Word: chaume
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Those that don't will be casualties. McColl (who gives crystal hand grenades to prized employees) understood early on that one day banking was going to be like war. Call it semper finance. Says David Chaum, the visionary guru behind DigiCash, a Net-based currency: "What you find in retail banking today is that some banks see themselves as acquirers, and others see themselves as, well, acquirees." On the day the Travelers deal was announced--creating a giant with $42 billion in equity--vice presidents at still independent Goldman Sachs nervously fingered their E-mail with questions about when...
...fact, in the eyes of some digital-cash Pollyannas, one of the great things about traceable, bit-based cash is that it will do away with whole categories of cash-based crime. "Paper money is, I hate to say it, the root of all evil," says DigiCash founder Chaum, who argues that the traceability of electronic cash will mean the end of some types of crime. "What kidnapper would take a ransom payment by check? Once you build the infrastructure for electronic cash, the incremental cost of replacing paper money is small. And the social benefits could be amazing...
...Chaum assumes that these electronic transactions will be traceable--something that's sort of a jump ball in the theory of electronic finance these days. One school of theorists, led by Chaum, argues that electronic cash needs to be "one-way anonymous" so that people transferring money can always see where it goes, while people receiving money won't know where it comes from. This one-way-mirror transfer solves some of the problems of paper money, since it makes it easier to keep track of where money is spent and why. But who really wants to leave "money tracks...
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