From: Rolf Michelsen <Rolf.Michelsen@delab.sintef.no>
Date: Fri, 27 May 94 04:26:33 PDT
To: Cypherpunks mailing list <cypherpunks@toad.com>
Subject: Re: ecash Press Release
In-Reply-To: <9405271115.AA07148@snark.imsi.com>
Message-ID: <Pine.3.88.9405271307.G23228-0100000@svme.er.sintef.no>
MIME-Version: 1.0
Content-Type: text/plain


On Fri, 27 May 1994, Perry E. Metzger wrote:

> 
> Rolf Michelsen says:
> > Before you get too enthusiastic remember that electronic cash is not 
> > legal tender
> 
> I have to mention, yet again, that this sort of phrasing is a product
> of the notion that digital cash is somehow a currency. It is not. It
> is an anonymous money transfer method. Saying "digicash is not legal
> tender" is sort of meaningless -- the real question is "is the
> currency being transfered legal tender".

Yes, and if you had quoted my entire message you would get my point.  
Since electronic cash is not legal tender -- just a way of transfering 
legal tender -- a clearing system which administrates the "real flow of 
money" must exist so that participants can exchange their "transfer 
tokens" to "real" cash.

-- Rolf

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Rolf Michelsen                           "Standards are wonderful --     
Email: rolf.michelsen@delab.sintef.no      everyone should have one"
Phone: +47 73 59 87 33                       -- Ancient FORTH proverb
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