From: "Perry E. Metzger" <pmetzger@lehman.com>
Date: Sun, 17 Oct 93 21:12:06 PDT
To: cypherpunks@toad.com
Subject: Re: digital cash/legal tender
In-Reply-To: <931016215711.22e16048@CCSVAX.SFASU.EDU>
Message-ID: <9310180406.AA28399@snark.lehman.com>
MIME-Version: 1.0
Content-Type: text/plain



F_GRIFFITH@ccsvax.sfasu.edu says:
>   In order for electronic money to be true cash, it must be able to
> circulate from Alice to Bob to Carl to Dave without the need to
> contact the issuing bank.  Otherwise, it is merely an electronic
> check, perhaps anonymous.

No digicash system can possibly operate under this constraint. Mere
numbers, unlike gold, can be duplicated. Without some sort of central
verification involved the techniques cannot work. I suppose "true"
digitcal cash by your definition is impossible.

Perry