casascius (OP)
Mike Caldwell
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The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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November 15, 2011, 10:56:53 PM |
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I am considering making some sort of promotional Casascius Coin meant for people to give away. This coin would be as cheap as possible.
One idea I came up with, was to make a 0.1 BTC real physical bitcoin, but with no security. It would be colored aluminum, the front would look the same as my other coins, the back would be laser-etched with both the public key and private key in plain sight, along with the message "valid only until redeemed". There would be no hologram sticker - basically, the first person to redeem the coin gets it. It would be meant only to be given amongst trusted parties as a conversation starter - not as a serious medium of exchange.
The public key would be a QR code to facilitate easy checking of the balance. The private key would be printed in alphanumeric plaintext to make it difficult for someone to quickly redeem a large quantity of them.
The idea would be that I can manufacture these in bulk and you can order them by the roll. People who have never heard of bitcoin would probably be happy to own "some" bitcoin (even if it's a token amount). These would be machine-made, not hand-made.
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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 or hardware wallets instead.
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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btc_artist
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Bitcoin!
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November 15, 2011, 11:22:27 PM |
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What color would it be? And do you have any approximate price per roll/unit in mind? I think I'd buy a few.
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BTC: 1CDCLDBHbAzHyYUkk1wYHPYmrtDZNhk8zf
LTC: LMS7SqZJnqzxo76iDSEua33WCyYZdjaQoE
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Technomage
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Affordable Physical Bitcoins - Denarium.com
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November 16, 2011, 12:08:54 AM |
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I think this is a GREAT idea. This could work as a massive promotion tool for Bitcoin. If you get the price right, I might just order a large amount. I've already used the 1 BTC coins as gifts but those are not something I give to random people, only to people I know. But the 0.1 BTC coins could be used in street campaigns to get people interested.
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Denarium closing sale discounts now up to 43%! Check out our products from here! |
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nmat
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November 16, 2011, 12:20:50 AM |
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I also like the idea, but I think that it would be better if there was a simpler/faster way of redeeming the coin. Why don't you use the mini-key format?
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cbeast
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Let's talk governance, lipstick, and pigs.
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November 16, 2011, 12:36:20 AM |
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I also like the idea, but I think that it would be better if there was a simpler/faster way of redeeming the coin. Why don't you use the mini-key format?
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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edd
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November 16, 2011, 01:17:44 AM |
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I'd definitely buy some.
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Still around.
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RandyFolds
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November 16, 2011, 01:48:34 AM |
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I think it's a really cool idea, but how much would the addition of holograms add to the price? I feel like the allure of cracking open the piggy bank, so to speak, is part of the appeal of the coins. I just think that it would make new users, particularly those who aren't too tech-savvy, feel like hackers and pique their interest some more.
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kgo
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November 16, 2011, 01:51:30 AM |
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It depends on the markup, but yes I would be intersted.
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casascius (OP)
Mike Caldwell
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The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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November 16, 2011, 02:28:02 AM |
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Adding the holograms isn't so much the hard part, it's the sticking them on by hand and the security controls that have to go with it.
Way different than if I can just jam a tray of tokens into a laser engraving machine and have a batch of hundreds of them done just like microwaving a TV dinner.
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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 or hardware wallets instead.
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RandyFolds
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November 16, 2011, 02:35:54 AM |
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Adding the holograms isn't so much the hard part, it's the sticking them on by hand and the security controls that have to go with it.
Way different than if I can just jam a tray of tokens into a laser engraving machine and have a batch of hundreds of them done just like microwaving a TV dinner.
I hear you on the hand placing the holograms. Once when I was 13, I took a job at a local artisan printing press. My duty was to paint a few little spots two different colors on a little accent and the first letter of a Gaelic poem. There were 6000 of them. It was so friggin' tedious. Out of curiosity, what additional security controls go with the holograms? I just kind of figured that a hologram made to show tampering was placed over the private key and that was that. |
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sadpandatech
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November 16, 2011, 03:08:35 AM |
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Excellent idea.
Quick question. Would it make sense to print 'Not Intended For Exchange' or similar on them to make it clear they are one time use? Or would that possibly confuse uniniated recipients about their value?
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If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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slush
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November 16, 2011, 03:21:47 AM
Last edit: November 16, 2011, 03:32:40 AM by slush |
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I ordered 1BTC coins right because of giveaway to people who I'm introducing to bitcoins. As I'm not organizing big sessions where I need to give away tens or hundreds coins, I don't care about 1BTC per coin; I appreciate that they come with some security (hologram), they looks nice and presentee knows that this coin have some value. So - no, I'm not a target audience for buying 0.1 coins...
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finway
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November 16, 2011, 03:27:08 AM |
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I think it would be interesting.
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notme
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November 16, 2011, 03:28:15 AM |
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How about just 1 BTC coins at less than 85% markup? That's ridiculous. 1 BTC isn't too much to give away, but why should I pay you 0.85 BTC to do it?
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slush
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November 16, 2011, 03:35:09 AM |
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How about just 1 BTC coins at less than 85% markup? That's ridiculous. 1 BTC isn't too much to give away, but why should I pay you 0.85 BTC to do it?
85 bitcents for low volume emission of hand-made coins, with current btc price? Not bad at all. |
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notme
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November 16, 2011, 03:53:15 AM |
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Maybe I'll buy some if he keeps the markup at $2 when Bitcoin hits $30 again.
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nmat
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November 16, 2011, 04:05:26 AM |
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I ordered 1BTC coins right because of giveaway to people who I'm introducing to bitcoins. As I'm not organizing big sessions where I need to give away tens or hundreds coins, I don't care about 1BTC per coin; I appreciate that they come with some security (hologram), they looks nice and presentee knows that this coin have some value. So - no, I'm not a target audience for buying 0.1 coins...
I kind of agree with you. 1 bitcoin is not that much and if the price trend continues, 0.1 bitcoins will become meaningless. Maybe a scratch off card would be a better redeemable gift. It would probably be cheaper to make and easier to see whether the coins are redeemed or not. I think that Casascius is tired of making all those coins by hand and wants to get a machine that does all the work  |
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Mushroomized
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Hello!
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November 16, 2011, 06:19:51 PM |
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I would buy a few. Make all kinds of neat colors!
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hi
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Scott J
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November 16, 2011, 06:40:08 PM |
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Sounds like a good idea to me, I'd probably buy some. I'm definitely going to buy some 1BTC coins as Christmas presents next week. I think they'll be appreciated as well as make for some good conversation with the family! (Do you do discount for forum members?  ) |
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P4man
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November 16, 2011, 08:29:52 PM |
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Honestly, I think your current 1 BTC coins are far better suited for that. Its still cheap enough that you can give it away (certainly at current bitcoin prices), it looks terrific, the hologram adds some "mystery" "techno".. dont know what, sci-fi aspect to it, and its reasonably secure. Because of the tamper proof hologram and the public/private key, its also a good way to educate people. Having a visible private key and a good chance the coin is worthless, I think will only reinforce any impression that bitcoin is "dangerous" and potentially worthless.
So no, I wouldnt buy any. But Im pooling another purchase for a lot of 1 BTC coins.
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