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June 06, 2021, 08:08:18 AM |
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Yes, exactly.
My approach has always been to issue my tokens well in advance, not creating and destroying them on-demand as people bail-in and bail-out coins; rather, I take only half of my coins to issue tokens for, so that I can use the other half of my coins to buy back the tokens, so that I do not need to worry about how hard it might be, and how long it might take, to dig back up the coins represented by the tokens; instead I have enough coins still on hand to redeem the tokens.
That way I can get as creative as I like with stashing away the coins I tokenised, in theory I could break up keys into many-of-many parts to split up among safe-deposit boxes located on multiple continents and not have to be converned that getting all those partial keys back from all those continents and re-assembling them to get at the "frozen" coins could take months or years, since I only "freeze" half of my coins.
It is also a simulation of having third-party bail-in and bail-out services, it lets the "custody" aka "freezing" and token-issuing department be logically separate from the bail-in / bail-out function.
It also basically amounts to a "200% reserve" policy as contrasted with "fractional reserve".
Its downside is that if you wanted to "bail in" more actual coins than I have actual tokens laying around handy to issue to you for those actual coins you would need to buy something from me with half the coins so that I can issue new tokens representing only half of them, retaining the other half handy for buying back the tokens with, so that I can "freeze" the half I issue new tokens representing without worrying about ever needing to "unfreeze" them rapidly or maybe even ever at all.
(Maybe generations down the line my heirs-and-assigns might decide to shut down support of a particular coin or all coins thus have a need to go dig up all those "frozen" coins but in the meantime as long as a particular coin is still to be worked with its frozen coins represented by tokens might never need to be dug up.)
-MarkM-
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