1994-07-05 - Re: BoardWatch on digital cash

Header Data

From: tcmay@netcom.com (Timothy C. May)
To: mech@eff.org (Stanton McCandlish)
Message Hash: fbf476bb7a68a4698c4d608b1523e7c6b50bb7fd6ce46224a5d3b0960eaa008b
Message ID: <199407051850.LAA20572@netcom4.netcom.com>
Reply To: <199407051712.NAA07891@eff.org>
UTC Datetime: 1994-07-05 18:51:24 UTC
Raw Date: Tue, 5 Jul 94 11:51:24 PDT

Raw message

From: tcmay@netcom.com (Timothy C. May)
Date: Tue, 5 Jul 94 11:51:24 PDT
To: mech@eff.org (Stanton McCandlish)
Subject: Re: BoardWatch on digital cash
In-Reply-To: <199407051712.NAA07891@eff.org>
Message-ID: <199407051850.LAA20572@netcom4.netcom.com>
MIME-Version: 1.0
Content-Type: text/plain

Stanton McCandlish writes:

> See current (July 1994) _BoardWatch_, pp. 60-63.  There's an article on an
> e-money scheme called NetCash.  Unfortunately it is utterly stupid, but
> BW is giving it a semi-endorsement.  Some of you d-c afficionados might
> like to disabuse them of some notions. 
> Some of the flaws:
> 1) not cryptographically secure
...rest of flaws elided...

Indeed, there are many kinds of "digital cash" or "digital money"
being floated. I suspect the term is about to join "Information
Superhighway" and "infobahn" in the popular media.

But all but a very few of them are polar opposites of what we as
Cypherpunks want. Microsoft wants home banking, VISA wants it, and
various cryptographically-incompetent schemes are being proposed.

As you on this list all know, these are Bad Ideas.

What we can do to head them off or to deploy the right kinds of
systems is the challenge ahead of us.

Our apparent victory in the Clipper matter (the public scorn for
Clipper, the editorials against it, the weaknesses exposed, and the
favorable articles about CPs) may serve us in good stead. But it will
be a tough struggle, as things are moving fast behind the scenes.

(My greatest fear: legislation to support home/cable banking, with
restriction on competitors.)

--Tim May

Timothy C. May         | Crypto Anarchy: encryption, digital money,  
tcmay@netcom.com       | anonymous networks, digital pseudonyms, zero
408-688-5409           | knowledge, reputations, information markets, 
W.A.S.T.E.: Aptos, CA  | black markets, collapse of governments.
Higher Power: 2^859433 | Public Key: PGP and MailSafe available.
"National borders are just speed bumps on the information superhighway."