From: Duncan Frissell <frissell@panix.com>
Date: Fri, 3 Jun 94 07:06:54 PDT
To: CYPHERPUNKS@toad.com
Subject: IMP (was Re: ecash-info (
Message-ID: <199406031405.AA09409@panix.com>
MIME-Version: 1.0
Content-Type: text/plain



H >   2.) It seems to me that that e-cash, contrary to the status quo's 
H >thinking,
H >   is *critical* to internet commerce. 
H >
H >No, it's not critical.  Some form of transaction mechanism is
H >critical.  Privacy is not critical to the bulk of the economy, 
H >though.  Face up to it.  If it were, it would be so obvious that we
H >wouldn't be discussing it on a mailing list.  In fact, _we_ wouldn't be 
H >discussing it, but rather a whole bunch of bank vice presidents.



The nicest thing about electronic money is not that anonymous digital cash 
is possible. but that the money is electronic.  This means cheap 
transaction costs.  This means that even if "banks" deploy ID-based rather 
than anonymous transaction systems, civilians can quickly step in and 
offer to broker anonymous transactions for those who prefer their privacy. 
 
Just as you can cash checks for other people today, you will be able to 
carry out transactions for others on the nets.  Since it is much easier to 
operate these kinds of services in an electronic payment system with 
automation and on-line verification, suppliers should appear if the demand 
warrants.  Since people will be in different physical locations and legal 
jurisdictions proof of wrong doing will be hard to come by.

DCF

"It is perfectly possible to overthrow the old order without picking up a 
gun or violating any (significant) law.  If the conditions of human life 
change as radically and rapidly as they seem destined to, the (always 
bizarre) notion that groups of small oligarchies are competent to run the 
lives of everyone on earth will be swept aside almost accidentally as 
people move into their new lives." -- DCF
--- WinQwk 2.0b#1165