[cryptography] Digital cash in the news...

James A. Donald jamesd at echeque.com
Mon Jun 13 21:41:41 EDT 2011


>> ObCrypto: sorry, got nothing.

This crisis has a lot to do with the fact that Bitcoin is doing well, 
and suggests demand for other cryptographic solutions.

As orthodox places to put your money and perform transactions are 
increasingly suspect, people are now willing to consider unorthodox 
places to put their money and unorthodox means to transact, when 
formerly there was really no demand.

Now there is demand.  And that the crisis was caused by regulators is a 
major reason for that demand.

If crypto's mission is to enable people to sign on to their banks 
without being phished, then this discussion is wholly irrelevant.

If crypto's mission is to enable people to do transactions without being 
scammed, then existing scams not employing cryptography are wholly relevant.

If government regulation was ineffectual or actively damaging, then we 
need cryptographic solutions that provide security in ways that bypass 
the government and regulators - hence the demand for bitcoin.

If the crisis was lack of wise regulation, then we need a solution in 
which all transactions are, like paypal transactions and the various 
cell phone money schemes, rendered visible to authority and traceable.

If the crisis was immoral and corrupt regulation, with politicians 
directing money to voting blocks and regulators spinning in the 
revolving door between government and banks, and often changing their 
hats without even changing their offices, wearing a regulator hat at the 
same desk where a short time before they had worn a banker hat, then we 
need a more cypherpunkish solution - such as bitcoin, and there is 
customer demand for a more cypherpunkish solution.



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