RE: Upcoming changes to MinnowBooster - 🔥 BURN PROMOTION SERVICE! 🔥
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Can help me understand why people believe it is a good idea to Burn the Steem?
The best guess I can make is that you believe it will help keep the value of Steem higher.
For any currency to have value, its needs to be held by many people. Steem is seen as desirable and we have thousands and thousands of people here who find it very difficult to accumulate Steem. So why not just give them some!!!!!
I guess that in the USA the prevalent thinking is to keep as much of a given population in abject poverty as possible. This thinking seems to be widespread on Steemit as well.
So why don't we let the content police have a permanent holiday and start distributing that Steem to the smaller accounts so they can earn some curation rewards.
We could even set up accounts that reward real world actions and develop some real positive social change around the world.
Look at what is happening in Detroit, its really poor and there are also some good things going on. Why not pump Steem into community organizers there so they can distribute Steem in their communities for doing local activities.
Why Burn it when you can make a huge difference in peoples real lives?
Good questions, let's wait to their response.
The problem is there has been a period of abundance over the last years, especially with bot voting, the community landed up taking advantage of the abundance and engaged in practices like self-voting and extracting as much rewards as possible and leaving being not much value.
Steem because known for a place where bidbots are rampant and the sell pressure of everyone earning rewards and selling is not a sustainable model for investors so the price declined.
Those are the main highlights, I do agree with you in principle that distribution is important but we also need better retention strategies and onboarding funnels, no good handing out coin for people to just dump if they find Steem too complicated or uninteresting.
I think I agree with you regarding the bid bots. I am not a fan of them in any shape or forms.
With regard to retention strategies, it became clear to me very early on that this is not necessarily a good investment of resources. For the simple reason that the one controlling the largest Stake operates under a very narrow view of what he thinks Steemit should be.
I see different uses for Steem and the platform. I see it as the ideal structure for creating gift economies within physical communities. There is a big market for attracting investors who would love to invest in something that will make a real world difference in peoples lives without burning lots of capitol.
People are self organizing systems. All we are ever doing is trying to meet our needs. So our role is to find out what those needs are and support agreeable methods for them meeting those needs.
However, the preferred moderation of behavior tool here on Steemit is the Flag. I see far to many instances of abusing users with this very blunt instrument which should only be used as a last resort imho.
I see you have a negative 2 reputation, you must have been flagged alot?
Well I say how I see it.
And who knows, eventually sanity may prevail.
Here is an idea. Why not have the largest account holders give @ecoalex loads of votes thousands of dollars worth so he can do more projects and build a solid team.
Not sure about the ecotrain, it feels odd to me but those homes he builds are good. We need more of them
Indeed. He has now become a non-person on the platform and can be safely ignored.
Get used to it because opinion flags will be the tool for censorship of dissent going forward.
LOL. You want to get free STEEM!? Money for nothing and chicks for free?
I hope Steem is not socialist/communist style social network. Why don't you buy some while it's cheap?
You are obviously confused. You may want to actually read comments before replying.
If things carry on the way they are there will be no Steemit or Steem.
And if the price falls to 1 cent i would see that as a good thing. When enough people understand the power this system has, you wont be able to stop it. There is just the largest stakeholder that is fucking it up and driving away the better class of investor.
To simplify it further, let's assume a hypothetical case where all STEEM are burnt but one. Now this 1 STEEM is worth the total market cap. Tell me, how would you distribute this 1 STEEM to 100 million people to distribute its value to all? Hope you got the perspective!
The answer is simple, because there is no way to tell which of those "small account" are holding by real people, and this is definitely easy to be gamed by one creating tons of alternate account to receive those tokens. Burning however, works in a sustainable way to continuously benefit the community as a whole. The effect might be slow, but certainly guaranteed in a long run.
haha Its not difficult to figure out which are new accounts they all have the same delegation!
Burning lets the world know that Steem has so little value we need to destroy it.
The real reason it is done is something is protect scammy profiteering
It's all about supply and demand. If there would only be 1 steem in the system and 1000 who wanted it, well that 1 steem would be much higher and equal to the same value if there would be 1000 steem available. (in theory). So by burning steem you make each other steem more valuable. Thus, helping everyone that already has some steem, including if it's just a small amount.
I don't know if you noticed but steem is closing in on 0 value. So burning steem is a great way to help preventing that. Trust me you rather want 10 steem worth 1 dollar than 1000 steem worth 0.0001. it also helps fighting the inflation rate.
Of course burning steem is not gonna make all this happen, but if enough are doing it you will eventually see its effect. For every steem we burn its a steem less that could be sold or that takes a share from the steem in the pool = more steem for everyone.
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I am not buying into that story.
They have fucked up by chasing away investors. They started up scammy ways to make Steem which did not end up working, now they are fucking things up even more in their panic and burning it lol .
The best plan would be to distribute it
I agree 100%.
It's a form of virtue signalling so that large accounts can continue to justify circle jerking each other.
You said that really well
There is only one answer which I don't see in the replies to this comment (weird).
Burning Steem decreases the supply, which is the number of coins on the market. As the market cap of steem does not change, this means that the price of steem goes up.
You want to give money to everyone, well, the price going up does exactly that, it gives money to all steem holders. However, creating new steem and distributing it to everyone equally will not really give money to people because the price will move down (since again the market cap doesn't change).
The market cap is the value of all the steem coins together.
So, when you see burning, it means that everyone holding steem is benefitting from it equally.
Hi @marki99 Thanks for the reply.
I have heard all that before and on one level i can imagine people would love it to work out like in practice, But I do not believe it will.
It is my opinion that rather than burn the Steem they should distribute it to small accounts who will use it for curation.
When I started here there were people interested in exchanging goods and services with Steem which is the way we should be going. However the platform as whole was sidetracked with short term profiteering. The rules are still there for the most well endowed with Steem but they are not so well endowed with intelligence.
Distribution is everything
The idea behind burning the Steem is to counter the inflation of Steem. The rewards pool consistently increased the supply of Steem making it less valuable. When smaller account keep their payout and larger accounts burn theirs, then the overall supply (and value) of Steem does not change and the distribution of Steem shifts in favor of the smaller accounts.
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Hi @samuel-swinton
I appreciate your courteous response.
Yes I understand the thinking that ''The rewards pool consistently increased the supply of Steem making it less valuable.'' However I believe that thinking is based on a series of misconceptions.
One is the thinking that the road to creating more widespread adoption is to focus on the quality of of posts. This thinking may also have contributed to the adoption of free flags. It is the path to a shrinking user base.
Another is that scarcity will drive up the price. At this stage of the game creating demand for new accounts and retaining them should be out number one priority. And they need to be provided a clear and fair path for growing their stake without any investment (stop the evaporating dust payments for small accounts) and start them off with a delegation that will allow them to receive curation rewards. The people who have spare cash will be far more likely to invest when they are hooked.
Another is the attempts to attract 'investors' the preferred investor seem to be the predatory kind who are looking to take more out than they put in. You may remember what happened to the investor @greenman who was just sharing the love around. From my perspective more investors of his caliber are the ones we desperately need. And there are plenty of them out there
i could go on : )
Well MARKET scarcity increases price. Granted, this can also be achieved by simply not putting your Steem on the market.
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