[cryptography] Digital cash in the news...

James A. Donald jamesd at echeque.com
Mon Jun 13 18:41:41 PDT 2011


>> ObCrypto: sorry, got nothing.

This crisis has a lot to do with the fact that Bitcoin is doing well, and 
suggests demand for other cryptographic solutions.

As orthodox places to put your money and perform transactions are  
increasingly suspect, people are now willing to consider unorthodox places 
to put their money and unorthodox means to transact, when formerly there 
was really no demand.

Now there is demand.  And that the crisis was caused by regulators is a  
major reason for that demand.

If crypto's mission is to enable people to sign on to their banks without 
being phished, then this discussion is wholly irrelevant.

If crypto's mission is to enable people to do transactions without being  
scammed, then existing scams not employing cryptography are wholly 
relevant.

If government regulation was ineffectual or actively damaging, then we  
need cryptographic solutions that provide security in ways that bypass the 
government and regulators - hence the demand for bitcoin.

If the crisis was lack of wise regulation, then we need a solution in  
which all transactions are, like paypal transactions and the various cell 
phone money schemes, rendered visible to authority and traceable.

If the crisis was immoral and corrupt regulation, with politicians  
directing money to voting blocks and regulators spinning in the revolving 
door between government and banks, and often changing their hats without 
even changing their offices, wearing a regulator hat at the same desk where 
a short time before they had worn a banker hat, then we need a more 
cypherpunkish solution - such as bitcoin, and there is customer demand for 
a more cypherpunkish solution.
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