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Digital Gold, a bearer instrument?
Paul Moses writes:
>A bearer instrument is payable to WHOEVER IS HOLDING IT.
>There are no title searches done on coins used in everyday
>The question is, what is the end to which this chain of title
>is being put? To verify that the holder is a "valid" holder?
>THIS IS IRRELEVANT. He who holds, owns.
These are fine questions. Thanks for asking them.
The purpose I have in mind for the chain of titles is as a way
of establishing ownership of something which consists *wholey of
information*. It is the closest approximation I can imagine to
a bearer instrument for bearers who can have no physical
Please notice that the chain of titles is between *aliases*
which do not reveal the identities of the people trading the
coins. Only the people engaged in particular transactions can
associate particular people with particular digital coins. Who
owns digital coin #1? (It might be me, but it has already been
transfered to a new alias once.)
The chain of titles I have proposed does not increase
accountability. The public cannot determine where the money is
being spent, they can only determine the aliases which
anonymously identify the latest owners. This is the bear
minimum information that could make a peice of information
valuable to the members of a community.
Yours Truly, ][adon Nash