At 10:09 AM 2/4/95, Hal wrote:
Some payment system is probably better than none, but I hate to see the name "cash" expropriated by these non-cash systems.
Indeed. That was the point of the URL to Mr. Solinsky's excellent introduction to the subject. It is easy to see that the original NetCash isn't a digital cash system, with its clearing of a single-use serial number transmitted unencrypted in the clear, and with its "bank" settling the transaction through the telco 900-number system. Not having looked yet, I bet the "other" NetCash is probably not Chaumian-equivalent digital cash either, or we'd have heard more about it. It would be a pretty major accomplishment, especially if it doesn't violate Chaum's patents. As Eric has said here recently, we have to remember the difference between transaction clearing (which First Virtual, for example, does well, at least as a prima facie system) and transaction settlement (which FV does on the back of the Visa/MC network), which is what a true cash-settlement system would do in one stroke. Someday, and not now, I would like to take up the cudgel and jumpstart the old offline/online cash debate. I like offline cash because it doesn't require a bank intervention at every transaction, double-spending cash and "inside-job" private key theft notwithstanding... Ah, well. Someday. Cheers, Bob Hettinga ----------------- Robert Hettinga (rah@shipwright.com) "There is no difference between someone Shipwright Development Corporation who eats too little and sees Heaven and 44 Farquhar Street someone who drinks too much and sees Boston, MA 02331 USA snakes." -- Bertrand Russell (617) 323-7923