[11784] in Commercialization & Privatization of the Internet
Re: Random Thoughts Regarding RSA/NCSA/EIT
daemon@ATHENA.MIT.EDU (Kent W. England)
Tue Apr 19 20:17:48 1994
Date: Tue, 19 Apr 1994 13:15:56 -0700
To: "Rob Raisch, The Internet Company" <raisch@internet.com>
From: kwe@cerf.net (Kent W. England)
Cc: com-priv@psi.com
>Ok, now I have to manage potentially thousands of different key-pairs.
>
>> Assume we still use credit card numbers for the financial part.
>
>Will your bank accept a transaction from you once they know from whence
>the transaction originates? Has anyone asked them? Are there any
>representatives of financial institutions here on com-priv?
>
>> Keep your private key on your portable PC.
>
>Ok, now I need a portable PC.
A key-pair is just one more item of information in the accounting database
along with name and address, etc. Everyone needs something to access the
Internet and it seems to me that PCs are what most people use.
In answer to your other worries, I would point out that it is not difficult
to print checks and we pass checks back and forth with hand written
signatures. I would also point out that credit card fraud (without the
Internet) is massive and the main reason that credit card interest rates
are so high.
I don't think I am sweeping the issue under the rug any more than the banks
and credit card companies are sweeping check and credit card fraud and
abuse under the rug. The Internet today is no more and no less secure from
abuse and fraud than the check/card financial system is. The system works,
amazingly, on trust and repeat business.
--Kent
