[24691] in Cypherpunks
Re: Anonymous payment scheme
daemon@ATHENA.MIT.EDU (Paul J. Ste. Marie)
Mon Jan 2 15:47:19 1995
Date: Mon, 2 Jan 95 15:30:45 EST
To: skaplin@skypoint.com (Samuel Kaplin), werewolf@io.org
From: pstemari@erinet.com (Paul J. Ste. Marie)
Cc: cypherpunks@toad.com
At 03:52 AM 1/2/95 -0600, Samuel Kaplin wrote:
>... I was looking at at the bigger picture. Any merchant who accepts Visa or MC
>could now accept anonymous payments. No hassle at all on their part. They
>probably wouldn't even know that it was an anonymous account. It fits into
>the existing infrastructure very nicely.
If you can convince BankAmerica or MasterCard International to deal with you.
> ... Walk into the issuing authority, plunk your $9999.99 on the counter
and > ask for your card. When you've spent it all, toss the card.
Right there you imply one of the requirements you'd need to fulfill--the
reporting requirements on cash transactions over $10K. If you accepted many
deposits over $5K, you probably get asked a lot of questions about how
you're preventing people from structuring transactions to avoid the
reporting requirement.
--Paul J. Ste. Marie
pstemari@well.sf.ca.us, pstemari@erinet.com
