Re: Starting an e-cash bank
At 13:25 1/3/96, Alex Strasheim wrote:
What does it take to be called a bank?
Is it necessary to be called a bank?
To get a license for the bank software from DigiCash, you have to convince them that you are a major player in whatever country you are in or have to offer some exceptional additional value to the service.
I've got a storefront in Chicago. What would prevent me from opening up a Mark Twain account and buying and selling ecash on floppies, in person?
You touched on a very important issue: the party converting currency into Ecash does not have to be the Ecash bank. There have been discussions that in the future one should be able to buy Ecash on floppy at the local supermarket, similar to today's prepaid calling cards. I certainly would like to see that happen rather sooner than later. It is my understanding that you would be welcome to issue MT Ecash for USD. Here is another business opportunity: MT Bank does not allow the purchase of Ecash by credit card, since they consider the risk of chargebacks unacceptable. This might be a market for a third party.
Do account holders have to agree not to do that before Mark Twain gives them an account? Is it illegal?
MT Bank doesn't mind. IANAL. <speaking only for myself> -- Lucky Green <mailto:shamrock@netcom.com> PGP encrypted mail preferred.
Lucky Green writes:
At 13:25 1/3/96, Alex Strasheim wrote:
I've got a storefront in Chicago. What would prevent me from opening up a Mark Twain account and buying and selling ecash on floppies, in person?
You touched on a very important issue: the party converting currency into Ecash does not have to be the Ecash bank. There have been discussions that in the future one should be able to buy Ecash on floppy at the local supermarket, similar to today's prepaid calling cards. I certainly would like to see that happen rather sooner than later.
Wait a minute. I can see how one needn't be a bank to convert ecash into pcash, but going the other way requires that the cash be transferrable in ways that Digicash isn't. If I withdraw ecash from the bank, it's marked so I'm the one who's identified if it's double-spent. If I give the cash to someone else (different from paying it to them, which requires they have an account) they're free to double-spend with (relative) impugnity. What'd I miss?
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Scott Brickner -
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