[14316] in Cypherpunks
Re: ecash Press Release
daemon@ATHENA.MIT.EDU (Sandy Sandfort)
Fri May 27 17:28:48 1994
Date: Fri, 27 May 1994 13:56:11 -0700 (PDT)
From: Sandy Sandfort <sandfort@crl.com>
To: Rolf Michelsen <Rolf.Michelsen@delab.sintef.no>
Cc: "Perry E. Metzger" <perry@imsi.com>,
Cypherpunks mailing list <cypherpunks@toad.com>
In-Reply-To: <Pine.3.88.9405271512.L23228-0100000-0100000@svme.er.sintef.no>
C'punks,
Stop! Unless you know what you're talking about, there is really no
reason to post about this thread.
On Fri, 27 May 1994, Rolf Michelsen wrote:
> . . .
> Here I think we are nearing the real issue. We agree that all electronic
> cash schemes require clearing, yes? . . . The DigiCash
> scheme probably is *great* but it won't be *usefull* by everybody in an open
> system before a clearing organization exists. Due to gouvernment
> regulations etc a clearing system is not trivially implemented. . . .
Wrong. I thought Perry was quite clear on this. A clearing "system" is
anyone or anything that will clear a transaction. Any bank that issues
and/or accepts digital cash may *clear* it. Folks, we've been through
this before.
You get paid some digital money. You deposit it to your account at the
1st Digital Bank and Grill. You go to the store and buy a shirt. You
pay using the VISA card issued to you by FDB&G. Need some cash? Take
your FDB&G ATM card and go to any cash machine displaying the Plus logo.
Simple isn't it? I don't want to have to explain this again.
S a n d y
