From: iagoldbe@calum.csclub.uwaterloo.ca (Ian Goldberg)
Date: Thu, 4 Jan 1996 07:37:30 +0800
To: cypherpunks@toad.com
Subject: Re: Starting an e-cash bank
In-Reply-To: <Pine.SOL.3.91.960103204303.5486B-100000@jaramillo.digit.ee>
Message-ID: <4cf0qb$65h@calum.csclub.uwaterloo.ca>
MIME-Version: 1.0
Content-Type: text/plain


(Just about caught up to 2 week's worth of cypherpunks...  That 'J' got
  quite a workout...)

In article <199601031925.NAA02085@proust.suba.com>,
Alex Strasheim  <cp@proust.suba.com> wrote:
>> What does it take to be called a bank?
>
>Is it necessary to be called a bank?  I've got a storefront in Chicago.  
>What would prevent me from opening up a Mark Twain account and buying and 
>selling ecash on floppies, in person?  Do account holders have to agree 
>not to do that before Mark Twain gives them an account?  Is it illegal?
>
>The currency exchange model almost seems more appropriate for most users
>than the bank model.

Isn't that what Sameer announced in his latest(?) press release?
c2.org has a MT account.  c2.org customers don't.  The customers
receive ecash payments from the Net (for accessing their |<00|_ web pages)
and give the payments to c2.org, which deposits them in its MT acocunt,
and credits the customer (minus a percentage?  Lower than the customer
would otherwise get from MT, but higher than c2.org (a merchant) is charged?).
Did I get that right?

  - Ian