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Let's suppose myself and 10,000 of my closest friends form the First National Cypherpunk Bank and Trust. We go through all of the hassles in order to be the issuer of a Master Card or Visa. Now instead of having a credit line, it is set up as a debit card. The card's limit is how ever
Why jump through the hoops Visa or M/C would send you through if its a DEBIT card??? You don't need them for something like that, simply the acceptance of the Internet community, that credits from another user drawn on the Cypherpunk Bank would be accepted.....which leads to your next paragraph...
I was looking at at the bigger picture. Any merchant who accepts Visa or MC could now accept anonymous payments. No hassle at all on their part. They probably wouldn't even know that it was an anonymous account. It fits into the existing infrastructure very nicely. A bank in Minneapolis has a similar system in operation. They issue you a Visa card. That card automatically debits your checking account. The key would be not to have the card attached to the account. If the card is attached to any type of account, then there are reporting requirements. A more apt analogy would be the prepaid phone cards. Walk into the issuing authority, plunk your $9999.99 on the counter and ask for your card. When you've spent it all, toss the card. Sam ============================================================================== Marriage is like a cage; one sees the birds outside desperate to get in, and those inside equally desperate to get out. - Michel Eyquem de Montaigne ============================================================================== skaplin@skypoint.com | Finger skaplin@infinity.c2.org for | a listing of crypto related files PGP encrypted mail is accepted and | available on my auto-responder. preferred. | (Yes...the faqs are there!) | E-mail key@four11.com for PGP Key or | "...vidi vici veni" - Overheard Finger skaplin@mirage.skypoint.com | outside a Roman brothel. ============================================================================== -----BEGIN PGP SIGNATURE----- Version: 2.6.2 iQEVAwUBLwfRXMlnXxBRSgfNAQH0twf+Is7Gur7MlN1djLdLKQ5N1Qcf+9tM4hD8 II+4Z3lSFsCYV3K30Iochnqr+9am8C08LZYk0uUqhW/EEhCkHIlivBniIHXNgvZ/ XbTqiZyAwP7E+8CQNbNywoRqJ46WKRgQpvpDFgSDUmnUzQliRzoBzsU6cwJY+uYp YLzpNkm+knleEDgAa978GaZsTK57wjkZ6ald2/gRoXzF4Pd0FW/lBd+KcSIq9KZN hU/VJ3dh6NDqbXbu92RjCl+Ba+UL3Ljk/+k4Gc+aQOV5f6vghOYmsVy9pqjz8R7a IfORPuLFYRDemWGjBF6vmWfkrOACdl6HLx5RdQd5eDfWqXFpDzE8eQ== =Y8cO -----END PGP SIGNATURE-----