NODE 9a60f6c3Re: In Search of Genuine DigiCash
jdd@aiki.demon.co.uk (Jim Dixon)Mon, 29 Aug 94 06:28:39 PDT
In message <9408290556.AA28298@ah.com> Eric Hughes writes:
> The law and the enforcebility of agreements is what makes financial
> instruments exist. Their behavior is a direct result of their legal
> underpinnings.
>
> This is absolutely false. Both a promissory note and a bond can have
> identical financial structure, but the legalities are completely
> different.
This is absolutely illogical. He says, laws underlay financial 'behavior'.
You say, [law1] -> [behavior1] and [law2] -> [behvarior1], and THEREFORE
the proposition fails.
He did not say "there is a one to one relationship between laws and
financial instruments". What he says permits an N:1 relationship, or
an N:M relationship.
--
Jim Dixon