Harbinger Tax Is a Hybrid Solution To Domain Names: Ethereum Co-Founder

Ethereum Co-founder and famous crypto analyst Vitalik Buterin participated in a twitter thread on domain names talking about the importance of …

Harbinger Tax Is a Hybrid Solution To Domain Names: Ethereum Co-Founder

Harbinger Tax Is a Hybrid Solution To Domain Names: Ethereum Co-Founder

  • The thread began with American entrepreneur Scott Banister losing his NIST account.
  • Balaji Srinivasan replied that he loved the idea in theory but had doubts about its practicality in functioning.
  • This exchange is similar to the thread by Uniswaps Exchange Engineer Noah Zinsmeister.

One of the hottest topics in the crypto-market right now is the domain pricing on small character names. Ethereum Co-founder and famous crypto analyst Vitalik Buterin participated in a twitter thread on domain names talking about the importance of Harberger tax on them.



He believes that not doing so will encourage corruption in the long run. He further also spoke of Harber
ger Tax as partial ownership and explained his insights on how it can prevent a monopoly.

The thread began with American entrepreneur Scott Banister losing his NIST account. His wife and entrepreneur, Cyan Banister, announced that the report had been stolen and changed. She further said that they could not retrieve it due to the new rule on 4-character names.

Order of events: This account @im_ice_cubes stole my husband’s account (those followers are his) and changed the name of the account making @nist availble. Why they would do that seems fishy. Husband couldn’t get name back because it is four letters (new rule). Gov takes it. https://t.co/HPlsPLW3ts

— Cyan (@cyantist) December 28, 2019

This intrigued Balaji S Srinivasan, the cofounder of Coin Centre, who believed that domain names and user names should be private property. He stated that in the medium term, the current regulations would lead to sites that create tradeable usernames.

“I believe new sites will create that use crypto domains and NFTs for tradeable usernames,” He said. This evoked a response from Vitalik, who spoke of Harberger tax as a means to counter first-mover privilege.

Incredible series of events.

Scott Banister has accepted the outcome — but in the medium term, I believe new sites will be created that use crypto domains and NFTs for tradeable usernames.

These should be private property. https://t.co/2hy0lYmlCm

— Balaji S. Srinivasan (@balajis) December 28, 2019

Eh, IMO small-letter names should be Harberger-taxed or something similar. Otherwise the system feels attractive in the short term but first mover privilege corrupts it in the long term.

— vitalik.eth (@VitalikButerin) December 28, 2019

A user, marc, asked the Ethereum Co-founder to explain the functioning of the Harberger tax. In response to that, Vitalik said that it is a partial ownership system. “. The owner sets a price at which anyone can buy the asset from them, and they must pay a tax proportional to that price.” He added.

He also explained that the objective of the tax is to counter the monopoly in the system and obtain revenue that can use for funding.

Drop me your best insight into Harbinger tax, Vitalik.

Haven’t spent time to consider it but in a perfunctory glance I see nothing. In fact, I see an obscure reaffirmation of something quite a bit broader and what is likely the end goal regardless.

— Marc (@azeroz) December 28, 2019

Balaji Srinivasan replied that he loved the idea in theory but had doubts about its practicality in functioning. In such a system, setting the price too low will, and it brought out under, whereas setting it too high will lead to a substantial annual fee. He wondered how the everchanging rates of the crypto market would cope with the system.

He questioned if the system will house a 30 – day repricing policy. He also pointed out that this will disadvantage small start-ups. They will either forced to pay a large amount of tax or have their name bought by more prominent companies.

I love the idea in theory. Set the price of your property too low, and it might get bought out from under you. Set it too high, and you have to pay a huge annual fee.

But given how dynamic the prices of real estate or crypto are, I’d like to see how it works in practice.

— Balaji S. Srinivasan (@balajis) December 29, 2019

So, two thoughts.

1) Is there an optimal re-valuation period? Eg every 30 days you reprice it?

2) It seems to cause uncertainty for small startups and disadvantage them vs large cos. Either the startup pays a big fee, or the bigco can just buy their name out from under them.

— Balaji S. Srinivasan (@balajis) December 29, 2019

To this, Vitalik Buterin recommended a limited price-capped version. He suggested a 250 USD per year annual fee for anyone who wanted to keep their name. To pay less than the amount, one must open his doors for anyone who wants to buy it at (the annual fee you pay) / (the tax rate).

He also proposed the function asymptotic: buy price = fee * 250 / tax rate / (250 – fee) to get rid of the sharp cliff. He stated that the goal is to tax the ‘squatter ecosystem’ and “force them to serve the public good more.”

I recommend starting with a limited price-capped version: if you pay $250/year, no one can take the name away from you. The main goal would be to tax the squatter ecosystem and force it to serve the public good more.

— vitalik.eth (@VitalikButerin) December 29, 2019

To clarify, if you pay *less than* $250/year, then someone can grab it from you at a price of (the annual fee you pay) / (the tax rate). You can also get rid of the sharp cliff by making the function asymptotic: buy_price = fee * 250 / tax_rate / (250 – fee) pic.twitter.com/VybsgQHU2y

— vitalik.eth (@VitalikButerin) December 29, 2019

Balaji Srinivasan agreed by pointing out that with a price for premium domain registrations, one can tax the squatters without harming the start-ups.

That’s interesting. So essentially for the price of a premium domain registration (some like .inc are $900+), you can deter squatters without imposing too high a fee on startups.

This is a good site to calibrate the exact numbers:https://t.co/YtkaNxEhznpic.twitter.com/FEXw6qUMie

— Balaji S. Srinivasan (@balajis) December 29, 2019

Vitalik Buterin further added that the objective of the Harberger tax is to optimally impose the colonists and ensure that the resale value is proportionate to the actual amount. It also has the advantage of providing a standard interface for sales, he said.

Right. The goal is that under harberger tax the optimal price for squatters to set resale prices is proportional to the actual value of the domain, so the squatter ecosystem is incentivized to set prices optimally to avoid domains going too slow *or* too fast…

— vitalik.eth (@VitalikButerin) December 29, 2019

… *and* they’re forced to offer sales through a standard interface instead of brokers or stupid one-on-one negotiations. Oh, and you’re also taxing the squatters every year, and your tax can actually capture a substantial portion of the value of the system

— vitalik.eth (@VitalikButerin) December 29, 2019

This exchange is similar to the thread by Uniswaps Exchange Engineer Noah Zinsmeister, who complained that a $160/$640 price for a 4/3-character name was ridiculous, and ENS should look at a system where “yearly Harberger-style auctions with a hard max that give existing owners priority.”

The fact that 4/3-character @ensdomains names cost $160/$640 _per year_ is pretty ridiculous. At the very least wouldn’t yearly Harberger-style auctions with a hard max that give existing owners priority if reached be better than this?

— Noah Zinsmeister (@NoahZinsmeister) September 5, 2019

With these multi-faceted views coming in, it is difficult to anticipate where the future of the domain names system and Harberger tax lays.

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Trade99’s ETC Price Analysis: Is Ethereum Classic on the Way to Outsmart from the Bears?

Ethereum Classic was being traded at $8.06 on July 4, 2019, with the bullish trend, soon started to drop and reached $5.28 with a 34% fall as on July …

Ethereum Classic was being traded at $8.06 on July 4, 2019, with the bullish trend, soon started to drop and reached $5.28 with a 34% fall as on July 17, 2019. It continued to be traded close to $6 mark until August 21, 2019. With a sharp rise, ETC price reached $7.57 on August 22, but dipped down by 23% and reached $5.83 on August 30. On September 25, there was a dip of 27.76% with the price dropping to $4.68. After this drop, the bullish trend ended and the bears have ever since started to dominate the coin.

Ethereum Classic Price

As per the price evaluation of Ethereum Classic since December 17, 2019, it shows an uptrend by 33.54%. It may rise in the near-term and reach near its next resistance $5.81.

Trade99’s analysts recommend to invest money in purchasing new coins and retain the same for the long term. CMF indicator also reflects the bearish stance for ETC. The previous six months’ performance for the coin presents the bearish trend from July till September 25, 2019, post which the bulls are controlling it. Since the end of September 2019 till the present date, the movement for ETC has been almost constant without any drastic rise or fall noted.

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Know business insights of 3D Imaging in Tablet market 2019-2025 thriving worldwide by top …

Viavi Solutions Inc, RPC Photonic Inc, CDA, Heptagon, Finisar, STMicroelectronics, Lumentum, Texas Instruments, Sunny Optical. Get a PDF Sample …

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Apple is Considering Removal of Ethereum Browser MetaMask From its App Store

Apple is considering the removal of Ethereum-based decentralized app (DApp) browser MetaMask, a crypto wallet application of Coinbase, from its …
Ethereum NewsDecember 30, 2019 by Kelly Cromley
apple
r.classen / Shutterstock.com

Apple is considering the removal of Ethereum-based decentralized app (DApp) browser MetaMask, a crypto wallet application of Coinbase, from its app store. The notification follows similar decision by Google.

As per a Reddit post made on December 28, the US based cryptocurrency exchange Coinbase threatened its users that with the intention of complying with Apple’s mobile App Store guideline, it may consider removing the DApp browser characteristics from its wallet app.

Coinbase CEO Brian Armstrong expressed his disappointment over the removal of the app from the Apple store:

“Coinbase CEO here. This is really unfortunate to see. Apple seems to be eliminating usage of Dapps from the App Store. […] Presumably this would extend to other wallets as well (Trust, Argent, Metamask) it’s beyond Coinbase and IMO a very big threat to the ecosystem.”

Coinbase is removing decentralized application interaction from their mobile wallet, due to pressure from Apple.

Web3 is in direct competition with Google & Apple. We should expect continued censorship on MetaMask, Coinbase, & other dapp browsers.

Disruption ain’t easy. pic.twitter.com/FLweZrq7m9

— Omar Bham (Crypt0) (@crypt0snews) December 28, 2019

Armstrong also pointed out that users who wish to use DApps on Apple’s mobile gadgets may have to avail permission from the company to permit and run such apps. He further stated:

“This is an important area of innovation in finance, and many developers and early adopters of this technology have millions of dollars’ worth of crypto tied up in these financial applications, which they will no longer be able to use on Apple mobile devices if this app store policy continues.”

As stated earlier, the development has happened soon after Google prohibited Ethereum wallet and DApp browser MetaMask from Google Play, the platform facilitating distribution of Android application.

The venture’s team pointed out that the motive for the app elimination is the guideline against mining through mobiles. Notably, the software being the subject of discussion did not support mobile mining.

Appeal made by MetaMask to reconsider the decision was also brushed away. Through a tweet, the firm stated as follows:

“The appeal rejection cited the same policy: No mining on @Android. We don’t.”

Omar Bham, one of the cryptocurrency influencers, proposed that the decision was made to safeguard the firm’s operations against likely decentralized contestants.

In a tweet dated December 28, Bham stated:

“Web3 is in direct competition with Google & Apple. We should expect continued censorship on MetaMask, Coinbase, & other dapp browsers.”

On December 23, cryptocurrency influencers pointed out that YouTube, video streaming site of Google, started removing crypto related content from the platform.

After prominent crypto enthusiasts in the domain started discussing about the issue, the platform clarified that it was done by mistake and started restoring content, but majority of crypto related content providers say that their video is yet to be reinstated.

Two days later, YouTube restored another portion of the removed content and clarified that there was error in review procedures.

A crypto influencer affirmed that his channel has received warning, while the content of several YouTuber’s have been terminated. Notably, several content creators have shifted to decentralized content sharing platforms after the issue came to limelight.

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TRON TV cryptocurrency rewards to watch ads

Justin Sun, the founder of TRON and the present chief executive officer (CEO) of BitTorrent, has recently announced TRON TV cryptocurrency rewards …

Justin Sun, the founder of TRON and the present chief executive officer (CEO) of BitTorrent, has recently announced TRON TV cryptocurrency rewards to watch advertisements (ads).

Through TRON TV platform, TRON aims to enable its users to watch television content easily, by allowing them to stream it using the TRON (TRX) wallet.

TRON TV cryptocurrency rewards watch ads

Sun revealed in a Tweet that the TRON TV would be paying its users if they watch advertisements. The payments are made in the form of cryptocurrencies. These cryptocurrencies include Bittorent Token (BTT), and a TRON-based version of Tether, which is also known as the USDT Stablecoin.

Viewers of #TRONTV can get $BTT/ $USDT simply by watching ads. The community was able to find TRONTV at #TRON Wallet, a licensed platform that allows viewers to watch video for free. #TRX$TRXhttps://t.co/q8ABym70o0

— Justin Sun (@justinsuntron) September 12, 2019

Last week, Justin Sun tweeted a link to TRON TV’s licensed website, encouraging people to join the community of millions and stream television content. Sun said that TRON TV is ranked in the top eight thousand (8000) in Alexa and that it pays its users in cryptocurrencies for watching advertisements.

Sun ensured TRON TV’s users that the company values their privacy rights and shall not invade or exploit their privacy without their consent, as witnessed on other social and digital mediums.

Check out https://t.co/cmCIgvgJQK along w/ millions of other viewers & get why its ranked top 8000 in Alexa! In the near future, not only is it free to watch licensed content but u can earn $BTT/ $USDT just by watching ads! NO more privacy invasion/exploitation w/o consent!

— Justin Sun (@justinsuntron) September 7, 2019

Coincode; a news outlet based in South Korea, suggests that TRON TV will aid the TRON Foundation in widening the reach of its content.

The news outlet furthers, the company was initially expected to bring a lot of changes in the current frameworks for television, entertainment, video games, and content delivery.

Users can easily access TRON TV by either visiting its website or by using the Tron (TRX) Wallet.

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