Difference between revisions of "encrypting your money"

Latest revision as of 13:45, 20 December 2010

Financial cryptography is a large and complex area. Physically carrying or having physically stored money can be handy but is limited for transactions with others and may be vulnerable to confiscation. Obviously, regular banks and PayPal can also be confiscated.

Alternatives[edit]

• Bitcoin is a virtual currency using cryptography and peer-to-peer technology, doesn't rely on a central issuer. It is probably the first usable form of cryptocurrency.

• E-gold (and its immediate competitors) provides a commonly required level of safety. If your computer is clean and you maintain a couple of accounts then it would take some effort to take your funds. E-gold does honour court warrants so be aware that if your main account can be found its potentially siezed.

• 1MDC provides an abstraction layer for E-gold and allows much better anonymity (and shields against fees), 1MDC has a long good track record but requires some trust in its operator. So far so good, recomended for most regular use.

• GCDA, the Global Digital Currency Association, a trade association of various commercial entities dabling in digital cash.

• DMT/ALTA - very good anonymity except at getting in or out large amounts as they bank wire. You may be able to structure well enough to get away with almost anything if you can do so via other DMT users with combined E-gold movements. Their minimum amount deposits are large (US$1000). Some fees apply to transactions. They have a Java transaction client. The page is 404 and no trace left of it on http://orlingrabbe.com. What happened to the money?
  • http://www.dmt-alta.com/ is a page accusing DMT of being a scam

• The Vault extreme anonymity except operator might be found as it uses Yahoo. Operator suggests he would move to Freenet if the situation would require it. No visible track record. Appears to be based on public key signed receipts and transfers with 1MDC funds pool backing it up, details hazy.

• PKTP not operational looks as if stalled, meant to be distributed over Freenet as Java application. Does not do anything yet.

• Yodel Bank Claims offering anonymous on-line banking and certificate based payment on top of DMT, Pecunix, 1MDC and e-libertydollar. the bank is only accessible through IIP.