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This is the faq that Timothy C May wrote in 1996 for the cypherpunk mailing list. It is an excellent, though lengthy read, and probably the most perfect faq ever written.

Here are some selections but there is so much in the cyphernomicon, you might as well just read the whole darn thing:

2.4.6. "Who are the Cypherpunks?"
       - A mix of about 500-700
       + Can find out who by sending message to majordomo@toad.com
          with the message body text "who cypherpunks" (no quotes, of
          course).
         - Is this a privacy flaw? Maybe.
  2.4.14. "Why is there sometimes disdain for the enthusiasm and
            proposals of newcomers?"
           - None of us is perfect, so we sometimes are impatient with
              newcomers. Also, the comments seen tend to be issues of
              disagreement--as in all lists and newsgroups (agreement is
              so boring).
           - But many newcomers also have failed to do the basic reading
              that many of us did literally _years_ before joining this
              list. Cryptology is a fairly technical subject, and one can
              no more jump in and expect to be taken seriously without
              any preparation than in any other technical field.
           - Finally, many of us have answered the questions of
              newcomers too many times to be enthusiastic about it
              anymore. Familiarity breeds contempt.
   2.4.17. "What does "Cypherpunks write code' mean?"
           - a clarifying statement, not an imperative
           - technology and concrete solutions over bickering and
              chatter
           - if you don't write code, fine. Not everyone does (in fact,
              probably less than 10% of the list writes serious code, and
              less than 5% writes crypto or security software
  8.3. Anonymity and Digital Pseudonyms
    8.3.1. Why is anonymity so important?
           - It allows escape from past, an often-essential element of
              straighening out (an important function of the Western
              frontier, the French Foreign Legion, etc., and something we
              are losing as the dossiers travel with us wherever we go)
           - It allows new and diverse types of opinions, as noted below
           - More basically, anonymity is important because identity is
              not as important as has been made out in our dossier
              society. To wit, if Alice wishes to remain anonymous or
              pseudonymous to Bob, Bob cannot "demand" that she provide
              here "real" name. It's a matter of negotiation between
              them. (Identity is not free...it is a credential like any
              other and cannot be demanded, only negotiated.)
 8.6.5. "Why are remailers needed?"
           + Hal Finney summarized the reasons nicely in an answer back
              in early 1993.
             - "There are several different advantages provided by
                anonymous remailers. One of the simplest and least
                controversial would be to defeat traffic analysis on
                ordinary email.....Two people who wish to communicate
                privately can use PGP or some other encryption system to
                hide the content of their messages.  But the fact that
                they are communicating with each other is still visible
                to many people: sysops at their sites and possibly at
                intervening sites, as well as various net snoopers.  It
                would be natural for them to desire an additional amount
                of privacy which would disguise who they were
                communicating with as well as what they were saying.

                "Anonymous remailers make this possible.  By forwarding
                mail between themselves through remailers, while still
                identifying themselves in the (encrypted) message
                contents, they have even more communications privacy than
                with simple encryption.

                "(The Cypherpunk vision includes a world in which
                literally hundreds or thousands of such remailers
                operate.  Mail could be bounced through dozens of these
                services, mixing in with tens of thousands of other
                messages, re-encrypted at each step of the way.  This
                should make traffic analysis virtually impossible.  By
                sending periodic dummy messages which just get swallowed
                up at some step, people can even disguise _when_ they are
                communicating.)" [Hal Finney, 1993-02-23]

                "The more controversial vision associated with anonymous
                remailers is expressed in such science fiction stories as
                "True Names", by Vernor
                Vinge, or "Ender's Game", by Orson Scott Card.  These
                depict worlds in which computer networks are in
                widespread use, but in which many people choose to
                participate through pseudonyms.  In this way they can
                make unpopular arguments or participate in frowned-upon
                transactions without their activities being linked to
                their true identities.  It also allows people to develop
                reputations based on the quality of their ideas, rather
                than their job, wealth, age, or status." [Hal Finney,
                1993-02-23]
   10.3.1. "Is this stuff legal or illegal?"
           - Certainly the _talking_ about it is mostly legal, at least
              in the U.S. and at the time of this writing. In other
              countries, you prison term may vary.
           + The actions resulting from crypto, and crypto anarchy, may
              well be illegal. Such is often the case when technology is
              applied without any particular regard for what the laws say
              is permitted. (Pandora's Box and all that.)
             - Cypherpunks really don't care much about such ephemera as
                the "laws" of some geographic region. Cypherpunks make
                their own laws.
           + There are two broad ways of getting things done:
             - First, looking at the law and regulations and finding
                ways to exploit them. This is the tack favored by
                lawyers, of whic$are many in this country.
             - Second, "just do it." In areas where the law hasn't
                caught up, this can mean unconstrained technological
                developement. Good examples are the computer and chip
                business, where issues of legality rarely arose (except
                in the usual areas of contract enforcement, etc.). More
                recently the chip business has discovered lawyering, with
                a vengeance.
             - In other areas, where the law is centrally involved,
                "just do it" can mean many technical violations of the
                law. Examples: personal service jobs (maids and
                babysitters), contracting jobs without licenses,
                permissions, etc., and so on. Often these are "illegal
                markets," putatively.
           - And bear in mind that the legal system can be used to
              hassle people, to pressure them to "plead out" to some
              charges, to back off, etc. (In the firearms business, the
              pressures and threats are also used to cause some
              manufacturers, like Ruger, to back off on a radical pro-gun
              stance, so as to be granted favors and milder treatment.
              Pressure on crypto-producing companies are probably very
              similar. Play ball, or we'll run you over in the parking
              lot.)
12.10.7. Scenario for deployment of digital cash
           - Eric Hughes has spent time looking into this. Too many
              issues to go into here, but he had this interesting
              scenario, repeated almost in toto here:
           - "It's very unlikely that a USA bank will be the one to
              deploy anonymous digital dollars first.  It's much more
              likely that the first dollar digital cash will be issued
              overseas, possibly London.  By the same token, the non-
              dollar regulation on banks in this country is not the same
              as the dollar regulation, so it's quite possible that the
              New York banks may be the first issuers of digital cash, in
              pounds sterling, say.

              "There will be two stages in actually deploying digital
              cash.  By digital cash, here, I mean a retail phenomenon,
              available anybody. The first will be to digitize money, and
              the second will be to anonymize it.  Efforts are already
              well underway to make more-or-less secure digital funds
              transfers with reasonably low transaction fees (not
              transaction costs, which are much more than just fees).
              These efforts, as long as they retain some traceability,
              will almost certainly succeed first in the marketplace,
              because (and this is vital) the regulatory environment
              against anonymity is not compromised.

              "Once, however, money has been digitized, one of the
              services available for purchase can be the anonymous
              transfer of funds.  I expect that the first digitization of
              money won't be fully fungible.  For example, if you allow
              me to take money out of your checking account by automatic
              debit, there is risk that the money won't be there when I
              ask for it.  Therefore that kind of money won't be
              completely fungible, because money authorized from one
              person won't be completely identical with money from
              another.  It may be a risk issue, it may be a timeliness
              issue, it may be a fee issue; I don't know, but it's
              unlikely to be perfect.

              "Now, as the characteristic size of a business decreases,
              the relative costs of dealing with whatever imperfection
              there is will be greater. To wit, the small player will
              still have some problem getting paid, although certainly
              less than now.  Digital cash solves many of these problems.
              The clearing is immediate and final (no transaction
              reversals).  The number of entities to deal with is greatly
              reduced, hopefully to one.  The need and risk and cost of
              accounts receivables is eliminated.  It's anonymous.  There
              will be services which will desire these advantages, enough
              to support a digital cash infrastructure. [Eric Hughes,
              Cypherpunks list, 1994-08-03]
  12.15.6. "Will people accept the banning of cash?"
           - There was a time when I would've said Americans, at least,
              would've rejected such a thing. Too many memories of
              "Papieren, bitte. Macht schnell!" But I now think most
              Americans (and Europeans) are so used to producing
              documents for every transaction, and so used to using VISA
              cards and ATM cards at gas stations, supermarkets, and even
              at flea markets, that they'll willingly--even eagerly--
              adopt such a system.