our current solution very deliberately after weighing the pros and cons. We really, really like bitcoin and we're working to perfect our physical bitcoins and better address the issues you mentioned for the sake of a stronger bitcoin ecosystem.