At 08:10 AM 3/26/04 -0500, R. A. Hettinga wrote:
At 9:48 PM -0800 3/25/04, Major Variola (ret) wrote:
This recently occurred to me. There is a type of bearer document which is exactly like cash (anonymous, finder's keepers/spenders) *except* that it expires. Its called a concert ticket.
Remember the *asset* is held in bearer *form*. There are no accounts required to execute/clear/settle the transaction. However a
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. Another example with a more gradual loss of value might be a bearer document for a certain amount of short half-life radioactive substance. Or just the substance --no documents, just assets-- though that's less portable than gold for health reasons. I suppose that some foodstuffs also show halflives. And, like a 10 year treasury note, appreciate with age.