Just going to put this out there...
Would you buy a physical Crown coin if they existed? EDIT: When i say "A Crown coin, I mean several Crown on one coin, EG One 1000CRW coin"
I mean, I would and a few others I know would too.
So defunctec -- what would this be? Would this be a device with a chip which would have the keys to a wallet - where the wallet would how X coins? So it's more of a crown chip? And I guess the chip could just display the balance of the wallet/keys it holds?
Since addresses can be used on multichains -- I guess you could also have a multi-coin chip?
Then theoretically people could use digital tokens by transacting in these chips -- just like they transact with cash....
I guess, I would just imagine possibilities in a "general purpose model" .... and I would imagine that one would spend "crown chips" or "crown cards" like cash.
so yeah... that sounds interesting.
I think he means something like this:
This is a private key for a Bitcoin address
L5FoA3bjh2A4ZB2aLcz74iT4AZSLTZwYmU9yuiS3F6954ZqTfTRX
If you imported that key into a Bitcoin wallet, you could spend the Bitcoins that are associated with that private key (to anyone reading this - this address has zero balance).
If you printed this private key to a small piece of paper and gave it to someone, they could go through the steps of importing the key into a wallet and use it. This private key is like an exchange of value, so you can use it to barter.
The next step.
Being able to use this private key for a barter exchange multiple times, just like any M0 and M1 fiat money supply.
If you seal this private key under a hologram, as long as the hologram remains intact, a person can be assured that the private key hasn't been used. So they would be confident in accepting a physical coin that is backed by a digital token because the private key can be redeemed on demand. If the next person is also willing to accept the coin for its stated face value, you have money supply - as the private key is moving from person to person without the value being taken out.
The problem with this approach is the provenance of the coin. If you are a criminal, you can fake these things all day long. So being able to trust the issuer of the coins is the deal breaker.
The second issue is the technical process to print the private key onto a piece of paper that you can then seal under a hologram. If the person creating the coins can see the private keys, then you are putting a lot of trust into that person. But there are tools and processes out there that are designed to get around this problem.
Lastly, you are basically printing money. Depending on where you live, you're either going to be ok, or put in prison.
It's a great idea though. A very tactile way to interact with digital currency using something familiar to everyone.
