From: Michael Motyka <mmotyka@lsil.com>
Date: Thu, 5 Nov 1998 01:48:38 +0800
To: Robert Hettinga <rah@shipwright.com>
Subject: Re: ?Lions?
In-Reply-To: <v04020a15b264af18b1aa@[139.167.130.246]>
Message-ID: <36408C43.106C@lsil.com>
MIME-Version: 1.0
Content-Type: text/plain



> Oh. That's easy. Check out the essay section of <http://www.philodox.com/>

"Notice a few things about the mechanics of the model. First, everyone
who puts money onto the net, or takes it off, is identified to the
complete satisfaction of government
     regulators everywhere. Digital bearer cash is treated just like
physical cash in the eyes of regulators, and is subject to the same
regulations. There is no functional
     difference between a digital cash underwriter and an ATM machine."


> Render unto FinCEN. No problem. Flatland can't reach the sky no matter how
> hard they try. (hey. I'm rapping... pbbbt. tht. pbbbt. pbbbt. tht... :-))
> 

It is the financial foundation for a cyber world where regulators will
probably have a great deal of trouble operating. They may have no choice
but to settle for taking their cut at the borders.

I still see many of the same old problems when attempting to trade hard
goods, at least in large quantities. The problem of having to explain
how you came by a 6000 sqare foot home on 100 acres of mountainside in
Lake Pacid is not solved. It's not a total solution but it looks good.

It could be a great way to save for retirement - nobody can tell how
much E$ you have accumulated, where it came from or where you keep it.
Just draw it out as you need it, pay your taxes at the gate and use the
5th when necessary.

Regards,
Mike