# kaal:claim:3402701-029

**Claim.** Blockchain users are likely to demand zero transaction fees while failing to notice holding fees below about 3 percent annually, which a USD peg institutes implicitly through a comparable inflation target.

**Type.** predictive  **Support.** argued

**Holds when.**

- decentralized economy inheriting internet fee culture
- peg to USD

**Source quote.**

> Most likely this culture will continue to the decentralized economy, where blockchain users will expect 0 transaction fees but will probably not notice holding fees below 3% annual

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies - First Order Principles* (2019), 3.2 TRANSACTION TAXES VS. HOLDING TAXES, page 24

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701

**Verify.** sha256 of source PDF `72ed2581b4cac2bd18a5b2640be959487a3cbc34c86ab5e5664924bcdb53c8e0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies%20-%20First%20Order%20Principles.pdf

**Topics.** tokenomics, risk-and-incentives

**Keywords.** holding-taxes, transaction-taxes, inflation-target, user-behavior

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