STEEM BURNPOST Initiative in Solidarity with Steemit's Reduction in Stake Selling
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In today's @steemitblog post, entitled "Steem.DAO UI Live on SteemitWallet" there was an announcement inside which I feel deserved its own post.
The announcement as follows:
Update on Programmatic Selling
We will not be selling any STEEM this month. We have continued to improve revenue generation through ads while lowering our expenses, but we are still a long ways from covering our operating costs 100%. That being said, we have put ourselves in a position where we can pause programmatic selling, as we are this month. This is a very important benchmark for us because it was not something we were in a position to do just a few months ago.
Leadership matters
It can be said that Steemit Inc, has really worked hard to change their spots and to change the stars for the future of the Steem community. In stark contrast to the company they once were, burning through funds, missing scheduled public appearances and laying off 70% of its staff merely a year ago. Under the helm, of its new Managing Director, Elizabeth Powell, Steemit inc, has indeed shown the grace and resourcefulness of a female thought leader.
Powell, drastically cut costs in rental and many unnecessary superflous expenses and has turned Steemit Inc, into a lean running ship, further assisted by a massively talented dev team that released the cost-saving node infrastructure, dubbed MIRA, which has reduced their AWS hosting costs by circa 80% and has done the same for many Steem based businesses and witnesses (block producers) who have the cost of running Steem nodes.
Under the direction of Eli Powell, the dev team have kept all promises and released HF22 with new the Steem Proposal System funding protocol for funding community proposals for the betterment of Steem, as well as the EIP - Economic Improvement Protocol which enhanced curation and included free downvotes to incentivise spam fighting and non-beneficial rewards extraction.
I have had the pleasure in speaking with Eli myself in DM and I can say she is a genuine and down to earth person, with a heart for the community, in addition, her promises are backed by the team's newfound ability to deliver timeously and professionally.
Big ups to Eli Powell and the team for listening to the community and reducing their selling in their corporate social responsibility strategy.
In stark contrast to Steem, "XRP HODLers Speak Out Against Ripple" for continuously selling without heed to community sentiment.
I disclose that I hold both Ripple and STEEM, but today I am the most proud to be holding STEEM!
BURNPOST CHALLENGE
The burnpost idea was originally conceived by @smooth, where a daily @burnpost post was launched that stakeholders could vote on and instead direct rewards to @null which effectively burns them.
What if in response to Steemit's reduction in selling, the community responds by burning a percentage of their post rewards by setting a beneficiary percentage to @null (easily done using steempeak.com). Curators could in turn favour curating such posts over others.
Steemit's selling reduction of 1 month equates to a total annual reduction of 8.3% with more potentially planned as they rely more on advertising and less on the Steem sell-off.
The community should respond in solidarity by burning at least a rounded up 10% of their organic posts and more if their posts are promoted with a promotion service.
BuildTeam has pledged to burn a min of 20% of every promoted post and sometimes we will burn as much as 50%. @theycallmedan is a big believer in burnposts and this idea stems greatly from discussions I had with him over the last few days, his personal strategy is to vote organic posts and only vote promoted posts with a 50% or greater burn if organic votes thereon were not sufficient.
I standby this idea and challenge the entire community to burn rewards from each and every post, albeit organic or promoted.
Also, standby for further updates from the @minnowbooster account where, we will update you tomorrow of our initiative to augment our service to facilitate these ideals.
Don't forget on all your posts to put a BURNPOST disclaimer like I have in the footer, you can even make some cool graphics, meme's and art for it.
My post really is a 100% burnpost as can be verified on Steemd.com, but you can set your own percentage you deem appropriate as per above recommendations.
PLEASE VOTE, RESTEEM AND SPREAD THE WORD ABOUT THE STEEM BURNPOST CHALLENGE!
Regards,
Ricardo Ferreira
@thecryptodrive
BuildTeam CEO
Steem Consensus Witness
If you like what I do, vote for @thecryptodrive witness with this vote link: https://steemit.com/~witnesses
Or use the quick SteemConnect link: https://app.steemconnect.com/sign/account-witness-vote?witness=thecryptodrive&approve=1
Beneficiary Disclaimer: This is a 100% BURNPOST, by virtue of beneficiary set to @null.
Steemit, @steempeak @esteemapp could introduce badges, like 5% to DAO adds a donators badge to the post etc
Try to open this post on steempeak.com and check the icon next to the payout ;)
Full details here: https://steempeak.com/steempeak/@steempeak/steempeak-v1-16-new-reward-options
Yeah, just realized, that's super cool! Should be standard for all apps
Keep in mind that we set to threshold to display the new icon at 50% ;)
Is the burnrate relevant to both author and curator rewards? or only author rewards?
Only the author rewards would go to NULL if i'm not mistaken
Only the author
Rewards would go to NULL if
I'm not mistaken
- jarvie
I'm a bot. I detect haiku.
Thanks
Yup. Curation rewards are the same. This is also the case for any posts with benefactor rewards made through apps.
That's awesome, I have switched to steempeak.com now.
;)
Yip yip sounds nice that is also a @steemitboard thing
There's a few dozen much simpler thing they could have done.
I don't understand what burning does. Also, how would someone who makes very little benefit from burning posts? A lot of people here really nned those rewards, especially now that their content is making less. I myself find myself in need of much convincing if I were to agree to do this.
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Hi, the burning basically destroys the tokens so they can't be sold which means supply reduces and should help the price increase. Imagine if everyone burned 10 or 20% of their daily rewards, the price could really recover and everyone would be better off for it, maybe Steem would get back in the top 50 coins.
I understand someone who makes very little is especially burdened by this, however it is also a form of insurance against downvotes, whales have limited downvotes and they likely won't downvote your content if you are burning a portion, and will move on and downvote the next person.
Consider this biblical story:
Interesting take.
I will ponder on this and consider it more. The potential of it increasing the value seems legit, however, the amount of burning required or people burning is required might take a while for the end result to compensate. Lots to think about.
Sure, it takes time, but every small sacrifice helps towards the end result. You will probably get more upvotes on your posts if you burn a %.
Good idea, have an upvote, or burnvote!
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Lol @ burnvote! I love it, think you just coined a new term.
Like your burn idea, set you on auto voter and your corp-using steemvoter of course. Will set a small percentage of my posts to burn. What would be a minimum you suggest to use the tag burnpost? Can I say 5 or 10% burn
10% is nice, 5% is meh. If you are using bots to promote I suggest nothing less than 20% otherwise whales might downvote you.
Dear @thecryptodrive
Indeed since Elizabeth took over things are getting better. I'm also more optimistic about the future of STEEM already (comparing to days when Ned was fully in charge).
Any idea is STINC is still being forced to sell their own STEEM supplies in order to cover operational expenses and how much do they sell monthly?
I absolutely appreciate idea of burning tokens, however I'm failing to understand how can it really help to maintain price of tokens if speed of burning tokens is still way smaller than speed of "printing" new ones (inflation).
Let's not forget that burning tokens isn't creating demand. Please don't take me wrong: I'm not complaining here. I'm just not sure why so many people see burning tokens as a way of pushing price upward. That could be only the case if supply isn't growing.
So the fact that we will burn part of inflation isn't really going to increase buying pressure. It may obviously partly reduce selling pressure, but only assiming that users who are burning those tokens would otherwise sell them (instead of staking). At the end of the day burning part of our rewards will affect price as much as staking it and powering up. It simply won't.
Correct me please if I'm wrong. I've been working on math and thinking of token economies for very long and my impression is that I'm right :)
ps.
How can we check what SPS has been proposed and approved/declined? Any idea?
Strong upvote on the way :) Catch!
Yours
Piotr
Inflation is a core concept of steem so just ignore that and try not to draw parallels between the two.
Burning token's reduces the overall supply which in turn increases the worth of each steem.
If a company is valued at $1million and has 1 million shares then each share is worth $1. Now if a company burned half of those shares it does not mean that company's intrinsic value was cut in half. It is still worth $1million but now your shares are worth $2 instead.
Nice way to put it, thanks for adding your thoughts.
Thank you for your valuable comment @gnimeets
ps. I've noticed that you didn't post anything in 2 years. how come? Are you back?
No worries lads.Yeah I'm back. The last two years have been kind of crazy for me so my focus was pulled elsewhere. Pretty much just came back to do a little recon to see if much has changed. Things do not seem to have changed that much but they are changing.
Steem still has massive potential and was my first investment outside of bitcoin. I guess you could say I am back due to some form of nostalgia. Over the next few weeks I intend to buy 10k sp and work from there. Very few projects(maybe none) have the potential that steem does.
Welcome back @gnimeets :)
You are correct, burn and steemit stake selling reduction doesn't directly influence buy pressure but it does improve market sentiment, the annual 8%+ inflation coupled with Steemit selling may put off some investors.
At the very least burning from the community side and reducing selling on Steemit's side will reduce sell pressure, the burning takes tokens out of circulation and are effectively destroyed so can never be sold, which means it lowers the annual inflation.
To check SPS proposals, go to steemproposals.com or you can login to steempeak.com and it is on their menu close to the bottom.
Thank you @thecryptodrive
did you try to create any proposal yourself on steemproposals? Just curious.
Yes I was one of the early proposals, just a small one for $200 to help a dev friend, see my blog, but didn't get enough votes.
it's me again @thecryptodrive
do you use telegram by any chance?
No, I use Discord, I always miss messages on Telegram, howcome? Lanzjoseg knows me on Discord.
Interesting idea. Reduce the inflation rate by our own actions. With higher curation rates I can see people being onboard with the idea as they will still earn something on the backend while at the same time helping the long term price of STEEM.
Will have to find a good way to implement this into @pifc's efforts. Maybe we can curate the #burnpost tag to help drive some attention to the effort.
Curating the #burnpost tag is certainly a great idea, maybe since you thought of it, issue a post about it.
Delusion
Worth a try, if we don't come together as a community then Steem will struggle.
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@thecryptodrive, There is no doubt in that Elizabeth Powell brought lot of positive environment and results for the Steemit Inc.
Yes, @theycallmedan is really bullish towards the idea of Steem Burn and many are appreciating the idea and following the foot steps.
I really want to appreciate your efforts and the changes adopted by the BuildTeam. Keep up the effective journey and stay blessed.
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Thanks so much, I appreciate your kind words and am glad that you are embracing this positive movement!
Welcome and i am bullish about all these changes and hoping for positive results over the period of time.
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Oh so this is serious!
Soo nice day