[12950] in Cypherpunks
The American money capture
daemon@ATHENA.MIT.EDU (Eric Hughes)
Tue May 3 14:08:21 1994
Date: Tue, 3 May 94 10:33:58 -0700
From: hughes@ah.com (Eric Hughes)
To: cypherpunks@toad.com
In-Reply-To: "Istvan Oszaraz von Keszi"'s message of Tue, 3 May 94 8:16:03 MDT <9405031416.AA24171@acs5.acs.ucalgary.ca>
>The trust issue is fungible. If you trust Yankee greenbacks, and
>my receipts rank pari-pasu, with them, then you trust my
>receipts.
Not completely fungible. There is also trust in the trustee as a
trustee, who could abscond with the whole sum suddenly.
This point is extremely important. The difference between "your
receipts" and someone else's means that you don't have a completely
fungible system.
>No reserve is necessary, because I don't make loans.
It appears that you have 100% reserves, from the phrase _pari pasu_.
Eric
