Money: Difference between revisions
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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> | ''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 fairlane bonus plan}}</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 20:06, 17 June 2019
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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.