The rules
Short, and the same for everyone.
A promise is a number. Keeping it is cash. The contract counts both and moves the money; nobody is in charge of it.
01
Savers
- Put money in. Pick nobody. Take it out whenever you like.
- Money nobody has drawn is in the vault and paid on demand. Money a stable has drawn to work with comes back within a day, or its bond pays.
- A tenth of every dollar of return goes to whoever runs the race. Nothing else, ever.
02
Stables
- Post a promise: the return you will pay, a year. Post a cap: the most of any one saver you will hold. Put up a bond of your own money.
- You may draw what you hold to work with it, up to three times your bond and never more than you hold.
- Pay the return you promised, in cash, as you go. The contract keeps score of promised against paid, per saver.
03
The cut, every minute
- Fresh money goes to the highest promise that is being kept and has room under its cap.
- The stable furthest behind on what it has paid, beyond two minutes of grace, loses a third of what it holds to the best one. The reason is posted.
- A stable keeping its promise is never cut, however low it promised.
04
When a stable owes
- Owe more than you hold, from a cut or a withdrawal, and a one-day clock starts.
- Repay in time and nothing happens. Miss it and anyone can call it: the bond pays first; what it does not cover is lost, in proportion, by the savers it held; and the stable is out of the race for good.
05
Records
- Promised, paid, held, drawn, cut, out. Written by the contract, next to the name, for anyone to read before they put money in.