17 Dec
2003
17 Dec
'03
11:17 p.m.
2. Three orders of magnitude cost reduction.
CyberCash's entire business model for e-cash is wrong. They ask for a 4% slice of each transaction, which is absurd. How much do issuers of real cash ask per transaction? Zero, of course. As I've mentioned before, the way you make money with money is seignorage, that is you print it and make your profit on the float and on coins that are never redeemed. Works great for travellers checks. I suspect that Bob H. would agree. Regards, John Levine, johnl@iecc.com, Primary Perpetrator of "The Internet for Dummies", Information Superhighwayman wanna-be, http://iecc.com/johnl, Sewer Commissioner Finger for PGP key, f'print = 3A 5B D0 3F D9 A0 6A A4 2D AC 1E 9E A6 36 A3 47