asciilifeform: srsly this is hard concept ?

asciilifeform: and they can cash out when btc is worth $maxint but before most of the chumps scratch that hologram.

asciilifeform: correctly supposing that folks will wait for years, decades, to open the package

asciilifeform: and that a substantial fraction, perhaps ALL, of minters, kept backups.

asciilifeform: i posit that 'physical bitcoin' is a ~single shot~ prisoner's dilemma.

asciilifeform: iterated pd has a nash equilibrium, 'tit for tat'

asciilifeform: y'know, that one, 'Embezzlement, Galbraith observed, has the property that “weeks, months, or years elapse between the commission of the crime and its discovery. This is the period, incidentally, when the embezzler has his gain and the man who has been embezzled feels no loss. There is a net increase in psychic wealth.” Galbraith described that increase in wealth as “the bezzle.”'

asciilifeform: because it creates the necessary conditions for bezzle, but without any upside

asciilifeform: for all of the recourse you will have.

asciilifeform: or it could have been nsa backdoor in the machine where the keys were genned

asciilifeform: for all you know, it could have been a burglar who broke in 10 years earlier, and read the key using the device i described here.

asciilifeform: when you pop the coin, 25 years later, and it turns out to contain 0,

asciilifeform: it is quite unclear to me why ~promise~ needed to be re-introduced to where there was perfectly working ~protocol~. ☟︎

asciilifeform: (but ~by how much~ less, is unquantifiable, as the risk is.)

asciilifeform: the exchange value of the toy ought to be LESS than of naked coin, not more.

asciilifeform: when you trade plastic, titanium, whatever, toys, that may-or-may-not-contain-valid-and-only-privkey-for-x-btc, you expose yourself.

asciilifeform: when you transact with btc the way it was built to be transacted with, the problem does not exist. ☟︎

asciilifeform: thestringpuller: this is a 'protocol vs promise' issue.

asciilifeform: and as usd sinks, the temptation to ~use~ them, for whatever lost soul has them in possession, will exponentially up.

asciilifeform: dollars to doughnuts, all existing 'physical btc' have backup privkeys somewhere.

asciilifeform: i dun care if it is made of gold, shitanium, hitler's skull, etc.; my take on folks selling envelopes which may or may not contain a funded privkey, and may or may not contain the ONLY extant copy thereof, remains same. ☟︎

asciilifeform: linked item is a physical toy.

asciilifeform: if x worked to level l, ever, in my entire experience, then if if works to < l, then 'it dun work'.

asciilifeform: http://btcbase.org/log/2016-07-06#1497925 << phf wrote working theme from scratch by cutting and pasting ?! ☝︎

asciilifeform: 'socket no message in first 60 seconds, 1 0' << this has really gone on long enough.

asciilifeform reads 'vc', automatically thinks 'viet cong'