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Author Topic: CASASCIUS PHYSICAL BITCOIN - In Stock Now! (pic)  (Read 118997 times)
molecular
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December 14, 2013, 12:06:52 PM
 #941

Quite honestly I don't even understand the FINCEN claims. How is Mike a money transmitter if no USD ("real money") is touched?

I don't know what FINCEN's specific claims are, but he is literally a money transmitter. Someone sends him bitcoins ("convertible virtual currency") and he mails bitcoins to someone. I doubt they are concerned about him selling single small denomination coins, but he does sell large denominations (100 BTC bar) and coins in bulk (rolls of 20 or 50 BTC) that are worth multiples of $10,000.

That's just ridiculous, isn't it? Why would anybody who wants to transmit some bitcoins from point A to point B choose such a cumbersome method (buy overpriced physical token and have it snail-mailed somewhere, that's like printing out an email and faxing it to someone who OCRs it) when the virtual bitcoins can be sent to any address via the blockchain for a low transaction cost. Let alone the fact that the bitcoins aren't even on the coins during the shipping process. They're sent to the coins addresses via the blockchain afterwards, specifically to avoid customs trouble.

I think the only difference here is that they have a guy to pin this down on. Otherwise it would mean that any blockchain transaction constitutes money transmitting.


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December 14, 2013, 05:57:19 PM
 #942

Quite honestly I don't even understand the FINCEN claims. How is Mike a money transmitter if no USD ("real money") is touched?

I don't know what FINCEN's specific claims are, but he is literally a money transmitter. Someone sends him bitcoins ("convertible virtual currency") and he mails bitcoins to someone. I doubt they are concerned about him selling single small denomination coins, but he does sell large denominations (100 BTC bar) and coins in bulk (rolls of 20 or 50 BTC) that are worth multiples of $10,000.
That's just ridiculous, isn't it? Why would anybody who wants to transmit some bitcoins from point A to point B choose such a cumbersome method (buy overpriced physical token and have it snail-mailed somewhere, that's like printing out an email and faxing it to someone who OCRs it) when the virtual bitcoins can be sent to any address via the blockchain for a low transaction cost. Let alone the fact that the bitcoins aren't even on the coins during the shipping process. They're sent to the coins addresses via the blockchain afterwards, specifically to avoid customs trouble.
I think the only difference here is that they have a guy to pin this down on. Otherwise it would mean that any blockchain transaction constitutes money transmitting.

Bitcoins sent through the block chain are traceable, while bitcoins sent through Mike are not. Furthermore, transactions using his coins are as anonymous as cash, so they probably want to know who is buying his coins.

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December 14, 2013, 08:52:20 PM
 #943

All he needs to do is call it a safe boom no longer currency

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January 14, 2014, 10:12:03 AM
 #944

is there any coins left?
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January 14, 2014, 02:47:48 PM
 #945

is there any coins left?

wow... couldnt bother reading the thread back a page or two huh? Hes clearly not selling anymore coins at this time

how'd you get out of the noobie section with only 5 posts?

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molecular
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January 14, 2014, 06:16:14 PM
 #946

is there any coins left?

look for resellers (hint: my sig)

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January 14, 2014, 06:18:11 PM
 #947

is there any coins left?

look for resellers (hint: my sig)


I recommend molecular's service! Very fast delivery and great guy(s) to do business with!

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molecular
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January 14, 2014, 06:19:06 PM
 #948

is there any coins left?

look for resellers (hint: my sig)


I recommend molecular's service! Very fast delivery and great guy(s) to do business with!

We don't ship to the US any more though. For US customers, I recommend Nightowlace.

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January 14, 2014, 06:31:26 PM
 #949

It looks like he's back in business http://casascius.wordpress.com/2014/01/12/resuming-some-sales/  though unfunded unless you show up in person. Coolio.
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January 14, 2014, 06:43:43 PM
 #950

It looks like he's back in business http://casascius.wordpress.com/2014/01/12/resuming-some-sales/  though unfunded unless you show up in person. Coolio.
Sad thing it has to be like that. The pre funded coins had some sort of credibility. Now you can not know for sure if those coins are safe...

Oh well,  I guess my small stash of pre 2014 coins just became more valuable :-)

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January 14, 2014, 07:14:00 PM
 #951

Mixed blessing really. Shame to see Mike not being able to supply us with the funded coins like before, but all our other coins should now pre-2014 should increase in value.
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January 14, 2014, 09:16:56 PM
 #952

It'll be interesting to see what happens to values. It looks like there'll be an option to buy funded coins in person in bulk.

I'll probably buy more for the pure joy of ownership but won't be funding them.
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January 14, 2014, 09:25:31 PM
 #953

The coins I plan to offer unfunded will have the following two distinctive features:

1. Quotation marks around the denomination: "1 BITCOIN" instead of 1 BITCOIN
2. The hologram won't say ONE BTC (etc.) but instead will say SELF FUNDED or something with similar effect.
3. Year >= 2014 (not a distinctive feature in and of itself, but will not make any earlier year coins with those features)

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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January 14, 2014, 09:38:04 PM
 #954

I may be missing something but why don't you just produce the coins in a different country?

Or outsource them to a trusted supplier overseas?

 Huh
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January 14, 2014, 09:56:58 PM
 #955

1. Quotation marks around the denomination: "1 BITCOIN" instead of 1 BITCOIN

Physical air quotes on a physical bitcoin. How clever!

Seriously, just remove the value if it is not guaranteed.

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January 14, 2014, 10:01:24 PM
 #956

I would love to work with you oversea if it's an option.

I'm pretty sure it's possible to do funded coins in france.

Unfunded coins kills the magic in my opinion. Like you said, they are wallets, not coins anymore.
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The Casascius 1oz 10BTC Silver Round (w/ Gold B)


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January 14, 2014, 10:15:52 PM
 #957

1. Quotation marks around the denomination: "1 BITCOIN" instead of 1 BITCOIN

Physical air quotes on a physical bitcoin. How clever!

Seriously, just remove the value if it is not guaranteed.

I hope someone else can do this.  I might do the same, but only if I'm offering a 2-factor version.  I don't like making wallets that purport to invite people to store limitless amounts of wealth on them without offering some sort of credible protection like 2-factor.  Instead, I anticipate printing multiple denominations as they're functionally identical, amount to nothing more than a cosmetic difference, and trivial to make if I"m doing them in quantity.

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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January 14, 2014, 10:24:28 PM
 #958

Are you still trying to get permission for the original buissiness (selling funded coins)?
Or is this the new buissiness model and will you only sell funded coins person2person from now on?

Searching for a trusted escrow service? Check my trust. I use a Trezor device for my escrow services, so your coins are safe. Fee: 0.5% or 0.05 BTC, whichever is lower
I support the largest public transparent p2p ledger Bitcoin (16TwXyEmpz7xKHbyVufZECXGFmUH9wHUyW) and the best private fungible digital cash Monero (dnaleor.weuse.cash)
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January 14, 2014, 11:49:14 PM
 #959

I have idea for your site, PM, cause i will need a supplier for it anyway

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January 15, 2014, 12:46:57 AM
 #960

Sad thing it has to be like that. The pre funded coins had some sort of credibility. Now you can not know for sure if those coins are safe...

AFAIK the coins were never pre-funded. The funds were always added after purchasers received their coins. This is no different; it's just you funding them upon receipt instead of Mike funding them.

No longer buying/selling Casascius coins. Beware scammers.
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