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RE: Hive Needs A Permanent HBD Vault

in LeoFinance2 years ago

Time locked vaults align with possible solution for another problem. Currently when you pay from your account, you are exposed. Basically you are wearing your balance tattooed on your forehead. It might be ok-ish for online transactions, but in physical world it might be dangerous in some areas (and these are also areas that could benefit the most from adopting HBD for payments as alternative for local currency).

Coins that use addresses as balances cloud overall wealth of a person that uses them for payments. We could have the same in Hive. Of course it would require new operations and special representation of such disconnected balance, but it should not be hard to code. One thing that would need to be introduced - since such balances are not associated with any stake, transfers could not be "paid with RC", regular fee would be needed.
Such balance could easily be supplemented with "time of unlock", only becoming transferable after given date. The interest on the locked HBD would be printed upfront, already on the balance. This way even if witnesses decide to change the interest rate later, it would not affect such long-term deposit in any way, no special code required.


I really don't get the permanent time vault. Especially how the interest rate would be handled. It surely cannot be fixed, because we don't know future market conditions, so what is just right for now now might be insufficient or far to much when conditions change. On the other hand if the rate was to be subject to witness decision, who would be willing to use such mechanism? Third option, ability to "unfreeze" the permanent vault when rate changes (within certain time window after the change - miss that and you've implicitly accepted new rate) seems most legit but it would put another hard burden on witnesses (on top of market conditions to consider when setting rate, they'd now also have to predict human behavior after unlocking a lot of HBD).

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Permanent doesnt get unlocked.

That is the idea. It is locked in for community projects like Ragnarok. This is not altering the other ideas of savings or time vaults where one has the ability to unlock his or her HBD.

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