From: "Kenneth C. Griffith" <[EMAIL PROTECTED]>
> ... As I have pointed out in my
> article "GoldMoney - Title or Claim?" the existing GoldMoney system does
not
> actually grant true title to specific gold assets in the vault to the
> "holder" ...
> But in theory, GoldMoney could go the extra mile and create a system that
> meets the claims of their patent so that each holding is a digital title
to
> a specific, known piece of gold in the vault. I mentioned in my article a
> grid system using 1 gram gold coins that would meet that requirement.
But Ken, we covered this issue a long time ago and credibly established that
there is such a thing as owning an "undifferentiated interest" in an asset.
There's no reason for me to own a _specific_ gram of gold as a particular
chunk of a bar. I can simply own _any_ unspecified 1-gram chunk.
It's very much like owning a share of Microsoft. It doesn't mean that the
share entitles me to a particular chair, desk, or coffee maker in Redmond,
nor does it entitle me to a particular pattern of neurons in Bill Gates'
head.
I really think it's possible to own an undifferentiated share of something.
Even owning grazing rights to a piece of ranch land is like this.
A lot of what you say is good, I'm just disagreeing with your own premise.
You are claiming that the entire concept of an "undifferentiated interest"
is invalid and unworkable. I disagree.
-- Patrick
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bit
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(return bit bits)
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lo
(bits:add_bit T bits \carry\sum return carry [F|sum])
(return F [T|bits])
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(return bit bits)
)
\bits:list_from=(\start
bits:add_bit T start \carry\sum
carry [start] [start|bits:list_from sum])
\bits:zeroes=(\N nat:eq0 N [] [F|bits:zeroes (nat:dec N)])
\bits:list_all=(\N bits:list_from (bits:zeroes N))
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