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

[notme]

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.

I know that I know very little, so I am ignorant.  I believe there are forces I don't understand, so I am superstitious.  But, I only give up logic and reason when I deal with women or when infuriated.

Anyway, the first two are just part of being humble, and thus virtues.  Logic and reason however, are a crucial part of living in a sane world.

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[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.

I know that I know very little, so I am ignorant.  I believe there are forces I don't understand, so I am superstitious.  But, I only give up logic and reason when I deal with women or when infuriated.

Anyway, the first two are just part of being humble, and thus virtues.  Logic and reason however, are a crucial part of living in a sane world.

Uh huh, right. You don't have to thank me for this opportunity to engage in such self-indulgent public masturbation, just send your bitcoins of gratitude to the folks at MintChip. I certainly wouldn't have anything better to do with them other than gamble at Bitcoinica

[adamstgBit]

Did someone say Mint Chip?

[Crypt_Current]

Did someone say Mint Chip?

LIKE

one of the better posts from admsmatgbiitelyslsldbtgbitadam

lololololololololol.

[ribuck]

Did someone say Mint Chip?

Mint Is Not The
Chip He Is Praising

[RodeoX]

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.

+1
You cant can't just put whipped cream a turd and tell me its a hot fudge Sunday.

[rebuilder]

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.

So how good can that kind of validation be currently? I'm no expert by far, but it sounds like either they're trusting the users not to double spend (unlikely) or they're trusting whatever DRM scheme (essentially) their chip implements not to get cracked. 

Caveat: I think I read "the docs", the site was a bit sprawling. What I found wasn't very big on details.

[DeathAndTaxes]

So how good can that kind of validation be currently? I'm no expert by far, but it sounds like either they're trusting the users not to double spend (unlikely) or they're trusting whatever DRM scheme (essentially) their chip implements not to get cracked. 

This.

The private key is on the chip but inaccessible to end user.  As long as the chip is never hacked then double spends are impossible.  Of course the history of "the secret is on the chip" it littered with failed security schemes but they think they will be successful.

The weird/scary part is that as a central bank they can simply treat any double spend like any central bank treats any counterfeiting.  It just adds to the money supply and increases the rate of inflation. 

So unless in bitcoin where in a double spend one of the receivers won't get paid in a MintChip double spend both receivers would get paid the attacker would just illegally be minting money out of thin air.

[blablahblah]

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.

[MatthewLM]

I don't really know what MitChip is but it seems like it isn't competing with bitcoin at all and it's competing more with payment processors like Visa.

[molecular]

mintchip: the evolution of (fiat) currency
bitcoin: the revolution of money

[RodeoX]

Could mintchip be the next way to buy bticoin?

[Spekulatius]

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!

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

[Spekulatius]

Nada.

The only place some info is available is the project site: http://mintchipchallenge.com but no comment on that. Maybe my new thread yields some enlightment:http://mintchipchallenge.com/forum_topics/782

[grue]

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.

this is going to be so funny when i double spend thousands of dollars.

[DeathAndTaxes]

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!

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.

[Qoheleth]

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.

this is going to be so funny when i double spend thousands of dollars.

Yeah, that's the stinger. Theoretically, the whole system is secured by their custom chip, which does the handshake with the recipient to prove that it's a legit source address (and uses challenge/response to negate replay attacks). But that means the first person to extract the private key from one of those chips may as well have stolen a Royal Mint rotary press - they'll be able to generate as much money as they want, and for free. And cracking a chip to extract the private key is something criminal elements have done for much less substantial rewards.

[Spekulatius]

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!

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.

U sure?
I thought there is some sort of (intermediary) currency (MintChips?). If I gave you 10 USD via the MintChip device and you want to convert it to EUR, how would you do it? I guess u would have to convert it using a broker that (as I understand it) exchanges 10 USD worth in MintChips for euros. Am I wrong, does the device hold the original currencies without converting them?

[DeathAndTaxes]

Am I wrong, does the device hold the original currencies without converting them?

Yes you are wrong.    (well you asked).

It holds fiat currency nothing more.  Initially the only supported currency is Canadian dollars (CAD) but the hardware itself does support multiple fiat currencies so it is possible in the future the MintChip ecosystem could support YEN, USD, EURO, and CAD for example.  

There is no new currency, no deflation, no intermediary.

Initially if you have 10 CAD on your MintChip conversion becomes a non-issue.  There is only one supported currency.  A broker would allow you to move 10 CAD in your checking account (or maybe Paypal or credit card) to 10 CAD on your MintChip and back again.

IF other currencies were added you would need a broker to exchange them for you. If you have 10 USD and you want Euros a trusted broker (only entities authorized by Royal Mint) could remove 10 USD from your MintChip exchange it for x Euros (likely for a fee and poor exchange rate) and then load x Euros back to the MintChip.

This isn't a new currency it is simply a new way to use existing currencies.

Hypothetically BTC (and/or micrograms of Gold) could be one of the supported currencies but I doubt that will ever happen.

[FreeMoney]

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!

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

Yeah, no. That would be like buying a bunch of credit cards or checkbooks when they came out hoping to make money. Think purse, wallet, bucket (that only holds garbage incidentally) not gold, bitcoin.