[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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