Another Game Of Chance And Burning Of STEEM
We already saw the emergence of a couple dice games on the Steem. There is also talk that they projects are going to expand the game offerings. We are seeing this aspect of the ecosystem growing.
Now we have a different type of game.
@steemluck is a game of chance based upon picking numbers. It can be played both through the website and also from one's wallet.
There are 4 levels to the game. Each level contains a different degree of difficulty, hence varying payouts. The easiest is a 50/50 game where one chooses between two numbers. On the difficult side, one has to choose from 7 numbers.
This project seeks to help all Steemians. In addition to being another application on the blockchain that can bring in more users, they seek to increase the value of each individual's holding. This is done by sending STEEM to @null. They also seek to reward users along with helping to fund development.
This is a really interesting concept.
Monthly Burning STEEM
Of the revenue collected, 10% will go to the @null account. They also will burn 1% of each 5000 STEEM and SBD collected. For those who are not familiar with this, the @null account basically takes the STEEM out of circulation.
Reward TO Users
They will also take 20% of the revenues collected on a monthly basis and send them back to the users of the site. This is a way for those who enjoy a game such as this also to benefit. The dividend will be based upon one's wagers throughout the month.
There will not be another token created. All payouts will be in STEEM/SBD.
Development Fund
Another 20% will be set aside for future development. This could be @steemluck projects or other developments they would like to support. This seems very timely considering the discussion about funding the worker proposal on Steem.
To read the full details of this project.
https://steempeak.com/gaming/@steemluck/introducing-steemluck-pick-your-lucky-number
This is a very intriguing project. When one is looking to give 60% of the revenues up, it gets some attention. Here is a project, on the surface, that looks like it was put together for the benefit of the Steem ecosystem. They are creative in their ideas.
I have yet to see a project seek to give away this much of the revenue while also adding a burn to the agenda. Eliminating STEEM can only help everyone who is holding the token.
As I said before, games of chance tend to be popular and draw a lot of attention. Perhaps the twists @steemluck put in will separate it from what is out there.
If you found this article informative, please give an upvote and resteem.
The game concept so far doesn't make lots of sense to me. I think in a couple of weeks we know more.
Unfortunately, all games are designed to make profits for founders, not to help people.
And they changing rules that way whenever they want. Or they just leave or close down the shop.
It'll help steem platform probably but people should be careful.
That is why I don't play those games. Ultimately you pay. If there is entertainment value in losing money, then there would be a rationale to do it. Ultimately, the winner will be the game founder.
The STEEM burn is not going to make any difference whatsoever in the entirety of the burn effort.
So far they have about 150 STEEM and about 92 SBD. Let's assume that one day they will grow to the point of creating 1000 STEEM per week in revenue which is respectable. 10% of that would be 100 STEEM to the @null account for burn. To put that in perspective, it would be 0.00985% of last weeks STEEM creation due to SBD conversions alone. Compared to the current rate of inflation the STEEM burn would be 0.0203% of the normal STEEM creation. If you combine both normal STEEM creation and STEEM creation due to SBD conversions, then the STEEM burn would equate to 0.00664% of the total STEEM creation.
To put in in another perspective, let's compare STEEM.
= 100 STEEM
= 1,506,989 STEEM
It would take 289 years for @steemluck to burn the equivalent of just one week of STEEM inflation.
Sending to null is just a marketing strategy.
Bingo
I remember when a witness and some whales on steemit promoted and supported a project to burn sbd and steem rewards to promote posts by sending earnings to null account and by that help steem price.
I felt like someone wanted me to burn my paycheck to support my own national currency.
Who would do that?
I remember that too. It didn't work then and it won't ever work. I get the impression that people don't have a clue to how much STEEM currency there actually is in existence. Even if Steemit Inc were to send all their STEEM to @null, it would only make up 11% of the supply. Dapps burning STEEM would be as effective as a screen door on a submarine to keep out water. Anyone that takes the time to look at the amount of STEEM it would take to make any difference whatsoever in price would also come to realize that it can't be done.
That STEEM could have positive impact on lives if it were used to pay for food for the poor. At least that way it would make a difference.
While I'm sure your math is totally correct, and you're likely spot on with the effects, I still think it's a good step... maybe it'll encourage other Dapps to consider a burn effort too? If all dapps start to burn, even a small percentage, maybe the net effect will be worth it?
That was my thoughts too. If we get to the point where a couple hundred Dapps are burning STEEM on a monthly basis, the impact could be significant especially as the inflation rate decreases going forward.
Well, let's assume a couple of hundred Dapps are pitching in 100 STEEM a week. That would be 20,000 STEEM. It still would take about 1.45 years to burn the inflation of just one week.
I'd hoped you have gotten my point with my first comment. Since you haven't, my point is that since the burn is so overwhelmingly useless, then perhaps something useful is actually done with it instead. For instance, perhaps it could be used to buy food for people that are in economic crisis. Wouldn't that be a wonderful marketing effort for STEEM? Perhaps it could be used to pay for direct marketing. Perhaps it could be used for rewarding authors. Perhaps it could be used for creating and supplementing new accounts. Perhaps it could be used to fund development. Or just any number of things.
This reminds me of a very funny video.
Sure, there are many uses for STEEM.
However, it might be a stretch to conclude that a burn is "useless". You make some big assumptions. Let us look at another situation.
@magicdice has 173K accumulated in, what, two month? That is 6,500 per month at the 10% burn rate.
@steem-bet accumulated over 10K STEEM in a couple days. Will they keep up this pace, see a slowdown or see more activity as time goes by? None of us can answer this.
What we do know is these types of games are very popular across the gaming spectrum.
Hence two applications, even in these early stages, can account for more than 25% of the total you forecast. And we know more games are on the road map for at least one of these projects.
My point is that you presume 80K burn a month when, as these two apps alone show, it could be much higher.
You still don't get it...
Where do you think earnings come from? Answer. It comes from inflation (printing of STEEM). Let's assume every single Dapp now and ever to come into existence were to burn 100% of their earnings resulting from inflation. It still wouldn't keep up with inflation.
The only way to halt inflation is for all Dapps to burn 100% of earnings (directly or indirectly from inflation), all users burn 100% of rewards, all witnesses to burn 100% of witness earnings, every account to burn 100% of SP interest, and burn 100% of SBD conversions.
If we want to reverse inflation, then in addition to the above, users need to burn their STEEM holdings.
It is definitely not a stretch to believe that a single Dapp or all the Dapps combined could never have any affect on inflation.
I think we are on different wave lengths.
Who said anything about halting the inflation? That is not the idea of burning STEEM. It is to reduce the total outstanding. Without inflation, you basically have a halted system where rewards are not issued but based upon existing holders sending it to newer people.
Nowhere did I say that the idea was to halt inflation.
you are right. You never mentioned halting inflation. That was a mistake on my part. I was just trying to put into perspective the other inflationary mechanisms that overwhelm the burn effort.
"My father worked two jobs so he'd have money to put in the money hole... And he never complained!"
lol
Funny
Exactly. It's a very limited perspective to fixate on this single app. 500-1000 apps doing the same can amount to something.
Even more optimistic than what I posted @markkujantunen.
I like it.
Completely agree. We have that many dapps doing the burn and we can see a major difference.
I have a better idea. Steemit could just reduce the inflation by HF.
Burning just a little is better than none.
The burn initiative makes it great
The more sent to @null the merrier!
Posted using Partiko iOS
Can someone explain me how it work?
Sending to null, that is an amazing initiative for a dapp with perspective. Your blog saves me so much time man, thanks for all your efforts.
Yes. I love the creativity of this project. The idea of burning STEEM is something I had not seen from a dapp.
You are welcome. I am glad my blog helps to keep people informed as to some of what is taking place on here.
The idea of burning steem is quite appealing granted that the inflation rate of steem is still very high.
And giving away to user a portion of the earnings will be a hit. Let us see this project develops.
Posted using Partiko iOS
Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
So it seems like a craps game so I am sure they will find a small community that enjoys those games of chance! I think that the several approaches being taken to attract the community are great as more projects continue to be developed will benefit from options to deploy to attract adoption. Burning Steem is an interesting concept and could help with inflation but many do not see it as vamue creating as they focus more on the rewarding end of the spectrum.
Posted using Partiko iOS