[14790] in cryptography@c2.net mail archive
Re: Gresham's Law?
daemon@ATHENA.MIT.EDU (Jon Callas)
Thu Nov 20 14:59:42 2003
X-Original-To: cryptography@metzdowd.com
X-Original-To: cryptography@metzdowd.com
Date: Wed, 19 Nov 2003 16:51:32 -0800
Cc: cryptography@metzdowd.com
To: Russell Nelson <nelson@crynwr.com>
From: Jon Callas <jon@callas.org>
In-Reply-To: <16282.38610.229692.72897@desk.crynwr.com>
On Saturday, October 25, 2003, at 08:29 AM, Russell Nelson wrote:
> I wonder if the DMCA (why do those initials bring to mind a song by
> The Village People?) isn't invoking Gresham's Law? Gresham's Law says
> "bad money drives out good", but it only applies when there is a legal
> tender law. Such a law requires that all money be treated equally --
> as legal tender for all debts. Gresham's Law predicts that people
> will hoard good money and spend bad money, since it's all the same to
> them.
>
This is exactly what I said in my talks and testimony about the DMCA. I
referred to Gresham's Law as it applies to security. I also have
called the DMCA "The Snake-Oil Protection Act."
This is indeed the only case I know of where government has given
protection and preference to inferior systems over superior ones.
Jon
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