the problem i see with bitcoin, as a miner who spent a lot of compute power, is there are limits (only a certain amount of bitcoins will be producted) and they are not backed by anything... this, at least, is backed by gold... or at least i asume since there is gold as a prize, they back it...
You see though, that is the huge advantage to Bitcoin, there is no way to "create more" so, that way no one can artificially inflate the currency, hence inflation or taxes without consent, and it is backed by gold, if you want to exchange Bitcoins for gold you can exchange at fair market value, or any other commodity for that matter.
@Nick S: "you can buy gold with it" != "backed by gold". The latter means that there is an equivalent amount of gold held in escrow by the issuer of the currency. Since Bitcoin is decentralized, it has no issuer - it is effectively a fiat currency, just one with a fixed maximum number of "coins" available. The idea of the fixed maximum is that it will create a deflationary system, so to use your bread analogy in 100 years 1 coin will buy you lots of bread :)
MintChip doesn't indicate being backed by gold either (the prize being in bullion is just marketing). So whereas Bitcoin is a decentralized fiat currency, MC is a centralized one - the centralized PKI means you don't have to know about the whole transaction history as you do with Bitcoin.
The whole point of being backed by gold is to make a currency have a fixed value, which Bitcoin has, there will never be more than 21 million BTC, unlike a fiat currency where the issuing authority can say "make more dollars available" hence no fixed value.
I guess this is the establishment attempting to maintain a hold on the technology of value exchange, you know you dont need your government to have create a new currency unless you are stupid that is , @hybridcurrency
BTC should be a supported currency, however it should not be the only one... just like we have (or should have) freely competing currencies in which to invest our money, we should also be able to perform transactions in any digital currency of our choice.
The use of BitCoin affords the Bank of Canada no opportunities to control the supply of coin, and hence no ability to effect monetary policy. If MintChip were to take off and be adopted nationwide, a BitCoin-backed system could come under intense deflationary pressure with no way to control it.
It's understandable that a currency initiative supported by a national mint is still designed with Keynesian economics in mind.
@ClydeH beat me to it; many people were misunderstanding MintChip's purpose (compared to BitCoin's): BitCoin is a currency, and MintChip is money -- a representation of value (in potentially different currencies, as @StephenG pointed out).
@WayneP, I agree with you, mint chip wants to represent money, BitCoin wants to be a currency, you can use mint Chip to trade bitcoins in the future, ( maybe),
the problem with mint chip is that is a one hundred percent proprietary tecnology, so obviously, anyone who wants use MintChip will have to pay for it, while BitCoin is one hundred percent free and open-source. I don't see Mint Chip as a breakthrough technology, sodexhopass did and do the EXACT same thing for years...