On 15 Sep 97 at 10:19, Robert Hettinga wrote:

In fact, even if all transactions remain book-entry ones, the exploding total transaction volume and competition to make those transactions efficient will make GAK economically impossible, because it provides no tangible benefit to those who use cryptography for business. There's no economic return on the additional cost.

The cost of anything is the foregone alternative, and the cost of GAK causes you to forego a lot of money and potential revenue and doesn't buy you anything in return.

In the long term, you are right. But taxation doesn't buy much in return that you couldn't buy by yourself either but they still do it... But again, the incentives are differents from their standpoint... Ciao jfa