At 01:59 PM 3/26/04 -0500, R. A. Hettinga wrote:
At 10:14 AM -0800 3/26/04, Major Variola (ret) wrote:
The point is that the asset (a performance) which the bearer-document (ticket) grants access to expires. I think that's actually orthogonal to the ticket itself expiring.
Okay. The inverse, maybe.
No, they're orthogonal. You can have a persistant asset, your access to which expires; and you can have an ephemeral asset, access to which is persistant.
Maybe you're talking about a derivative then.
Nope.
And, like a 10 year treasury note, appreciate with age.
Isn't that the opposite of what you just said?
Merely an example of an asset which gains value in a known way, the opposite of an asset which loses value in known way. The point is that any anonymous/finder's-spenders document is a form of cash; but some of these grant access to time-varying value. (My insight prompted by learning that its legal to resell tickets if you go through a licensed reseller. My impression had been that all such transactions were called scalping and called illegal (despite their being mutually voluntary) by the current regime.) (The interesting theme is that the properties of ordinary cash are separable and in some cases modifiable, as in the above time-sensitive cash or the finders-not-spenders variant I once described here, viz: One could create anonymous "cash" with the property that its *not* finder's-spenders because it has a PIN (basically a stored-value card); and that it would be recoverable if the anonymity were lost. )