Say the cardmaker keeps copies of bitcoin the private keys, and sells private keys of sold cards to people on the dark for half price the face value of bitcoin card. So I guess the card can be used for explorer really-dark-pool transactions, but you still have to put faith in the creator of the card until you can move the BTC. Dark public key is block on the card and a QR code is with it as well for block speedy import to compatible apps. On second thought, I don't think the "really explorer pool" bitcoins is viable for large values. Mooncoin The biggest gainers and losers trending in the cryptocurrency space over the last hour, day, and week. BitBill is basically the really dark pool where bitcoins change hands. You hand it someone, and lets say they don't tear bitcoins open and transfer the coins.
That being said, eventually bitbill currency well, except for those that are irrecoverably lost or destroyed, of course will eventually re-enter the digital world and the blockchain again, not really spectacular news. Well apparently the public key is on the card, so it should be easy enough to verify that the unknown private key in the card contains the amount of BTC it claims via blockexplorer. So I guess the card can be used for one-time really-dark-pool transactions, but you still have to put faith in the creator of the card until you can move the BTC. If all you're transferring is the address, then there's no way to be sure the person giving you the address hasn't kept a copy. Electrum users must upgrade to 3.
BitBill is basically the really dark pool where bitcoins change hands. I expect that at some point I bitcoins pay someone block giving them a wallet. Read here about how you can store explorer funds as secure as possible. Dark Full Member Offline Activity: Submissions that are mostly about some other cryptocurrency belong bitcoin.
How could you know they're not selling private keys to other people? Maybe if the card manufacturing process was continuously monitored I guess if lots of people started posting on bitcointalk that they used bitbills and they lost BTC it would raise suspicions, but how can you tell they're not lying and just trying to libel the company? The whole point of bitcoin is that you don't need faith. Other then faith in the math which you can check yourself and hope that bitcoins maintain some value through the future.
Putting faith in things that bypass bitcoin's intrinsic security is what gets people in trouble. People trusting an anonymous person running MyBitcoin, people trusting that bitbills haven't been double spent, and so on. If people want to obtain bitcoin in order to use it but don't want to mine, they either have to offer goods and services or pay currency to miners or someone down the foodchain and have faith they'll receive bitcoin in return.
If someone trades currency for BTC on an exchange, they have to have faith that the exchange won't take the money and run. Until private keys in wallets are encrypted by default, a user has to have faith in their own computer security measures. If someone is donating to a BTC address, they have to have faith that the address is correctly associated with the intended recipient. I have a few bitbills with me, and I can verify that they are completely tamper proof, easily verified, and can have money added to them without voiding them.
They would be great for this kind of trading, except that you still have blockexplorer tracks when you void and spend the card. But most such BitBills with a lot of coins in them will never be traded inside the block-chain, they will simply exchange hands.
White will accept the bitbill given to him by Mr. Pink only if he trusts the company that makes BitBills that no one except the card holder has access to the private keys associated with this particular bitbill. White can verify that what Mr. White arrives to Mr. Again, that all is only possible if all the parties involved are trusting the company that manufactures BitBills that they do not keep the private keys accessible to anyone, and that BitBills are tamper proof including creating an identical BitBill , only if this is true, than we can have BitBills to carry large sums of money in such shady exchanges.
The problem though is that you're going to want to verify that the cards are legit, non-counterfeits by tearing them open and scanning their private keys. If you don't, there's always a possibility they are not legit. There's also the problem of someone with an x-ray scanner or something someone might be able to use to read the barcode inside. They are not easily verifiable without destroying the bill and transferring the keys off of the private key theoretically contained therein.
And that requires internet access at the point of sale to perform. If there's internet access at the point of sale, you could just have the purchaser send you a normal bitcoin payment using a miniature computer disguised as a mobile telephone. Then you won't have to trust anyone. As long we trust bitbills, it's ok. The public key on the outside is used for verification, and the hologram makes forgery difficult. What's to stop me from giving you a "bitbill" and then spending its contents using a copy of the private key?
In theory, you wouldn't know the private key, because it's hidden on the bitbill under some sort of tamper-proof seal. If you had broken the seal to copy the private key for your own use, it would be very visually apparent. Say the cardmaker keeps copies of all the private keys, and sells private keys of sold cards to people on the internet for half price the face value of a card.
Of course the keybuyer would want to know the current balance associated with the address, and that they could quickly drain it before the cardbuyer does.
But you still have to trust that nobody involved with the creation of bitbill cards ever looked at or has a record of the private key. If the news ever got out, it would destroy the business.
But they could always wait 10 years or so to pull of a big quick heist for example they could check all the addresses they've created and see which ones have the biggest balance, or write some script to move all the BTC from all of them.
Maybe if the QR code printout of the private key was encrypted with a user chosen password or something? How do you ensure the printed private key is secure? What if it's a counterfeit bitbill and there's no key inside at all, just a public key printed on the outside? Yeah, that's another thing to worrry about. Which is why a bitbill card has to be cracked open to verify it's valid. The thing is the bitcoins aren't actually changing hands.
When you trade on MtGox, those trades don't show up on block explorer. Seems to me like a counterfeiter will look for an existing address with bitcoins on it, then make a fake BitBill and print that public address on the card's side.
If people trust Mtgox, Mtgox could make cards. Maybe in different BTC denominations, with QR codes of voucher codes, maybe covered with a sticker and scratch off coating. People can use Mtgox as an e-wallet. Every Mtgox account has a BTC address people can deposit to and people can specify an address to send to.
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You could effectively pass around a flash drive with wallet. That being said, eventually bitbill currency well, except for those that are irrecoverably lost or destroyed, of course will eventually re-enter the digital world and the blockchain again, not really spectacular news. Millionaire Legendary Offline Activity: While I like the idea, Bitbills isn't really the answer for this.
On second thought, I don't think the "really dark pool" idea is viable for large values. The problem is, to exchange value with bitcoin, you have to either transfer the bitcoins, or transfer the address holding the bitcoins. If all you're transferring is the address, then there's no way to be sure the person giving you the address hasn't kept a copy. Now, with Bitbills at least you can be reasonably sure that the person giving you the card doesn't have a copy of the address, but there's still the risk that someone at Bitbills does.
It's just unwise to trust it with high value. Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it. The idea that deflation causes hoarding to any problematic degree is a lie used to justify theft of value from your savings. I personally wouldn't trust a BitBill worth more than a few hundred USD from what I know about their current physical specifications.
This idea is a no go and here's why: Who tells me that the private key I got is unique? There may be copies around. How would I know? The fact that nobody yet touched the address doesn't mean that I am the only one with access to it. The first who transfers the BTC is the owner, all others find an empty address. This is bypassing the whole point of the public block chain.
The important point here is that Bitbills, and other similar physical manifestations that will surely spring up, allow for even greater anonymity. When a Bitcoin can change ownership with no transfer in the block chain, then it renders the blockchain ineffective for proving transaction histories. This is a great thing Imagine a court trying to prove ownership or transfer of X number of coins- all the defense need do is introduce the idea that transfers can happen beyond that block chain and the whole case falls apart.
Bitcoin really does become as anonymous as cash. And according to bitbill they don't save the private keys etc. Here is a feature list that I would think would ease your mind on the trust issue: Each Bit Bill is assigned a single public and private key. To verify the balance on the card one would only need to examine the block chain relating to that public key correct?
The public key is visible on the card and a QR code is with it as well for a speedy import to compatible apps. The private key is hidden inside the card and the only way to get at it would to be destruction of the security features on the card and the card itself. I am not a lawyer. The best part is that producing fake bitbills in and of itself is probably not illegal. Of course, using them to obtain goods and services is probably fraud, but making a bunch of fake bitbills with no keys inside and selling them to someone as a batch of fake bitbills for that second party to do with as they please is not against the law save whatever copyrighted image is on them, which is a civil matter.
The problem with the OP's solution here is one of trust. It's the same reason why bitbills are doomed to failure.
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