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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Gig economy ‘Shark Tank’ winners are AppJobs and Keeper Tax; Parker Dewey is audience choice

… co-founder and CEO of Business Talent Group; Gary Swart, general partner of Polaris Partners; and Fabio Rosati, executive chairman at Snag.
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  • Gig economy ‘Shark Tank’ winners are AppJobs and Keeper Tax; Parker Dewey is audience choice

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September 12, 2019

Two technology companies, AppJobs and Keeper Tax, tied on Wednesday to win the Shark Tank-styled competition at Staffing Industry Analysts’ Collaboration in the Gig Economy conference in San Diego.

Five finalist firms pitched their business models before a panel of expert judges, who chose what they felt were the best models. All five companies in the competition were nominated for the event and chosen to present on Wednesday from a field of 20 nominations received.

Co-winning firm AppJobs is based in Sweden with global operations and can be likened to a Booking.com for human cloud platform firms. It enables online gig workers to rate the online human cloud platforms they work for as well as share tips. It also aims to help workers find opportunities on online platforms. Judges noted the firm’s business model has worked successfully in other industries, citing Kayak.com in travel as an example.

“If you know someone who needs a job, send them to appjobs.com and we will do the rest,” said Tobias Porserud, president AppJobs Institute at AppJobs. Porserud represented the company in front of the Shark Tank judges.

AppJobs has helped some 300,000 people to find an app to make money through human cloud platforms and each week adds more than 10,000 new members.

Co-winner Keeper Tax aims to assist human cloud workers with their taxes. Workers sign up online and link their credit card or bank account to the site, which uses machine learning to identify tax write-offs on a year’s worth of transactions. It also enables them to file taxes.

“We’re like Turbo Tax for gig workers,” said Paul Koullick, founder and CEO of Keeper Tax, who presented before the judges.

Koullick noted the average gig worker leaves $1,200 on the table every year by overpaying in taxes. Keeper Tax aims to prevent that from happening.

While the judges chose AppJobs and Keeper Tax, audience members at the conference also voted for their top firm, and they chose Parker Dewey.

Parker Dewey connects students to companies through micro internships. There’s no conversion fee if a company hires a student worker; Parker Dewey makes 10% off each project with the average cost per project at $350. Jeffrey Moss, founder and CEO, represented the company before the sharks.

Other finalists presenting before the judges included Khonvo, represented by Andrew Rising, founder and CEO, which aims to provide automation to assist recruiters, and F| Staff, represented by CEO Justin Clarke, which provides an online platform for truck driver staffing.

Shark Tank judges at the event were Thomas Jajeh, CEO and founder of twago; Jody Miller, co-founder and CEO of Business Talent Group; Gary Swart, general partner of Polaris Partners; and Fabio Rosati, executive chairman at Snag.

The Collaboration in the Gig Economy conference ends today.

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Corporate Tax Software Market Size Segmentation, Analysis by Recent Trends, Development by …

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