From: Anonymous@c2.org (Q Mixmaster Remailer)
Date: Sat, 21 Jan 95 15:35:08 PST
Subject: Re: Why emoney?  Why not a web of debt?
In-Reply-To: <199501210224.PAA22017@iconz.co.nz>
Message-ID: <199501212207.OAA12068@infinity.c2.org>
MIME-Version: 1.0
Content-Type: text/plain


> Date: Sat, 21 Jan 1995 15:18:48 +1300
> From: davidm@iconz.co.nz (David Murray)
> 
> But of course, since ecash is worth only what you can get for it, the web of
> trust model, since it reflects what people will give for it, seems to
> reflect that underlying value much better.

  Oh... Nice...  I hadn't thought of that...

> The best way to underpin the value of ecash is for the issuer to (credibly)
> undertake to convert it into real money.

  And since I would only make the promise to the few people that I am
connected to in the debt-trust web, this is doable.  I doubt I could
convince all of you that I was good for $10, but I bet there are a few
readers on this list that I *could* convince.  They would be able to
convince a few others that _they_ are worth $10, etc.

  This system might even dodge the laws governing banking in various
jurisdictions ... though I doubt it.  It quacks, waddles, and water
runs off its back...

  Noyb