diff --git a/doc/paper/taler.tex b/doc/paper/taler.tex
index 7d843a445..0edbba1de 100644
--- a/doc/paper/taler.tex
+++ b/doc/paper/taler.tex
@@ -319,12 +319,11 @@ Taler avoids include:
    detection of double-spending, requires the exchange to attempt to
    recover funds from delinquent customers via the legal system.  
    Any system like this that fails to be self-enforcing creates a major
-   business risk for the exchange.  In 1983, there were merchants without
-   network connectivity
- need to have
-   been a necessary feature.
-   However, today requiring network connectivity is feasible and avoids the business
-   risks associated with deferred fraud detection.
+   business risk for the exchange and merchants.  
+   In 1983, there were merchants without network connectivity, making that
+   feature relevant, but today network connectivity should be feasible for
+   merchants, and saves both the exchange and merchants the business risks
+   associated with deferred fraud detection.
  \item % In addition to the risk of legal disputes with fraudulent
    % merchants and customers,
    Chaum's published design does not clearly