ccamrobertson

10 ms·

91.
by ccamrobertson 4y ago
Gifting cold storage is the main case we see here. Namely to someone who might throw out a printed private key. We spoke with many Bitcoiners who know that friends and family lost coins they gave them in the early days simply because a prin
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by ccamrobertson 4y ago
No, still cold storage. If the company shuts down you can use the plaintext user key to claim the funds from the note after January 3rd 2029.
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by ccamrobertson 4y ago
Thank you, the Kong Cash notes were a labor of love and are now very limited in availability -- glad you got some! With Kong we wanted to create a completely new cryptocash from the ground up with Kong with the idea "what if a cryptocu
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by ccamrobertson 4y ago
Great questions -- > First, exactly what is the mechanism by which the user key is rotated? Does that require a transaction to be added to the blockchain whenever the note is transferred from one owner to another? Does the new key need t
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by ccamrobertson 4y ago
> Without understanding more about the technical details, this feels like unless a user is using an app to re-key immediately at the time of transfer that it's significantly less secure than normal cash. We will have a security over
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by ccamrobertson 4y ago
We don't have pricing ready just yet -- think something in the range of an Opendime.
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by ccamrobertson 4y ago
Oh, we need to show a better photo of this but there is a point on the note where the claimer needs to physically cut the note which trips a tamper sensor in the chip.
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by ccamrobertson 4y ago
> Am I missing something about how cutting notes works, or am I correct in saying that cutting notes relies on a centralized single-company-controlled server being both online and releasing a decryption key? That's correct. > Eve
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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 decided that because of the anonymity of Bitcoin it didn't feel right to 'select' portraits of rea
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by 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 a
101.
by ccamrobertson 4y ago
Yes -- that's correct. The security printing is really to highlight that these feel and look like real money which we believe is critically important. There is significant literature on the psychology of money and we believe that it ha
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by ccamrobertson 4y ago
Thanks for the feedback. Ideally we would have opened up sales right away rather than a waiting list (we have the notes manufactured), but we are waiting to wrap up a few key pieces like the mobile apps. We highlight the low serial notes as
103.
by ccamrobertson 4y ago
Thank you -- then chip has a tamper trace that needs to be cut (you cut roughly 1/4 of the note to slice it). Once the trace is cut the app can report that fact to us at which point we release the decryption key.
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by ccamrobertson 4y ago
> Also what does it mean for the note to be "cut"? Like with scissors? Yes, exactly. There is a spot indicated on the note to cut it. This "tampers" the associated chip which can be reported back to us so that we rele
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by ccamrobertson 4y ago
The construction of the multisig is such that (1) the key we generate and store encrypted on the note can never access the funds alone -- and we don't store it because we don't want to be custodians and (2) the end users load th
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by 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.
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by 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'
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by ccamrobertson 4y ago
Yes, probably. I would also recommend carrying the notes in an EMF protected wallet. We have considered a feature which explicitly lets you back up the user keys from notes so that you have this as a fallback claim, but this might also enco
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by ccamrobertson 4y ago
Thank you -- as another commenter noted we cannot act as the Secret Service to remove counterfeit notes from circulation, so the implication probably is that folks need to get into the habit of scanning notes prior to acceptance.
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by 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 s
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by ccamrobertson 4y ago
All key material for the note must be written to the note so that it is fully bearer (otherwise it's invalid and our app will reflect as such). So, just like cash you can hand the note to someone and using the app they (1) can tap the
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by ccamrobertson 4y ago
Thanks for the kind words -- it was incredibly fun to go through the design process of something like cash since we're all intimately familiar with the end product. It was a pleasure to work with an actual banknote designer, Tom Badley
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by ccamrobertson 4y ago
We don't hold any Bitcoin key material; all of it lives on the note. One of the keys you contribute, the other one is encrypted by a key that we store (and release when the note is cut). If the note expires then only the user key on th
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by ccamrobertson 4y ago
We have no checks in place like this today, but that's an interesting suggestion. Sounds like some sort of OFAC address checker?
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by ccamrobertson 4y ago
We don't have pricing ready just yet -- roughly in the Opendime territory.
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by ccamrobertson 4y ago
There is one case, which I believe is a common one where I would argue this might not be true -- a crypto savvy family member is the first person to purchase and load the notes before gifting them to you. But, fair point. I would always err
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by ccamrobertson 4y ago
Yeah -- similar. Open Dime is focused on securing a single key until it's tampered with; we use a multisig with timelock instead for a couple reasons; (1) the chips we use are simpler and entirely powered via NFC (2) our notes are inte
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by ccamrobertson 4y ago
No; this is a fantastic question and why the notes consist of a multisig with a timelock. After the timelock expires only the user key on the note can retrieve the funds. So in the worst case scenario where we go away or refuse to validat
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by ccamrobertson 4y ago
Yes; depending on who gives you the note you might trust that they have done this for you. We will have iOS and Android apps available (and we will open source them for peer review as well).
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by ccamrobertson 4y ago
Yeah, given we have to manufacture the notes we are indeed selling them -- a bit odd. With scale this comes down significantly. For folks who want to hold/save/gift Bitcoin over USD, this is an easy way to do it.

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