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Re: Virtual Cash
> Money has value because we agree it has value. As long as
> noone is willing to give me a meal, a nights lodging, or 30 minutes
> CPU time for some number of tacky tokens, they will be just that;
The simple model: I offer to accept U.S. dollars and hand out tokens
at a one-for-one rate. I also promise to redeem them at the same
Unfortunately, nobody would trust me, and they'd be smart not to.
I'm not an established financial institution. Not only might I
abscond with the money, I don't have the financial reserves to
cover redemptions and still make money on a no-fees system. And
I don't know the laws involved, so you might lose out when I get
hauled off to jail.
Poll: assuming you had a use for FedNote-backed 100%-reserve digicash,
what service fee would you be willing to pay, and how much money
would you be willing to leave in the hands of some random individual?
Eli [email protected]