At 05:53 PM 7/3/96 -0400, Simon Spero wrote:
2) If ecash is used to create a new currency- i.e. the value of a unit of the ecash is not tied to any single existing currency, what should the value of one currency unit be set at? (let's call it a Turing)
Low, maybe a tenth of an American cent. But probabilistic payment should be used to allow the minimum average payment to go way below this, perhaps to an unlimited extent. The reason is simple: The cost of providing net transactions, and electronic transactions in general, can be expected to drop exponentially, just like the cost of telecommunications and CPU power do. Any arbitrary limit to how low they can go will act somewhat akin to the minimum wage: It will deter development of any product or service whose perceived value is less than this arbitrary minimum. Jim Bell jimbell@pacifier.com