The Denominator
Assume you give another party exposure to money. Basically, write it under a private key belonging to the second party. This is leverage as money is measured in non-money. As this is a leveraged contract for the first party, it must be a leveraged contract for the second one too. The contract just rolls forward as long as money is measured in non-money. The ratio at which the first party is in leverage remains constant as long as earnings for the first party, out of the contract, are not written in non-money....