At 19:11 -0500 8/3/96, TrustBuckFella wrote:
I'll explain Private Currency and why it's good and bad. In Private Currency you don't "buy the [money] someplace". You mint it when paying.
IOW Electronic IOUs/Markers.
Restraint on double-spending: Each participant publishes a list of the ID and value all outstanding TrustBucks of their own variety. Value of the notes can be obscured so it can only be verified by someone who has seen the note itself.
What if some participant doesn't publish a complete list? Well, who are they robbing? People who directly trusted them for that amount and now won't ever again.
If the value is obscured there is still no verification of how much they have outstanding. So long as all of the TrustBucks are listed (with the amounts listed correctly but obscured), there is no way to verify that the claimed total is accurate unless you monitor their list before the swap and after it and there is only one new TrustBuck listed (with the correct amount added to the outstanding total). Listing phony $0 notes on the list and removing them later (and dropping the claimed outstanding balance) would be possible. With this method, anyone who I give my note to will see the correct amount in THOSE notes as well as seeing the outstanding balance go up the correct amount but that amount can be manipulated (as I stated) due to there being no complete disclosure of the amounts.