[118117] in Cypherpunks
Re: ecash means anonymous & untraceable
daemon@ATHENA.MIT.EDU (James M. Ray)
Mon Sep 20 07:52:57 1999
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Date: Mon, 20 Sep 1999 07:31:41 -0400
To: Digital Bearer Settlement List <dbs@philodox.com>
From: "James M. Ray" <jray@e-gold.com>
Cc: cypherpunks@cyberpass.net
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Reply-To: "James M. Ray" <jray@e-gold.com>
At 11:04 PM -0400 9/19/99, Robert Hettinga ("anonymous") wrote:
>...
>I am still unclear on how DigiGold differs from e-gold.
I'll say!
>... DigiGold is an electronic token or symbol which represents
>value, but that is what e-gold is already.
>
>What am I missing here?
What you get below, storage and transaction fees.
...
Whoever you are (and I have my suspicions) the WND article really
annoyed you, eh? Tough luck :^) but anyway, you're definitely more
confused about DigiGold than you admit. For one thing, it WON'T
be "Barry and Doug" alone. For another, it will be invested in VERY
short term commercial paper, which will hence be very easy to turn
into e-gold very quickly. Even if gold went up very fast, it wouldn't
be able to go up fast enough to prevent this, and consider: gold is
going up like a skyrocket, so the average DigiGold owner wants to
SELL(!?) his DigiGold to get fiat currency? Doesn't make sense to
me.
Anyway, as Doug said before:
DigiGold is currently backing it entirely with e-gold, until there
is a reasonably liquid market in suitable DigiGold-denominated
commercial paper. At that point it will start to modulate toward a
balance sheet reminiscent of [but without the embedded contradictions
of] one of the late 19th century European central banks (specifically
the Reichsbank, for reasons that will be discussed exhaustively when it
is time). The monetary theory is as compelling as the technology, but I
will not try to explicate it without the luxury of length and some
rigor.
So if you want more clues (you evidently *need* them, whether or
not you want 'em) go do some research on the late 19th century
Reichsbank while guessing what "embedded contradictions" are.
Or wait for us to have time to explain it better, which will happen
when DigiGold wants it to happen, not you. You seem to be all
wind and no sails, so I'd urge you to waste less time speculating
and spend more time doing something more useful.
JMR
Regards, James M. Ray <jray@digigold.net> or <jray@e-gold.com>
"By virtue of exchange, one man's prosperity is beneficial to all others."
-- Frederic Bastiat, "Economic Harmonies" p. 82
Create a FREE account: http://jray.QuickGold.net
http://www.e-gold.com/unsecure/pgpkey.htm has my DH PGPkey.
Opinions are my own, unless you paid me for them.
