Re: Brands excluded from digicash beta

[jamesd@netcom.com (James A. Donald)]

Paul Robichaux writes
> I'm sure that the design of a robust, usable [clearing] system 
> is nontrivial, and I don't mean to imply that it is. I just 
> don't believe that a tool the size of Fedwire and the existing 
> bank architectures are, or will be, required.

The tools will be vastly simpler and smaller than Fedwire, etc
but the system will be vastly larger an more complex than Fedwire
etc, because "the system" will consist of many diverse people
using these tools in diverse ways for diverse purposes.

Attempts to design an all encompassing well organized system
run counter to the way the internet works and are therefore
likely to fail. 

If it does not work by spontaneous order, it probably will not work.

Regrettably, there is an obvious conflict between full and true
anonymity, and spontaneous order.  On the other hand, absent
a centralized system, anonymity is less critical.

-- 
 ---------------------------------------------------------------------
We have the right to defend ourselves and our
property, because of the kind of animals that we        James A. Donald
are.  True law derives from this right, not from
the arbitrary power of the omnipotent state.            jamesd@acm.org