On Wednesday, Sep 24, 2003, at 02:18 Europe/London, Adam L Beberg wrote:

Rivest and Micali's microcheque protocol gets a ducat-download.

Next stop an IPO -- and then an eBay buyout... ;-).

Hahaha... "about 7 percent per transaction" - NOT mentioned on the website anywhere, I had to look in a Wired article - we call that an "F*** the merchant" rate folks, even AMEX isn't that high.

I think you'll find that when the transaction value is small the merchant rates from all the credit card companies are substantially higher than that. It's common for the marginal merchant rate to be on the order of 2-4% for online transactions but there is usually a base charge of 25 cents or more as well as the marginal rate. On a $2 charge for a song the merchant could well be paying more than 30 cents in fees, which is more than double the rate for Peppercoin.

Windows only. Interface software is NOT open source.

This is a severe limitation if you're trying to sell to people on this mailing list but it covers a large fraction of the market by value. I would expect to see a Mac client too soon, thereby covering more than 99% by value of their target market. I doubt you'll see open source interface software and I doubt that their market will care.

Oh, and they are used by 6 merchants. VISA is soooooo scared, oooooooooooo.

To push a technology like this into even 6 merchants before you've got proper funding for your company is not bad. That said, I have no doubt that they will ever scare Visa and I have no doubt they they never intended to.


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