[12952] in Cypherpunks
Digital Cash
daemon@ATHENA.MIT.EDU (Eric Hughes)
Tue May 3 14:14:40 1994
Date: Tue, 3 May 94 11:05:52 -0700
From: hughes@ah.com (Eric Hughes)
To: cypherpunks@toad.com
In-Reply-To: Duncan Frissell's message of Tue, 3 May 1994 12:05:13 -0400 (EDT) <Pine.3.05.9405031211.A25894-b100000@panix.com>
>Something overlooked in the real world that encourages the maintenance of
>private payment systems (cash) is th existence of a large number of people
>with bad credit.
Bad credit or no credit. Having no record in the credit databases is
as good as have negative entries, for many purposes.
>About 20% of the US population has neither credit cards nor checking
>accounts. Some of this is because of personal preference but a lot of it
>is because these people can't handle something as abstract as a checking
>account without wrecking it.
A significant part of this is that banks have simply moved out of a
lot of neighboorhoods, and checking accounts are simply not easily
available. Many people grow up without interaction with the banking
system, and therefore don't get electronified.
Eric
