[Cryptography] [ANNOUNCE] HashCash Digital Cash

[Ashish Gulhati]

> Maybe I'm missed it too. As HashCash isn't using a ledger, how do you
> prevent double spend?

The vault keeps track of spent coins and prevents double spends.

> I think it's dead in the water if users need to
> trust a third party - that's the whole reason why Bitcoin was a game
> changer.

I see. So that’s why web wallets that require trust in a third party are totally
unpopular? Coinbase, Blockchain, Xapo, et al? 

A HashCash vault requires much less trust than most web wallets as it doesn’t 
require ID, can’t track transactions, and can’t block the funds of targeted
users, or block specific transactions.

In the case of small transactions (coffee) and micropayments, do we really 
need to be so paranoid as to shun all trust, and keep hundreds of copies of
every tiny transaction around forever? Is that even workable at all?

And what about the billions of people who don’t have access to machines 
powerful enough to run a bitcoin wallet, or good Internet access. Should 
they just resign themselves to using worthless fiat paper?

And what about the day (not far off) when there are 10,000 blockchain 
currencies and the world finally wakes up to the fact that PoW hashes are
actually worth zilch?

The most long-lived major private e-cash system so far has been E-gold, 
which required trust in a third party and worked just fine. And it didn’t end 
because E-gold was untrustworthy. Let’s see if Bitcoin survives as long as 
E-gold did.

Cheers

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