17 community-developed financial institutions CDFIs under the personal network catego- ry. Many of us are comfortable transferring savings to these funds as a result of our per- sonal networks. In my experience a sea- soned well-managed community loan fund often offers short-term or intermediate-term options and attractive returns relative to the general market. Numerous groups globally practice savings circles called partnerships or hands. They meet regularly at a set time weekly or monthly. At these meetings each member puts in an agreed-to amount of cash. For example they may meet monthly and the hand is 100. Twelve members each put in 100 in cash and one member takes the full amount of 1200. Over time rather than a depository institution getting the float the circle members get it. This is how they save for a deposit on a car or home or help each other get out of debt. Another example of an informal network that offers money transfer through brokered credits outside the formal banking system is the Islamic Hawala system. Personal or private networks offer a way to distribute assets into other jurisdictions privately outside the formal banking also known as a surveillance system. 9. Anonymous Internet Servers There are companies that hold themselves out to be online banks and are able to do so because they are not subject to normal bank- ing laws and regulations. For example they may be based on an Indian reservation or in an offshore haven. They do not describe their legal and governance structure. They provide little or no information about their board of directors or managements. They do not pro- vide information regarding their auditors and audits. They do not provide financial state- ments or any form of third-party verification. They do not have access to governmental deposit insurance. They are in essence a complete mystery. Then of course there is cryptocurrency of which the most popular form is Bitcoin. These are fiat currencies that do not enjoy the backing and support of a government or a central bank. They offer the ultimate in fiat. Deposits of these currencies are not insured and their exchange values vary widely as being relative to the currency in which the majority of your transactions are denominat- ed. Generally they are not widely accepted although online acceptance is growing. More than a few holdings have disappeared through the hacks of a Bitcoin exchange including Mt. Gox. Flexcoin bitstamp and BTER. These businesses are the custodial equivalent of the wild west. I do not think of them as cash options. Rather they are speculative investments. I bring them up here because there is a significant effort to market Bitcoin and other services as a cash option offering anonymity and safety outside the system. My advice is buyer beware In closing let me repeat excellent custodi- ans and excellent custodial relationships are the backbone of successful cash management.