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

1998-09-28 - Re: Cypherpunks defeat?

Header Data

From: Lazlo Toth <lazlototh@hempseed.com>
To: Adam Back <petro@playboy.com
Message Hash: 2d5cc13327912853fcf9f4a23e4801a8aefb6c993b0e4b704218051f577c8a85
Message ID: <v04011701b235ed0a62c8@[199.125.99.14]>
Reply To: <v04011708b235aa4a90ba@[206.189.103.244]>
UTC Datetime: 1998-09-28 13:00:10 UTC
Raw Date: Mon, 28 Sep 1998 21:00:10 +0800

Raw message

From: Lazlo Toth <lazlototh@hempseed.com>
Date: Mon, 28 Sep 1998 21:00:10 +0800
To: Adam Back <petro@playboy.com
Subject: Re: Cypherpunks defeat?
In-Reply-To: <v04011708b235aa4a90ba@[206.189.103.244]>
Message-ID: <v04011701b235ed0a62c8@[199.125.99.14]>
MIME-Version: 1.0
Content-Type: text/plain



On or about 11:49 PM +0100 9/28/98, Adam Back wrote:
>You want to buy ecash tokens with plastic.  Ideally you want to be
>able to buy ecash tokens with an ATM card because you don't want to
>incur any withdrawal fee (ATM withdrawals incur no transaction fee the
>UK, US may be different.)

In the case of my US bank it's the opposite:  ATM withdrawals, unless I use
a machine owned by my bank, cost me US$1.50.  Credit card fees on the other
hand are paid by the merchant, who is contractually bound NOT to pass them
on to me.

>Buying ecash tokens with a credit card is going to result in the cash
>advance minimum fee, plus unwanted (and typically double digit APR)
>interest on the "advance".
>
>Debit cards are a bit cheaper, but still incur some fee (unless a bank
>could be persuaded to waive it for this class of transaction).

My debit card functions as both ATM and credit card.  When given a choice I
will always prefer to use it as a credit card, which costs me nothing.

-Lazlo

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