5 btc casascius
The FinCEN claim rested largely on the premise that Caldwell had no way of verifying that the coins were being shipped to the same person, or persons, that purchased the items with bitcoin. Caldwell believes that the coins should be viewed as collectibles. Subsequently, Caldwell suspended operations of his coin-shaped metal business and ceased taking orders for purchases of new product. He also engaged legal counsel to ascertain if his business was indeed acting as a money transmitter under the law.
In telephone conversations with Caldwell, he reiterated to me that the ongoing operation of his business was secondary to establishing the important freedom-to-contract principles and choice in currency principles. According to Caldwell, he took the drastic step to suspend as a precaution, however he does not believe that he is in violation of any existing laws as he is only sending empty private keys in the mail.
Business model Under the current business model, Casascius receives an order and the payment received does not involve any US currency or any other countries' currency. He accepts bitcoin for the sale of a round metal disc with a private key attached under a hologram. The strong reputation of Casascius and its process is paramount to the success of a physical bitcoin, because it involves trusting the integrity of a third party.
During shipment, the coin-shaped piece of metal is valueless and corresponds to a bitcoin address containing zero bitcoin. When the recipient receives the coin-shaped piece of metal, an appropriate amount of bitcoin is transferred to the corresponding public key, or bitcoin address. In that scenario, Caldwell would not be handling US dollars or bitcoin so it would be difficult to see how any possible money transmission was occurring.
Caldwell and his attorney plan on responding to the FinCEN letter, describing their process and outlining a satisfactory business model. Casascius uses brass tokens in the shape of a coin. Another business based in the UK sells similar coins. Other companies could just as easily use rectangular plastic or special paper to store a hidden private key.
They could even be divided, sent separately, and re-joined later to form a complete private key. However, the requirement to separate a private key would mean sending empty private keys in the mail somehow represents a form of money transmission which it does not. Form factors Also, form factors matter legally, or they should.
Phil Zimmermann faced a somewhat similar situation when he could not export his email encryption program, Pretty Good Privacy PGP , due to US restrictions on the exporting of encryption with "munitions-level" strength. A group of volunteers then transcribed the computer code line-by-line into a book format to export PGP as a book to be re-transcribed and compiled on the other side.
Money is the speech of commerce and "we need freedom of speech in our financial commerce," says Mike Gogulski, a stateless ex-American living in Bratislava, Slovakia. The Liberty Dollar case exemplified how far a government will go when alternatives to the compulsory unit of account begin to emerge.
Prior to 4K offering Casascius coins on their marketplace, prospective buyers would have to search various forums for sellers, ask for references to ensure the seller is legitimate, and either trade in person or send funds ahead of time hoping that the seller will follow through with the trade and that the coin will be authentic.
Elias is the author of the Encyclopedia of Physical Bitcoins and Crypto-Currencies and operates cryptonumist. He has been recognized internationally in the media and elsewhere as a subject-matter expert. There is now a new ungraded Casascius coin listed on the 4K marketplace authenticated by Ahonen.
Produced by Mike Caldwell between and , these coins enable newcomers to the bitcoin community to physically hold bitcoin, which helps overcome mental blocks around the idea of an intangible internet money.
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