From: rjc@gnu.ai.mit.edu (Ray)
Date: Wed, 13 Jul 94 01:53:56 PDT
To: extropians@extropy.org
Subject: Re: FWD: Netbank
In-Reply-To: <199407130659.AA07666@eris.cs.umb.edu>
Message-ID: <9407130853.AA09338@geech.gnu.ai.mit.edu>
MIME-Version: 1.0
Content-Type: text/plain



  When I read the first few paragraphs, I thought it was interesting,
but as I got to the details, I was quickly disappointed. Serial
number based cash with *no* authentication? I could have hacked
this protocol up with perl in less than 24 hours. The mailing list
already has a sort of "e-cash" built in keyed by e-mail address and
password instead of serial number. 

  No encryption ready yet? They should have waited. If this system
were to go into large scale use, I'd be tempted to try and forge
their ecash and eavesdrop on other people's mail.  This system is
an accident waiting to happen and if it got subverted, it would
just provide evidence to bureaucrats that we need laws protecting
us in cyberspace and the government should start its own ecash on
the net.

  Somebody point these guys to the IMP list.

-Ray