> As for not being able to purchase without a signal, I posit that in the case where you need to authorize purchases, it has the same limitations as your credit-card-communication concept :)
No, see that's the thing. With the right cryptography, the credit card itself can compute an authorization code. There's no need for the credit card to contact the credit card company. It's authorization from the consumer (by way of a button they press on the card), not from the card company, that is imporant.
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> As for not being able to purchase without a signal, I posit that in the case where you need to authorize purchases, it has the same limitations as your credit-card-communication concept :)
No, see that's the thing. With the right cryptography, the credit card itself can compute an authorization code. There's no need for the credit card to contact the credit card company. It's authorization from the consumer (by way of a button they press on the card), not from the card company, that is imporant.