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Author Topic: Press Release: New Physical Bitcoin Goes on Sale January 2 at AlitinMint.com  (Read 3711 times)
RichardForsyth
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January 01, 2014, 10:42:18 PM
Last edit: January 01, 2014, 11:08:25 PM by RichardForsyth
 #1

January 2, 2014 is the release date of the 2013 Adam Smith Limited 1st Edition, by presidential sculptor John B. Andelin. This is a physical bitcoin containing 2 "cold stored" coins in addition to 2 Troy ounces of silver from Alitin Mint (alitinmint.com).  This is a VERY limited edition as only 600 coins have been struck in 2013.

This will signal a new standard in physical bitcoins.  The inaugural coin is 1.75 inches in diameter and 5 mm in thickness. Struck in two ounces of pure silver, the hefty coin dwarfs the U.S. silver dollar.

https://i.imgur.com/6oXlHjP.jpg

Besides the impressive size of the coin, Alitin mint has created a security system that is impressive.  The complete public address is engraved on the reverse face of each coin.  The private key is engraved on the edge of the coin, and is hidden from the view of the owner of the coin until the tamper proof acrylic case is opened.  The case is sealed, preventing opening without breakage. See picture below.

https://i.imgur.com/91rmXKO.jpg

Some have suggested that the engraved key on the edge of the coin could be subjected to hi tech imaging such as ultrasound, MRI and CT.  This issue has been discussed with professional radiologists, and it has been affirmed that such a quest lies far beyond the reach of any technology of the foreseeable future.

Another unique feature is that absolutely no defacing of the coin occurs upon redemption.   If an owner wants to remove the coin from its case just because he can't resist holding it in his hand, all he has done is diminish the resale value.  If he chooses to redeem the coin, the coin will continue to hold value as a collectible because the aesthetic integrity of the coin has not been compromised.

Alitin Mint, located in Springfield, Missouri, is a subsidiary of a licensed money services business with money transmitter licensing that has established strict anti-money laundering policies in accordance with U.S. government regulations. The security system of its coins reflects a proactive vision that will be sufficient even when bitcoins attain values of thousands of dollars each.  All engraving is done within the company in accordance with strict protocols.  In addition to the two layers of security of the cases themselves, a proprietary cipher system has been established to prevent the counterfeiting of Alitin coins.

The vision of Alitin Mint is to produce not only physical bitcoins that are secure, but also to create limited edition art pieces that in many cases surpass coinage produced by government mints.

The coins are created in high relief by sculptor John B. Andelin.   Each edition will honor a person who has selflessly contributed to the progress of humanity.  The next coin, scheduled to be released in February of 2014, will depict Joan of Arc.  Other coins will honor explorers, scientists, philosophers, and other world figures whose efforts have elevated mankind. Notably, a portion of all proceeds will be donated to the Bitcoin Foundation.

As a unique collectible, the holder of Alitin coins has a unique opportunity to collect a combination of bitcoins, precious metals, and limited edition art pieces, all in one product.  Each coin is signed and numbered by the artist on the inside of the case.  Such a unique collectible will likely attract not just those pre-commited to bitcoin, but numismatists and other collectors who are not as familiar with bitcoin.  In this manner, it is hoped that the sale of Alitin coins will help spread the bitcoin message to the world.

PLEASE NOTE: Alitin Mint is in the business of selling limited edition collectible pieces of art which are fashioned out of precious metals and which contain embedded crypto-currency. Alitin Mint is not an investment advisory firm and it does not offer investment advice in any form. Alitin Mint encourages you to seek professional advice from a licensed investment adviser before making any decisions about investing your money.
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BCB
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January 01, 2014, 10:43:05 PM
 #2

You images are missing!

https://bitcointalk.org/index.php?topic=343912.msg3684352#msg3684352
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January 02, 2014, 12:01:58 AM
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What sort of markup? And escrow?
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January 02, 2014, 12:05:20 AM
 #4

Nice!  I'll buy a few of those.
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January 02, 2014, 12:11:02 AM
 #5

Nice!  I'll buy a few of those.
2.9btc right now.
A big bump for brand new company..
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January 02, 2014, 12:13:08 AM
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How much are these selling for?
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January 02, 2014, 12:48:09 AM
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when will these ship out?  the website says 6-8 weeks and they go on sale tomorrow.  Have they not been made?
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January 02, 2014, 04:52:34 AM
 #8

Nice!  I'll buy a few of those.
2.9btc right now.
A big bump for brand new company..

You have terrible ratings... You going to send first?
You talking to me?

Yes I'm talking to you.
I dont have bad, I have none. And I requested escrow. So not sure why your commenting at me?
I think I understand... I'm not the seller.. I meant to quote the pro d to the person above you. And my second comment was more of a question statement. Hense the .. after... They are brand new and asking for a lot of coin

Ahh you quoted me the price!  Didn't even notice you were not the OP.  Sorry.  I've deleted those posts.
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January 02, 2014, 10:38:31 AM
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That is quite a high premium. I'd have been interested as I have some other physicals which are nice collection items to have.

Would you consider shipping first to a trusted community member also since you are so new?

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January 02, 2014, 12:24:33 PM
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I also would like to buy one or two of these. Are you happy with escrow first to gain some trust?

If you feel like sending first all the better, you should be able to see I am not a scammer.
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January 02, 2014, 07:12:17 PM
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I am interested in buying one of these as well.  Only thing that concerns me is the 6-8 week delivery time.  Makes me wonder if these guys will just be gambling with the money we front and fail to deliver if btc price rises and of course fill the order if it drops.  I'm OK with the premium, just wish they would ship out faster
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January 02, 2014, 07:23:46 PM
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Would love tor eview one of these for the up & coming Bitcoin/altcoin magazine... should make it in time for Issue # 2 Smiley
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January 02, 2014, 07:26:09 PM
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I am interested in buying one of these as well.  Only thing that concerns me is the 6-8 week delivery time.  Makes me wonder if these guys will just be gambling with the money we front and fail to deliver if btc price rises and of course fill the order if it drops.  I'm OK with the premium, just wish they would ship out faster

I hadn't noticed this. Why would you need 6/8 weeks? This does seem strange. You get the bitcoins and ten send the next day surely, unless you haven't made them?
RichardForsyth
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January 02, 2014, 08:01:15 PM
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We have made most of them, and in most cases they will ship faster than 6-8 weeks.  Many have already sold.  But assembly is slow and very meticulous.  As you can imagine, we have many security concerns, so there are very few people who get to handle these things and the process, by design and necessity, is extremely slow to produce a finished product.  And only one person ever sees the private keys before they are destroyed from our records--and that person is me.  I am the CEO and I engrave the coins myself.  I also do the ciphers and much of the packaging.  Tamper proofing cases like this is a challenge.  It's slow and tedious work.  But thorough.  We built in 6-8 weeks just in case we got big orders.  We would rather our customers be pleasantly surprised than disappointed.  

As to your fraud concerns; i.e., waiting to deliver them to see what the market does, or cancel the order: First of all, we are a licensed money transmitter and a registered MSB.  If we mess around like that, we get shut down pretty quick.  We'd rather have a successful business than play games. As a money transmitter, we are bonded with the government.  That means they have a lien on a huge pile of money that we fronted, and if we mess with you, they take it and probably throw us in jail.  Doing stuff like this is very challenging from a regulatory compliance point of view, and very expensive.  

This, by the way, also answers the question about markup.  In a business like this, you have to build some costs in to markup because it is VERY expensive to comply with the government's requirements.  This is also why we couldn't get these things out in 2013.  We had the coins done, but the government got in the way of our selling them legally.  But we do things by the books here at Alitin Mint, albeit resentfully at times in the case of government regulations.  And you will get your coins at the price you ordered them, whether or not, or how, the market fluctuates.  Try us.  

Another comment on cost: you're not buying an arcade token here.  Much respect to physical bitcoins that have come before us, but this is not like other physical bitcoins.  These coins are a limited edition set designed by a very prestigious sculptor, and they are pure silver.  They will last a lifetime or longer.  And unlike the arcade tokens, there are no corny stickers that deface the coin or decrease its aesthetic once redeemed.  Our public addresses and private keys are *engraved* on these coins.  Permanently.  Then they are sealed in a tamper proof case with many layers of security.  I could go on, and I did detail some of the advantages in my original post, but to summarize: these are just different.  Our site explains more.  www.alitinmint.com.  

And yes, we will work with reputable escrow, but we will do our own due diligence on any escrow services or escrow agents before we agree to it.  The "trust but verify" thing works both ways; we don't want to be cheated either. And we will charge a fee for escrow as well.  TBD on a case by case basis.  

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January 02, 2014, 09:11:09 PM
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Fair enough.

I will PM you with an order and a few escrow suggestions to look at.

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January 02, 2014, 09:30:30 PM
 #16

Thanks for the response.  Looking forward to ordering once I hear some good reviews
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January 02, 2014, 10:44:29 PM
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Feel free to use me as an Escrow if required.

I would still be interested if you are willing to send first.

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January 03, 2014, 12:10:12 AM
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Don't most press releases usually involve, you know, the press?
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January 04, 2014, 08:52:24 PM
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I am interested in buying one of these as well.  Only thing that concerns me is the 6-8 week delivery time.  Makes me wonder if these guys will just be gambling with the money we front and fail to deliver if btc price rises and of course fill the order if it drops.  I'm OK with the premium, just wish they would ship out faster

I ordered 10 of them. I am related to the artist John B. Andelin. I paid entirely with bitcoin and my understanding is that the 6-8 weeks is only if you pay with a credit card. They anticipate getting them shipped in 2-3 weeks if paying with bitcoin. That's my understanding.

Math based currencies will overcome all sovereign currencies over time. Buy them now.
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January 13, 2014, 09:59:13 PM
 #20

I pre-ordered one, paid with BTC and had my order confirmed on Jan 2nd.  I believe I may be one of the first to actually receive the coins.  I will post a pic when it arrives.

Architect, Anarchist, Numismatist, Crypto-Enthusiast.
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