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Author Topic: Why a physical bitcoin?  (Read 2320 times)
brendio
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September 08, 2011, 11:01:59 AM
 #21

I just had an epiphany—real-life bitcoin poker with Casascius chips!  Cool

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September 08, 2011, 11:17:10 AM
 #22

I just had an epiphany—real-life bitcoin poker with Casascius chips!  Cool

I actually spoke with a custom poker chip vendor, it was one of the formats I was considering before I went with brass coins.  Somebody should do a poker set denominated in bitcoins, it would be cool.

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 08, 2011, 11:19:43 AM
 #23

As I stated in your other thread (https://bitcointalk.org/index.php?topic=41892.msg513789#msg513789)... The barrier to counterfeit this is very low. As this coin gains wider adoption and acceptance the motive to counterfeit goes very high.

I don't see how this could work.

How widely do they have to be adopted before it becomes worthwhile for someone to attempt a counterfeit?  I only intend to do a few thousand of these at the most and that's it.  My motivation is to seed the market with the idea.  I am practically begging for somebody else to copy me and do it better, faster, and more securely for cheaper.

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 08, 2011, 11:32:56 AM
 #24

I just had an epiphany—real-life bitcoin poker with Casascius chips!  Cool

I actually spoke with a custom poker chip vendor, it was one of the formats I was considering before I went with brass coins.  Somebody should do a poker set denominated in bitcoins, it would be cool.

Atlas first thought of this months ago and we sat down and did the math. At first glance everyone thinks it's an interesting use for Bitcoins, but here's why it's turned out to be a ridiculous concept that will never work:

I had in mind a novelty item where a bitcoin enthusiast used these chips for people playing poker with friends at home.  Such chips would have no actual BTC value.  They are admittedly of marginal utility, since poker chips are generically denominated anyway and don't need a bitcoin logo on them to be treated as such.  However, it's the kind of thing that could develop interest - even as a novelty item - if all of a sudden some major offshore casino announces bitcoin gambling to the world and bitcoins take off as the cool new way to gamble online without borders (a serious possibility in my mind).

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.
brendio
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September 08, 2011, 12:57:04 PM
 #25

I just had an epiphany—real-life bitcoin poker with Casascius chips!  Cool

I actually spoke with a custom poker chip vendor, it was one of the formats I was considering before I went with brass coins.  Somebody should do a poker set denominated in bitcoins, it would be cool.

Atlas first thought of this months ago and we sat down and did the math. At first glance everyone thinks it's an interesting use for Bitcoins, but here's why it's turned out to be a ridiculous concept that will never work:

I had in mind a novelty item where a bitcoin enthusiast used these chips for people playing poker with friends at home.  Such chips would have no actual BTC value.  They are admittedly of marginal utility, since poker chips are generically denominated anyway and don't need a bitcoin logo on them to be treated as such.  However, it's the kind of thing that could develop interest - even as a novelty item - if all of a sudden some major offshore casino announces bitcoin gambling to the world and bitcoins take off as the cool new way to gamble online without borders (a serious possibility in my mind).

Yes, I looked into what is involved in getting custom poker chips made. I decided it was a bit too much of an investment for the occasional home game when a $20 set does the job just as well.

Matthew, my epiphany was a home game among friends, not a fully functioning casino with physical bitcoins.

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