At 11:13 AM 1/29/2003 -0800, Michael Cardenas wrote:
Actually, this was PayPal (then Confinity)'s original business model. It failed for many reasons both technical (no immediate on-line means to verify value of transfer) and hurdle of network effects. http://www.halplotkin.com/cnbcs029.htm So, this approach is probably only viable when either the parties know and trust one another (probably limited market), the receiver of value can immediately affirm the value [e.g., either on-line (wireless) or smart cash card with built-in PDA reader)], or the payor can be located and prosecuted if it can positively determined later that they defrauded the payee (e.g., Stephen Brands approaches).While identity verification using handhelds seems to have some use, as has been pointed out, you're really just verifying that they have the same key.A far mroe exciting idea to me is how handhelds like palms, ipaqs, etc, could beused to transfer digital anonymous cash. They seem like perfect delivery vehicles. Say, secret agent X meets congressman Y in a dark alley somewhere to give him a lobbying donation of a million bucks, wouldn't it be great if X could just take out his handheld, point it at Y's handheld, tap a button on screen and transfer that million anonymously and securely? That would be much better than having to lug around a heavy briefcase full of hundred or thousand dollar bills! Does anyone think this is feasilbe? How could this be done?
With current technology (PDA's with wireless web access) it is now practical to transfer values from any number of on-line payment systems (e.g., e-gold, ALTA/DMT). ALTA/DMT https://196.40.46.24/ is particularly interesting, as it supports anonymous accounts and digital (though not blinded) bearer certificates. Blinded certificates based on ALTA/DMT deposits should soon be available from third party(s).
steve
