[14256] in cryptography@c2.net mail archive
Peppercoin fee structure...
daemon@ATHENA.MIT.EDU (R. A. Hettinga)
Tue Sep 23 23:00:11 2003
X-Original-To: cryptography@metzdowd.com
X-Original-To: cryptography@metzdowd.com
Date: Tue, 23 Sep 2003 22:53:48 -0400
To: fork@xent.com, e$@vmeng.com, mac_crypto@vmeng.com,
cryptography@metzdowd.com
From: "R. A. Hettinga" <rah@shipwright.com>
--- begin forwarded text
Status: U
Date: Tue, 23 Sep 2003 22:51:37 -0400
To: "R. A. Hettinga" <rah@shipwright.com>
From: "Ronald L. Rivest" <rivest@mit.edu>
Subject: Peppercoin fee structure...
Cc: Adam L Beberg <beberg@mithral.com>
Hi Bob --
You forwarded a posting from some "Adam L Beberg" regarding
Peppercoin that needs correction. Adam compares the percentage
fee charged by Peppercoin (e.g. 7-8 percent) against what the
credit card companies charge (e.g. 2-5 percent), and makes some
childish and rude comments about Peppercoin in conclusion.
What Adam failed to understand is that Peppercoin charges no
fixed fee whatsoever per transaction, whereas credit card
companies typically charge 25 cents or so per transaction.
Thus, for a nickel micropayment, Peppercoin charges 0.35 cents,
while Adam's favorite credit card company charges 25 cents or more
to process the transaction. The credit card company is charging,
in effect, a fee of 400 percent (that's FOUR HUNDRED PERCENT),
compared to Peppercoin's 7 percent.
Adam, your apology is accepted.
Cheers,
Ron Rivest
Ronald L. Rivest
Room 324, 200 Technology Square, Cambridge MA 02139
Tel 617-253-5880, Fax 617-258-9738, Email <rivest@mit.edu>
--- end forwarded text
--
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R. A. Hettinga <mailto: rah@ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
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