From: nobody@entropy.linet.org
Date: Mon, 11 Oct 93 21:59:50 PDT
To: cypherpunks@toad.com
Subject: Digital Bank
Message-ID: <m0omZYW-0003ETC@entropy.linet.org>
MIME-Version: 1.0
Content-Type: text/plain


>I don't mean this to be patronizing -- I have a good deal of respect

>respect for over the years. A bunch of hackers with experience in
>nothing but cryptography might get some of the privacy aspects right
>at the expense of producing a system which is otherwise unworkable. I

Good Lord.  This debate over how to get a digital bank started reminds
me of an excellent humor book I read, called "29 Reasons not to go to
Law School".

>From the book (as my memory serves):

How to start a company in Japan
1) buy land
2) build a factory
3) hire workers
4) produce widgets

How to start a company in America:
1) hire property lawyers to examine zoning laws
2) hire employment lawyers to examine compliance with various Federal
   statutes (child labor, equal oppurtunity, fair wage, osha, etc.)
3) hire corporate lawyers to examine your competitors
4) file tons of paperwork to incorporate
5) hire workers
6) train them since they probably can't do the job
7) fend off lawsuits from your competitors
8) etc. etc.

Some people have expressed a desire to start a digital bank.  I say,
go for it, and work out the problems as they arise.  Naturally, plan
ahead as much as possible, but get working on something.

There wouldn't by anything if people sat around and answered every
single question before starting.