i can see that the ncc has projected significannt budget risk. welcome to the current epoch. and this is indeed likely exacerbated by the sad behavior during v4 run-out and its likely consequence over the next year or three. we foresaw this the last time we were in rotterdam. a graded scheme finally admits the realities of the ipv4 market that we denied for so long. that it might be a shock is a consequence of that denial. such is life. as we see from the discussion on list, having a step function be coarse causes pain. perhaps finer granularity, something closer to the the per /24 suggestion, would cause less pain, or at least be more fair. while i have socio-political sympathy for ideas which lighten the load on (especially smaller) LIRs in weaker economies, this path has waaay too much and too contentious measurement and judgment to be realistic. yes, an income statement has an expense side; and that should be looked at as well. but i suspect that we all have our favorite babies to throw out with the bathwater [0]. i will spare you hearing my list. such a discussion is unlikely to resolve in any reasonable time. excuse that i am probably too terse as usual and too long at the same time. that takes talent :). randy --- [0] sorry for the idiom. see https://en.wikipedia.org/wiki/Don%27t_throw_the_baby_out_with_the_bathwater