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Re: ecash speed
At 8:21 PM 11/9/95, jim bell wrote:
>The problem: How do you pay, say, 1/10th of a penny for a good or service
>if the minimum denominated coin is a penny? This is important, because as
>we all know the cost of providing computer services of all kinds (and data
>transmission) can be expected to continue to drop as time progresses. If
>we allow the minimum size coin to control our lives, it will keep prices
>higher than they ought to be and prevent low-cost services from existing.
Ask any business whether the "minimum denominated coin" is a penny. Perhaps
the minimum denoominated _coin_ is a penny, in the U.S., but vast numbers
of widgets are priced at sub-cent levels.
True, no purchase orders are written for sub-cent prices, but this is a
transaction cost issue, not something basic to the currency. (Likewise,
Hal's concerns about ecash speed are basically transaction cost issues.)
Views here are not the views of my Internet Service Provider or Government.
Timothy C. May | Crypto Anarchy: encryption, digital money,
[email protected] 408-728-0152 | anonymous networks, digital pseudonyms, zero
Corralitos, CA | knowledge, reputations, information markets,
Higher Power: 2^756839 | black markets, collapse of governments.
"National borders are just speed bumps on the information superhighway."