At 5:41 AM 10/30/95, M. F. (Pat wrote:
"James A. Donald" <jamesd@echeque.com wrote:
While Chaum is a brilliant cryptographer, he is an incompetent businessman
He has demonstrated this in numerous ways.
The latest being "Cash" where the bank skims off 4% to 10% every time.
No one is going to use digicash under these kinds of terms and conditions.
Doesn't just about everyone do precisely this when they pay sales tax? Every time a buck arrives or departs a hand one pays a tax yet the system (you and I)continues accepting these terms albeit painfully.
Many types of business dealings are exempt from sales tax, through arrangements for resales. I don't know if the "skims off 4% to 10% every time" point accurately describes how the current Digicash model works, but certainly this will not fly as a long term rate. So many monetary transactions happen in the course of business that even a 4% fee _per transaction_ would rapidly wipe out most of the value. --Tim May Views here are not the views of my Internet Service Provider or Government. ---------:---------:---------:---------:---------:---------:---------:---- Timothy C. May | Crypto Anarchy: encryption, digital money, tcmay@got.net 408-728-0152 | anonymous networks, digital pseudonyms, zero Corralitos, CA | knowledge, reputations, information markets, Higher Power: 2^756839 | black markets, collapse of governments. "National borders are just speed bumps on the information superhighway."