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Eagle Cash

en.wikipedia.org

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Re: Eagle Cash

#11

Post by est31 »

max_ wrote: post #9
alasdair_ wrote: post #6

Earlier quoted context omitted.

They rely on the fact that the double spenders are easy to find and punish.

So security is maintained using violence? Not technology?

I think that's the entire point of any army :). In this instance I guess the military police would be responsible though.

It's a centralized system, and every account holder is fully identified to the government (even with DNA samples IIRC). The kiosks likely keep the logs and upload them when a connection can be made. Then the data get collected and compared centrally, and any discrepancy would show up. At least that's how I understand the "batch processing" remark in the wiki page.

Re: Eagle Cash

#13

Post by lcabral »

max_ wrote: post #2

Interesting. How does this thing solve the "double spend problem" [0]. Without needing network access? You usually need server communication in electronics payment systems to confirm payment & update account balances. How does Eagle Cash solve this problem? [0]: https://www.investopedia.com/terms/d/doublespending.asp

This uses the same flow as many transportation cards (which in some countries can also be used to purchase goods). Essentially the card chip holds the debit amount it has (the user makes an initial transaction to load it, debiting the money from a debit/credit card or paying for directly with money) so that every time a transaction occurs, the value in card is altered directly. This system also has the potential of making transactions fully anonymous as no-one needs to know who the holder of the card is or where he spends his money.

Re: Eagle Cash

#14

Post by systemvoltage »

sneak wrote: post #3

> This method allows soldiers to purchase goods and services at U.S. military posts and canteens, without carrying cash, or manage their personal bank accounts while on deployment or in training. The program reduces the amount of American currency required overseas, reduces theft, saves thousands of man-hours in labor, helps reduce the risk of transporting cash in combat environments, and increases security and conve…

It doesn't prevent them from carrying physical cash. They can still do that.

Re: Eagle Cash

#15

Post by KirillPanov »

max_ wrote: post #2

Interesting. How does this thing solve the "double spend problem" [0]. Without needing network access? You usually need server communication in electronics payment systems to confirm payment & update account balances. How does Eagle Cash solve this problem? [0]: https://www.investopedia.com/terms/d/doublespending.asp

The card chips are issued by a trusted central authority and (supposedly) tamperproof.

You can't "run EagleCash" on your laptop; it only runs on card chips issued by the military.

Re: Eagle Cash

#16

Post by KirillPanov »

Unlike regular debit cards, the Eagle Cash is managed on-base, using batch processing which ensures that the cards remained useful even when connections to banks and credit unions State-side are severed.

This is really the whole point, but it's buried in the third paragraph. These cards work when the internet and all other communication with the outside world are down.

Replacing physical currency in that scenario is really difficult.

Re: Eagle Cash

#17

Post by a-dub »

my laundry room in college used the same technology. sucks if you damage the card (by sitting on your wallet, for example).

Re: Eagle Cash

#18

Post by someperson »

sneak wrote: post #3

> This method allows soldiers to purchase goods and services at U.S. military posts and canteens, without carrying cash, or manage their personal bank accounts while on deployment or in training. The program reduces the amount of American currency required overseas, reduces theft, saves thousands of man-hours in labor, helps reduce the risk of transporting cash in combat environments, and increases security and conve…

Famously instant ramen noodles is the currency of choice for people in prison: small, uniform and non-perishable.

Just like every other society, in the absence of cash I'm sure soldiers have developed a bartering economy. Likely including to acquire drug/alcohol/tobacco products that may be otherwise banned. You sell me your old Nintendo Switch and I'll use my EagleCash card to buy you 100 packs of instant ramen at company store [1] prices.

Also, if anybody has a somewhat-trusted human network, it's possible to do Hawala [2] transfers across different financial systems without any actual foreign exchange transactions across the boundaries.

[1] https://en.wikipedia.org/wiki/Company_store

[2] https://en.wikipedia.org/wiki/Hawala

Re: Eagle Cash

#19

Post by eecc »

max_ wrote: post #9
alasdair_ wrote: post #6

Earlier quoted context omitted.

They rely on the fact that the double spenders are easy to find and punish.

So security is maintained using violence? Not technology?

What do you think society is all about? I can recommend Debt by the late David Graeber

Re: Eagle Cash

#20

Post by eecc »

smhg wrote: post #8
0x426577617265 wrote: post #5

Earlier quoted context omitted.

Funds are stored on the card and loaded from a kiosk.

Something similar existed in Belgium from 1995 to 2014 for small payments, called Proton [0]. [0] https://en.wikipedia.org/wiki/Proton_(bank_card)

Also Chipnik in NL, discontinued several years ago. Too fiddly, nobody worries about privacy any longer.

https://en.m.wikipedia.org/wiki/Chipknip

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