This is a refinement of RampageCLA's old idea.
Essentially he suggested that one could write a promise of payment in a book and then sell the book to a lender. I think it's a rather interesting idea.

This system would have some advantages over the traditional way of lending money or items. Since the promise doesn't need to be directed at the original lender. This would allow the book to be traded around freely and anyone in possession of the book could return it collect the debt.

For example I could write:

''Keuso promises to pay to the bearer the sum of 1000 ecodollars on 1st of December, 2013 or at any later date.''

Then I could sell it for 800 or whatever. So basically this would work like a regular loan that can be easily traded around.

What do you think?

 

Let's call them bonds then.

I suppose it would be difficult or impossible to find proof of any accomplices that may be involved in a bond scam. But that is the case in any other type of scam aswell. For example you could take a traditional loan give the money to your friends and default.

When buying bonds you would avoid scams in the same way you always do. Buy bonds issued by trustworthy players from trustworthy players.

If your book is lost, destroyed or stolen it's your loss. How would the issuer know what really happened? You don't get refunds for any other items either.

It seems to me that the risks are essentially the same as in any other type of loan or transaction. I think bonds would be just like traditional loans with the addition of both the advantages and the risks of trading in items.