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Hal mentions all the problems a going concern would have with an
electronic banking: patent on the blind signature, RSA license also
required, acceptable use policy, underlying legality.
>I do think, though, that an informal digital cash system, presented as
>a research project or an educational game, would be able to slip
>between the cracks of the legal system, much as PGP has done.
I agree. An experimental money system should be fine, practically
speaking. There will be no problem if no goods or services change
hands. If everything is scored in points, then there is no concern
about money at all.
More generally, a digital money system is isomorphic to a conserved
quantity server. For example, if I were to write a distributed
multi-player simulation game, I could represent conserved quantities
such as fuel and ammunition as the equivalent digital money tokens.
That is, in order to fire, I have to "spend" a bullet.