[12135] in cryptography@c2.net mail archive
Peppercoin
daemon@ATHENA.MIT.EDU (R. A. Hettinga)
Mon Dec 9 15:39:09 2002
Date: Mon, 9 Dec 2002 15:30:03 -0500
To: Digital Bearer Settlement List <dbs@philodox.com>,
cryptography@wasabisystems.com, e$@vmeng.com, dcsb@ai.mit.edu
From: "R. A. Hettinga" <rah@shipwright.com>
Peppercoin is Rivest's lottery-settlement system for micropayments.
You effectively write 10,000 checks for a hundred dollars, and only redeem
one of them at random.
Like checks themselves, you need iron-clad is-a-person credentials to make
it work. As such, it's ideal for banks and PayPal, to whom they should sell
themselves once they prove their stuff works in the market. Like central
banks, national stock exchanges, and PayPal :-), you need a hierarchical,
category-killer economies-of-scale market plan to make it prevail, c.f. J.
Pierpont Morgan's line about "ruinous competition" when he was
"Morganizing" 19th-century American railroads.
I also, and sincerely, wish them luck. Like James Brown, Ron is the hardest
working man in cryptography, financial or otherwise.
Of course, for micropayments themselves, I only like stochastic methods for
process control. For instance, random samples for double-spending in a
streaming cash application.
Cheers,
RAH
--- begin forwarded text
Status: RO
Date: Mon, 9 Dec 2002 14:42:49 -0500
To: "e-gold Discussion" <e-gold-list@talk.e-gold.com>
From: "James M. Ray" <jray@free-market.net>
Subject: [e-gold-list] "Peppercoin"
http://www.peppercoin.com/
I'm not sure about their payment-system, but I absolutely-approve
of a few of the models, and the brains behind this company seem
impressive as well! (Like others that have passed) IMO unless they
can also attractively process MACRO-payments they'll croak. From
the description of their system (combined with what-little I know of
banks...) it sounds like they are trying to fundamentally change the
banking system -- at least WRT their product. (I wish them luck!)
JMR
PS Florida Moron-tax (lotto) is now up to $80 million! WooHoo!!
Office pool won 5 bucks, which will be plowed into next drawing so
I don't have to do math.
Also, could anyone operating or associated-with any gaming sites
that take e-gold please contact me privately? Thanks.
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--- end forwarded text
--
-----------------
R. A. Hettinga <mailto: rah@ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
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