Ralph C. Merkle, a well known scientist published earlier this year this paper: http://merkle.com/papers/DAOdemocracyDraft.pdf He's arguing that traders would be willing to buy pairs of bonds that build an equilibrium: "First, a trader purchases a pair of conditional bearer bonds from a bank for $1 in the year 2016. The first says “Pay to bearer $1 times DCW 2016” The second says “Pay to bearer $1 times (1 - DCW 2016)”. Because DCW 2016 is between 0 and 1, each of these pays off between 0 dollars and 1 dollar. The two of them together are guaranteed to pay off exactly $1. The bank, therefore, takes no risk in selling the pair, and simply promises to redeem them once DCW 2016 is known." I am not an trading expert. I just wonder if this is a valuable assumption. In my very limited view, a trader would make her buying decision based on assumptions about future market performances. Buying a product she would need to sell to bullish and bearish investors sounds to me somewhat irrational. Or is this in the end day-day business of a trader?