cryptoanarchy.wiki

Arise, you have nothing to lose but your barbed wire fences!

1998-07-07 - Re: IP: “CyberCash can’t oust credit cards”

Header Data

From: John R Levine <johnl@iecc.com>
To: “Arnold G. Reinhold” <reinhold@world.std.com>
Message Hash: 3ff485d54332ae1298bbd1bf04aa9296d90189492a1c45c6bc797d417d4c5a81
Message ID: <Pine.BSI.3.91.980707141507.11216i-100000@ivan.iecc.com>
Reply To: <v03130308b1c7c7a655e2@[24.128.118.45]>
UTC Datetime: 1998-07-07 18:20:03 UTC
Raw Date: Tue, 7 Jul 1998 11:20:03 -0700 (PDT)

Raw message

From: John R Levine <johnl@iecc.com>
Date: Tue, 7 Jul 1998 11:20:03 -0700 (PDT)
To: "Arnold G. Reinhold" <reinhold@world.std.com>
Subject: Re: IP: "CyberCash can't oust credit cards"
In-Reply-To: <v03130308b1c7c7a655e2@[24.128.118.45]>
Message-ID: <Pine.BSI.3.91.980707141507.11216i-100000@ivan.iecc.com>
MIME-Version: 1.0
Content-Type: text/plain


> >2. Three orders of magnitude cost reduction.

CyberCash's entire business model for e-cash is wrong.  They ask for a 4%
slice of each transaction, which is absurd.  How much do issuers of real cash
ask per transaction?  Zero, of course. 

As I've mentioned before, the way you make money with money is seignorage,
that is you print it and make your profit on the float and on coins that are
never redeemed.  Works great for travellers checks.  I suspect that Bob H.
would agree. 

Regards,
John Levine, johnl@iecc.com, Primary Perpetrator of "The Internet for Dummies",
Information Superhighwayman wanna-be, http://iecc.com/johnl, Sewer Commissioner
Finger for PGP key, f'print = 3A 5B D0 3F D9 A0 6A A4  2D AC 1E 9E A6 36 A3 47

Thread