uncensorable net based payment system?

Steve Schear azur at netcom.com
Sat Aug 9 21:15:07 PDT 1997

At 10:14 AM -0400 7/31/97, Vincent Cate wrote:
>Adam Back <aba at dcs.ex.ac.uk> said:
>But you are right that it is an asset continually dropping in value, so
>it is an odd thing to back a currency with.  Would only want to keep
>enough money in it to do what you currently wanted to do, not as a long
>term investment.
>I could imaging just gradually increasing it so that $0.25 for 1 megabyte
>today became $0.25 for 1.1 megabytes in 3 months, or something like that.

Not very different from how one might handle a gold-denominated and backed
ecash coin.  Real gold must be stored in a repository which charges a
storage and handling fee.  This can integrated with the coin value by
applying a negative interest rate to the coin based on the epoch in which
the coin is issued.  So coins are redeemed at a lower than initial value
(assuming no change in the gold value figured in whatever unit it is being


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