4 ms·

This is antithetical to the whole idea of crypto. I have to trust the bill is valid and that the person passing along the bill is honest. There is no central a

This is antithetical to the whole idea of crypto. I have to trust the bill is valid and that the person passing along the bill is honest. There is no central authority who will go after those that make counterfeit bills, like the FBI. There is no central bank that I can go to exchange the bill. Those producing the bills seems like a power grab. If people were to trust in a central authority to produce the bills, then that company has a whole lot of power over a decentralized currency.

Vladimof 4y ago
> There is no central authority who will go after those that make counterfeit bills, like the FBI. Why? They go after people copying bits after all... i.e.: movies
ccamrobertson 4y ago
If you don't trust the bill, scan it to validate the multisig, re-key the note or cut the note to claim the Bitcoin. If you can't validate the note, don't accept it. We don't store key material. We have 0 capability to spend any Bitcoin from the notes.
- beambot 4y ago
  > We don't store key material. There's the centralized trust... How can you prove this?
  - ccamrobertson 4y ago
    We can't prove a negative, but we can prove that we can't spend the Bitcoin based on the construction of the multisig which the user sends funds to. I primarily state that from the regulatory perspective; we explicitly don't want to be a custodian.
seibelj 4y ago
I don't think you read the website. You can verify the funds aren't spent via NFC chip and the blockchain itself. You then rotate the user key so only you can spend it after receiving the bill. A bit cumbersome but your criticism about trust is incorrect.
ntoskrnl 4y ago
It's illegal to counterfeit more than just currency. You'll get yourself in hot water selling fake Rolexes or fake Magic the Gathering cards too.
- dralley 4y ago
unmole 4y ago
> This is antithetical to the whole idea of crypto. There is no singular idea of crypto currencies. You have ideas ranging from BTC to USDC.

Vladimof 4y ago

> There is no central authority who will go after those that make counterfeit bills, like the FBI. Why? They go after people copying bits after all... i.e.: movies

ccamrobertson 4y ago

If you don't trust the bill, scan it to validate the multisig, re-key the note or cut the note to claim the Bitcoin. If you can't validate the note, don't accept it. We don't store key material. We have 0 capability to spend any Bitcoin from the notes.

beambot 4y ago
> We don't store key material. There's the centralized trust... How can you prove this?
- ccamrobertson 4y ago
  We can't prove a negative, but we can prove that we can't spend the Bitcoin based on the construction of the multisig which the user sends funds to. I primarily state that from the regulatory perspective; we explicitly don't want to be a custodian.

seibelj 4y ago

I don't think you read the website. You can verify the funds aren't spent via NFC chip and the blockchain itself. You then rotate the user key so only you can spend it after receiving the bill. A bit cumbersome but your criticism about trust is incorrect.

ntoskrnl 4y ago

It's illegal to counterfeit more than just currency. You'll get yourself in hot water selling fake Rolexes or fake Magic the Gathering cards too.

dralley 4y ago

unmole 4y ago

> This is antithetical to the whole idea of crypto. There is no singular idea of crypto currencies. You have ideas ranging from BTC to USDC.