From: KDAGUIO@aba.com
Date: Thu, 1 Dec 94 14:30:38 PST
To: cypherpunks@toad.com
Subject: E-money Good or Bad?
Message-ID: <sede08a1.001@aba.com>
MIME-Version: 1.0
Content-Type: text/plain


<Forwarded (from: LIBERTY) by Terry Liberty-Parker using timEd.
<Originally from Libernet (Michael Beasley) (1:204/9.0) to All.
<Original dated: Nov 26 '94, 20:51
<From: MWBEASLEY@delphi.com (Michael Beasley)
<To:   Libernet@Dartmouth.EDU
<Date: Sat, 26 Nov 1994 22:56:04 -0500 (EST)

<Suggested Reading: E-Money article in December issue of "Wired"
<magazine

<The article is about the future of electronic money. Electronic
<money is coming, with small scale tests in progress now with
<more scheduled for next year. There are competing systems out
<there - whose ultimate intent is to someday replace entirely
<that green paper in your wallet.
<The really big question is how much individual privacy will be
<retained:

<  "Can digital cash become anonymous, as real-world money is?
<   And if so, should it be?"

<As you can guess there are two opposing camps on this one:

<U.S. Government Agencies AAA .. ZZZ       DigiCash Corporation 
<The American Bankers Association  - vs - assorted cypherpunks
<Microsoft Corporation                 assorted privacy advocates
<The Borg                               at least one Libertarian

                  *******************************
Whoa! Much of content of the discussions I had with Mr. Levy
concerned the importance of protecting privacy and security for
everyone.  None of those comments made the cut.  Yes, I have
concerns about fully anonymous digital cash, but while I am not a
full on crypto-anarchist, neither am I a crypto-facist.

Let me ask you a question.  If people can communicate over the
net anonymously, tranmit unreadable messages, and transfer
unlimited amounts of fully anonymous money, haven't you, in
addition to protecting some of the interests of minorities, also
perfected a mechanism by which people with evil intent can engage
in criminal activities completely unobserved and with no fear of
prosecution?  How safe would you feel as an average private
citizen, a famous/wealthy citizen, a mail order retailer, a bank,
or a leader of a democracy?

I have always believed that people won't come outside to play
with you unless they feel safe.  We want electronic commerce to
work everywhere in the world.

The following is not flamebait!!!  If anyone can adequately
address the concerns of all of the above entities I can guarantee
you that they will become wealthy fast, if you don't address them
all there is a significant risk that you will fail.  If you have
the answer (and I haven't seen an adequate proposal yet) please
let me know and I will spread the word and clear the way.

Thanks for listening!...kawika...
****Speaking only for myself and not the ABA.