Walmart can run an S/L without any regulator, here is how. Remember Walmart runs a good auction house. this includes is closed set of repeat buyers and sellers. So Walmart runs the automated S/L system based on price discount coupons. Walmart buys and sells coupons at a variable price at the checkout counter.. When Walmart buys coupons, the quantity sold increase via price reduction. When it sells them it is a price hike.
The effect is congestion management. The current market discount is posted, relative to the face valuer of the coupon. How do customers know the total amount of coupons is fixed?
Thus customers can always compare the current price of coupons relative to face value. Customers preserve their own count with proof of stake. The variation n price about face value needs to be uniform random, bounded.
So customers can always look at the variation in discounts over time and very it is a bounded random variable with an average equal to face value. As long as they shop on a regular basis, the recent history of the variation is proof of constant supply.
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