Re: What backs up digital money?

17 Dec
2003
17 Dec
'03
11:17 p.m.
At 15:25 3/28/96, Black Unicorn wrote:
At 1:46 PM 3/27/96, Scott Schryvers wrote:
Between those times the net amount of money in bank accounts was reduced, by exactly the amount of circulating dcash.
Ditto uncashed checks.
Only Teller's/Cashier's and Traveler's Checks. These represent the conversion of Cash into a promise to pay when the Check is presented. This is the same as dcash. An Uncashed Personal Check (unless it has been certified [which withdraws the money from the account at Certification time]) only represents an unsecured claim on the monies in the account (ie: the Bank has no knowledge of its existence or amount until it is presented for payment/clearance).
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Robert A. Rosenberg