Fw: Advance Bank launches ecash

Seen this? Another bank braving the Digicash ecash waters:
 ----
From: Edward Breese x1364 <edwardb@executive.advance.com.au>
To: ecash-merchant <ecash-merchant@advance.com.au>
Date: Friday, 20 June 1997 11:50
Subject: Advance Bank launches ecash

>
>Hi everyone,
>
>Thank you for being so patient.  ecash is now available from our web site
>at:  http//www.advance.com.au/ecash
>
>You will find plenty of information to help you set up your ecash purse
and
>configure a web site to accept ecash.  You can  download our latest
Internet
>Banking program (version 6), the ecash purse software and ecash merchant
>software.  You will also find some examples of real merchants who accept
>ecash.
>
>We will be launching a shopping mall in the coming weeks and invite you
to
>become involved either as a user, merchant or systems integrator.
>
>We are also keen to get your feedback so please if you have time fill in
the
>feedback forms on the web.
>
>Have fun setting up your shops,
>
>Thanks, Edward
>

At 9:22 AM -0700 6/20/97, Wayne Clerke wrote:
>Seen this? Another bank braving the Digicash ecash waters:
> ----
>From: Edward Breese x1364 <edwardb@executive.advance.com.au>
>To: ecash-merchant <ecash-merchant@advance.com.au>
>Date: Friday, 20 June 1997 11:50
>Subject: Advance Bank launches ecash
>
>>
>>Hi everyone,
>>
>>Thank you for being so patient.  ecash is now available from our web site
>>at:  http//www.advance.com.au/ecash
>>
>>You will find plenty of information to help you set up your ecash purse
>and
>>configure a web site to accept ecash.  You can  download our latest

I was unable to connect to the listed URL, but I rather suspect this is not
a form of "e-cash" that is of much interest or use to Cypherpunks.

No mention of "untraceable" or "anonymous" or "Chaum." And no mention of
"Digicash," except in your (Wayne's) introduction; Digicash is, rightly or
wrongly, a trademark of the company with the same name.

--Tim May

There's something wrong when I'm a felon under an increasing number of laws.
Only one response to the key grabbers is warranted: "Death to Tyrants!"
---------:---------:---------:---------:---------:---------:---------:----
Timothy C. May              | Crypto Anarchy: encryption, digital money,
tcmay@got.net  408-728-0152 | anonymous networks, digital pseudonyms, zero
W.A.S.T.E.: Corralitos, CA  | knowledge, reputations, information markets,
Higher Power: 2^1398269     | black markets, collapse of governments.
"National borders aren't even speed bumps on the information superhighway."

At 09:50 AM 6/20/97 -0700, Tim May wrote:
>
>>>Thank you for being so patient.  ecash is now available from our web site
>>>at:  http//www.advance.com.au/ecash

>I was unable to connect to the listed URL, but I rather suspect this is not
>a form of "e-cash" that is of much interest or use to Cypherpunks.
>
>No mention of "untraceable" or "anonymous" or "Chaum." And no mention of
>"Digicash," except in your (Wayne's) introduction; Digicash is, rightly or
>wrongly, a trademark of the company with the same name.

The URL is workable, i.e., I was able to connect.

Perusing the site, under "Advance Bank and ecash security", it states:
"ecash uses military grade security technology. Used in conjunction with
our secure Internet Banking program, we have taken maximum precautions to
restrict access to your bank account or ecash."

Under "military grade security technology" (which is an embedded link), it
states:
"Military grade security - ecash uses public key cryptology to protect your
money as it passes over the Internet. Each user has two keys - a public
key, used to encrypt information, and a private key which is kept secret
and used to decipher information.  More specifically, a combination of
3xDES, 512RSA and 1024RSA in conjunction with the 128 IDEA encryption used
in the Internet Banking program, means your money and account information
will be secure." 


*********************************************************
Lynne L. Harrison, Esq.       |    "The key to life:
Poughkeepsie, New York        |     - Get up;
lharrison@mhv.net             |     - Survive;
http://www.dueprocess.com     |     - Go to bed."
************************************************************

DISCLAIMER:  I am not your attorney; you are not my client.
             Accordingly, the above is *NOT* legal advice.

In article <v03102809afd06491f5c7@[207.167.93.63]>,
Tim May  <tcmay@got.net> wrote:
>At 9:22 AM -0700 6/20/97, Wayne Clerke wrote:
>>Seen this? Another bank braving the Digicash ecash waters:
>> ----
>>From: Edward Breese x1364 <edwardb@executive.advance.com.au>
>>To: ecash-merchant <ecash-merchant@advance.com.au>
>>Date: Friday, 20 June 1997 11:50
>>Subject: Advance Bank launches ecash
>>
>>>
>>>Hi everyone,
>>>
>>>Thank you for being so patient.  ecash is now available from our web site
>>>at:  http//www.advance.com.au/ecash
>>>
>>>You will find plenty of information to help you set up your ecash purse
>>and
>>>configure a web site to accept ecash.  You can  download our latest
>
>I was unable to connect to the listed URL, but I rather suspect this is not
>a form of "e-cash" that is of much interest or use to Cypherpunks.
>
>No mention of "untraceable" or "anonymous" or "Chaum." And no mention of
>"Digicash," except in your (Wayne's) introduction; Digicash is, rightly or
>wrongly, a trademark of the company with the same name.

It _is_ in fact Digicash's ecash.  Do you really think it's surprising
that the Bank's press release does not mention "untraceable" or
"anonymous"? :-)

   - Ian

>I was unable to connect to the listed URL, but I rather suspect this is not
>a form of "e-cash" that is of much interest or use to Cypherpunks.

The URL was missing a ':' after the http, otherwise worked fine for me.

>
>No mention of "untraceable" or "anonymous" or "Chaum." And no mention of
>"Digicash," except in your (Wayne's) introduction; Digicash is, rightly or
>wrongly, a trademark of the company with the same name.

I suspect there are slight differences, but will need to confirm, between
Advance's mint protocol and MT.  If I understand correctly, they use a
somewhat different customer authentication procedure (PIN).  Even so, it
should have all the same anonymity features (or lack thereof) of MT ecash.

It isn't clear to me, from their lengthy regulation list, whether a
non-Australian can open an account.

Several items of interest.
1. No Mac support.  This is an opportunity for a non-Digicash purse.

2. Fee schedule.  Advance plans to charge a 0.5% discount to funds entering
the mint, like traveller's checks.  Either banking competition must be
different in Australia or they know something I don't.  This would probably
not fly in the US under current competitive conditions.

--Steve


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        SHOW ME THE DIGITS!

On Fri, 20 Jun 1997, Steve Schear wrote:

[...]

> It isn't clear to me, from their lengthy regulation list, whether a
> non-Australian can open an account.

[...]

> 2. Fee schedule.  Advance plans to charge a 0.5% discount to funds entering
> the mint, like traveller's checks.  Either banking competition must be
> different in Australia or they know something I don't.  This would probably
> not fly in the US under current competitive conditions.

Its the first,  Australian banking compertion is very bad.  The last
goverment enqury ended up basicly saying internet commerse will increase
compertion.  IIRC correctly there are laws illeglising the keeping of
records in e-cash systems however austlii is down so I can't check. 

Please excuse my spelling as I suffer from agraphia see the url in my header. 
Never trust a country with more peaple then sheep.  Buy easter bilbies.
Save the ABC Is $0.08 per day too much to pay?  ex-net.scum and prouud     
I'm sorry but I just don't consider 'because its yukky' a convinceing argument

>>>>Thank you for being so patient.  ecash is now available from our web site
>>>>at:  http//www.advance.com.au/ecash

>Tim May  <tcmay@got.net> wrote:
>>No mention of "untraceable" or "anonymous" or "Chaum." And no mention of
>>"Digicash," except in your (Wayne's) introduction; Digicash is, rightly or
>>wrongly, a trademark of the company with the same name.

If there _wasn't_ any mention of those, there certainly is now :-)
The right-hand frame, after the pictures of PCs and dollar signs and logos,
has copyright notices, trademark notice for "ecash", and the addresses
and URLs for Advance Bank Australia Ltd. and Digicash BV in the Netherlands.

And the "Support" page has the following URLs:
   For more ecash info, refer to the DigiCash Web Site: 
     Who are DigiCash? 
     Digital Signatures and Smart Cards 
     Numbers that are money 


#			Thanks;  Bill
# Bill Stewart, +1-415-442-2215 stewarts@ix.netcom.com
# You can get PGP outside the US at ftp.ox.ac.uk/pub/crypto/pgp
#   (If this is a mailing list or news, please Cc: me on replies.  Thanks.)