[14262] in cryptography@c2.net mail archive
Re: Peppercoin Raises $4 Million in First Round Funding, Appoints
daemon@ATHENA.MIT.EDU (Dirk-Willem van Gulik)
Wed Sep 24 11:56:21 2003
X-Original-To: cryptography@metzdowd.com
X-Original-To: cryptography@metzdowd.com
Date: Wed, 24 Sep 2003 08:54:11 +0200 (CEST)
From: Dirk-Willem van Gulik <dirkx@webweaving.org>
To: "R. A. Hettinga" <rah@shipwright.com>
Cc: cryptography@metzdowd.com, <e$@vmeng.com>, <mac_crypto@vmeng.com>
In-Reply-To: <p0600200abb96a13cb42b@[66.149.49.6]>
On Tue, 23 Sep 2003, R. A. Hettinga wrote:
> On Tuesday, September 23, 2003, at 03:45 PM, R. A. Hettinga wrote:
>
> > Rivest and Micali's microcheque protocol gets a ducat-download.
> >
> > Next stop an IPO -- and then an eBay buyout... ;-).
>
> Hahaha... "about 7 percent per transaction" - NOT mentioned on the
> website anywhere, I had to look in a Wired article - we call that an
> "F*** the merchant" rate folks, even AMEX isn't that high.
Actually - for amounths under 5 euro (or there about) generally a minum
fee between 0.15 and 0.35 euro kicks in. And it is not uncommon to see
rates of 10% to 15% if your transactions are consistently in the 5-15 euro
range. So that makes 7% of the transaction regardless of size actually a
very good deal for an interesting part of the marked which is badly served
by the current US style credit card / merchant approach. Add to this
possibly different cost recovery priorities in case of fraud and it
certainly may be able to find a place to survive.
> Windows only. Interface software is NOT open source.
It'll serve roughly 80% of the marked, add Mac and you hit your 99% of the
desktops. More varied/important may be the server side - and I'd be
prepared to bet that any platform is supported when the volume is high
enough - down to VAX/VMS :-)
> Oh, and they are used by 6 merchants.
Personaly I am quite impressed by a company which in this stage of their
cycle has that many almost real customers.
> VISA is soooooo scared, oooooooooooo.
:-) though I doubt that this is anyones intention - and I'd worry more
about VISA taking an interest and buying the bits they need and shelving
the parts we'd think are cool.
Dw
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