Morlock Elloi wrote: > Mental constructs like this one, complicated schemes that require knowledge of > modular aritmetic to understand, is why this will not happen. > > Whatever aspires to replace paper cash for purposes where paper cash is a must > (in real life, conferences don't count) has to be as simple to understand, > verify and manipulate as paper cash itself. > > Flipping bits in the gates or on the wire is not that - unless Joe the Hitman > or Gordon the Dealer or Jeff the Cleaner can well understand it and in addition > to that have implementor's balls within reach if something goes wrong.
Why do you imagine that? Those guys don't understand the technologies behind paper money -- engraving, paper making, holography, ... -- or behind bank accounts and ATM machines, and they likely don't have credible threats against the mint or the banks. There is a chicken-and-egg problem. Joe, Gord and Jeff will happily use any system that is widespread enough to be credible, but how does some system get there? That probably requires that early adopters understand things and believe they have recourse against botching implementers.
