Buyback of Timism Lifehours
from Helpers and Investors
When the cashflow of Timism is positive, 50% of the monthly excess cash will be available to buy back lifehour warrants from helpers and investors. An on-line form is provided for the dutch auction.
The typical auction goes to the highest bidder. A dutch auction goes to the lowest bidder with the auction item being a financial IOU as a rule.
The US Treasury department uses dutch auctions to sell bonds. For instance, they may say they have $100 million in 10-year notes. People submit bids electronically to buy in units of $10,000 (as I recall). The persons offering to buy at the lowest cost in interest rates gets the bonds.
For Timism, Timism will buy back lifehour credits at the lowest rate offered. For instance, let us say I have $100 to buy lifehour credits.You offer to sell yours at $20/credit while someone else offers to sell at $25. I will buy 5 of yours for $100 rather than 4 of the $25 offer.
A description of dutch auctions can be read at First-Price Sealed-Bid Auction. It is akin to how the Federal Reserve or Treasury sells bonds to the lowest bidder.