MintChip Vs bitcoin, the currency wars are starting... who will win?

[adamstgBit]

http://developer.mintchipchallenge.com/

will this news effect bitcoin price?

[OgNasty]

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.

[JusticeForYou]

http://developer.mintchipchallenge.com/

will this news effect bitcoin price?

First to get Dominoes to accept, wins. 

[bc]

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.

[adamstgBit]

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  

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

[REF]

Another denomination of currency they will be using besides CAD. Only similarity to bitcoin is that its purely digital.

[Seal]

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.

[dopamine]

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

[cbeast]

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

[adamstgBit]

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?

[Crypt_Current]

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

[ribuck]

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).

[cbeast]

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. 

[ribuck]

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.

[Elwar]

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.

[DeathAndTaxes]

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.

[Dutch Merganser]

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

[OgNasty]

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

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

 

[Vladimir]

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.

[Dutch Merganser]

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

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

 

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

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.