Date: Sat, 21 Jan 1995 15:18:48 +1300 From: davidm@iconz.co.nz (David Murray)
But of course, since ecash is worth only what you can get for it, the web of trust model, since it reflects what people will give for it, seems to reflect that underlying value much better.
Oh... Nice... I hadn't thought of that...
The best way to underpin the value of ecash is for the issuer to (credibly) undertake to convert it into real money.
And since I would only make the promise to the few people that I am connected to in the debt-trust web, this is doable. I doubt I could convince all of you that I was good for $10, but I bet there are a few readers on this list that I *could* convince. They would be able to convince a few others that _they_ are worth $10, etc. This system might even dodge the laws governing banking in various jurisdictions ... though I doubt it. It quacks, waddles, and water runs off its back... Noyb