[14271] in Cypherpunks
Re: ecash Press Release
daemon@ATHENA.MIT.EDU (Rolf Michelsen)
Fri May 27 07:42:42 1994
Date: Fri, 27 May 1994 13:26:15 +0200 (MET DST)
From: Rolf Michelsen <Rolf.Michelsen@delab.sintef.no>
To: Cypherpunks mailing list <cypherpunks@toad.com>
In-Reply-To: <9405271115.AA07148@snark.imsi.com>
On Fri, 27 May 1994, Perry E. Metzger wrote:
>
> Rolf Michelsen says:
> > Before you get too enthusiastic remember that electronic cash is not
> > legal tender
>
> I have to mention, yet again, that this sort of phrasing is a product
> of the notion that digital cash is somehow a currency. It is not. It
> is an anonymous money transfer method. Saying "digicash is not legal
> tender" is sort of meaningless -- the real question is "is the
> currency being transfered legal tender".
Yes, and if you had quoted my entire message you would get my point.
Since electronic cash is not legal tender -- just a way of transfering
legal tender -- a clearing system which administrates the "real flow of
money" must exist so that participants can exchange their "transfer
tokens" to "real" cash.
-- Rolf
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Rolf Michelsen "Standards are wonderful --
Email: rolf.michelsen@delab.sintef.no everyone should have one"
Phone: +47 73 59 87 33 -- Ancient FORTH proverb
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