1993-10-11 - Re: The Bank of the Internet!?

Header Data

From: “Perry E. Metzger” <pmetzger@lehman.com>
To: cypherpunks@toad.com
Message Hash: a69a2db71d436e5cac4842062ca1a2de15b8266be63e81c1bbfc2a0e5bbdeb02
Message ID: <9310111716.AA18369@snark.lehman.com>
Reply To: <199310111657.AA16129@tramp.cc.utexas.edu>
UTC Datetime: 1993-10-11 17:19:48 UTC
Raw Date: Mon, 11 Oct 93 10:19:48 PDT

Raw message

From: "Perry E. Metzger" <pmetzger@lehman.com>
Date: Mon, 11 Oct 93 10:19:48 PDT
To: cypherpunks@toad.com
Subject: Re: The Bank of the Internet!?
In-Reply-To: <199310111657.AA16129@tramp.cc.utexas.edu>
Message-ID: <9310111716.AA18369@snark.lehman.com>
MIME-Version: 1.0
Content-Type: text/plain

Jim McCoy says:
> Perry E. Metzger <pmetzger@lehman.com> writes:
> > 
> > Jim McCoy says:
> > > We want to be the ones who will define the protocol for currency on
> > > the net.
> > [...]
> > 
> > I don't care for the Government, but I suspect that Chase Manhattan
> > has a much better idea of the problems involved in cash transfer and
> > accounting systems than you guys do. People who've never worked for
> > financial institutions rarely understand where the real problems are.
> > [...]
> This is true.  We are not trying to do this alone.  We are working with a
> major local credit union to be able to handle these sorts of things.  We
> also have people involved who have some real experience in this
> area.

Well, I'm glad that you understand that there is a problem here.

> I guess I will say that we are trying to cover all of the bases as
> best we can (if you want a real fun mind-warp examine commercial
> paper and electronic wire transfer law...)

I have. Commercial paper isn't actually too bad -- its pretty logical
once you understand the principles.

> and that we are going to do something.
> Enough has been bounced around in conversation here, we are going to try to
> get something done now...

I wish you luck.