Power Up Half Burn Half 30 Day Challenge - Another Approach to Debt Reduction - #FeelTheBurn

9 days ago
71 in feeltheburn

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Very few ideas are original. They are usually a "remix" on what has been previously thought about. This is why I first want to let everybody know about 2 very original ideas to solve the debt problem Steemit is facing.

Project #1 - @pipes

Here is the introduction post of @pipes's initiative and how it works

Please consider going to (steemvoter.com) and adding them to your roster of auto-vote.

Project #2 - @richman

Few hours ago, @richman proposed a 30 day powerup challenge. Read more about it here

Please consider participating in the #powerupchallenge tag and to upvote those posts too.

FeelTheBurn Challenge

WHY

Now, powering up is great and doesn't add to the load of SBD on the network but it doesn't get rid of the debt issue. We must all lock arm with in order to get the extra SBD in circulation and burn them.

In @timcliff post called SBD Debt Reduction - A Fiscally Conservative View there were discussion to improve the value proposition of promoted content.

But we can't wait for those improvement to roll out. We need a group effort to increase the burn rate of SBD.

HOW

Here is the idea, anyone who want to participate simply:

  1. Leave the rewards to Default (50% Steem / 50% SteemPower)
  2. When payout comes in, buy SBD
  3. When you write your next article, you add #FeelTheBurn to the tag
  4. Use the SBD from the previous payout to promote your own post

Example

  1. I've just received the payout of my post about marketing

  2. I bought SBD with the STEEM I've receive from this post => 291.729 STEEM to $59.091 SBD

  3. Once I publish this post, I will promote it with that $59.091

My pledge

I will be tracking people who post under #FeelTheBurn and upvote them manually. My vote when it's at 100% almost give out a $1 currently. That's not much but I hope other people will jump in with me to improve the situation.

Please add at the end something like this:

This post is burning $X of SBD...Feel The Burn!

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67
  ·  9 days ago

Hy @cryptocopus! I don't want you to be mad at me because I will link a post here in my comment. It's from a post I made 3 days ago:
https://steemit.com/power-up/@the-future/30-days-of-100-power-up-challenge-difficult-times-call-for-difficult-measures
I just want to know that I like your idea and also @richman's idea. Wait, me and he​ have the same idea! :D

73
  ·  9 days ago

Good initiative - I've been doing something similar myself.

I normally convert my liquid rewards to SBD and slowly use them to promote my posts.

I've only ever had to convert to bitcoin a couple of times when I was short on cash (e.g. to pay for hosting Steemithelp or my stock photo bill).

Other than that I also occasionally use them to power up using the internal conversion which I believe (correct me if I'm wrong) also reduces the SBD debt.

The more people we can get using promotion to burn SBD the better.

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67
  ·  8 days ago

I like it and now that I understand why is good to promote your content, I will do it too, how many times I can.

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70
  ·  8 days ago

Conversion does reduce the debt :)

57
  ·  9 days ago

Your reward for being in Promoted is an upvote and 0.036 SBD extra promotion.
Good job, keep your contents promoted! :)

Also, thanks for the mention. I RS your idea and hope it will be used by others, too. However, even your own contributions are huge helps for burning debt.

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50
  ·  8 days ago

Fantastic!!!

64
  ·  9 days ago

I always heard the burn SBD idea but never really got a hang of it till now.

Great initiative.

70
  ·  9 days ago

Awesome job! This will be a huge help!!

52
  ·  9 days ago

Amazing job dear,Great idea to boost and recirculate the system.

54
  ·  9 days ago
54
  ·  9 days ago

Great I #FeelTheBurn already...what a great idea. Thanks.

48
  ·  8 days ago
70
  ·  9 days ago

Upvoted! Sorry, I can't do it 50% Steem / 50% SteemPower at the moment, because it would be unfair.... I must power up, from now on for at least a month...
All the best and thanks for all your efforts! Cheers :D
BTW, it's from @thedegensloth originally

64
  ·  9 days ago

Consider chek my Positive chalenge . Sadly i see your post to late but will add this in the next one . I will promote my positive chalenge and burn some SBD also .
https://steemit.com/positivechallenge/@patelincho/5-steem-giveaway-for-everyone-the-positive-challenge-day-1

54
  ·  9 days ago

Does need to be the first tag?

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71
  ·  9 days ago

nope!

47
  ·  8 days ago

I'm new and I don't get it. But I will come back to this when I get my head straight.

51
  ·  8 days ago

New to Steem but definitely want to try out #FeelTheBurn. Already exchanged some BTC to steem from poloniex

59
  ·  8 days ago

Can community initiatives such as this reach the significant number of Steemers to make a dent? That is what I was wondering.

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71
  ·  8 days ago

Yes, as long as the network isnt printing new SBD it will :-)

62
  ·  8 days ago

I will also try this. I admit, I'm in a bad financial shape but for the sake of steemit, I will get involve. Hope I can cope it up. Resteem your post so I wont forget the codes.

53
  ·  9 days ago

When I see "SBD" I think of Starbucks Dollars :d :d :d

47
  ·  8 days ago

I've tried this as well!! sweetness!
I'm feeling the burn, and it's lovely!!

66
  ·  7 days ago

Another good initiative... glad to see all this community involvement!

I guess it also counts as "burning" if we just promote occasional posts (and underappreciated writers), as long as the end result is that Steem Dollars end up in the @null account?

50
  ·  6 days ago

Thanks for sharing,
I like it.
@cryptoctopus

51
  ·  5 days ago

I'm new to this too but basically your saying convert your steem to steem dollars and use your steem dollars to promote your next post?

50
  ·  5 days ago

hi im already in powerupchallenge!!! thank you!!

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50
  ·  5 days ago

can i reestem this post;;

49
  ·  3 days ago

i like it

53
  ·  2 days ago

Nice initiative! The only problem with my posts is that my previous post didnot even make 0.01$.