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In light of discussion in
one of the bitcoinica threads, I would like to make clear that because my Open Transactions server represents actual assets such as bitcoins, devcoins, namecoins, or whatever by means of tokens tradeable on the server, it is important to realise that this means any theft, loss, etcetera of any of the "actual" assets those tokens represent is in effect simply the changing of the specific token type into a fractional reserve token, inasmuch as it is no longer fully backed by the asset it had hitherto represented.
Specifically and potentially importantly, this means if bitcoins get stolen but devcoins do not, then bitcoin tokens are, by that theft, rendered fractional reserve whilst devcoin tokens remain fully backed.
To be very clear here: each asset is distinct and separate. To the extent permitted by law and potentially even to the extent permitted by civil disobedience, the intent is that losses of one asset are totally distinct from all other assets. There is to be no dilution or lessening of asset X holdings due to losses of asset Y.
Specifically, upon liquidation or receivership or both of the server, there is to be no compensating of holders of one asset by means of depriving holders of some other asset of that other asset. If dollars are stolen, too bad for dollar holders, cryptocoin holders should not be affected. And vice versa.
- -MarkM-
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