This is just a thought experiment to see if there is any logic/point to my reasoning. But imagine if you could lock a Bitcoin in a Safecoin and how would you accomplish this. As some of us may know, cryptocurrencies are just simply privatekeys, which enable you to spend coins. With that said, you would only need a privatekey to access the funds. Let’s start.
First I did a clean install of the Bitcoin client, with only 1 address, copy the address.
On the Bitcoin client goto “Help” / “Debug window” / “Console”
In the console type in “help” and press enter. After that you get a whole lists of commands goto the top. You see “dumpprivkey” type that out, press on the spacebar and paste the copied Bitcoin address from step1. Press enter.
Now you have your privatekey, copy it
Step 4 (here is where we really use our imagination, because I don’t even think this is even possible yet).
Imagine that you could add info into a Safecoins and that you could paste this privatekey in the Safecoin. So ooh kee, you got the privatekey paste in the Safecoins, but that doesn’t make it inaccessible to the current owner. So how can we achieve it, that the current owner doesn’t have access to the coin anymore, simply by knowing the privatekey. Solution add an password to protect the privatekey.
Here is where it gets weird. I have enter the privatekey of a Bitcoin into a Safecoin and I send it to you. On arrival to you, the Safecoin adds an password to the privatekey of the Bitcoin. This means that the previous owner can’t access, the Bitcoins anymore because it’s password protected. But in this scenario a Safecoin would have to be able to connect to the Bitcoin network and be able to change a password, without human intervention. I hear the question well if the Safecoin change the password how would the current owner know the password? Good question, they would just click on the Safecoin and see the password and the Bitcoin value in this case. By doing so, when they on their turn send this coin to some else. Again the Safecoin will change the password.
What would be fun, is if Safecoins had an internal exchange mechanism (So Safecoins saying eachother which value they hold, beside their inherent value). Let me explain, for instance if I had a Safecoin with a Bitcoin privatekey locked into it with the value of 1 Bitcoin and you would want to exchange your Safecoins for Bitcoins. All I would do is send you the Safecoin with 1 Bitcoin locked into it and this would be exchanged for your Safecoins. At current prices 1 Bitcoin is 386.81, so I would receive 15891.29 Safecoins (current Maidsafecoin price is 0.024341) from you.
If this what I describe above would even be possible, it would mean that your dealing with the real crypto asset instead of another mirror of the subject/object. To questions like why would you want to place your Bitcoins in a Safecoins? Well for starters it would make your transaction free, instant and even more protected (anonymous) than it would be on the Bitcoin network itself. What I describe is a little rusty for lazy people like myself. So you mean I have to goto help, the debug window, type help, dump my privkey, copy that and enter it into a Safecoin? That’s to much work… All jokes aside.
Imagine that you could take the idea of an Safecoin to a level that it’s not only a sophisticated curreny that operates on the Safe network, but also a place where you can Safe your other values. Imagine a password protected Safecoin, that serves as a vault. Yeah again this is plain old me with the easy talk, because I don’t really code. Lastly ask yourself, what would the price of 0.0000000001 Safecoins be if you can store 1 Bitcoin or whatever amount into it. Well @ today’s Bitcoin price that 0.0000000001 Safecoins would be it’s inherent price + $ 386.81.
There is also a way to lock a fiat (the real asset) into a cryptocurrency. But we’ll leave that talk for another day…
BTW this is just purely imaginative speculations, but maybe worth thinking/talking about. If the Safecoins could exchange info to eachother you would even need yet another exchange.