ccamrobertson

10 ms·

61.
by ccamrobertson 4y ago
We used Greco-Roman god statues -- Apollo, Venus, Minerva and Neptune (some of the model statues were Greek, others Roman). We chose aspiration mythical figures to point to some deeper Bitcoin lore. I will hold off with details and let our
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by ccamrobertson 4y ago
We've dabbled with the idea of making a Kong note using the same tech we're applying for the Bitcoin Note, but the requirement for a large fixed run of notes and the niche appeal of Kong makes this tricky. While Kong Cash notes ar
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by ccamrobertson 4y ago
It's indeed a tricky problem -- > If the issuer can always sign unilaterally Based on the construction of the multisig we never have custody over the Bitcion, even if we store the encrypted key (we don't). > If the funds can
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by ccamrobertson 4y ago
Depending on where in the lifecycle the note is, it's either a 2-of-2 multisig transaction or 1-of-2 multisig transaction, using only the user key in the latter case.
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by ccamrobertson 4y ago
Sorry, I don't follow any of your reasoning here. Monopoly money is a low cost print with little detail on standard paper. People don't throw away foreign currency simply because they don't know what it's worth. I'd
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by ccamrobertson 4y ago
Yes; you are effectively requesting sending from the original 2-of-2 multisig to a new 2-of-2 multisig in the re-key procedure. The user broadcasts the transactions and pays the fees. For all transfers we're recommending using the lowe
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by ccamrobertson 4y ago
We're going to showcase the physical notes in person at Consensus, which is arguably the last major Bitcoin conference of the year (certainly for US market). We've found that having notes in person helps folks to understand the co
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by ccamrobertson 4y ago
Once the tamper circuit it tripped you cannot reverse it. But sure, one could try to carefully do this and pass off a note to someone who doesn't verify it electronically.
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by ccamrobertson 4y ago
Or a safe. Because it's easier to understand and safely custody than private keys for the billions of people who know how to use cash but haven't encountered Bitcoin yet.
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by ccamrobertson 4y ago
We can't transfer the funds under any circumstance. Custody always reverts to the user key on the note.
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by ccamrobertson 4y ago
> I’d love to see how you accomplish this. It seems tricky to be able to sign the replacement transaction without revealing the encrypted private key either to yourselves, or to the mobile app. I guess that you could have the app send th
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by ccamrobertson 4y ago
> I assume this is a technical limitation rather than a business decision to sell more notes. But I do wonder (as someone who doesn't quite understand cryptography and multisig beyond the basics of how Bitcoin works), barring a prot
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by ccamrobertson 4y ago
We did debate this, but decided to stick with same size notes for a couple reasons -- (1) they're easier to produce in low volume and (2) there is a bit of sensation from the raised print on the large "1", "2", &quo
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by ccamrobertson 4y ago
That's a super interesting idea. We've been somewhat purist about the notes being bearer by nature (not ideal, like digital Bitcoin, for fleeing from oppressive regimes), so any other entanglements challenge that notion. That said
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by ccamrobertson 4y ago
To gift Bitcoin to people who are not used to using wallets. To have small amounts of Bitcoin not tied your phone or other online device in the case of destruction/hacking/etc. To allow for immediate settlement of a Bitcoin transa
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by ccamrobertson 4y ago
At that point in time the note downgrades to a 1-of-2 multisig where only the user key on the note is needed to create a transaction. Cutting the note isn't required/is irrelevant as the second encrypted key has no function at tha
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by ccamrobertson 4y ago
> So, would this require the full balance of the note effectively to be “spent” and sent to a new multisig UTXO? Wouldn’t you also need access to the decryption key from your server in order sign with both signatures? And who pays the TX
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by ccamrobertson 4y ago
The biggest challenge we have with stablecoins is justifying why when US Dollars are ubiquitous and "free". I think there are some good arguments for stablecoins in markets that desire dollars, but they are hard to get -- or for h
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by ccamrobertson 4y ago
The time lock lets you optimistically circulate the note prior to the expiration date as even if previous holders know the user key they cannot use it to claim the Bitcoin alone.
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by ccamrobertson 4y ago
Yes, literal cutting -- if not cut, the notes can be re-keyed and recirculated until the expiration date in 2029.
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by ccamrobertson 4y ago
The psychology of cash and how people hold and spend it is unique from any other physical financial instruments. They keep it safer and spend less than they would with credit cards or debit cards. A completely foreign object with a printed
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by ccamrobertson 4y ago
Thanks for the feedback -- agreed, that's definitely become apparent.
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by ccamrobertson 4y ago
Yes, and we would argue that has grave implications. Cash is useful for the young, the old, those who can't participate in commercial banking, etc. We don't believe that this trend will necessarily reverse, but rather that a socie
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by ccamrobertson 4y ago
In that circumstance they don't need to be online. The recipient can scan the note entirely offline, get the private key, create a transaction and broadcast it to the Bitcoin network when they are online.
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by ccamrobertson 4y ago
> I mean this respectfully - why would you release a cryptographic method of transferring money - without going into detail of how it actually works? That's kinda the entire point of cryptocurrency, that we have a way to be mathemat
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by ccamrobertson 4y ago
The synthetic paper we use is laughably difficult to tear -- it more readily deforms and stretches instead. You need to cut across a trace. I like the idea of a note "humidor" with included cutter -- instead it's fireproof an
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by ccamrobertson 4y ago
No, this is a super important question to us as we don't want to hold Bitcoin key material. The encrypted key on the note can only be used in conjunction with the user key on the note. If we go away or our servers are seized, then in 2
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by ccamrobertson 4y ago
There are a number of circumstances where the notes can live "offline" without further contact with us -- the primary one we think of is gifting to non-crypto savvy family. Our denominations are also meant to imply this -- we aren
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by ccamrobertson 4y ago
OP_CHECKLOCKTIMEVERIFY in the multisig.
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by ccamrobertson 4y ago
Thank you; I don't know too much about Monero -- while I see that it does have multisigs, I can't tell if they can change over time. This is pretty important to ensure that we as the note issuer can never block someone from ultima

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