New digital bearer cash site launched (was Re: money mixes)

[coderman]

On 2/21/07, Steve Schear <s.schear at comcast.net> wrote:
> ... Taking a cue from the lively Digital Gold Currencies,
> eCache's first denomination if gold backed.  Unlike Digicash's instruments,
> eCache is using a mixing technique, rather than blinding, to help preserve
> unlinkability.  Its mint is located on a hidden server in TOR-land.  More
> information at: https://ffij33ewbnoeqnup.onion.meshmx.com/doc.php

interesting indeed!

"""
   How can I trust you that your currency is really worth anything and
not backed by hot air?

   Well, you can't. The only way to trust us is to give us a try. Use
our system with COW, get a very small amount of GG. Talk with us on
the channel. Over time you will see that we honour our promises and
that you can get your gold back. That way we will gain favour in your
eyes.  Sooner or later we will also add an auditing process for our
physical resources. Check on our site as information becomes
available.
"""

solving the reputation problem will be much harder.  it will be
interesting to see how this plays out...

a few things which make me cautious to trust their reputation:

"There are however a few external proxies that make our service
available to a bigger public. Those proxies are not sponsored by us
nor are they under our control."
 ^- bad idea.

it's Tor, not TOR.  (ok, a nit pick, but something anyone familiar
with Tor would know...)

lack of detail regarding authority and authorization to access funds
(physical and digital) by the three anonymous individuals.  is this a
quorum system, preventing a single rogue from wreaking havoc?  is an
escrow mechanism in place to recover from untimely death or
incarceration of an individual?  etc.

---

otherwise, i love it.  here's to hoping it goes somewhere!
 /me departs to code some COW wrangling logic...