1993-05-25 - Re: Digital cash issues…

Header Data

From: Dr. Cat <wixer!wixer.bga.com!cat@cactus.org>
To: CompuServe.COM!74076.1041@cactus.org (Hal)
Message Hash: c20fda31c784a828ee974afafd43aeb1644474ebf77361a031b06e2d5cfc954e
Message ID: <9305251612.AA26796@wixer>
Reply To: <930525075401_74076.1041_FHD58-1@CompuServe.COM>
UTC Datetime: 1993-05-25 16:22:13 UTC
Raw Date: Tue, 25 May 93 09:22:13 PDT

Raw message

From: Dr. Cat <wixer!wixer.bga.com!cat@cactus.org>
Date: Tue, 25 May 93 09:22:13 PDT
To: CompuServe.COM!74076.1041@cactus.org (Hal)
Subject: Re: Digital cash issues...
In-Reply-To: <930525075401_74076.1041_FHD58-1@CompuServe.COM>
Message-ID: <9305251612.AA26796@wixer>
MIME-Version: 1.0
Content-Type: text/plain

   Regarding the issue of what to do under Chaum's scheme when someone double-
spends a piece of digital cash & their identity is revealed...  While this
might be a problem for a cypherpunk style "kick society in the pants and get
this going early" implementation of digital banking, I don't think it's going
to be a serious hindrance in the long term.  While I'm sure all big retail
chains and the like will have terminals that can instantly verify a piece of
cash, if there are niches for an offline system, there's a very significant
economic infrastructure set up for collecting on bad debts.  Any credit card
company, phone company, or other corporation that does a lot of billing
already has staff dedicated solely to that function, with collection agencies
providing a second tier of functionality for the tougher cases.

           Dr. Cat / Dragon's Eye / New traditions for the next century