From: Hal <hfinney@shell.portal.com>
Date: Tue, 24 Oct 95 12:45:44 PDT
To: cypherpunks@toad.com
Subject: Re: Hack DigiCash: Payee Anonymity
In-Reply-To: <199510240750.IAA04175@utopia.hacktic.nl>
Message-ID: <199510241944.MAA00667@jobe.shell.portal.com>
MIME-Version: 1.0
Content-Type: text/plain


nobody@replay.com (Name Withheld by Request) writes:

>Now all we need is to do is get some specs on how DigiCash's software works
>so that we can code this.  I expect that this method will become quite
>popular.  To withdraw DigiCash, one must come up with $250 to start, sign a
>bunch of forms, etc.  I suspect that most people would rather change money
>in lesser amounts, probably under $50.  This opens up a huge market for
>Blacknet money exchangers.  I would gladly pay Tim's Internet Cash Exchange
>a commission to exchange $50 worth of greenbacks for Digicash instead of
>dealing with Mark Twain and shelling out $250 to start..

I don't believe this $250 is correct.  The only place I see such a number
is on the application form, in the following clause:

"A maintenance fee of the foreign equivalent of $10 will be imposed each
statement period if the balance in your account falls below the foreign
equivalent of $250 on any day of the period."

This is for a "WorldCurrency Access Interest Account", which I don't
think is what is used for ecash.  For ecash the account opening fee is
$11 and the per-month fee is $5.  I don't see any reference to required
account minimums.

As far as the issue of coding up a payee-blinding cash system compatible
with this ecash, I agree that it would be good to see some specs now that
ecash is for real.  IMO Chaum has been getting a free ride based on his
reputation, with many people assuming that anything he is associated
with must be done right.  It is time for him to open his hand and reveal
his protocols so that people know exactly what they are trusting their
money to.

Hal