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Author Topic: MintChip Vs bitcoin, the currency wars are starting... who will win?  (Read 6334 times)
molecular
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April 07, 2012, 11:12:59 AM
 #41

Early adopters of Bitcoin made lots of bitcoins at a low cost.

Early adopters of Mint Chip will get first dibs at cracking the protocol so they can print (steal) money.


Hmm, they dont necessarily have to steal it: Remember ixcoin, s0lidcoin, etc.. Those forks had a large deflation shortly after released, leading to some quick bucks for the innovators (those commonly miscalled "early adoptors", because the adoption in terms of actual use had not even begun).
With all that media attention attributed to Bitcoin, having the canadian GOVERNMENT launching a similar project, could create a (short?) hype with huge deflation as in the early days of Bitcoin.
Ill watch closely! Wink

P.S.: Does anybody know when the first MintChips will be available and can be exchanged?

What deflation?  This isn't a new currency.  It will be exchanged 1:1 with physical Canadian dollars.

that's great for an attacker actually managing to read key from one of these chips. He can essentially print as much money as he wishes and it won't even get noticed (at least not until there's a run on the bank to redeem for the base currencies).

Unintentional fractional reserve banking.

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April 07, 2012, 11:41:21 AM
 #42

Let's have a go at analysing this MintChip idea a bit further...

What I don't understand is: why couldn't they mimic the Bitcoin system and put themselves in the position of a monopoly miner? That way they would avoid that whole problem with hardware security. They could run decentralised copies of a ledger (blockchain) on server farms. They could make it multi-tiered so, unlike Bitcoin, they'd be less likely to run into networking bottlenecks. The user experience could (in theory) be quite similar to Bitcoin -- fast, anonymous transactions, low costs... Users would have a range of online tools available... The proof-of-work would probably be far weaker, but still practically unbreakable...

Come to think of it, that is probably not too different from the way regular currencies operate. However, a few questions remain unanswered:
  • Why would a central authority bother? What's in it for them?
  • Who regulates the money supply?
  • Could transactions really be anonymous?

In attempting to answer these questions, it becomes obvious that the RCM simply couldn't mimic Bitcoin, even if they were crazy enough to try. The need for control over society is too strong in their DNA. Transactions would have to be profitable enough to pay for all the infrastructure. They would "self-regulate", or, at best, convince a government that inflation must be never-ending. And there would likely be strict restrictions on the anonymity of such a system.
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April 07, 2012, 11:50:20 AM
 #43

    Let's have a go at analysing this MintChip idea a bit further...

    What I don't understand is: why couldn't they mimic the Bitcoin system and put themselves in the position of a monopoly miner? That way they would avoid that whole problem with hardware security. They could run decentralised copies of a ledger (blockchain) on server farms. They could make it multi-tiered so, unlike Bitcoin, they'd be less likely to run into networking bottlenecks. The user experience could (in theory) be quite similar to Bitcoin -- fast, anonymous transactions, low costs... Users would have a range of online tools available... The proof-of-work would probably be far weaker, but still practically unbreakable...

    Come to think of it, that is probably not too different from the way regular currencies operate. However, a few questions remain unanswered:
    • Why would a central authority bother? What's in it for them?
    • Who regulates the money supply?
    • Could transactions really be anonymous?

    In attempting to answer these questions, it becomes obvious that the RCM simply couldn't mimic Bitcoin, even if they were crazy enough to try. The need for control over society is too strong in their DNA. Transactions would have to be profitable enough to pay for all the infrastructure. They would "self-regulate", or, at best, convince a government that inflation must be never-ending. And there would likely be strict restrictions on the anonymity of such a system.[/list]

    I think you got it quite wrong: there's no central ledger here. As I understand it, the mintchip devices are trusted to keep the balance themselves, on the device. Therefore, security relies on the "fact" that you can't get read a mintchips key off of the device. Why can you trust a given mintchip? because there's some PKI (Public Key Infrastructure) in place verifying the public key of a supposed mintchip is trusted by the mint and therefore that "mintchip wallet" was issued by the royal mint.

    Also: there is not "money supply" because mintchip is not a currency of its own right: mintchips are more like banknotes backed by traditional FIAT (or maybe gold/bitcoin?). The mint promises to redeem them for whatever FIAT they're backed with (potential for fractional reserve banking here)

    Someone more knowledgable correct me if I'm wrong.

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    April 07, 2012, 12:12:02 PM
     #44

    I think you got it quite wrong: there's no central ledger here. As I understand it, the mintchip devices are trusted to keep the balance themselves, on the device. Therefore, security relies on the "fact" that you can't get read a mintchips key off of the device. Why can you trust a given mintchip? because there's some PKI (Public Key Infrastructure) in place verifying the public key of a supposed mintchip is trusted by the mint and therefore that "mintchip wallet" was issued by the royal mint.

    Also: there is not "money supply" because mintchip is not a currency of its own right: mintchips are more like banknotes backed by traditional FIAT (or maybe gold/bitcoin?). The mint promises to redeem them for whatever FIAT they're backed with (potential for fractional reserve banking here)

    Someone more knowledgable correct me if I'm wrong.


    You might've misinterpreted the intent of my post. I was asking why couldn't they make it more like Bitcoin? But you seem to have a pretty good point there with MintChip being more like a carrier for banknotes. It all seems a bit gimmicky -- I'd bet on a "Bluetooth" like accessory (another cool name...) that goes into phones and various other smart devices. Rampant consumerism's last gasp before reality (cost and sustainability) bites?
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    April 11, 2012, 09:23:43 PM
     #45

    This is really cool though

    Pre Announcement for the Vulcanalia Mint! https://bitcointalk.org/index.php?topic=1645665
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    April 15, 2012, 08:01:14 AM
     #46

    You might've misinterpreted the intent of my post.

    I did in fact misinterpret your post.

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    April 15, 2012, 06:37:40 PM
     #47

    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.
    Another "advantage" of bitcoin that is wholly irrelevant to the success of a payment system.

    BTW, what's the weather like in the 19th century?  Wink

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    April 17, 2012, 12:06:59 AM
     #48

    MintChip will introduce more people to bitcoin and help bitcoin dominate the world Grin
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    April 17, 2012, 12:17:04 AM
     #49

    Naked Mortal Kombat

    Bitcoy VS Mintchick -- Fight!!! Grin


    Edit: who's good at making Youtube videos?
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    April 17, 2012, 03:35:18 AM
     #50

    Naked Mortal Kombat

    Bitcoy VS Mintchick -- Fight!!! Grin


    Edit: who's good at making Youtube videos?
    me

    what do you have in mind?

    Bitcoy VS Mintchick -- Fight!!!  k ill get started tomorrow  Cheesy

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    April 17, 2012, 06:55:14 PM
     #51

    Naked Mortal Kombat

    Bitcoy VS Mintchick -- Fight!!! Grin


    Edit: who's good at making Youtube videos?
    me

    what do you have in mind?

    Bitcoy VS Mintchick -- Fight!!!  k ill get started tomorrow  Cheesy
    Awesome! Can't wait!
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    April 17, 2012, 07:02:38 PM
     #52

    The currency is ultimately issued by the Canadian Mint through trusted brokers (banks). Think of converting dollars into MintChip like converting treasury bills into dollars. They are fixed in value relative to each other.

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    April 18, 2012, 08:04:23 PM
     #53

    By the way. The title of this thread describes a "war" between the electronic currencies. Bitcoin should welcome the challenge of any new currencies. In the meritocracy of an open and free market, bitcoin compares very favorably. I can't see how a proprietary system could compete with it. Many of the strongest elements of BTC, such as being open-source, private and almost free, cannot be implemented in a fee for service environment. 

    The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

    Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
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    April 18, 2012, 08:15:46 PM
     #54

    By the way. The title of this thread describes a "war" between the electronic currencies. Bitcoin should welcome the challenge of any new currencies. In the meritocracy of an open and free market, bitcoin compares very favorably. I can't see how a proprietary system could compete with it. Many of the strongest elements of BTC, such as being open-source, private and almost free, cannot be implemented in a fee for service environment. 
    mintchip has the backing of the goverment, so they'll try to spread as much FUD to say bitcoin is worthless/insecure.

    It is pitch black. You are likely to be eaten by a grue.

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    April 18, 2012, 09:37:30 PM
     #55

    By the way. The title of this thread describes a "war" between the electronic currencies. Bitcoin should welcome the challenge of any new currencies. In the meritocracy of an open and free market, bitcoin compares very favorably. I can't see how a proprietary system could compete with it. Many of the strongest elements of BTC, such as being open-source, private and almost free, cannot be implemented in a fee for service environment. 
    mintchip has the backing of the goverment, so they'll try to spread as much FUD to say bitcoin is worthless/insecure.

    They won't need to do that. People will be able to get into and out of Mint Chip Easily. I hope Mint Chip has a nice client/app/etc... cause I  foresee Canada having the best BitCoin Trading going on. If Canada allows it, the world will soon be trading in Canadian Dollars. Smiley

    One day the U.S. will realize that they are killing innovation and giving it to other countries.

    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 30, 2012, 01:21:49 AM
     #56

    MintChip looks like a government sanctioned digital currency.

    Bitcoin is not.

    If Bitcoin in ANY way negatively effects MintChip (which they will accuse it of doing) the Government will then have grounds to outlaw all other digital currencies.

    This is what Government does best, taking control out of the hands of the people and selling it to special interest groups.
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    April 30, 2012, 01:30:24 AM
     #57

    MintChip looks like a government sanctioned digital currency.

    Bitcoin is not.

    If Bitcoin in ANY way negatively effects MintChip (which they will accuse it of doing) the Government will then have grounds to outlaw all other digital currencies.

    This is what Government does best, taking control out of the hands of the people and selling it to special interest groups.

    If the government outlaws bitcoins, people are going to get mad.
    what do people do when they get mad?
    buy bitcoins and smoke weed! lol

    MintChip only validates the idea of digital currencies

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    April 30, 2012, 07:13:55 PM
     #58

    They can not 'outlaw' bitcoin. It is math. Even if they said, using a math formula for the purposes of financial transfer, that would put every CC company, GC company, game company that uses in game cash, etc... out of business.

    You can't outlaw Bitcoin, but that doesn't mean the idiots won't try.


    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 30, 2012, 07:21:18 PM
     #59

    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.

    +1!!

    I think this will be the greatest bitcoin purchasing platform to date!

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    May 01, 2012, 08:47:56 AM
     #60

    You can't outlaw Bitcoin, but that doesn't mean the idiots won't try.

    I'm not so much worried about them trying. That would be like North Korea trying to launch a space program.

    What concerns me is their well practiced and finely tuned ability to ruin innocent peoples lives, financially, socially, and mentally.

    But that's the true strength of a decentralized system. No one point of critical failure.
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