[118059] in Cypherpunks
Re: Will this replace banking?
daemon@ATHENA.MIT.EDU (Robert Hettinga)
Sat Sep 18 16:52:18 1999
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Date: Sat, 18 Sep 1999 15:29:37 -0400
To: cypherpunks@cyberpass.net
From: Robert Hettinga <rah@shipwright.com>
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Reply-To: Robert Hettinga <rah@shipwright.com>
--- begin forwarded text
Date: Sat, 18 Sep 1999 16:46:34 +0200
From: "E. van der Koogh" <vdkoogh@mediaport.org>
To: Robert Hettinga <rah@shipwright.com>, dbs@philodox.com,
e-gold-list@free-market.net
Subject: Re: Will this replace banking?
Sender: <dbs@philodox.com>
List-Subscribe: <mailto:dbs-on@philodox.com>
> > b. WebFunds is a multi-wallet system. It's up to you
> > to add some sort of blinding formula if you are keen
> > enough. It is (supposed to be) open source, although
> > we haven't got the anon source out yet, and accounts
> > only go to people I know coz the machine needs to be
> > secure. It's early days, and nobody has announced
> > anything yet.
> >
> > c. The difference between blinding and a non-blinding
> > system is, at an optimistic maximum, 10% of the protocol,
> > and 1% of the code. Do I have to amplify this point?
>
> It's not going to be easy and may not even be practical to add blinding to
> a protocol which is not designed for it from the beginning. Besides, it
> would require changes to both server and client. The server (distinct
> from the mint) runs at systemics.com. Are you going to make that
> open source? Run new code supplied by outsiders on your own server?
> Let others add blinding into your system? These technical possibilities
> raise significant business, liability and legal issues. Commitment to
> open source can go only so far in this context.
The client will be opensource as soon as Systemics has some time to set
up anon CVS.
Now the client is a multi-wallet client that will support multiple
wallets. It also supports different so called contracts. Only the server
for DigiGold will be run by Systemics, at least at this stage.
If you want to go issue BobBucks there's nothing to stop you from either
buying a license from Systemics for the server or writing your own
SOX-compatible server. You can also write both your own (maybe a
blinding) wallet and a server and you can even make up your own protocol
if you really want to :)
[snip..]
> > e. The e-gold guys have said they want to do blinding.
> > They've always said it. But since they've got involved,
> > they've discovered some of the non-techie aspects that
> > make blinding - er - more difficult. They've adjusted
> > their strategy accordingly.
>
> Earlier you claimed that blinding could be added so easily, changing
> only 1% of the code, and that outsiders would be welcome to add what
> would apparently amount to a minor tweak. Now you say that there are
> significant obstacles in adding blinding to the system. Which is it?
If you slowly reread what Ian just wrote it says: "they've discovered
some of the (and here it comes) non-techie aspects.."
You care to name a reasonable and respectable jurisdiction that's going
to allow an institution to issue untracable, completely anonymous
digital cash?
And that's probably only one of the few NON-techie problems.
[snip..]
> Fundamentally, the problem is this: you guys have the superficial
> appearance of a privacy-protecting, anonymous payment system. It's no
> wonder that the WorldNetDaily reporter was confused. But the meat isn't
> there. Maybe your system can evolve into one eventually; if so, great,
> but it doesn't sound like you are making much of a commitment to it.
> You seem to think that "sorta" private transactions are good enough.
> Well, this exchange will hopefully straighten you out about that,
> at least.
Well.. to get back to the WorldNetDaily article. There are a few towns
on the way to Hardyville. And some of the people are stopping there to
get some gas and a bite. I hope you have enough gas and food to make it
to Hardyville ;)
Take care and drive safely,
Erwin
--- end forwarded text
-----------------
Robert 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'
