On Sunday, June 1, 2003, at 04:51 AM, Danny Van den Berghe wrote:
... So let me tell you how a repudiable spend is going to work.
That was an excellent explanation!
I am not quite clear about how the system would handle the new potential for purchaser fraud though, specifically, receiving the goods and then repudiating the charge anyway.
Of course, as you patiently point out again and again, that is no greater risk than vendors already face with credit cards, and the fees are lower. But in the Cadillac auction example the vendor is making a "one-shot" sale, and after he ships the car he seriously does not want the customer to repudiate the spend. It's more of a symmetric trade, as JP was suggesting, with no clear distinction between big central merchant and little customer. You might even say that the customer was auctioning off his E-GOLD for the price of One Cadillac.
Perhaps we need a way to "spend" a Cadillac in a non-repudiable way.
-- Patrick
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