[2919] in cryptography@c2.net mail archive
Re: IP: "CyberCash can't oust credit cards"
daemon@ATHENA.MIT.EDU (Steve Simmons)
Tue Jul 7 20:21:24 1998
To: cryptography@c2.net
From: scs@lokkur.dexter.mi.us (Steve Simmons)
Date: 7 Jul 1998 20:09:47 -0400
John R Levine <johnl@iecc.com> writes:
>> >2. Three orders of magnitude cost reduction.
>CyberCash's entire business model for e-cash is wrong. They ask for a 4%
>slice of each transaction, which is absurd. How much do issuers of real cash
>ask per transaction? Zero, of course.
Chuckle. While I'll grant the sophistry that credit cards != cash, they
are a convertable instrument which functions as cash for most of the
world. And they take a nice cut.
Or take banks and checking accounts. Per-check (transation) charges, plus
the interest on what you leave in the account.
And that's all I have to say on this topic, as this is a crypto list.
--
Joy's Law: "Let's be truthful, most of the bright people don't work for
you -- no matter who you are. You need a strategy that allows
for innovation occurring elsewhere." (Bill Joy)
