July Freedom Forum Meeting

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Date: Tue, 09 Jul 1996 17:48:35 -0500
From: Jack Shimek <jshimek@jaqboot.mv.com>
MIME-Version: 1.0
To: <very big snip...>
Subject: July Freedom Forum Meeting

********   FREEDOM FORUM   *******
July Meeting Announcement
**********************************

July 15, 1996,  7-9 PM,  Newbridge Cafe, Nashua, New Hampshire

E$  ----  Electronic Money and Commerce

Robert Hettinga, Digital Commerce Society of Boston

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Banks have been doing "electronic funds transfers" for years, and now 
ATM transactions have skyrocketed, due to their convenience.  What 
happens when you can take complete control by saving your e-money right 
in your own personal computer's hard drive?  Will there be competing 
e-currencies?  Will transactions become invisible?  The internet and new 
encryption techniques make the possibilities absolutely enthralling.

Hear Bob Hettinga explore all the technologies and possibilities at the 
July Freedom Forum!

(For directions, see our web page at:
http://www.mv.com/ipusers/jaqboot/Freedom/Forum.html

apologies to this month's speaker for not creating a full web page on 
his talk.  Will catch up after the talk.

Jack Shimek

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-----------------
Robert Hettinga (rah@shipwright.com)
e$, 44 Farquhar Street, Boston, MA 02131 USA
"'Bart Bucks' are not legal tender."
                -- Punishment, 100 times on a chalkboard,
                       for Bart Simpson
The e$ Home Page: http://www.vmeng.com/rah/

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On Tue, 9 Jul 1996, Robert Hettinga wrote:

> Date: Tue, 9 Jul 1996 19:04:46 -0400
> From: Robert Hettinga <rah@shipwright.com>
> To: dcsb@ai.mit.edu
> Cc: cypherpunks@toad.com
> Subject: July Freedom Forum Meeting
> 

[stuff rm'd]

> Banks have been doing "electronic funds transfers" for years, and now 
> ATM transactions have skyrocketed, due to their convenience.  What 
> happens when you can take complete control by saving your e-money right 
> in your own personal computer's hard drive?  Will there be competing 
> e-currencies?  Will transactions become invisible?  The internet and new 
> encryption techniques make the possibilities absolutely enthralling.

this SHOULD never happen, for the same reason that money cards (the one's
with the chip embedded in the plastic) should never happen.

I'll use the card as an example of why not...

ok, say I DID get a money card... here's the process that makes the
encryption, and/or any other security, useless.

1) get a bank loan, and transfer the $$ onto the card.. lets say
$100,000...

2) copy the chip.

3) now go cash both at seperate ATM machines, the same day.

4) pay off your loan. (you decided you didn't NEED a house after all)

5) move to switzerland, because this is VERY tracable.

you now have $100,000 CASH, and a small paper trail. No cryptanalisys
required.

Of course, this would require some equipment, but anybody who can afford
the equipment, with, say a small loan, can pay back their loan that day,
and still have a bit of spending cash.

 --Deviant



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Or for that matter, did anyone hear that New Jersey, beginning in 1997, 
will fully have implemented a drivers license which encloses a computer 
chip intended to contain medical, legal, etc. backgrounds "and 
eventually" will be used to contain cash transactions, bus passes, etc.

For the 10% who know of it, let me know more.
For the rest of the list:  it's true.