A number of Alitin Mint coins have been redeemed by an unknown party. If you have any funded Alitin Mint coins you should consider redeeming them.
On February 26th 2017 a transaction moved nearly 36 bitcoin from 18 Adam Smith coins.
Alitin Mint claims they didn't know about the coin movement until after March 5th when BitcoinTalk user bitenvy posted this thread.
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Alitin, Inc operates a private mint that offers the world’s first medallions combining precious metals and genuine crypto-currency. We are based in the heartland of the USA in Springfield, Missouri. Our limited edition collectible pieces are designed by presidential sculptor John B. Andelin. Order your 2013 Adam Smith or 2014 Jeanne D'Arc silver bitcoin medallion today and stay tuned for new products!
Alitin Mint is producing a series of coins designed to pay tribute to some of the greatest contributors to the advancement of the human condition. Designs feature scientists, explorers, innovators, and cultural icons. Look for coins in a variety of precious metals including gold, silver, and platinum!
Each coin is a collectible piece of art, skillfully created by presidential sculptor John B. Andelin. Adam Smith, widely revered as the father of modern economics, has been honored in the inaugural coin. Other prominent individuals who have changed the course of human history will be memorialized in subsequent editions. Each series will be limited in quantity, thus maintaining the collectible value. Each coin is struck in pure bullion in accordance with the highest standards of minting. Individual coins are encased in a plastic slab holder, protected by a tamper-proof hologram and are hand-signed by the artist. The numbering of each coin relative to the edition size is also included with the plastic casing. Each coin carries "cold-stored" bitcoin. Public and private keys are engraved on the coin.
Alitin Mint's goal is to meet the demands of the largest market of collectors, matching the needs of bullion buyers, bitcoin enthusiasts, coin collectors, and art collectors alike. With our high qlaity bitcoin medallions, Alitin Mint has established the new standard in physical bitcoin production.
Traditionally, bitcoin security has been entrusted to a circular hologram affixed to the back of a coin. While time-honored and very common, as bitcoins continue to escalate in price, coin enthusiasts are beginning to demand more robust security. Other purveyors of physical bitcoins have thought to resort to a third party verification system in order to retrieve bitcoins. While this sounds nice, third party trust is at a maximum in that the organization must remain solvent over time in order to protect the full value of the crypto-currency.
We believe that most holders of physical bitcoins prefer to keep them in a cold storage manner. For those that are new to crypto-currency, this means that the public and private keys are "off the grid" and entirely un-hackable. The private key comes with the product so it will remain valuable forever. Some experts have predicted that someday bitcoins could be worth tens of thousands of dollars each. As the coin value increases, the security of the actual coin must be able to keep pace. Unfortunately, holograms alone will not withstand that challenge over time. Counterfeiting will be one of the main challenges.
Our coins have been designed to be extremely difficult to counterfeit. Firstly, pure silver and gold bullion is much more difficult and expensive to replicate. It can be done, but for professional striking, it will be a long time before the cost to do so will be worthwhile to a crook. Secondly, numismatists rarely take most of the current physical bitcoins seriously because they are lacking a true obverse and reverse relief work on each side. Instead of presenting a coin with one side that is blank or flattened to accommodate a sticker, having two different sculpted works on a coin dramatically increases the difficulty of replication.
Rather than relying on the sticker, our coins have a fully formed case made of shatter-proof acrylic with several security features implemented. First of all, in order to redeem the bitcoins, the case must be permanently infiltrated. Infiltrating the case will destroy it from further meaningful use. We recognize that there are some individuals that would like to hold the physical coin in hand, however doing so will obviously reduce the value of the coin in more ways than one. We recommend keeping the coins in the protective case to preserve the mint condition of the piece, similarly to other collectible numismatic works. With that said, even if a coin is taken from the protective case for live display, the private key is engraved small enough on the edge that casual examination of the coin, say as a conversation piece around a dinner table, would be a nearly impossible venue for stealing the embedded coins due to the unwieldy nature and size of the average private key. The coins produced by Alitin Mint are the only physical bitcoins in existence that are not defaced by redemption of the embedded bitcoins. This feature renders these coins much more valuable as collectibles.
All of our coins are issued with a certificate of authentication with a tamperproof seal, and personally signed by Alitin administration. All certificates are protected by their own cipher system for validation purposes.
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