From: Sandy Sandfort <sandfort@crl.com> Subject: OFFSHORE DIGITAL BANKS [SANDY SANDFORT wrote] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C'punks,
Chris Claborne wrote:
I guess it boils down to this, we have to have someone that we can trust. The issue of currency conversion would also be a new one for me. Would my money be Swiss? If the transaction gos south, what do I do, I am no longer covered by US law and would have no proof that this transaction ever took place (remember, no one can ask the bank for records). Hmmmm
Your money in a Swiss based bank would be Swiss if that's what you wanted. Almost certainly, you would have additional options for your "unit of accounting."
Though US law might not help you, it is not true to say that "no one can ask the bank for records." You can. The proof that a transaction (such as a deposit) took place, is the digitally signed receipt you get from the bank. It is VERY good proof.
If I my e-note instructed the bank to deposit some funds into a numbered account of my supplier, then I have no proof that that transaction was actually going to supplier X. Remember, one of the requirements by cypherpunks is to mask (if desired) where money is going. Even if I used the supplier's name on the e-note instructions, how could I prove that the name on the note and said supplier are the same? The only thing I could have PROOF of is that I spent N ammount of money. ... __o .. -\<, chris.claborne@sandiegoca.ncr.com ...(*)/(*). CI$: 76340.2422 PGP Pub Key fingerprint = A8 FA 55 92 23 20 72 69 52 AB 64 CC C7 D9 4F CA Avail on Pub Key server.