Re: The Bank of the Internet!?

["Perry E. Metzger" <pmetzger@lehman.com>]

Jim McCoy says:
> 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.

Well, I'm glad that you understand that there is a problem here.

> 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...)

I have. Commercial paper isn't actually too bad -- its pretty logical
once you understand the principles.

> 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...

I wish you luck.

Perry