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:''“I don’t need money. I need questions answered.'' <br>
{{a|glossary|}}:''“I don’t need [[money]]. I need questions answered.'' <br>
:''Question number one: Can I have some money?”''
:''Question number one: Can I have some [[money]]?”''
::—Ford Fairlane, in {{fr|The Adventures of Ford Fairlane, Rock ’n’ Roll Detective}}
::—Ford Fairlane, in {{fr|The Adventures of Ford Fairlane, Rock ’n’ Roll Detective}}


A simple, but gravely misunderstood thing.
A simple, but gravely misunderstood thing.


It is misunderstood by tech people ([[bitcoin]] isn’t cash; it’s a fraudulent asset); by people who ask for [[client money]] protection from a [[bank]], and by those who aspire to take [[Security interest|security]] over it.
It is misunderstood by tech people ([[bitcoin]] isn’t [[cash]]; it’s a fraudulent asset); by people who ask for [[client money]] protection from a [[bank]], and by those who aspire to take [[Security interest|security]] over it.


''Cash is not an asset. It is not property.'' Cash is is a token of abstract value. It is a will ’o’ the wisp, a woodland sprite, an ephemerality which floats freely of the mortal chains of commerce. It is like Sandy Denny, or one of those free-spirited hippie types that dances round toadstools: It cannot be owned, only ''held''<ref>“Ford! Ford! We just needed to be held!”<br>“Well, you got the bonus plan. Ohhh”</ref> — which is another way of saying whoever holds it owns it, outright, against all the world. [[Cash]] requires your total commitment, or nothing: you can’t futz around with it, you can’t declare a trust over it, pledge it, or hold it for anyone other than yourself.
''Cash is not an [[asset]]. It is not [[property]].'' Cash is is a ''token of abstract value''. It is a will ’o’ the wisp, a woodland sprite, an ephemerality which floats freely of the mortal chains of commerce. It is like Sandy Denny, or one of those free-spirited hippie types that dances round toadstools: It cannot be owned, only ''held''<ref>“Ford! Ford! We just needed to be held!”<br>“Well, you got the bonus plan. Ohhh”</ref> — which is another way of saying whoever holds it [[Ownership|owns]] it, outright, against all the world. [[Cash]] requires your total commitment, or nothing: you can’t futz around with it, you can’t declare a [[trust]] over it, [[pledge]] it, or hold it for anyone other than yourself.


Try telling that to a [[US attorney]], of course. Undoubtedly they’ll have found a way of granting [[security]] over cash, which will make about as much sense as [[rehypothecation]]. It probably involves [[rehypothecation]], come to think of it.
Try telling that to a [[US attorney]], of course. Undoubtedly they’ll have found a way of granting [[security]] over [[cash]], which will make about as much sense as [[rehypothecation]]. It probably involves [[rehypothecation]], come to think of it.





Revision as of 15:35, 13 June 2019

The Jolly Contrarian’s Glossary
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“I don’t need money. I need questions answered.
Question number one: Can I have some money?”
—Ford Fairlane, in The Adventures of Ford Fairlane, Rock ’n’ Roll Detective

A simple, but gravely misunderstood thing.

It is misunderstood by tech people (bitcoin isn’t cash; it’s a fraudulent asset); by people who ask for client money protection from a bank, and by those who aspire to take security over it.

Cash is not an asset. It is not property. Cash is is a token of abstract value. It is a will ’o’ the wisp, a woodland sprite, an ephemerality which floats freely of the mortal chains of commerce. It is like Sandy Denny, or one of those free-spirited hippie types that dances round toadstools: It cannot be owned, only held[1] — which is another way of saying whoever holds it owns it, outright, against all the world. Cash requires your total commitment, or nothing: you can’t futz around with it, you can’t declare a trust over it, pledge it, or hold it for anyone other than yourself.

Try telling that to a US attorney, of course. Undoubtedly they’ll have found a way of granting security over cash, which will make about as much sense as rehypothecation. It probably involves rehypothecation, come to think of it.


See also

References

  1. “Ford! Ford! We just needed to be held!”
    “Well, you got the bonus plan. Ohhh”