Is e-money really going to happen? Inevitably.
Predictor: Levy, Steven
Prediction, in context:In a 1994 article for Wired magazine, Steven Levy covers the future of electronic money. Levy writes: ”Is e-money really going to happen? Inevitably. Hard currency has been a useful item for a few millennia or so, but now it has simply worn out its welcome. A recent paper by several cryptographers at the Department of Energy’s Sandia National Labs in Albuquerque, N.M., begins by enumerating what all e-money advocates identify as the fatal flaws of cold hard cash: ‘The advent of high-quality color copiers threatens the security of paper money. The demands of guarding it make paper money expensive. The hassles of handling it (such as vending machines) make paper money undesirable. The use of credit cards and ATM cards is becoming increasingly popular, but those systems lack adequate privacy or security against fraud, resulting in a demand for efficient electronic-money systems to prevent fraud and also to protect user privacy.'”
Biography:Steven Levy was a 1990s technology journalist. He wrote on the topic for decades for such publications as Newsweek and Wired. He is the author of the books “Hackers,” “Artificial Life” and “Crypto.” (Author/Editor/Journalist.)
Date of prediction: December 1, 1994
Topic of prediction: Economic structures
Subtopic: E-cash
Name of publication: Wired
Title, headline, chapter name: E-Money (That’s What I Want)
Quote Type: Direct quote
Page number or URL of document at time of study:
http://www.wired.com/wired/archive/2.12/emoney_pr.html
This data was logged into the Elon/Pew Predictions Database by: Lusk, James T.