Re: expiring bearer documents
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.
-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 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.
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.
Or CMO tranches, which decline variously in interest income as the underlying mortgage principal is paid off -- or pre-paid, in a falling interest environment. Maybe you're talking about a derivative then. In that case, what you're doing is making a contingent claim on an asset based on an authenticated data stream. The first crypto protocol I ever saw that does this is Jeuls and Jakobssen's fairly misnamed "X-Cash". Essentially you want to decrypt some code at the right time and run it, executing a transaction.
And, like a 10 year treasury note, appreciate with age.
Isn't that the opposite of what you just said? Cheers, RAH -----BEGIN PGP SIGNATURE----- Version: PGP 8.0.3 iQA/AwUBQGR9o8PxH8jf3ohaEQKFOgCg6ZLV/DSmQD8fgbYg2pd856xYwRkAn1dc IyTESNLzNNgPQtGzg7BQD8CL =6O3+ -----END PGP SIGNATURE----- -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
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Major Variola (ret) -
R. A. Hettinga