3Speak's STEEM Burn Initiative! #NewSteem
Hello Everyone,
Welcome to post HF 21 & HF 22. We hope it was a smooth one for you. First of all, we would like to thank Steemit Inc., Witnesses, Community Devs and rest of the stakeholders (investors and content creators) for making it a success. We have taken a big step forward to change how we, as a blockchain community operate. Let's hope for the bright future ahead so that we can reach a million daily active users soon.
Maybe with this Hardfork we will see a positive change in the culture of STEEM which will be more about giving than greed. Now we have to start using our energy in a practical way that will hopefully push the price of STEEM upward. Let's face it, the poor price will not help anyone involved to thrive. It be will hard to survive unless we get funding from the outside world to keep us afloat. To get the funding, we need to prepare a system which will encourage millions of users and probably 1 or 2 huge investors. STEEM can help us reach this goal and it can take us much further without the need of external forces, ultimately attracting more users and investors. This won't be possible at the current price. Hence, we decided to share this little secret with all of you.
BURN
@threespeak has decided to burn 3% of the author rewards from every video that is uploaded on the platform. So for example if a video makes 100 STEEM in total, we will be burning 3 STEEM by setting 3% beneficiary to @null. Now just imagine what could happen if we burn STEEM earned from 2000 videos. Please note that @threespeak does not take any beneficiary rewards.
How Burning STEEM Helps
In layman terms, burning STEEM will reduce the overall inflation on the platform. This will also reduce the STEEM Token's supply in the market, which will in turn increase the scarcity of the token, probably affecting the price and initiate an upward movement.
Culture Change
Before HF 21, @timcliff, one of the top 20 witnesses published an open letter to all the Steemians. Please have a look if you haven't already or read it again to get the gist. He talked about the culture change that is required on STEEM apart from the technological advancements. Burning some of the STEEM from your profits can and should be a part of #NewSteem. We hope that this little initiative of ours encourages and motivates more projects to follow our lead.
Future Updates
Nobody can foresee the future but we can strive for a better one. Here are the things that we are planning to do:
- Burn 3% STEEM across all Oracle-d and ThreeSpeak related Projects.
- Video monetization through ads - Pay per view or pay per click.
More about all of this will follow in subsequent updates.
Welcome to #NewSteem
Welcome to #NewThreeSpeak
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Great initiative, the HoboDAO will have a technique that will be very similar to burning STEEM. The HoboDAO will be a collection of multisignature accounts that are managed in a decentralized way with one account receiving SP from curation and the SP being locked and requiring many members known as Senators having to reach consensus before any SP could be liquidated.
Ideally, the SP of the HoboDAO's curating account will be permanently staked and only keep growing, locking up STEEM in the ecosystem rather than being dumped on the market like bot services do.
Additionally, our utility token, HBO, will be used by contest submitters to @hobodao which will be an account that will require over 60 people to reach consensus in order for the tokens to be reintroduced into the market. So that will also be an effective burning strategy.
Want to know more? Join our discord and we'll chat. We're happy to invite you into the HoboDAO as a member.
https://discord.gg/sgHyY6c - HoboDAO Discord Server
Dear @hobo.media
Interesting idea. However I've noticed that burning tokens is a very trendy thing lately. And as much as I understand that it does slow down inflation and reduce growth of total supply - I still don't know how could it affect the price.
Supply overall is still growing and all burned tokens won't be able to catch up with inflation. On top of that burning tokens itself won't create demand. Without increased demand, it really won't help that much to burn those tokens I'm afraid.
Anyway I value what you're trying to do and I do not argue. Just wanted to share my thoughts and hopefully I can be proven wrong.
Yours
Piotr
You're right that burning tokens has no value in itself. Hobo tokens are not really burned either, really just locked up with a high threshold required in order for them to be released back into the market.
The value of the Hobo token is not the burning process, but the submission fee requirement. In order for content to be reviewed by the decentralized curation community (the HoboDAO) a 500 HBO fee must be submitted to @hobodao with the address of the post submitted for review in the memo area of the transaction. In this way, it is very similar to the bot services, except that it is a fully human-powered curation system.
The value of Hobo tokens will depend on the value of the HoboDAO's ability to reward the winning contestants. We've already made partnerships with a variety of token projects allowing us to provide their tokens as rewards, as well as offering a 100% upvote from the HoboDAO and a 10x reward in Hobo tokens (for 1st place).
In theory, the @hobo.media account will only accumulate more and more SP as the Casters continue curating content. And due to the fact that it will require the consensus of Senators to power down the SP, the HoboDAO's curating account should just grow over time. The increased SP value of the HoboDAO should add value to the Hobo token, and as fewer and fewer tokens exist in the market the remaining tokens should grow in value.
I just realized that I never actually thanked you for this amazing comment @hobo.media
Yours
Piotr
Actually a good idea. @esteemapp could cut their beneficiary to 7% and burn 3% for example. Same for @dtube
the idea is good but I am not sure that this gonna work
3speak and 3% , that's really cool. Great uptates guys. ☺
Great initiative to make steem valuable. Today, I myself have bought in 500+ steems and powered them up. I'm doing this because I'm highly optimistic about the future of steem. Let's do whatever we can to attract more investors.
We are with you!
The burning part seems like a good initative, it will make the supply decrease, and make STEEM worth more.
This is definetely great as i can say. What a awesome idea to come up with and i am sure it will have a positive impact on steem and the community in general
This is definitely suprising, thrilling as well as welcomed really. In my opinion this is okay because burning up steem would decrease inflation like you've said and we'd look forward to seeing what the future holds because I see your project as a One that'll benefit in the future of Steem, the investors and the adopters
Good that you guys are doing it. But if it is self-evident that burning is good for the value of the token then we might as well just reduce inflation and not require it.
Burning and inflation are two separate things and simply reducing inflation does not null the benefits of burning. Burning helps price by decreasing supply. Coins like BNB have zero inflation and still benefit tremendously from burning. Even if we reduced inflation, burning still helps.
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That's a solid point, and I'm for sure with you on it. It's just that if we think it would be good if all front ends started burning author rewards, well, then we may as well propose reducing rewards derived from general inflation?
Not arguing against burning having no purpose afterwards, and support the ideas you guys are having👍
Instead of everybody getting interest from nowhere (inflation), and everybody being encouraged to burn their money (deflation)....
Let's just get rid of the inflation. That's fiat bullshit anyway, we don't want inflation.
Inflation spurs forward activity. Killing it would be a bad move.
So says the Federal Reserve, yeah. I think they're corrupt liars, though.
Agreed. Please stop the inflation. It’s killing the price, since as a community, we do not distribute the inflation to projects that bring in more profits. We just distribute it to blogs that add no value and bring in no money. Burning allows us not only to remove the inflation, but to turn Steem into a deflationary model. This has to be driven by organic profits coming in from projects
Very wise words @starkerz
Dear @theycallmedan
Interesting initiative. I've noticed that burning tokens is a very trendy thing lately. And as much as I understand that it does slow down inflation and reduce growth of total supply - I still don't know how could it affect the price.
Supply overall is still growing and all burned tokens won't be able to catch up with inflation. On top of that burning tokens itself won't create demand. Without increased demand, it really won't help that much to burn those tokens I'm afraid.
Anyway I value what you're trying to do and I do not argue. Just wanted to share my thoughts and hopefully I can be proven wrong.
Yours
Piotr
Hi @fredrikaa
I may be wrong, however burning is good to reduce supply (in our case it's reducing growth of supply). It doesn't affect value as long as there isn't more demand also being created.
Either someone stakes tokens or burn them - it will just not affect the price the way we like to think it does.
Cheers
Piotr
Excellent news @threespeak 😊👏
#BurnSteem
what speak against you offer with the 3% free accounts? its same like burn but steem also grows.
I like the idea of burning :)
Best regards