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Lealana Crypto Coins are In!

posted Jan 31, 2014, 1:15 PM by Evan Morrison   [ updated Feb 16, 2014, 2:46 PM ]

About a year ago I posted about Bitcoins and the future of money on the web. At the time Bitcoin was a month away from the first boom where it sky rocketed to the dizzying heights of $300USD. Of course since then it has been a bumpy ride. The currency has gone up and done like a yoyo. In June it was back down at $75 and then by September it had breached the $1000USD mark. Now personally I’m extremely happy that Bitcoin continues to rise; however, with high volatility in the market, it is extremely hard to convince shop owners to accept Bitcoin. As such I really believe that there is a need for at least one other crypto coin to cushion the volatility (which a number of ‘investors’ are actually taking advantage of), and in this case that coin is Litecoin. Litecoin is a Bitcoin variant developed by Charles Lee that is similar to the original with the added properties of faster transaction processing, and the ability to produce four times as many coins (to ensure that the currency holds value, there is a limit on the number of coins that can be generated). As a person interested in the propagation of crypto currencies, I converted a handful of my original Bitcoins into Litecoin which I send out as donations and use to access various VPN services.

Back before the big run on Bitcoin I stumbled across a website selling minted Bitcoins, the Casascius coin made in the US by Mike Caldwell. Casascius coins are physically minted coins that have attached to them a holographic sticker that contains an address to a physical Bitcoin, which can be redeemed at some point in the future. At the time I was interested in purchasing the coins as collectables though was put off by the high pricing which is laughable in hindsight as the physical coins now sell for ten times the value of the digital coin as collectors’ items. What has made this worse is the shutdown of Mike’s business under AML concerns. So when in December I saw the news reports of Mike’s troubles I started to hunt for Litecoin minters to start my own collection before it is too late (again).

After a quick search I found a cool Hawaiian using the alias Smoothie who mints Litecoins using a similar process to Mike. Physical coins are minted and then tamperproof holographic stickers containing digital addresses are attached to the coins, also similar to Mike, Smoothie doesn’t collect payment in USD or AUD, instead he accepts Litecoins. Smoothie is very interesting in that he will only provide coins that he has already minted. He doesn’t believe in taking orders and then ordering coins. He is a true collector and enthusiast himself and takes the risk that if no-body else wanted to collect his physical coins, that he would keep them all himself; however, given that his small coin runs disappear extremely quickly I don’t believe it is too much of a risk on his part. After an email conversation I placed an order and on Tuesday my physical coins came in. They look great and the boxing is extremely professional. Attached are some of the pictures.

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Evan Morrison,
Jan 31, 2014, 1:15 PM
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Evan Morrison,
Jan 31, 2014, 1:15 PM
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