[Webfunds-users] it works!

Sun Sep 5 02:55:45 1999

On Sun, 5 Sep 1999, Ian Grigg wrote:

> The next question is where are the transactions stored.
> They are on both the client and the server, which is why
> I say that it is a shared data arrangement.  Neither side
> asks the other what the truth is, they both know themselves.

How centralized is it?  I notice the client connects to the server for
almost every mouse action.  Is it possible to operate in disconnected
mode?  I mean, I can write digigold even if I don't have enough, by just
saying OK to the warning that I might be overdrawn.  Can I do this without
being connected to the Internet?

> (In this case, I have a clue - what account received a small
> amount in the last 4 hours, and then sent it back to the
> same account.  But, that only works because you told me.)
> 
> There are more sophisticated ways to manaage this problem,
> for example the use of a blinding formula.  We don't use
> it here and now, mostly for architectural reasons (and
> also partly for business reasons like the cost of the
> patents).

What patents?

> > > > P.S. e-gold always avoids using the term "Deposit", since they're not a
> > > > bank.  You should too.
> > > 
> > > Hmm, interesting point that would take several emails
> > > to discuss.  What do you suggest?
> >
> > I don't know, but I thought 'deposit' meant something specific.
> 
> Not sure.  Banking means something specific:  The taking
> of deposits from the public and the making of loans to the
> deposit.  There's a lot of "ands" there, without it you are
> not a bank.  For example, if deposits are taken from shareholders
> and loans made to shareholders, then that is more like an S&L
> or credit society.
> 
> I think in legal terms a deposit is where you place funds
> at the account of some institution.  That doesn't happen
> here, with this system, you don't have funds on deposit, what
> you have is DigiGold, which you purchased by exchanging for
> some other valuable thing like e-gold.

In the digigold contract, it says that digigold is backed by 25% e-gold,
and the rest can be "interest-bearing securities."  Why?

David Manifold <dem@tunes.org>
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