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Add new commentTrubanc Storage FeesSubmitted by Bill St. Clair on Thu, 2009-03-12 06:32.
I have added storage fees to Trubanc. One of the drawbacks of Loom is that there's no way to make money from Loom itself, except for small amounts of one-time income from new users for asset tokens. In order to make Trubanc a money-making proposition for the asset issuers, I have added storage fees. I expect that most Trubanc assets will be backed by precious metals in storage. It makes sense for the issuer, who must pay for the space and security of that storage, to be paid a small periodic fee. He can now set a yearly percentage rate charged for all users of his asset. I'm going to describe the new feature with an example. I'm assuming two users, John and Mary. John creates a gold-backed asset, named "John GoldGrams", with a storage fee of 1%. The market will determine how much storage fee is viable. The Free Lakota Bank charges 1/20,000 per month, or 0.06% per year. C-gold charges 1% per year. E-gold too. Trubanc allows the asset issuer to decide what to charge, and to change it at any time. Rather than keeping track of an average monthly balance, and assessing the storage charges monthly, Trubanc includes storage charges in every transaction, paid by the holder of the asset. So when you make a spend, you pay the fee on your original balance for the amount of time it's been there. And when you accept a spend from someone else, you pay the fee on the accepted amount, for the time that it's been in your inbox. Trubanc keeps fractional amounts on fees, so that these small amounts can add up for the asset issuer. John creates his new asset:
To change the fee, fill in the new fee, and press the "Update Storage Fees" button:
Mary sells John her old car, and elects to take payment as 100 John GoldGrams. Here's her inbox after John spends the 100 grams to her:
After accepting the 100 gram spend, in the time it took me to write this, Mary has already lost a little to John's storage fees. She's paid less than 2 hundred thousandths of a gram, about 6 hundredths of a cent, some gold dust:
Mary pays John a gram for a few old CDs, and she loses a little more gold dust:
For the asset issuer, received storage fees are shown under the outbox. Here's John's account after Mary accepts the 100 gram spend and spends back 1 gram:
Clicking the "Move to Inbox" button moves the received fees to the inbox as a spend from the bank for "Storage fees":
Clicking the "Process Inbox" button receives the 1 gram for the CDs plus the gold dust for Mary's storage fees:
There's one more feature I haven't implemented yet. What I demoed above collects fees when balances change. In order to collect storage fees on balances that change infrequently, the asset issuer will be able to run a periodic batch job that visits every account, collecting fees since the last batch job was run and posting them as negative spends (remember, Trubanc can't change a user's balance without his digital signature approving the change, but it CAN post a bank charge as a negative spend). This code is live at trubanc.com/client. If you want to play with it, just ask, and I'll give you a coupon to create an account or three. Reply |
BlogrollMike VanderboeghQuotesEvery man, woman, and responsible child has an unalienable individual, civil, Constitutional, and human right to obtain, own, and carry, openly or concealed, any weapon -- rifle, shotgun, handgun, machinegun, anything -- any time, any place, without asking anyone's permission. -- L. Neil Smith Reread that pesky first clause of the Second Amendment. It doesn't say what any of us thought it said. What it says is that infringing the right of the people to keep and bear arms is treason. What else do you call an act that endangers "the security of a free state"? And if it's treason, then it's punishable by death. I suggest due process, speedy trials, and public hangings. -- L. Neil Smith Based on 253 journal articles, 99 books, 43 government publications, and some of its own empirical work, the panel couldn't identify a single gun control regulation that reduced violent crime, suicide or accidents. -- John Lott, commenting on the National Academy of Sciences report (PDF) on gun control laws Zero Aggression Principle ("Zap") "A libertarian is a person who believes that no one has the right, under any circumstances, to initiate force against another human being, or to advocate or delegate its initiation. Those who act consistently with this principle are libertarians, whether they realize it or not. Those who fail to act consistently with it are not libertarians, regardless of what they may claim." -- L. Neil Smith Formerly called the "Non-Aggression Principle", or "NAP" Why Did It Have to be... Guns? Make no mistake: all politicians -- even those ostensibly on the side of guns and gun ownership -- hate the issue and anyone, like me, who insists on bringing it up. They hate it because it's an X-ray machine. It's a Vulcan mind-meld. It's the ultimate test to which any politician -- or political philosophy -- can be put. If a politician isn't perfectly comfortable with the idea of his average constituent, any man, woman, or responsible child, walking into a hardware store and paying cash -- for any rifle, shotgun, handgun, machinegun, anything -- without producing ID or signing one scrap of paper, he isn't your friend no matter what he tells you. If he isn't genuinely enthusiastic about his average constituent stuffing that weapon into a purse or pocket or tucking it under a coat and walking home without asking anybody's permission, he's a four-flusher, no matter what he claims. What his attitude -- toward your ownership and use of weapons -- conveys is his real attitude about you. And if he doesn't trust you, then why in the name of John Moses Browning should you trust him? -- L. Neil Smith "Tell me," I was once asked, "What do you think about gun control? Give me the short answer." To which I replied, "If you try to take our firearms we will kill you." -- Mike Vanderboegh Also from The Atlanta Declaration: ... like going to the bathroom, breathing, eating, sleeping, or making love, it turns out that self-defense is a bodily function one cannot safely or effectively delegate to a second party. -- L. Neil Smith This does not mean that "Marijuana should be available by prescription." It means that morphine sulfate should be available in five pound bags at the supermarket for a couple of bucks, like sugar... but probably in a different aisle, to avoid confusion. -- Vin Suprynowicz The state can only survive as long as a majority is programmed to believe that theft isn't wrong if it's called taxation or asset forfeiture or eminent domain, that assault and kidnapping isn't wrong if it's called arrest, that mass murder isn't wrong if it's called war. -- Bill St. Clair Monthly ArchivesTTLB |
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