•   almost 12 years ago

How doese this hope to compete with Bitcoin?

This seems to be like bitcoin with all the advantages removed. It is centralized and proprietary, with a value and circulation subject to the whims of the mint.
These are more like than frequent flier miles than they should be. Why would I use MintChip instead of bitcoin?

  • 4 comments

  •   •   almost 12 years ago

    You should [continue to] use bitcoin.

  •   •   almost 12 years ago

    This isn't like Bitcoin. Bitcoin is a currency. Mintchip is a wallet.

    You can actually buy stuff with the currency Mintchip uses (well, not really since it's not real dollars yet, so it is a bit like Bitcoin).

  •   •   almost 12 years ago

    R W, please see the following logical fallacy: http://www.yourlogicalfallacyis.com/genetic

    If there is something you can bring to the table as the actual merits of say using a distributed block chain to protect against double spend, I think that would be interesting discussion to see happen.

    However, you don't leave alot of avenue for comparison, as even though they may both be called digital currency, both of these technologies to me atleast appear to be created to solve different problems, in which case how can an apple ever hope to compete with an orange... or vice versa.

  •   •   over 11 years ago

    Yeah your right.... a system that might be mandated to be universally accepted and that would be accepted anywhere where cash is accepted wouldn't be popular.

    Next time you go to a parking meter I want you to try to use any competitor to mintchip to pay for it. That's right the only one you can use is cash, nothing else works. Mintchip could be accepted inside of anything, vending machines, parking meters, passing it off to your friend. You shouldn't ask how Mintchip can compete with paypal/debit/bitcoin/dwolla which it beats for being universally accepted and decentralized and (most likely) free. You could ask how Mintchip could compete with it's real competitor, which is cash. The answer would be the results of this competition, which is the point of it.

    Look at it this way, the Canadian government is using a tiny portion of the amount of money they saved by cancelling the penny to figure out how to cancel the rest of them.

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