From: Clifford Neuman <bcn@ISI.EDU>
Date: Sun, 8 Oct 95 18:12:38 PDT
To: Cypherpunks <cypherpunks@toad.com>
Subject: anonymous cash without blinding
Message-ID: <199510090112.AA17509@darkstar.isi.edu>
MIME-Version: 1.0
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   Date: Sun, 8 Oct 1995 14:20:27 -0700 (PDT)
   From: Wei Dai <weidai@eskimo.com>

   Now if the bank allows this exchange of old coins for new coins to be
   done over an anonymous network (e.g., a remailer-net), then the system is
   anonymous as long as you don't move physical money in or out of the system.
   Maintaining anonymity when moving physical money in and out of the system is
   what blinding helps you to do, but this will be less useful in a fully
   digital economy where such movement will be infrequent.
 
See:
 
  Gennady Medvinsky and B. Clifford Neuman.  NetCash: A design for
  practical electronic currency on the Internet.  In Proceedings
  of 1st the ACM Conference on Computer and Communication Security
  November 1993. 

For a discussion of the tradeoffs for this weaker form of anonymity.
You can find postscript for this paper as:
  ftp://prospero.isi.edu/pub/papers/security/netcash-cccs93.ps