Harpoon Stable Coin: A Plutus Smart Contract with Delayed Withdrawal and Whale Watcher Alarm
Here is an idea for a stable coin on the Cardano chain which would be useless to whales and speculators and yet perfect for the rest of us that just want to use cryptocurrency for storing value and making purchases.
The proposal is to make a Plutus smart contract for a coin that enforces a delay time on withdrawals which grows longer as the withdrawal amount gets larger.
Since all withdrawals will be visible to the community, small fish seeing the coming withdrawal can pull their smaller amounts out first (smaller withdrawal delay for smaller amounts) leaving the whale holding the loss.
Of course a school of fish could act as a whale with less delay on the withdrawals. As a counter measure, high withdrawal activity will put all the pending withdrawals in a queue with an extra delay which would allow the rest of us to get out first.
I am in the Plutus Pioneer program so I should be able to write this as my skills improve.
It seems like this might be a good first project but I am wondering if there is some obvious flaw in the idea that is not so obvious to me.
This question could also be asked in the Plutus Talk, Nativie Tokens, or Cardano Projects forums but I thought it might be bad manners to post in more than one place at a time so the General Discussions forum seemed like the right place for this question.
All ideas and criticisms are welcome.