From: "Robert A. Rosenberg" <hal9001@panix.com>
Date: Mon, 1 Apr 1996 17:25:48 +0800
To: Black Unicorn <unicorn@schloss.li>
Subject: Re: What backs up digital money?
Message-ID: <v02140b00ad83cdfd77da@[165.254.158.226]>
MIME-Version: 1.0
Content-Type: text/plain


At 15:25 3/28/96, Black Unicorn wrote:

>> > At 1:46 PM 3/27/96, Scott Schryvers wrote:

>> Between those times the net amount
>> of money in bank accounts was reduced, by exactly the amount of
>> circulating dcash.
>
>Ditto uncashed checks.

Only Teller's/Cashier's and Traveler's Checks. These represent the
conversion of Cash into a promise to pay when the Check is presented. This
is the same as dcash. An Uncashed Personal Check (unless it has been
certified [which withdraws the money from the account at Certification
time]) only represents an unsecured claim on the monies in the account (ie:
the Bank has no knowledge of its existence or amount until it is presented
for payment/clearance).