> The other long term solution is to completely abandon account based systems
> and switch to digital bearer instruments or "digital cash". These can be
> stored on the users hard drive in an encrypted form, or stored on a smart
> card, or stored on a zip disk, offline where hackers can't reach them.
Unfortunately, this is not quite accurate. All "digital bearer
instrument"
schemes require a central clearing mechanism to prevent double
spending. This
amounts to an account based system. Such systems can be PKI based and
so are
more secure than e-gold. But they, also, can be spoofed and hacked by
sufficient effort.
CCS
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