On 23 May 2002, at 13:12, Kenneth C. Griffith wrote: > 1. Ownership must be specific: The custodian has to be able to > identify which particular gold object(s) in the vault belongs to each > Holder. If it cannot identify which piece of gold belongs to which > Holder, then it is a deposit currency system.
Why must it be specific? There is no need to. There are many exemple in real life of this kind of ownership. They call it undivided property. Very often used in real estate. Basically, in the GoldMoney system, the user owns an undivided part of a gold pool that he can transfer. First, before we go further, do we agree on this? Since physical gold is money and not a money substitutes, he owns money, not a money substitute. It is as simple as that. > 2. Each holder must have clear title to his gold objects. They do. The gold object in this case is an undivided part of a whole denominated in grams. Because the objects are not physically distinct does not change the fact that the users hold title to a stake of gold and that they can transfer it. This is the essence of money. They do not hold a paper that is possibly backed by gold, which is the essence of a money subtsitute. Claude --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
