4 ms·

This is straight out of a fairy tale. An evil fairy can make money that looks just like real gold (I mean Bitcoin) and even passes the test when a lesser mage w

by amluto 4y ago

This is straight out of a fairy tale. An evil fairy can make money that looks just like real gold (I mean Bitcoin) and even passes the test when a lesser mage waves their wand (I mean smartphone) over it. But then it will evaporate in a while and will have no value at all. I love it! In other words, this whole scheme depends on the NFC chip doing exactly what it claims to.

ccamrobertson 4y ago
Presuming you can read the user private key off the NFC chip at least once then you hold Bitcoin after the expiration of the note. No fairy tale, just math.
- amluto 4y ago
  You need to cut the wires to do this, as I understand it. But, more relevantly, this only applies to the person who made the note. If you want to buy something with this fairly gold note, the recipient has no way to verify that it’s real unless they either trust the manufacturer or they cut the wires and transfer the Bitcoin, at which point one wonders what the point of the physical note is.
  - ccamrobertson 4y ago
    No, after expiration of the note the wire does not need to claim funds from the note. Only the user key is required. If we as the manufacturer are perfectly untrustworthy, this is the final "backup" state. If we the manufacturer are partially trustworthy at any point in time, you can re-key the note then. In no case can we claim funds from the note ourselves.
throwaway4aday 4y ago
> But then it will evaporate in a while and will have no value at all. This is true of the US dollar as well if you look at a 100 year time span.
- amluto 4y ago
  A dollar is still a dollar in 100 years. The dollar may be worth less due to inflation, but that’s a separate issue. This Bitcoin note might not be backed by any Bitcoin, meaning it may have no value whatsoever.
  - shadowgovt 4y ago
    Alternatively, note could retain value while the underlying Bitcoin becomes worthless; the Internet may have become irreparably fragmented by the collapse of global civilization, and fancy rainbow paper money will carry value because you can see it, smell it, and hold it while numbers in a database will be worthless because you can't verify that database against anyone else's database over a nonexistent network fabric (and that's if you can even get enough electricity to run the algorithms to do the public-key verification). 100 years of future time can be just full of surprises.
    - throwaway4aday 4y ago
      Can't agree with this, paper money is only worth what it's backed with or by the confidence people have in other's willingness to exchange goods and services for it. No government = no fiat. No bitcoin = no bitcoin cash. If global civilization collapses you'd have more luck trading bullets and bullion.

by amluto 4y ago

ccamrobertson 4y ago

Presuming you can read the user private key off the NFC chip at least once then you hold Bitcoin after the expiration of the note. No fairy tale, just math.

amluto 4y ago
You need to cut the wires to do this, as I understand it. But, more relevantly, this only applies to the person who made the note. If you want to buy something with this fairly gold note, the recipient has no way to verify that it’s real unless they either trust the manufacturer or they cut the wires and transfer the Bitcoin, at which point one wonders what the point of the physical note is.
- ccamrobertson 4y ago
  No, after expiration of the note the wire does not need to claim funds from the note. Only the user key is required. If we as the manufacturer are perfectly untrustworthy, this is the final "backup" state. If we the manufacturer are partially trustworthy at any point in time, you can re-key the note then. In no case can we claim funds from the note ourselves.

throwaway4aday 4y ago

> But then it will evaporate in a while and will have no value at all. This is true of the US dollar as well if you look at a 100 year time span.

amluto 4y ago
A dollar is still a dollar in 100 years. The dollar may be worth less due to inflation, but that’s a separate issue. This Bitcoin note might not be backed by any Bitcoin, meaning it may have no value whatsoever.
- shadowgovt 4y ago
  Alternatively, note could retain value while the underlying Bitcoin becomes worthless; the Internet may have become irreparably fragmented by the collapse of global civilization, and fancy rainbow paper money will carry value because you can see it, smell it, and hold it while numbers in a database will be worthless because you can't verify that database against anyone else's database over a nonexistent network fabric (and that's if you can even get enough electricity to run the algorithms to do the public-key verification). 100 years of future time can be just full of surprises.
  - throwaway4aday 4y ago
    Can't agree with this, paper money is only worth what it's backed with or by the confidence people have in other's willingness to exchange goods and services for it. No government = no fiat. No bitcoin = no bitcoin cash. If global civilization collapses you'd have more luck trading bullets and bullion.