Dedicated to such preposterous notions as...

  • Is Bitcoin a cryptocurrency?

    people keeping track of what they own, 
  • people agreeing with each other about what they're transferring, when they transfer ownership of something, and
  • having your version of what happened, equal the other guy's version 
      (in particular, who owes how much, to whom.)

We're followers of McCarthy's economic ontology, and ISO 15944-4.

Business software should, first of all, reflect the words and meanings agreed by the two parties within  arms' length transactions.

The accuracy of private records is a completely separate concept, and not to be confused with, the accuracy of what is written or spoken to the other party. 

So, by all means, keep haggling with your trading partners.  Negotiating, marketing, and selling.  Exaggerating benefits and remaining silent on the weaknesses.

But at the point where a contract exists, let's capture and record the objective transaction quantities, descriptions, and amounts correctly.  To the extent possible. And let's come up with a standard semantic and behavior for ledgers, so that the people who want to automate the exchange of ledger records are able to do so, 

20 July 2003

Herein, I will try to infect you with the idea that real
economic "things" (resources and economic persons) should be
represented on networks, by objects.  

To be useful, those objects would need to behave in well
defined, unambiguous ways and converse in unambiguous language.

The word "ledger" is only one of many words, that would
be necessary for software objects to be maintained, representing
actual economic events.

The necessary vocabulary is not very extensive.

The word "ledger" might refer abstractly to that sequence of 
economic events in which things came into the ownership or control 
of the subject, the economic person or entity, or were 
relinquished to other parties.)

In other words there is only one system of title in the universe
of informed consent.  All economic transactions between consenting 
persons, consist of events in which an economic resource(s) is
relinquished to another person.  There can be no taking, and
there can be no involuntary reliquishing.

In general, a person's ledger is the collection of records 
denoting that things have been relinquished or released by their 
previous owner or creator, *to the current owner*.  It stands to 
reason that things are owned by one and only one owner (or group 
of fractional owners) ... etc. etc. rant rant.. Howlin' at the
moon... I know...