So long PayPal ...

[BetterSense]

What we need, and what everyone wants deep down, is real, anonymous digital cash.

In real life, I can conduct a craigslist transaction, pay cash, completely anonymously and without involving a 3rd party. There is still no widespread way to do the same thing online.

Digital cash is something that has been possible for decades; the main problems with digital cash schemes are how to establish the value of the currency. There have been systems (like E-gold) that tie the value of the currency to some real-world reserves, but they have tended to get shut down by the government (even though you are allowed to trade futures on gold all you want, trading digital cash tied to gold is apparently not something the government likes).

There are other digital cash systems that make no attempt to tie their currency to the real world, and only ensure scarcity by hardwiring a limit to total amount of 'coins' that can ever be created. BitCoin is one of these. It's a fascinating idea and the value of bitcoins is still steadily increasing, but it hasn't caught on widely enough to buy/sell things to average people yet.

[jnantz]

i use boggs notes

[lilmsmaggie]

What we need, and what everyone wants deep down, is real, anonymous digital cash.

In real life, I can conduct a craigslist transaction, pay cash, completely anonymously and without involving a 3rd party. There is still no widespread way to do the same thing online.

Digital cash is something that has been possible for decades; the main problems with digital cash schemes are how to establish the value of the currency. There have been systems (like E-gold) that tie the value of the currency to some real-world reserves, but they have tended to get shut down by the government (even though you are allowed to trade futures on gold all you want, trading digital cash tied to gold is apparently not something the government likes).

There are other digital cash systems that make no attempt to tie their currency to the real world, and only ensure scarcity by hardwiring a limit to total amount of 'coins' that can ever be created. BitCoin is one of these. It's a fascinating idea and the value of bitcoins is still steadily increasing, but it hasn't caught on widely enough to buy/sell things to average people yet.

There was an excellent show on the concept of money which aired on This American Life earlier this month, especially the segment on Brazil:

http://www.thisamericanlife.org/radi...ntion-of-money

[Leigh]

The human implanted RFID chip will obsolete them all.

Yep...

Then the bad guys can steal everything you have at one time. Much lower overhead and effort for them.

- Leigh

[mdm]

In New Zealand, you pay for everything you buy on-line directly with a bank transfer. Simple and no third party other than the normal bank payments system. As long as you have created the payment in your internet banking before 8pm it goes through overnight. Dont know why you dont do the same in the USA. Really the only reason for Paypal to exist, is to facilitate international transactions.

[Roger Thoms]

Another tip. Make sure your CCs are individual. If you identity is stolen it does not drag your spouse credit with it, and vice versa.

That's funny I always thought separate CC accounts were so your spouse would see all the camera purchases.

Roger

[B.S.Kumar]

In Japan direct bank transfers and cash are the most common methods of payment. Transfers between Post Office accounts are free, and banks charge a small sum, between 105 and 210 yen. They are instant, and after 3PM, take place the next day. No one, including bank employees, knows what checks are, and credit cards are generally accepted only at large establishments. In India too, direct bank transfers are becoming common and are free or very cheap.

Kumar

[Moopheus]

Dont know why you dont do the same in the USA.

Because charging transaction fees are the only way businesses actually make any money here any more.

Really the only reason for Paypal to exist, is to facilitate international transactions.

Actually, it exists because in the bad old days there was no secure mechanism for online payments of any kind.

My bank offers free ("Pricing subject to change") interbank transfers, but you have to know the recipient's receiving bank account. I don't know about you, but I'm pretty picky about who I give that information to.

[mdm]

Every statement I recieve from my suppliers, includes their bank account number. No body wants to paid by cheque.

A bank account number is way safer than a credit card number. No one can do anything with your account number except pay you, with a credit card number though, it is another story.

That is how trademe works in NZ, 90 % bank transfer, you give your account number to complete strangers. The feedback system keeps it honest and if you have a problem with a return then the auction sites staff are onto it quickly.

[B.S.Kumar]

A check has a series of numbers at the bottom, identifying your bank and account number, so just paying by check doesn't prevent someone from knowing your bank information.

Kumar