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> if you gave someone the coin, it still doesn't confer ownership It does because the coin has the private key. Maybe it's better to think of it as a key to a
by iliis 15y ago
> if you gave someone the coin, it still doesn't confer ownership
It does because the coin has the private key. Maybe it's better to think of it as a key to a (public) safe. The key represents the right to open this safe. So, by giving you the key, I give you the ownership to the content of the safe. (However, if I have another copy of the key it get's problematic.)
> It's essentially an anonymous IOU
Which is exactly the same as normal cash. The only difference is that you can destroy them without really loosing the money. So you have a worthless piece of metal. You can do the same with your normals coins (eg. melt them down), but then the worth is just gone ;)
- gerggerg 15y agoexcept I can't write down the serial number of my hundred dollar bills, give the bills to you and then spend them myself.
- Periodic 15y agoI think this is why you don't load them yourself. Essentially it is this company backing the coin, not you. When they send you a loaded coin it probably won't be loaded with the coin you bought it with. Another interesting property is that unlike a bank they cannot issue more money than they have assets, as each coin is linked to a unique private key. (assumes they are not just a one-time scam)
- gerggerg 15y agoCasascius makes no mention of backing the coin whatsoever. You have to verify it upon receiving it unless you don't really care.
- iliis 15y agoIt is also why they have a tamper-evident hologram. You essentialy have to destroy your bill in order to spend it.
- gerggerg 15y agoI think you mean make sure it has any value at all. When anyone buys a coin from this organization. The first thing they should do is rip off the hologram and make sure the code works. As far as I can tell, casascius provides no warranty, guarantee, insurance, or backing of any kind.
- baddox 15y agoI assume that when you by a good with a physical bitcoin, the seller would immediately verify the code.