So I work for a steel importer and we had 8 containers arrive at the Port of Montreal right when their labor strike started in late July. Since the Port was effectively closed we could not pick up our containers within the 14 days of free time and they went into demurrage.
As soon as the strike ended we had our containers picked up an returned within a couple of days. However now MSC is sending us demurrage invoices totalling ~$20,000.
I'm wondering if anyone else has had a similar experience or has any advice.
I assume that at least some folks on here have already dealt with delays in shipping product(s) directly or indirectly to COVID-19. Was curios to hear if anyone has been billed for demurrage, detention and/or other fees associated with this? And the approach that carriers have been dealing with the situation as a whole?
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I'm trying to find companies for a relative. EVERY time he finds a high paying load, they either cancel it or take 3 or more hours to unload his truck!
What he carries in his truck I'm not sure but, I believe it to be a dry van.
Currently, I'm searching on JB Hunt for Owner Operator positions to see if they offer this.
I assume that at least some folks on here have already dealt with delays in shipping product(s) directly or indirectly caused by the COVID-19 Pandemic? Was curious to hear if anyone has been billed for demurrage, detention and/or other fees associated with this? And the approach that carriers have been dealing with the situation as a whole?
Am in the process of drafting a blog post on this topic. It seems like this Pandemic is the largest disruption for logistics and transportation since the 2014-2015 West Coast Port Labor Slowdown. The difference is that this one is likely worldwide. Already heard a report from someone shipping personal belongings from Australia to the UK being told to expect delays due to the Pandemic.
I'm thinking of starting a DAO (paid with a erc20 coin transferrable for income producing coins in the created environment) to create a decentralised platform with a 50k UBI. Each person would start with 75k then 10% of each transaction is burnt. The UBI is paid equivalent to what is burnt up to 50k per person per annum. A sump collects the rest and act as a money supply regulator.
It will have multiple interoperable chains covering transactions, land registry, liquid democracy, identity, and smart contracts.
Is anyone interested in helping?
The platform is based on my book Fluidity - the way to true demokratia.
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abi,tuations inbreaking brobd... keep reading on reddit ➡
I am drawn to BSV's cash/utility use-case and believe the BTCs HODL digital-gold use-case is a complete sham.
However for any sound money I understand (from below) demurrage and/or inflation is essential.
But how does BSV address this?
>Gresham's law that "bad money drives out good" suggests that demurrage fees would mean that a currency would suffer more rapid circulation than competing forms of currency. This led some such as German-Argentine economist Silvio Gesell to propose demurrage as a means of increasing both the velocity of money and overall economic activity.
>“Only money that goes out of date like a newspaper, rots like potatoes, rusts like iron, evaporates like ether, is capable of standing the test as an instrument for the exchange of potatoes, newspapers, iron and ether. For such money is not preferred to goods either by the purchaser or the seller. We then part with our goods for money only because we need the money as a means of exchange, not because we expect an advantage from possession of the money. So we must make money worse as a commodity if we wish to make it better as a medium of exchange."
— Silvio Gesell, “The Natural Economic Order”
>"Both inflation and demurrage reduce the purchasing power of money held over time"
Does the proposal to salvage burnt/lost coins have anything to do with the above?
It seems like stablecoins aiming to peg themselves to, say, USD essentially fall into three approaches:
It's often claimed that algorithmic central banks are the most flexible since black swan crashes in asset backings do not cause issues, and they can theoretically target any exchange rate with anything, including things like baskets of goods. (Aside: I find this highly suspect. Taken to the logical extreme Basis can target a perfectly oscillating sine wave of prices so that everybody can buy low and sell high and get free money, which is obviously false. I am not really knowledgeable enough to know where exactly the argument that anything can be targeted fails though)
The main problem with algorithmic central banks seems to be that without reserves, it's hard to defend a peg when the market price of the coin drops. When the price is higher than the peg the smart contract can simply give everybody helicopter money to drop the price, but if the price is too low there's little that can be done. Basis claims that selling discounted bonds payable only if the peg is restored somehow fixes this, but I remain skeptical --- it seems to imply Venezuela can somehow borrow its way out of hyperinflation using cleverly designed bonds, which seems absurd.
However, I wonder whether or not there's an obviously robust solution to fixing algorithmic-central-bank stablecoins --- demurrage, basically a negative interest rate. Imagine I make a stablecoin called PUSD, for Perishable USD, as a token with an algorithmic central bank running on an Ethereum smart contract. Like with any other algorithmic central bank, we print helicopter money if the price (based on some median of oracles) is too high.
However, every year 5% of every PUSD account balance disappears into thin air. Essentially, this means there will always be demand for freshly printed PUSD. Even if everybody dumps PUSD and the price tanks, eventually the dumped pile will get exponentially small, so that eventually PUSD becomes scarce and the tiny number of "sur... keep reading on reddit ➡