Here is some antifud. I'm just so excited. This is the very first anonymous crypto (other than premine bytecoin). We have cryptos with anonymity (darkcoin) but a crypto with anonymity is not the same thing as a crypto that
is anonymous. There is a huge difference. And so to commemorate this monumental event here is a exert from future imperfect by david d friedman.
During World War II, George Orwell wrote regular articles for Partisan Review, an American magazine. Near the end of the war, he wrote a retrospective in which he discussed what he had gotten right and what wrong.9 One of his conclusions was that he was generally right about the way the world was moving, wrong about how fast it would get there. He correctly saw the logical pattern but failed to allow for the enormous inertia of human society.
Similarly here. David Chaum’s articles laying out the groundwork for fully anonymous electronic money were published in technical journals in the 1980s and summarized in a 1992 article in Scientific American. Ever since then various people, myself among them, have been predicting the rise of ecash along the lines he sketched. While pieces of his vision have become real in other contexts, there is as yet nothing close to a fully anonymous ecash available for general use. Chaum himself, working with the Mark Twain Bank of Saint Louis, attempted to get a semi-anonymous ecash into circulation – one that permitted one party to a transaction to be identified by joint action of the other party and the bank. The effort failed and was abandoned.10
One reason it has not happened is that online commerce has only very recently become large enough to justify it. A second reason, I suspect but cannot prove, is that national governments are unhappy with the idea of a widely used money that they cannot control and so are reluctant to permit (heavily regulated) private banks to create such a money. A third and closely related reason is that a truly anonymous ecash would eliminate a profitable form of law enforcement. There is no practical way to enforce money-laundering laws once it is possible to move arbitrarily large amounts of money anywhere in the world, untraceably, with the click of a mouse. A final reason is that ecash is only useful to me if many other people are using it, which raises a problem in getting it started.
These factors have slowed the introduction of ecash. I do not think they will stop it. It only takes one country willing to permit it and one issuing institution in that country willing to issue it, to bring ecash into existence. Once it exists, it will be politically difficult for other countries to forbid their citizens from using it and practically difficult, if it is forbidden, to enforce the ban. There are a lot of countries in the world, even if we limit ourselves to ones with sufficiently stable institutions so that people elsewhere will trust their money. Hence my best guess is that some version of one of the moneys I have described in this chapter will come into existence sometime in the next decade or so.
ITS FINALLY HERE DAVID!