At 02:38 PM 5/11/99 -0700, James A. Donald wrote:
>I have created a web page reviewing the various efforts to
>bring a cashlike medium to the internet.
> I would appreciate some corrections.
At least in the case of CyberCash, you have confused two
product offerings. CyberCash is a company, not
a product. CyberCash offers services and has offered
a product called CyberCoin. CyberCash's main
services today are payment services (moving or collecting money)
on both the 'net and in the physical storefront world.
The Internet payment service lets merchants collect money from
consumers using their existing credit card or checking accounts.
CyberCoin is a micropayment system. It was specifically addressed
at transaction too small to be cost effective using credit cards.
It launched in September 1996. It was a commercial failure.
Support for CyberCoin was stopped in the US in the past month or
so. There is still some commercial interest in CyberCoin in Europe.
There were many design decisions behind CyberCoin that make it work
the way it does. For example, it is not a "bearer instrument" in the
normal legal sense. It does, however, store the value in FDIC insured
bank accounts.
There are many reasons for CyberCoin's failure. I think I know
some of them. I'd be very interested in an informed discussion of them.
Since CyberCash is a publically traded company, much of the story
behind CyberCoin is public information. I'm an engineer, not a
press spokesman or company official, so what I say is clearly
personal opinion.
Thanks
Pat
Pat Farrell CyberCash, Inc. (703) 715-7834
[EMAIL PROTECTED]
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