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" <[EMAIL PROTECTED]> From: "James M. Ray" <[EMAIL PROTECTED]> 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. --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses. --- end forwarded text -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> 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' --------------------------------------------------------------------- The Cryptography Mailing List Unsubscribe by sending "unsubscribe cryptography" to [EMAIL PROTECTED]
