If Peter's administration was good enough to track lapsed subscriptions, he could decide not to transfer money whch, I remind people, he does by:
Or, in plain English, he doesn't transfer money at all, not least because he doesn't have it in sufficient quantity to pay all those mortgages.Peter wrote: WeRe Bank transfers money [see definition of money] from the account of the WeRe Bank customer to the PAYEES bank/branch via the simple process of "informing them that the ledger, on our side of the "double entry book keeping system" has been debited (-ve) and as energy CANNOT DISAPPEAR [this would violate The Laws of Conservation of Energy as classically defined] then a corresponding positive (+ve) charge must accrue to their side of the ledger.
Incidentally, I've joined the bandwagon. I've created my own currency, the Fred Unit. For every worthless toxic £100 or US$150 anyone sends me, I'll send them 100 FUs (Fred Units) in the form of notes freshly printed from my laser printer !!!AND!!! I'll also send them 25 unbound cheques, printed likewise. True, they are not as fancy as Peter's cheques but, as Peter says, cheques can be written on anything.
For an extra fee of £50 or US$75, I send members JPEG files so they can print their own currency or cheques.
Exactly like Peter, I have a database of accounts from which amounts are deducted which then (by The Laws of Conservation of Energy) create a positive amount on the payee's computer. But I've learned from Peter's hassle with admin, and mine is simpler. My database is distributed between the computers of my members. They maintain their own accounts, on their own computers. When a member debits their account, the payee is obliged to credit their side.
I don't need promissory notes sent to me. Instead, members "charge up" their accounts, on their own computers by clicking buttons like "I promise to mow the lawn for X hours" and "I promise to cook Y meals".
As my FU cash currency is available !!!NOW!!!, and my system is so much better than Peter's, and there are no monthly subs, I feel justified in a higher one-off joining fee: £250 or US$375. Cash only. I do not accept cheques or Res or FUs or Quatloos.