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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 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 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. They can’t futz around with your interests to it, you can’t declare a trust over it, pledge it, or hold it for anyone other than | ''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. They can’t futz around with your interests to 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. | |||
{{seealso}} | {{seealso}} | ||
*[[ | *[[Credit risk]] | ||
*[[ | *[[Client money]] | ||
*[[ | *[[Bank]] | ||
*[[ | *[[Bitcoin]] | ||
*[[Rehypothecation]] | |||
{{ref}} | {{ref}} | ||