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Author Topic: MintChip Vs bitcoin, the currency wars are starting... who will win?  (Read 6329 times)
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April 05, 2012, 02:06:10 AM
 #1

http://developer.mintchipchallenge.com/

will this news effect bitcoin price?

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April 05, 2012, 02:37:58 AM
 #2

will this news effect bitcoin price?

No.  MintChip is just another inflationary currency dressed up like Bitcoin.  It's like Bitcoin only without all the things that make Bitcoin great.

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April 05, 2012, 02:41:54 AM
 #3

http://developer.mintchipchallenge.com/

will this news effect bitcoin price?


First to get Dominoes to accept, wins.  Grin


Corporations have been enthroned, An era of corruption in high places will follow and the money power will endeavor to prolong its reign by working on the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. ~Abe Lincoln 1ApJdWUdSWYw8n8HEATYhHXA9EYoRTy7c4
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April 05, 2012, 02:46:04 AM
 #4

I'm hoping an someone will accept the challenge, and build an app that accepts MintChips for BTC, and verse-vica.

I'm sure it can't win that competition, but it could make news, and maybe even be useful.

"Democracy is the original 51% attack." - Erik Voorhees
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April 05, 2012, 03:15:38 AM
 #5

I'm hoping an someone will accept the challenge, and build an app that accepts MintChips for BTC, and verse-vica.

I'm sure it can't win that competition, but it could make news, and maybe even be useful.

I'm on it  Cheesy

https://bitcointalk.org/index.php?topic=75489.msg836163

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April 05, 2012, 03:19:54 AM
 #6

Another denomination of currency they will be using besides CAD. Only similarity to bitcoin is that its purely digital.
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April 05, 2012, 03:59:24 AM
 #7

I read this today on TechCrunch which also mentions bitcoin in passing.

... its totally opposite to bitcoin though, its not a currency, its not decentralized and its not anonymous.

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April 05, 2012, 04:01:19 AM
 #8

sounds like the gov heard about how bitcoins is actually a free market...

Bitcoinica still has not given me 50% of my claim of 600 BTC
INTERSANGO can go down with bitcoinica for abandoning customers
Alberto Armandi is a SCAMMER
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April 05, 2012, 04:10:38 AM
 #9

Mint Chip sounds like a Ponzi scheme cooked up by drug dealers on Silk Road so hackers can steal them.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 05, 2012, 05:12:09 AM
 #10

I read this today on TechCrunch which also mentions bitcoin in passing.

... its totally opposite to bitcoin though, its not a currency, its not decentralized and its not anonymous.

right but it promises p2p micro transactions anywhere in the world online or not.

Cash is to Gold as MintChip is to Bitcoin?

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April 05, 2012, 06:43:07 AM
 #11


Cash is to Gold as MintChip is to Bitcoin?

I'd say it's one more level of abstraction:  MintChip is to Bitcoin as Visa is to Gold

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April 05, 2012, 10:26:37 AM
 #12

right but it promises p2p micro transactions
Notice how the MintChip website defines "micro transactions" as anything below $10? Although the video does imply that a "nano transaction" of 1c would be possible.

Also we haven't heard anything yet about the fee structure: the fee per transaction, the fee to load/unload value onto a card, the cost to purchase a card, the cost for hosted iPhone services, etc.

The video and website make a big deal about anonymity, but it's only anonymous between purchaser and supplier. This is the least important kind of anonymity, because you are probably going to give the supplier your delivery address anyway. But you need to give the "trusted agent" your bank account details, because it seems that's the only way to get a card (although no doubt they'll be sold on SR for bitcoins in due course).
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April 05, 2012, 11:23:30 AM
 #13

If they intend this to repalce currency and more than a payment processor, it will require massive internet connections. So what happens when the Mint Coin servers get DoS attacked?
[edit]
Read the docs. Value can be transferred offline, provided your device has a microSD slot or a USB socket. However, iPhone users will need to be online.

There's a central issuer, but there's no central transaction server. Transactions are validated between the buyer's and seller's device.
heh. OK I see what this is now. It is an electronic, but not virtual currency. Nothing can go wrong here.  Wink

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 05, 2012, 11:32:40 AM
 #14

If they intend this to repalce currency and more than a payment processor, it will require massive internet connections. So what happens when the Mint Coin servers get DoS attacked?
Read the docs. Value can be transferred offline, provided your device has a microSD slot or a USB socket. However, iPhone users will need to be online.

There's a central issuer, but there's no central transaction server. Transactions are validated between the buyer's and seller's device.
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April 05, 2012, 01:23:51 PM
 #15

You can think of MintChip as a monkey while Bitcoin is like a gorilla.

Only the gorilla has a hat on. And the monkey is missing an arm.

But the monkey can play the drums. He plays for Def Lepard.

But the gorilla is on Broadway and is a huge hit.

And the monkey can read sign language but has difficulty signing because of only having one arm.

The catch though...the gorilla is actually a man dressed in a gorilla suit. And the monkey is his pet.


That about sums it up.

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April 05, 2012, 02:22:01 PM
 #16

I'm hoping an someone will accept the challenge, and build an app that accepts MintChips for BTC, and verse-vica.

I'm sure it can't win that competition, but it could make news, and maybe even be useful.

It would be cool but you are right it can't win.  One of the judges is a "Bitcoin hater" who routinely speaks out of how Bitcoin is fatally flawed.  It likely annoys him that Bitcoin hasn't just died yet.  I wouldn't be surprised if they deleted any entry related to Bitcoin.
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April 05, 2012, 02:43:17 PM
 #17

will this news effect bitcoin price?
No.  MintChip is just another inflationary currency dressed up like Bitcoin.  It's like Bitcoin only without all the things that make Bitcoin great.
Thanks, good to know it's that simple Wink

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April 05, 2012, 04:42:27 PM
 #18

will this news effect bitcoin price?
No.  MintChip is just another inflationary currency dressed up like Bitcoin.  It's like Bitcoin only without all the things that make Bitcoin great.
Thanks, good to know it's that simple Wink

“If you can't explain it simply, you don't understand it well enough."
- Albert Einstein

 Wink

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April 05, 2012, 04:45:10 PM
 #19

The only thing it is really good for is to sell and buy bitcoins for it. I'd say it is a very useful thing. Thanks Canadian mint.

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April 05, 2012, 05:33:36 PM
 #20

will this news effect bitcoin price?
No.  MintChip is just another inflationary currency dressed up like Bitcoin.  It's like Bitcoin only without all the things that make Bitcoin great.
Thanks, good to know it's that simple Wink

“If you can't explain it simply, you don't understand it well enough."
- Albert Einstein

 Wink
LOL. I'm sure that's a real feel good for a lot of folks  Wink

Odd coincidence, I'm on another message board right now discussing why being ignorant, superstitious, and unacquainted with logic or reason has now become a mark of virtue amongst so many Americans.

"Science flies you to the Moon, religion flies you into buildings."
 - Victor Stenger

"Religion is regarded by the common people as true, by the wise as false, and the rulers as useful."
 - Seneca the Elder (ca. 54 BCE - ca. 39 CE) Roman rhetorician
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