The Bitcoin Note
Finance and crypto
bitcoin physical cash notes
SHOW HN2022
How HN took it
26 positive, 145 neutral or asking, 10 mixed, 89 critical, out of 270 comments about the project. Thread score -0.30.
Idea: 17 for, 47 againstDesign: 8 for, 12 againstPrivacy: 0 for, 9 againstExecution: 0 for, 8 againstPricing: 1 for, 4 against
The thread, comment by comment
Each row is a top-level comment and its replies, in HN's order. Select a cell to open that comment on HN.
positive neutral or mixed critical about another commenter or something else the maker
What HN said
What people liked
Notes have gorgeous, currency-grade design.
From 3 comments
I'm not a fan of anything crypto, but I have to give you credit on this: the visual design of the currency really is gorgeous.
andrewmutz on HNWow, this is beautifully done. The site mentions the decryption key is released when the note is "cut". Does that mean there's something enclosed in the bill, and you have to…
programmarchy on HNEhm… side note… The notes look gorgeous
twald on HN
Objections
Relies on a centralized issuer server to release decryption keys.
From 3 comments
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…
danShumway on HNThis is just centralized, as every solution to a decentralization problem. Defeats the purpose.
BLanen on HNThis requires too much trust of your service, and I don’t see any significant benefits. If you want to give someone bitcoin, just send some over lightning. No need to add…
cyphertruck on HN
Not really needed; phones already spend Bitcoin easily.
From 2 comments
Have you done any market fit research before diving into this? Honestly: Spending money like cash and using a secure wallet on my phone is already very very easy. Why would I…
beders on HNThat's just a joke I'm too stupid to get right? You make a physical representation of something digital which also changed denomination quite often the last 10 years? What do I…
Termitiono on HN
Limited-edition scarcity pitch feels like an ICO tactic.
From 1 comment
Hey, this is a beautiful product, and a nice idea. If the value of Bitcoin ever stabilizes, then this could really work. From my perspective as a Bitcoin (and related) skeptic,…
jacobmarble on HN
Requests
More detailed technical documentation of how cutting and expiry work.
From 3 comments
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…
danShumway on HNThese bills look really cool, and if the tech is actually decentralized and secure, I could see myself using them. Can you share with us some of the technical details, though?…
legutierr on HNI liked BitBills. They were simple to understand, and I knew the tradeoffs and where I was reliant on trust. I'm technical, but even after reading your website a couple times…
rkagerer on HN
Questions
What happens to notes if the issuer goes out of business?
From 2 comments
What happens to the notes if the issuer goes out of business? Do they lose their ability to be reclaimed?
jacquesm on HNWhat happens if this service goes away? Are the bills worthless?
mmastrac on HN
How can a note be verified as funded and not already emptied?
From 2 comments
How can you know that someone hasn't transferred the bitcoin out of the wallet before they give it to you?
cortesoft on HNSo, I assume before you accept one of these things you should validate that it actually contains funds somehow ?
thebeastie on HN
How is cutting the note verified and can it be tampered with?
From 2 comments
>3) We only release the decryption key when someone cuts the note and reports this via an authenticated and encrypted way to our server How exactly is this step done? How can you…
Uptrenda on HNHow easy is it to attack this by cutting the specific part of the note that releases the key but making it look like it's whole? Couldn't I cut the note in half and tape it…
stavros on HN
Alternatives named
BitBills
From 2 comments
Does anyone remember Bitbills? They did something sorta similar to this very early in the BTC revolution. Instead of all of this advanced multisig tech, instead they put the…
aftbit on HNI liked BitBills. They were simple to understand, and I knew the tradeoffs and where I was reliant on trust. I'm technical, but even after reading your website a couple times…
rkagerer on HN
Kong cash
From 1 comment
I was really happy with my Kong cash (earlier project by same creators) and handed it out as gifts. It really does look and feel like money from the future. The wallets…
jazzyjackson on HN
Utah Goldback gold notes
From 1 comment
How is this better than https://www.jmbullion.com/1-utah-goldback-gold-note/?
killdozer on HN