On Thu, 11 Apr 2002, Pat Farrell wrote:
> At 01:43 AM 4/11/2002 -0500, Jim Choate wrote:
> >On Wed, 10 Apr 2002, Pat Farrell wrote:
> >> Banks exchange bits thru the ACH networks based on
> >> a belief that their exchange is valid.
> >
> >No, they exchange bits based on a very expensive and comp
> Changing "trust" to "believe" advances the discussion not one whit.
> Alice trusts Bob to sign keys accurately; Alice believes that Bob signs
> keys accurately. The change doesn't add anything.
Belief is a physiological phenomenon that makes one accept otherwise silly
concepts in order to be u
At 01:43 AM 4/11/2002 -0500, Jim Choate wrote:
>On Wed, 10 Apr 2002, Pat Farrell wrote:
>> Banks exchange bits thru the ACH networks based on
>> a belief that their exchange is valid.
>
>No, they exchange bits based on a very expensive and complicated protocol
>that has a variety of safe guards bu
On Thu, 11 Apr 2002, Nomen Nescio wrote:
> Changing "trust" to "believe" advances the discussion not one whit.
> Alice trusts Bob to sign keys accurately; Alice believes that Bob signs
> keys accurately. The change doesn't add anything.
>
> In fact if anything it's a step backwards. Trust is a
Changing "trust" to "believe" advances the discussion not one whit.
Alice trusts Bob to sign keys accurately; Alice believes that Bob signs
keys accurately. The change doesn't add anything.
In fact if anything it's a step backwards. Trust is a specific form of
belief; it is a belief on which th
On Wed, 10 Apr 2002, Pat Farrell wrote:
> Alice trusts money because she can get ice cream cones.
Incorrect, she trusts money because she knows the vendor trusts the money.
Why? Because they are members in a large (reasonably) stable environment
with (relatively) low threat percentages. If it's
At 07:29 PM 4/10/2002 -0700, Tim May wrote:
>How do we trust bits to represent money?
>I argue that the question is, as stated, not well-grounded at this time.
I agree.
It is interesting to be back on cypherpunks after a five or more year vacation,
only to find most of the same discussi
How do we trust bits to represent money? Someone asked this (Mike
Rosing, I think it was).
I argue that the question is, as stated, not well-grounded at this time.
No one is asking for bits to be trusted, from first principles, absent
real products and a real embedding in a financial system
