e$: e-cash underwriting

[hughes@ah.com (Eric Hughes)]

   >Why does everyone think that the law must immediately be invoked when
   >double spending is detected?

   It's obvious I gave that impression. I regret the error. 

I wasn't referring just to you, but to what is unfortunately and
surprisingly a general reaction to protocol failure in money
protocols, namely, "lynch the bastard!".  I assure you, as recently
as last week I had the same reaction from someone at DigiCash.

Anyone remember the rant of mine a few months back about language and
about how imputing motive into protocol makes you stupid?  Well,
here's a good example of that connection in action.  The dominant term
in the literature for the agent of double-spending is a "cheater".
And cheaters must not prosper, right, so let's punish them.  That kind
of reasoning leads without further thought to a reliance on law
enforcement and identity.

   If someone deliberately double (or million) spends, then they should get
   busted for fraud. Period.  

If there's a charge for attempting a deposit, and this charge is paid,
even a million times, do you still think such transactions should be
considered fraud?

Turn fraud attempts from a security cost to a profit center.

Eric