From: skaplin@skypoint.com (Samuel Kaplin)
Date: Mon, 2 Jan 95 02:17:01 PST
To: werewolf@io.org
Subject: Re: Anonymous payment scheme
In-Reply-To: <Pine.BSI.3.91.950102041835.6592B-100000@wink.io.org>
Message-ID: <Jpy1lKjqRWH1075yn@skypoint.com>
MIME-Version: 1.0
Content-Type: text/plain


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> > Let's suppose myself and 10,000 of my closest friends form the First
> > National Cypherpunk Bank and Trust. We go through all of the hassles in
> > order to be the issuer of a Master Card or Visa. Now instead of having a
> > credit line, it is set up as a debit card. The card's limit is how ever
>
>
> Why jump through the hoops Visa or M/C would send you through if its a DEBIT
> card??? You don't need them for something like that, simply the
> acceptance of the Internet community, that credits from another user
> drawn on the Cypherpunk Bank would be accepted.....which leads to your next
> paragraph...

I was looking at at the bigger picture. Any merchant who accepts Visa or MC
could now accept anonymous payments. No hassle at all on their part. They
probably wouldn't even know that it was an anonymous account. It fits into
the existing infrastructure very nicely.

A bank in Minneapolis has a similar system in operation. They issue you a
Visa card. That card automatically debits your checking account. The key
would be not to have the card attached to the account. If the card is
attached to any type of account, then there are reporting requirements. A
more apt analogy would be the prepaid phone cards. Walk into the issuing
authority, plunk your $9999.99 on the counter and ask for your card. When
you've spent it all, toss the card.

Sam
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