RE: OFFSHORE DIGITAL BANKS

> From: Sandy Sandfort <sandfort@crl.com>
> Subject: OFFSHORE DIGITAL BANKS
[SANDY SANDFORT wrote]
>  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
>
> C'punks,
>
> Chris Claborne wrote:
>
>     I guess it boils down to this, we have to have someone
>     that we can trust. The issue of currency conversion
>     would also be a new one for me.  Would my money be
>     Swiss?  If the transaction gos south, what do I do, I am
>     no longer covered by US law and would have no proof that
>     this transaction ever took place (remember, no one can
>     ask the bank for records). Hmmmm
>
> Your money in a Swiss based bank would be Swiss if that's what
> you wanted.  Almost certainly, you would have additional options
> for your "unit of accounting."
>
> Though US law might not help you, it is not true to say that "no
> one can ask the bank for records."  You can.  The proof that a
> transaction (such as a deposit) took place, is the digitally
> signed receipt you get from the bank.  It is VERY good proof.
>

   If I my e-note instructed the bank to deposit some funds into a numbered 
account of my supplier, then I have no proof that that transaction was 
actually going to supplier X.  Remember, one of the requirements by 
cypherpunks is to mask (if desired) where money is going.  Even if I used 
the supplier's name on the e-note instructions, how could I prove that the 
name on the note and said supplier are the same?  The only thing I could 
have PROOF of is that I spent N ammount of money.

                                        ...  __o
                                       ..   -\<,
chris.claborne@sandiegoca.ncr.com      ...(*)/(*).          CI$: 76340.2422
PGP Pub Key fingerprint =  A8 FA 55 92 23 20 72 69  52 AB 64 CC C7 D9 4F CA
Avail on Pub Key server.

"Claborne, Chris" says:
>    If I my e-note instructed the bank to deposit some funds into a numbered 
> account of my supplier, then I have no proof that that transaction was 
> actually going to supplier X.

You have proof that you sent funds to the stated account. Presumably,
if you are sufficiently interested, you would have a contract with
your vendor, signed by them, stating that they wanted to be paid that
way. If for some reason that was not possible or insufficient, you
could use a mutually selected agent and an excrow account of some
sort.

Perry