From: tcmay@netcom.com (Timothy C. May)
Date: Mon, 22 Aug 94 21:25:37 PDT
To: rah@shipwright.com (Robert Hettinga)
Subject: Re: In Search of Genuine DigiCash
In-Reply-To: <199408221633.MAA04175@zork.tiac.net>
Message-ID: <199408230425.VAA03748@netcom4.netcom.com>
MIME-Version: 1.0
Content-Type: text/plain


Bob Hettinga wrote:

> It's important not to pile on too many features, desires, agendas onto a
> relatively simple financial instrument.  The point of digital cash is to
> provide liquidity for internet commerce as cheaply as possible. Anonymity
> is a happy benefit.

I disagree with this. Anonymity is what gives digital cash it's raison
d'etre, it's technological advantages over conventional schemes.

If anonymity, untraceability, and other "Chaumian" notions are only
seen as peripheral side effects, then we already _have_ "digital cash"
in the encrypted credit card systems some folks are already offering.

Without the technological approach to untraceability and anonymity,
all we have is the usual "trust". Granted, credit card numbers ought
not to be sent over unsecured channels, but fixing that is easy (with
end-to-end encryption). Trust-based systems are not the foundation for
a free society most of us are seeking.


> tomorrow, it's a dollar. I cash out my digiDollar the next day, it's a
> dollar.  Looks pretty simple to use to me. (a digiDollar is a dollar is a
> dollar is a dollar) :-).
> 
> [Oops. I went and concocted some more buzzy language. Occupational hazard.
> Don't worry, I'll try not to use it anymore, and maybe it'll die
> gracefully.]

"Digidollar" was one of the many names coined by folks on this list,
along with Cypherbucks, Digimarks, etc.

--Tim May


-- 
..........................................................................
Timothy C. May         | Crypto Anarchy: encryption, digital money,  
tcmay@netcom.com       | anonymous networks, digital pseudonyms, zero
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W.A.S.T.E.: Aptos, CA  | black markets, collapse of governments.
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