RE: Dear Community, Let Your Voice Be Heard | Top 20 Witness Communication
I would like to know if there has been any discussion or thought around a more developed “burn steem” program.
There has to be a way to include some type of gamification to incentivize people to burn steem in order to gain something... like SMTS for example as @aggroed has suggested.
With inflation seemingly outpacing growth, I cannot envision STEEM gaining more value with consistent selling pressure such as the programmatic sell by steemit inc. I fully understand the selling is necessary to fund operations at this stage in the game.
but
If a new and improved burn steem program could be implemented this would raise the price of steem and steemit inc would require a smaller quantity of steem selling thus reducing pressure on the price, creating a virtuous circle.
It is very common for publicly traded companies to buy back shares and it seems with all the development and resources here on steem that a system to gamify burning steem to gain something else is completely possible.
Much like you ‘burn’ @steemmonsters to gain DEC (dark energy crystals), I envision some sort of similar system on steem to improve economics and incentivize folks to actually hodl some steem or steem power.
Is there anyone working on the economic fundamentals of steem?
My question Justine, is there any sort of economic advisor consulting or involved on the blockchain level for steemit inc or are they open to anything like that?
From my understanding steemit inc is strictly made up of devs and engineers, but what about the economics\gamification side?
It’s difficult to envision a case for steem bullishness if we are caught in and endless loop of inflation without incentive to hold the coin.
^all to be taken in context from a concerned stakeholder who <3’s this place :)
I am not aware of an economic advisor, but I can ask around to see if this is something that has been discussed at all. 🙂
Great questions btw, thanks for taking part!
i see this burning steem thing few times in last week and i am not sure why investing efforts to find a solution to burn when in reality there is not that much steem around. there is just small group of people using it.
There are over 350,000,000 STEEM in total supply. The more steem is created the less value each steem has UNLESS growth and demand are greater. Burning steem makes your piece of the pie more valuable.
look at it this way. defranco has over 800.000 views on youtube every day, and he is just doing 10-15 minutes news. so 800.000 for a whole social platform is really not a lot. that 350,000,000 on 800.000 people is less than 450 steem each. not sure but i think you are not planing to share your steem with new people.
so my view is not that there is not enough steem, there is not enough people to want to own it.
so if we need to make an effort to change something, i would like to we make effort to get 1.000.000 people on steem and have a place where something is happening for the normies than make an effort to think how to burn steem.
that is only my opinion, and i could be horribly wrong.
I agree. I would love for there to be 1,000,000 more people on steem.
Until that happens, people are focused on the price of the token unfortunately. We know this because I can tell you that I know dozens of former Steemians that have left because they don’t feel as incentivized as when steem was $4 or even $1.
Not saying that it makes sense to stick around just for that reason, but thats just what happens.
But if we can get a million more people on steem, im all for it!