Re: The Bank of the Internet!?

[Jim McCoy <mccoy@ccwf.cc.utexas.edu>]

Perry E. Metzger <pmetzger@lehman.com> writes:
> 
> Jim McCoy says:
> > We want to be the ones who will define the protocol for currency on
> > the net.
> [...]
> 
> I don't care for the Government, but I suspect that Chase Manhattan
> has a much better idea of the problems involved in cash transfer and
> accounting systems than you guys do. People who've never worked for
> financial institutions rarely understand where the real problems are.
> [...]

This is true.  We are not trying to do this alone.  We are working with a
major local credit union to be able to handle these sorts of things.  We
also have people involved who have some real experience in this area.  I
guess I will say that we are trying to cover all of the bases as best we
can (if you want a real fun mind-warp examine commercial paper and
electronic wire transfer law...) and that we are going to do something.
Enough has been bounced around in conversation here, we are going to try to
get something done now...

jim