E-Cash Ain't Nothin' But Trash?

Fortunately, the approach to anonymous e-cash developed by DigiCash's David Chaum seems to work. Yes, someone could take advantage of the fact that payments were unverifiable, but unverifiability is precisely what some people want, at least for some transactions. So far, anonymous and verifiable implementations coexist. -- Udo Flohr, contributing editor

Am I the only one horrified by the notion of electric money? Aside from the neat way it divides us into desirable (affluent and technologically savvy) and undesirable (technopeasant) markets, it represents a mortal threat to personal liberty. Any electronic trace linking purchaser to transaction, be it a credit card record or cybercash, provides grist for the information mill. Many people were alarmed when Supreme Court nominee Robert Bork's preferences in videotape rentals were leaked during his confirmation hearings. Imagine running for office, or opposing a land developer or corporate polluter, only to find your alcohol purchases, your preference in magazines and books, your eating habits -- absolutely everything -- disclosed publicly. The rise of cybercash will accelerate the transfer of political and economic power from individuals to giant corporations by making our lives even more transparent than they are now.

Geoffrey Wittig, M.D.
Dansville, NY

The reality is that people want to buy and sell over the Internet. If society reaches a point where all money is digital, it will be a nightmare -- but I don't think it will come to that. Let's hope there will always be alternatives. -- Udo Flohr