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Author Topic: Bitcoin pawns MintChip by being opensource. MintChip flaw already found?  (Read 2939 times)
jimbobway
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April 23, 2012, 05:08:36 AM
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The admins are slow to respond to these things.

http://mintchipchallenge.com/forum_topics/925

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worldinacoin
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April 23, 2012, 05:34:44 AM
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Waste of time, reinventing the wheel, they should just adopt Bitcoin.
Matthew N. Wright
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April 23, 2012, 05:37:38 AM
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The admins are slow to respond to these things.

http://mintchipchallenge.com/forum_topics/925

Put it into perspective. With the large amount of money they invested without doing any research, I don't think they're slow to respond so much as they are dumb-struck and panicked at the realization of how big of a failure it is. Any expectations of a response that would acknowledge their failure is nothing more than day-dreaming.

Matthew N. Wright
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April 23, 2012, 06:37:47 AM
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Put it into perspective. With the large amount of money they invested without doing any research, I don't think they're slow to respond so much as they are dumb-struck and panicked at the realization of how big of a failure it is. Any expectations of a response that would acknowledge their failure is nothing more than day-dreaming.

You talking about Bitcoin Magazine or...?

MintChip failed before it started because it doesn't solve the real problem with currency, it just makes it easier to do the horrible things they already do and gives them more scapegoats to throw blame on in the process.

Bitcoin Magazine "late" as it is, succeeds by not throwing the entire community under a bus through poor representation to the outside world, something the majority of bitcoin businesses fail miserably at.

MintChip obviously spent a lot of money on their design, branding, marketing, and technology, and is an interesting starter experiment that will end up promoting Bitcoin more than Bitcoin could on its own probably, due to its superior image and quality.

When the community starts realizing that half-assed Coineer style bake sale newsletters don't grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.


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April 23, 2012, 07:39:00 AM
 #5

grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.
What about the community who already does use bitcoin. Don't they matter?

Put it into perspective. With the large amount of money they invested without doing any research, I don't think they're slow to respond so much as they are dumb-struck and panicked at the realization of how big of a failure it is. Any expectations of a response that would acknowledge their failure is nothing more than day-dreaming.

You talking about Bitcoin Magazine or...?

HA!
Matthew N. Wright
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April 23, 2012, 07:46:01 AM
 #6

grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.
What about the community who already does use bitcoin. Don't they matter?

In what respect? I'm positive if you asked every Bitcoiner "what's the best thing for Bitcoin right now?" they would all respond "More adoption".

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April 23, 2012, 07:49:25 AM
 #7

grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.
What about the community who already does use bitcoin. Don't they matter?

In what respect? I'm positive if you asked every Bitcoin "what's the best thing for Bitcoin right now?" they would all respond "More adoption".

Definitely. Still though, we want some good old fashion instant gratification from your magazine.
Matthew N. Wright
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April 23, 2012, 07:51:22 AM
 #8

grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.
What about the community who already does use bitcoin. Don't they matter?

In what respect? I'm positive if you asked every Bitcoin "what's the best thing for Bitcoin right now?" they would all respond "More adoption".

Definitely. Still though, we want some good old fashion instant gratification from your magazine.

For bitcoin fans, I'm confident our magazine will be orgasm inducing. The wait can be attributed to the finishing touches that allow it to cuddle with you afterwards.

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April 23, 2012, 10:37:11 AM
 #9

If a flaw like this were found with Bitcoin, there would be a tsunami of news stories. Because this is a government program, it will be hushed up. There will be no answer other than that it is still not released and that all of the security features are not yet installed. The question comes to mind, is this a problem that can be solved, or a weakness in the design? I suspect this will kill the project. It would be a shame.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 23, 2012, 10:40:03 AM
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grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.
What about the community who already does use bitcoin. Don't they matter?

In what respect? I'm positive if you asked every Bitcoiner "what's the best thing for Bitcoin right now?" they would all respond "More adoption".

Yeah man, MORE ADOPTION, MORE BTC HOLDERS, MORE DEMAND, HIGHER PRICES, BIGGER BUBBLES!!!!!1111111
Matthew N. Wright
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April 23, 2012, 10:53:10 AM
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grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.
What about the community who already does use bitcoin. Don't they matter?

In what respect? I'm positive if you asked every Bitcoiner "what's the best thing for Bitcoin right now?" they would all respond "More adoption".

Yeah man, MORE ADOPTION, MORE BTC HOLDERS, MORE DEMAND, HIGHER PRICES, BIGGER BUBBLES!!!!!1111111

Those of us involved in bitcoin for its utility don't care about the spot price, we care about who we can send it to and who can send it to us. If everyone in the world was using Bitcoin, I still wouldn't think that $100 a coin is even remotely accurate. I think Bitcoin is worth about $2-3 probably.

Matthew N. Wright
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April 23, 2012, 04:48:27 PM
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Those of us involved in bitcoin for its utility don't care about the spot price, we care about who we can send it to and who can send it to us. If everyone in the world was using Bitcoin, I still wouldn't think that $100 a coin is even remotely accurate. I think Bitcoin is worth about $2-3 probably.

7,008,900,700 people using 8,845,900 Bitcoins at $3 per coin. That's $0.0038 per person! Now that would be useful!  Grin

Yes, it would, because $0.0038 would be the new $[INSERT NUMBER HERE]. The fact that I even need to use the USD spot price for currency that should have it's own value beside USD should only serve as a reminder of how far off track Bitcoin actually is.

At that point, USD would be basing its' value off of Bitcoin, not the other way around.

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April 23, 2012, 04:52:59 PM
 #13

The admins are slow to respond to these things.

http://mintchipchallenge.com/forum_topics/925

value msg will need to be signed, for this dev phase signing the msg is not required.

i believe this issue was discussed somewhere else on the MintChip forum

Matthew N. Wright
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April 23, 2012, 05:01:51 PM
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Bitcoin isn't far off track, people are. You expect them to take what they've grown up with and discard it overnight in favor of something obscure that they don't even understand? People need to understand money before they can grok Bitcoin.

I can dream can't I?


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April 23, 2012, 05:10:47 PM
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@OP - how much did Bitcoin get from the "pawn" shop? Wink
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April 23, 2012, 05:23:59 PM
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I dont understand the hostility and ignorance from the people in this thread. You should be enthusiastic about any digital currency attempts, none will destroy bitcoin only augment it.

The current state of mintchip is DEVELOPMENT and the exploit you linked to is only the REMOTE implementation. This was just a quick thrown together idea where you could use mintchip without having a physical chip in your device. Of course the final version will be more secure. Also if there is hacking and fraid, unlike bitcoin, you dont have to eat the loss. Thats the whole benefit of a country's mint backing something. They will fix it, or else everyone would stop using / trusting it. This is where bitcoins no backing falls short, if someone rips you off via hacking, you are shit out of luck. (in both cases if your personal computer is hacked its your own fault, if the fundamental system of bitcoin is hacked noone is going to repay your losses)

There are current legitimate security concerns with mintchip, like random android apps could steal your wallet with just the EXTERNAL_STORAGE permission... But this is still early in development, it will be fixed before any type of release which is of course years away.



The only explanation i can contribute to all this hostility is you think you "picked the wrong digital currency" and are scared you wont make a ton of money from its mass adoption.... Like I said other currencies can exist without one being destroyed. And mintchip is much more suited for very small  fee-less transactions person to person. Bitcoin is still much more suited to overseas and larger transactions.



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April 23, 2012, 05:27:42 PM
 #17

...
When the community starts realizing that half-assed Coineer style bake sale newsletters don't grab positive attention from non-bitcoiners, they'll be more understanding of a mere 3 months of development on something that has a chance to bring Bitcoin to new heights.

Can you share what facts this seemingly opinionated conclusion is based upon? Feedback about "Coineer - The Bitcoin Magazine", has been quite positive so far and we took great care in making sure Bitcoin was portrayed in a positive light.

Although there seems to be  a lot of negative sentiment towards MintChip by fans of Bitcoin at this point, it is still much too early to determine what the future holds for MintChip or any other related technologies.

For Coineer, we will keep our focus on Bitcoin (as "The Bitcoin Magazine") but there is no denying the significance of the MintChip Challenge and it's potential effects on the crypto-currency industry.

Coineer - The World's First Bitcoin Magazine Available in Print and Online is Now NewsBTC Canada!
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April 23, 2012, 05:31:40 PM
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Although there seems to be  a lot of negative sentiment towards MintChip by fans of Bitcoin at this point, it is still much too early to determine what the future holds for MintChip or any other related technologies.
True that. Read my previous posts to see just how pro-MintChip I am. There is nothing that makes Bitcoin look more competent than a government basically copying the model and taking out the decentralized bits.

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April 23, 2012, 06:33:37 PM
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Quick, everyone uninstall bitcoin, delete wallet.dat and buy mintchip coins  Cheesy
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