From: wiltship@iccu6.ipswich.gil.com.au (PeterWiltshire)
Date: Thu, 16 Nov 1995 18:33:23 +0800
To: cypherpunks@toad.com
Subject: Re: credit card conventional wisdom
Message-ID: <199511161019.VAA16813@iccu6.ipswich.gil.com.au>
MIME-Version: 1.0
Content-Type: text/plain


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Gidday Greg

You wrote..
>Most consumer-level transactions are based on a general sort of 
>trust-in-human-nature sort of policy, backed up by the knowledge that a single
>failed transaction (or even a constant low level of failed transactions, where
>failed == "didn't get paid but gave the stuff away") isn't likely to kill off
>a business or even make it unprofitable.

Failed transactions are more likely to affect consumer confidence than
trader confidence.  I have yet to find a site on the net where goods are
shipped before receiving payment, therefore the 'at risk' party is the
buyer. Cybertraders will need to establish a level of credibility and
reliability on a par with their terrestrial cousins.  Cyberbuyers will need
to be confident in their ability to call upon yet unwritten international
laws to gain a refund or replacement when goods and services don't arrive as
advertised.

BTW do you want to buy a really big rock way out in the middle of nowhere?  [:>)

cheers

Peter

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