From: Anonymous <nobody@replay.com>
Date: Wed, 9 Dec 1998 09:45:43 +0800
To: cypherpunks@cyberpass.net
Subject: Re: Wei Dei's "b-money" protocol
Message-ID: <199812090113.CAA09872@replay.com>
MIME-Version: 1.0
Content-Type: text/plain



x@x.com asks about Wei Dei's b-money proposal:
>there must be something here that I'm missing.  At the core of this
>protocol seems to be the establishment not of crypto anarchy but of a
>crypto elite. in this scheme only the processors of computing power  have
>economic power.  Now I realize that our current economic system is based on
>economic power being invested in a closed community of powerful elites, and
>is by no means egalitarian, but this looks to be like simply substituting
>one group of "haves" for a different group of "haves"
>
>I have to admit not being familiar with the Orthodoxy of crypto anarchy,
>but if the premise is a centerless self organizing system of free agents
>this protocol seems to miss the mark. or what is it that I am missing here?

The description is intended to show how money is transferred, and how it
is created.  These are technically difficult issues when dealing with
electronic money, and that is what the proposal addresses.

It is not anticipated that most people will make money by using their
computing power.  That feature is only used when the money supply needs
to expand, because of increased economic activity.

Instead, people will generally get money the same way they do today:
someone will give it to them, either as a gift or as payment.  You are
free to give your money to whomever you want to, and you are free to
offer your goods and services in exchange for money.  Such exchanges
of money should be much greater in volume than the amount of new money
which is created by burning computer cycles.