Quote from: Krona Rev on August 29, 2014, 09:35:35 AM

Quote from: numismatist on August 29, 2014, 08:08:50 AM

Quote from: 9kv on August 28, 2014, 12:32:50 AM

Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.

The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)

But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.

Why doing that, you might ask? Well, for several reasons.

It is possible, so it will be done, period. Stop argueing.
One can print nice pictures of historical ASIC devices on the front
It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.

I'm not thrilled about the idea, but numismatist is right. This will happen. I suspect bitcoin backed bank notes will reach more than a niche market. We can argue "with bitcoin you don't need to rely on a bank" all we like. The vast majority of people are fine with relying on banks, and they're already familiar with paper money. I suspect most of them think current paper money is backed by something. At least with bitcoin notes it would be easy to audit and ensure the notes are backed by something. I'm assuming the notes would be redeemable. The bearer of a note could take it to the bank and get the bitcoins.

Any other solution that involves trying to hide the private key will simply lead to ordinary people asking: What the hell is a "private key"?

Isn't one major selling point of bitcoin is that it is impossible to counterfeit a bitcoin and that you are protected from a double spend attack? (hint: yes).

Wouldn't using bank/bitcoin notes in this regard open you up to the above possibilities? (hint: also yes).