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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~Smartsteem Curation Team
https://avacschat.com is a nice chat room
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
Hopefully this way can increase the price of steem. Have a nice day, Sir.
I’ve wondered more than once whether it’s better for the ecosystem to burn STEEM or to burn SBD’s.
I have no clue which would be better.
I guess in the end it would be the same thing. you are burning vests (If I am not mistaken)
Hi @preparedwombat
Neither one or the other would actually create demand. Burning alone won't really change much (to my knowledge).
I agree @crypto.piotr , burning a supply does not increase a demand if the supply is still being "created." And, so, I doubt that burning will do anything at all.
I think a better strategy would be to simply to distribute the same amount in some way toward the purpose of creating new interest. Giveaways, contests, special awards, etc... to "creator types" (as opposed to whales, which is where the excess inflation currently goes).
nice move from 3speak. The burning will surely help. If we can combine this with lots of new arrivals and a few bigger investors we are on a roll
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!
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
I also wish that the positioning of the platform has a positive impact on the whole world and that it results in a better price for the currency.
Good strategy to attack inflation.
I discovered that the @null account belongs to Professor Dr. Emmett Brown who with Dlorean traveled to 1969 to open the account.
All the initiatives that help to raise the price of STEEM are great, congratulations for that.
You got a 7.41% upvote from @brupvoter courtesy of @st2158901!
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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
This is one of the best initiatives. Thanks for increasing the value of my Steem with #3Speak-Burn3. Hopefully, other SteemApps will implement something similar.
This is a wonderful initiative. I hope that in the future more initiatives like this will help us cancel the Steem inflation.
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3speak and 3% , that's really cool. Great uptates guys. ☺
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
How come I am unable to upload to @threespeak? Do the videos have to be under a certain length or a certain file type? I have tried several times on multiple devices and it’s getting really frustrating! 😔
my file type was .mov (which I think is the standard on iOS) and it was way less than 4.8 GB
Any idea why I was unable to upload on multiple browsers, multiple devices and even multiple different videos @wehmoen?
Burning steem and powering up I don't even know which is better but I will go for power up anytime cos My steem power has gone down dramatically I need to refill b4 price moons
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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👍
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
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.
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
What a wonderful idea.
...burning is still making sense also to me as a complete amateur.... I m sure that my thoughts to I.e. ‚freezing‘ steem or supporting social projects , are still fantasies of a unknowing beginner..and surely you know what you are doing...will do my best to help steem growing!..up..follow you..steem on!..
You guys are an inspiration.
Just to be clear, are you burning your own money, mine, or everybody's? Hard to tell from the wording here.
Nice to hear from you guys again! Will you be developing the site more? Fixing the bugs? And will you be publishing the details of what you're doing with our monthly payments? I'd like to decide if I'm in for a 3rd month or not. Thanks :)
Dear @threespeak
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
Correct, demand has to be increased and driven by organic purchases of the token from businesses selling products, services, experiences or influence. Couple this will projects burning some of those profits and u have the recepie to guarantee locking more value into the chain that was distributed via inflation. This results in an incredibly atttactive token for investors and speculators
Late thank you for your reply @starkerz
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
The burning part seems like a good initative, it will make the supply decrease, and make STEEM worth more.
I noticed several hi-powered accounts starting a campaign with the same propaganda a week or two before the worst patch in steemchain history so far. More if you got more, less if you got less, free downvotes so you get to sell THOSE too, downvote cartels and justification from above, killing off the biggest stakeholders (the bots) other than the top 20 and the emperor himself ... there's about NOTHING good about it , even the name sounds like new world order and the advocate of the devil refers to the people they would like to onboard as 'normies' frequently. On top of that, (and you too) i hear all kinds of initiatives to on one hand , as ojou-sama so eloquently stated on twitter "Just buy and dont ask questions" and on the other hand to throw your money in a pit
= where i stand from =
the only good burning initiative i read so far that actually comes close to anything decent is @therealwolf 's idea to use the pomo system that was here since the mesolithicum as a means to get people to 'burn' and get a chance at promotion by a whale in return ... which means 'gud content only' which means singlesided views b/c we all have different ideas (except the normies who are actually the normies instead of the people they call normies)
So, if you wanna throw your money in a pit to save the whale and feed the emperor, it's all yours ofcourse, but if they keep selling off to pay the bills and the inflation doesn't flat out STOP you'll have to dig a bigger pit and get more money to throw in it
such is my opinion and i have spoken heh
NOTHING, but absolutely NOTHING good about HF21 ...
pardon the caps but im glad i could forego pardonneable french already, you see, and the way i see and please bear with me on this :
the concept of unlimited expansion in limited space and time with limited resources to boot is absurd ... economics stems from the colonial era , JP Morgan and the morganites, you see, it requires bottom input to be continuous and the illusion back then was that it was, but it isn't . The colonies are now developing markets, bottom input has stopped the TEK-5 rule the world more or less (financially), population INcreases, while resources DEplete , there's no way in seven hells or heavens anyone with a Holmesian or Vulcan mind (biblical metafors always seem to go down well) could accept this as possible working in the long-term.
And this little pond here , acting like it's the ocean by the decree of a few sardines pretending to be sharks, is a micro-version of the macro that's society ... financially, culturally, its basically a mirror, you even get your 1%ers, your fortune-20 (maybe theres a fortune 500 here i dont have a node to go do some deep digging) , you get prime-time TV on the trending section and the avant-garde borderliners, pioneers and other crazy people live on the fringe, or deeper in the puddle (or say 'pool' in this case) , there's a lot of bright minds who cant help but do what they do and probably get more of their ideas stolen by people who give them a penny for it. Edison vs. Tesla v2.0 ...
So , to come to the point : no way in seven hells or heavens hyper-inflation can be fixed by throwing money in a pit, unless the company itself and the fortune-20 do that ALL THE TIME, which they wont because then it gets them nothing, so the middle classes (referred to here often as the masses , which is an understandable mistake from a millionnaire's point of view) are expected to fix it ... increase consumption ,lol
it's like forex-report man ... its a mirror of the big one. Dont ask me how to stop inflation AND workout steemit (often mistaken for STEEM) , stopping inflation is EASY : cap that shit ... if you got money then peg it, but even the mighty dollar has been on the verge of collapse now several times, last time not too long ago and since i live under a rock on mars im not sure that crisis is over yet (but im sure the mass-media DO understand panem et circenses enough so it probably looks like it is ...)
But how do you translate capped amount of steem into steemit.inc ?
Well then, thats where those bright minds come in .. maybe they have an idea b/c hyper-inflation ? if the dollar can't handle it why would sbd ?
m hmmmm but
i call it realism, not negativity
Nice upgrade! 🙂
Good post
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Browsing 3Speak everyday, looking for videos to watch. The platform need more content creator for more choices of topics.
I still see some old spam-like comments.
For example the two words "Nice upgrade!" comment with a pending payout of $0.10.
Question yourself: Is your two words comment really worth $0.10?
Some people can't even earn that amount with their blog posts, where they put hours of work and effort.
No offense, but good luck to attract investors with this behavior, guys.
I think that people should write meaningful comments, and do natural engagement, instead of focusing on earning money and on trying to get attention to their own blogs.
The whole platform would be more successful by that.
Even Steem would be more valuable. But the selfishness and the greed of the users ruins everything.
интересно
Much supported. Upvoted and resteemed
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Super inspiring. We are seriously considering in following this awesome move too.
YEAH! That's a great little change that could make a huge impact. Way to help the platform guys, I'm proud of you, keep up the great work! :^)
This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
@threespeak, I am supporting this initiative team. And let's hope that this initiative will going to impact Price of the Steem and with that it will going to inspire other projects too. All these efforts and developments are really appreciable aspect.
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If you're relying on or expecting average users to burn a portion of their already minimal rewards, you should pass over a little bit of what you're smoking. My understanding of the main reason behind implementing the EIP is because it's a non-starter to rely on people to be altruistic and sacrifical for the betterment of an online, economic community like this.
I think it's a bad sign as well that most suggestions I see for how to drive up price or onboard more users seem to focus largely on the "scarcity" side of the "supply and demand" equation. Rather than artificially trying to increase the scarcity of something that isn't scarce -- effort and energy should be put forward to increase the demand for Steem.
Since 3Speak is supposed to be a home . hosting platform for video content creators deplatformed elsewhere -- maybe there are services that could be offered if payment is remitted in STEEM:
I feel like there are more useful avenues that one could go down to try to improve prices. Offer something that isn't offered somewhere else, rather than "burn a portion of what you have, in an effort to make people pay more for what hasn't been burnt".
Let's hope this (and all the other great actions that #NewSteem users are taking) can help us get out of this bear market! In @Repollo we are hoping for the bes!
Can y'all please send me a invite to your discord server