Hal Finney on electronic money and privacy
Be aware that there are other proposals for “electronic money” which are not nearly so protective of individuals’ privacy. Chaum’s proposals are intended to preserve the privacy attributes of cash, so the term “digital cash” is appropriate. But other electronic replacements for cash not only lack its privacy, but would actually facilitate computer monitoring by putting more detailed information into databases, and by discouraging the use of cash. If you see a proposal for an electronic money system, check to see whether it has the ability to preserve the privacy of financial transactions the way paper money does today. If not, realize that the proposal is designed to harm, not help, individual privacy. Hal Finney (Protecting Privacy with Electronic Cash, 1993)
Comments
There are 0 responses. Follow any responses to this post through its comments RSS feed. You can leave a response, or trackback from your own site.