[cryptography] sander & ta-shma + bitcoin, b-money, hashcash (Re: Is BitCoin a triple entry system?)

James A. Donald jamesd at echeque.com
Tue Jun 14 23:33:55 EDT 2011


On 2011-06-15 1:29 AM, Ian G wrote:
> Which, to my mind was the same sin as the alternate: obsession with
> privacy, including to the extent of eliminating the core requirements of
> money. The first law of money is that it has to be safe:
>
> http://forum.bitcoin.org/index.php?topic=16457.0
>
> This is the fundamental reason why we have reversable transactions in
> systems to account for money ... (whatever we think of the result, there
> is a reason why we have that feature).
>
> This is also why nymous (public-key identified) transaction systems will
> always beat out coin-based (blinded) systems in the long run.

This seems inconsistent with the May scale of monetary hardness, and the 
ancient appeal of gold money.

Reversible (soft) money has to have at its foundation irreversible and 
final hard money.  Thus, in the days of the gold standard, all the banks 
would do final settlement in gold, and people tended to pay in banknotes.



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