From: Sandy <72114.1712@CompuServe.COM>
Date: Thu, 17 Feb 94 17:40:54 PST
To: <cypherpunks@toad.com>
Subject: REAL WORLD ENCRYPTION
Message-ID: <940218010321_72114.1712_FHF52-1@CompuServe.COM>
MIME-Version: 1.0
Content-Type: text/plain


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                         SANDY SANDFORT
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C'punks,

Boy, am I glad I started the REAL WORLD ENCRYPTION thread.  The
responses I *didn't* expect were, of course, the most useful.
Some of your assumptions and thoughts really took me by surprise.
As a result, I will be posting a few follow-up messages to
clarify some of the concepts my digital bank compatriots and I
expect to implement in our bank project.

DIGITAL MONEY--One of the assumptions many of you made, was that
"digital money" is some sort of replacement for national
currencies.  It is not.  As Eric Hughes indicated in his recent
post, digital money (or "cryptocash" as Eric said it) is
transactional money.  It's just a way of moving money.

I think it was a misunderstanding of this point that lead someone
to ask if separate digital banks would offer "different digital
money."  When other digital banks open their doors, we will
negotiate procedures to clear inter-bank digital transactions.
This would be done much in the same way that banks now accept
each others' checks.  procedures.  In addition, We have plans for
an even more imaginative solution to this issue.

I will address some other topics in subsequent posts.


 S a n d y

P.S.  For the time being, please send UNencrypted private e-mail
      to my CRL address (sandfort@crl.com).  Please send PGP
      encrypted private e-mail to my AT&T address
      (ssandfort@attmail.com).

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