Of gifts, bribes and black market

[SlimShaggy]

What is a credit coin?
I guess it is similar to paying with a credit card, since we want this money to be "dematerialized".
Now how can I make a direct payment to anyone, anonymously?
Will everyone need the equivalent to a bank account to be able to handle money?
How do I give a fiver to the neighbourhood kid who just washed my car?
How do I bribe the policeman who caught me trespassing a red light?
How do I pay my marijuana dealer for my weekly ounce of skunk?
More seriously...
Does it mean that every transaction has to be monitored and recorded, disregarding certain freedom?
Since not every business is regarded the same way by any government, fairly or not, I'd rather not give a government such power.
This would make it easy to disallow any individual or collectivity to "own money".
This would make money less powerful, for in some cases the power to achieve "illegal things" thanks to material money is necessary.
Isn't it?
Or did I miss the point?
I believe black market is a mean of survival for many, not always dishonnest, and a digital credit coin is going to make it way more difficult.
But I might be out of line...
I'd like to have anyone's opinion, though!

[Jordan]

Yep, you've completely missed it!  Hooray for that, none of us would want what you describe.  Go to Paul's site: http://digitalcoin.info  and have a read of the details. 

Also have a look at MaidSafe:   http://www.maidsafe.net/   - so far as I understand it, digital coin would be built into a system like MaidSafe, if not this particular system itself.

Cheers,

Tyler

[SlimShaggy]

Yep, you've completely missed it! Go to Paul's site: http://digitalcoin.info  and have a read of the details. 
Cheers,
Tyler

Been there, I'm afraid I got it straight. Excerpt from the "Digital Coin Technology" PDF:
Digital
 Coin
 is 
an
“object”, 
a 
unique
 serial 
number 
that (...)  cannot 
be 
found 
and
 accessed 
without 
the 
owner’s 
unique 

username,

PIN
 and 
password.

This 
Digital 
Coin
 serial 
number 
can 
be 
up 
to 
512 
numbers 
long. 

The 
Digital 
Coin 
software


alone
 can
 find, 
read
 and
 alter 
this 
serial 
number.



This implies 3 things:

• Any smallest amount of money is a 512 digit number. You just don't drop it on a post-it to the beggar on the street.
• You need a username/PIN/password set, which is commonly known as an account, required whether you're a 5 years old going to buy candy or a clandestine.
• Every user of this new money needs an electronic terminal to reach the network - may it be a mobile phone or anything else containing the software. And he needs to be in range.

Also have a look at MaidSafe:   http://www.maidsafe.net/   - so far as I understand it, digital coin would be built into a system like MaidSafe, if not this particular system itself.

This sounds good. MaidSafe sounds good for its actual purpose, but I don't think any government would put trust in a system it cannot control.
They'll want to keep records, especially if you consider the chances that some individuals might still be able someday to hack in and produce "fake money".

Tho whole theory of "fair money" which also respects the rules of supply & demand is very promising.
The automated market, everything is nice and perfect. It's just how you do it.
Dematerializing is just moving one's trust in tangible objects into something else which requires a certain level of technology.
It is very likely to happen on a confined, local scale, as an experiment. But will the whole world be ready to join this someday?
I mean... you won't eradicate the Silver Crown coins which were so long to introduce in that jungle I know...

And the username/PIN/password thingy? Maaaan, what a pain in the ass. I love my solid Euro coins

I can't wait to see some practical improvement in that "Credit Coin" of yours, guys!

Cheers,

Vince