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Author Topic: CASASCIUS PHYSICAL BITCOIN - In Stock Now! (pic)  (Read 118833 times)
Bebop
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September 07, 2011, 05:23:35 AM
 #41

The holograms are very tamper evident. They reveal a honey comb pattern if peeled. The adhesive is pretty strong, I have to use transfer tape to get them on the coins because they will show honeycombs if the sticky side even gets grazed by a finger.

Cool, I like it. This would be good info for marketing campaign. Also a little instruction guide how to spot a peeled sticker (like with a little comparison pic or something).

trading a 1:1 value
OP says: 1.25 BTC per coin for up to 10 coins and better rate for more coins.. Not 1:1 though.

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September 07, 2011, 05:59:36 AM
 #42

OP says: 1.25 BTC per coin for up to 10 coins and better rate for more coins.. Not 1:1 though.

Well, sorta, the coins 1:1 with it's loaded face value you traded for it, the extra bit covers the manufacturing and a sort of taxation. Just like a US penny costs what, like a dime to manufacture, mint, and 'sell'? Face value is face value, considering 20% on a really large number of coins would only need bitcoin to succeed 20% for you to profit on the physical version, but if it doesn't profiting from business and transactions would change hands a few times and essentially pay itself off in usefullness with tiny 'invisible losses' to multiple people who are using a slightly more costly coin for transaction instead of digital with that small transaction fee.
btcmerchant
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September 07, 2011, 06:05:37 AM
 #43

Sorry if this is a novice question but let's say I get one of these and then decide I want to use it to buy something online.  How do I send the coin to my wallet or another user?

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September 07, 2011, 06:12:06 AM
 #44

You crack/peel it open, theres a 'compressed' version of the private key on it, you'd have to use a tool to run a SHA(minikey) which will spit out the full private key, then you can use a wallet.dat editor to import that by just typing/pasting it in.

It's a little long process right now, but there's more tools on the way and even some proposed for official client for import and export commands!
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September 07, 2011, 06:37:43 AM
 #45

Well, sorta

Its either 1:1 or its not. In this case its not. And with good reason: As casascius already said, its about sustainability. Something I completely agree with as being justifiably necessary. Aside from this, the reason is irrelevant to the fact -- if its not 1:1, and casascius never suggested its 1:1, then I don't see why the point to argue that it is 1:1 or even 'sorta' 1:1.

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dogisland
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September 07, 2011, 08:01:53 AM
 #46

Sorry if this is a novice question but let's say I get one of these and then decide I want to use it to buy something online.  How do I send the coin to my wallet or another user?

I'll be adding a private key import function to strongcoin that will allow you to import the private key in the mini format.

You'll then be able to spend the BTC.
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September 07, 2011, 08:11:41 AM
 #47

Awesome! How can I buy some? Cheesy

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molecular
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September 07, 2011, 08:29:33 AM
 #48

Why would you buy this given the current state of the Bitcoin market/economy?

Actually, let me quote a friend, who I explained bitcoin lately: "The 21 Million cap is a great idea and I also like the fact that this is community-based and not some institution. But, why is there no way to actually use these in physical form for normal people?"

This is physical bitcoin money, not (merely) some investment token.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
molecular
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September 07, 2011, 08:34:28 AM
 #49

OP plz dont call this money call them wallets, according to some EU laws you cant issue money

While wallet is more accurate, that would confuse the crap out of some people: "What? This is no wallet, dude, I know what a wallet looks like. You put money into a wallet, you know. This is clearly a coin and therefore some sort of money. Bugger off."

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molecular
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September 07, 2011, 08:37:13 AM
 #50

It's really up to you, he's trading a 1:1 value (shipping aside), in my opinion this is a method of cold storage or, as you said, face-to-face trading. (Possibly not face-to-face, if the trades sole purpose was to hide the exchange of a large number of bitcoins, eg. dark net trade.)

If used for transferring bitcoin, it would be awesome if we could send money to the address on the coin. Why is only the first 8 digits on there?

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September 07, 2011, 09:07:57 AM
 #51

It's really up to you, he's trading a 1:1 value (shipping aside), in my opinion this is a method of cold storage or, as you said, face-to-face trading. (Possibly not face-to-face, if the trades sole purpose was to hide the exchange of a large number of bitcoins, eg. dark net trade.)

If used for transferring bitcoin, it would be awesome if we could send money to the address on the coin. Why is only the first 8 digits on there?

You could try first bits.

molecular
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September 07, 2011, 11:39:32 AM
 #52

It's really up to you, he's trading a 1:1 value (shipping aside), in my opinion this is a method of cold storage or, as you said, face-to-face trading. (Possibly not face-to-face, if the trades sole purpose was to hide the exchange of a large number of bitcoins, eg. dark net trade.)

If used for transferring bitcoin, it would be awesome if we could send money to the address on the coin. Why is only the first 8 digits on there?

You could try first bits.

That doesn't satisfy me. Another address could've been generated intentionally using a vanity address generator or by chance.

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September 07, 2011, 11:47:34 AM
 #53

What is this coin made out of ? Plastic? Cheap Metal? Other?
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September 07, 2011, 11:51:52 AM
 #54

I was told: "They are solid brass.  They are 1.125 inches in diameter and weigh about 7.5 grams.  Compare to a US half dollar at 1.2 inches and about 11 grams."

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September 07, 2011, 11:56:48 AM
 #55

I guess I'm kinda worried about durability. If it gets wet will the hologram be destroyed or fall off? What if it goes through the washer dryer?
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September 07, 2011, 12:28:23 PM
 #56

I approve of physical bitcoin.  It's amusing for a coin to be backed by digital currency, instead of the other way around.
casascius
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September 07, 2011, 12:51:05 PM
 #57

That doesn't satisfy me. Another address could've been generated intentionally using a vanity address generator or by chance.


Chance alone is very unlikely, but I'm willing to pgp sign a list of all the Bitcoin addresses used in this project.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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September 07, 2011, 01:15:05 PM
 #58

A bulk order is being collected in the German board. https://bitcointalk.org/index.php?topic=42003

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September 07, 2011, 01:43:25 PM
 #59

That doesn't satisfy me. Another address could've been generated intentionally using a vanity address generator or by chance.


Chance alone is very unlikely, but I'm willing to pgp sign a list of all the Bitcoin addresses used in this project.

Casascious, I applaud you for this innovation as I can imagine it being useful for places with limited internet connection. As far as I understand there is a physical coin made of brass and then there is a hologram/sticker on the back of the coin that contains a pattern. On the other side pf the sticker there is a print of the small address which is a bitcoin private key for a bitcoin address loaded with 1 bitcoin. Phew, sorry that was all in one sentance.

Just like to ask a few questions:

1 - How does one verify that it was you who made the coin?

2 - How does one verify that there is, indeed 1 bitcoin loaded in without 'destroying' the coin?

3 - Once the bitcoin is redeemed what happens to the coin? (just seems a terrible waste of preciois metal)

Next just a discussion, alot of people are suggesting QR codes. Would using them make any difference? Apart from making it harder?

I love this idea, though! Will you be making coins of smaller amounts?

Many thanks

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September 07, 2011, 01:53:00 PM
 #60

Why would you buy this given the current state of the Bitcoin market/economy?

Actually, let me quote a friend, who I explained bitcoin lately: "The 21 Million cap is a great idea and I also like the fact that this is community-based and not some institution. But, why is there no way to actually use these in physical form for normal people?"

This is physical bitcoin money, not (merely) some investment token.


No. It is NOT money, for if it were, the maker would get his ass tossed in jail.

It is a piece of property, like a baseball card, that you hope will be worth a lot or will trade for some other property.  You're hoping that every Bitcoin you purchase will end up like a mickey mantle rookie card or that you can simply trade with all your other non-rookie cards.

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