War Chest Growth Idea - The Steem Blockchain is going to buy up Bitshares
Proposal:
Every week 0.01%-1% of the weekly reward pool is used to buy up bitshares for a Steem community Bitshares war chest
It makes economic sense for the Steem community to buy up bitshares.
We are part of the same ecosystem. It makes sense to build positive economic feedback systems.
With this proposal implemented Steem won’t just be backed by content created and curated, it will also have asset holdings. Strengthening us and our asset at the same time. As well as equipping ourselves with a well needed War Chest. Everyone benefits and Steem community has a bitshares slush fund to play with.
We need to fast track this, because sooner or later bitshares is going to the moon. And also we need to sort our project funding out.
This also remedies the bounty problem. Making it easier to fund projects and bounties for the Steem community.
I've read many amazing growth ideas, and I have some myself, but ultimately I believe we need to start with basics, and build a support infrastructure that can be used to easily fund proposed projects and ideas that we want to implement. It is not only an excellent investment for the Steem community (given the current Steem strength against bitshares) but also a useful financial tool for the community.
This idea could require a hardfork (or could be done without one) and ideally would be an extension of @cryptoctopus's idea below.
These following links lead to @cryptoctopus's idea of using X% of the reward pool to fund projects.
https://steemit.com/marketing/@cryptoctopus/growth-idea-from-crowdsourced-growth-ideas-to-crowdfunded-growth-projects
https://steemit.com/poll/@cryptoctopus/opinion-poll-should-we-move-forward-with-this-growth-proposal
I believe the above is very important and should receive our full support. We should implement this in some form or other, either having X% taken from reward pool or perhaps a weekly post people can vote on allocating rewards to the fund.
Before we start rolling out projects we need to set up our infrastructure starting with funding. My proposal for a bitshares war chest would go hand to hand with the above proposal, using 0.01-1% of the X% to buy up bitshares which can be held as an asset by the community, and also used to fund projects as well as being a useful financial tool.
We need to evolve the platform and invest in growth. Doing so will benefit all of us, and it doesn't make sense to leave things as they are when we have the option to pursue growth and chase after more.
What does the community think about aquiring a bitshares war chest?
war chest
noun
a reserve of funds used for fighting a war.
a sum of money used for conducting a campaign or business.
"the party's election war chest"
People who I strongly support in the community and would love their backing or feedback on this idea:
@mrwang @cryptoctopus @officialfuzzy @fyrstikken @trafalgar @jedau @virtualgrowth @pairmike @berniesanders @pfunk @wingz @pharesim @uwelang @ats.david @acidyo @rigaronib @tuckfheman @kevinwong @justinashby @thedegensloth @klye @whatsup @inertia @seablue @steemitqa @vandeberg @sumsum @edje @instructor2121 @faddat @loki @ebryans @whatageek @beanz @sirlunchthehost @nate @writingamigo @nigelmarkdias @gavvet @donkeypong @craig-grant @jeff-kubitz @schattenjaeger @manandezo @meesterboom @steevc @clayop @denmarkguy @surpassinggoogle @stellabelle @kingscrown @billykeed @mariandavp @furion @andrarchy @stephenkendal @nonameslefttouse @papa-pepper @sirwinchester @dwinblood @surfermarly @dreemit @thecryptofiend @slowwalker @hilarski & many more people.
Please comment, resteem, and upvote. Let's work together in building this blockchain up.
@RiskDebonair
Adventure Capitalist of the Future
This would certainly benefit those sitting on a large amount of Bitshares :) .. but as far as 'investing' in another coin .. nah, there is nothing with a greater potential for explosive growth than STEEM. I am shocked that anyone would buy anything other than STEEM right now.
A bitshares fund would be a useful financial tool. Especially with the functionality of bitshares and the ability for creation of User-Issued Assets (UIAs). The bitshares fund would be small in comparison to the Steem fund from the X% of the reward pool but would still be a valuable asset.
Consider for example if we want to fund a project for @mrwang. We will have the bitshares ready and available, and be able to directly purchase Wangchange with our bitshares.
Bitshares is in the same graphene ecosystem as us, so it makes economic sense for us to work together. We already have UIAs such as SteemFactory and Virgrow linked to Steem (we need to build upon these positive feedback systems which grow both the Steem and bitshares economy). Having bitshares will help us support projects like these in the future, and in turn support the growth of our economy.
I guess I just don't get the whole UIA thing .. STEEM BABY, STEEM is all we need. I'll fund MrWang by sending him STEEM directly! We do it here every day through curation, and if someone wants to buy a 'share' of something, maybe people should learn how to use a spreadsheet. ;-)
Nah, I'm joking a little .. I think it's cool to have the ability to spin up a project specific token, but .. at the same time .. all these tokens, and little shitty-ass coins, kind of make everything else that we are doing, collectively, look a little bullshitty :)
Good economics requires positive feedback systems.
Let's imagine Bitshares is isolated from the Steem economy (although it is not and feeds into our economy, and we feed into its).
With our economies isolated we both still grow. But with out economies linked to each other we grow each other, positively benefiting both systems in a synergistic way. Take @steemfactory for example. It is a mining pool that anyone on Steem can get in on by voting, following @steemfactory, and resteeming the post. People receive UIA's in the form of Steemfactory which can then be traded for bitshares. This acts a positive feedback mechanism, brings people over to Bitshares, and in turn increasing their wealth to take back to Steem.
Even if the bitshares we buy don't increase as exponentially in value as our Steem we will have still added net benefits to both system through direct and indirect means.
Consider Pinkcoin for example which is backed by diamonds. Imagine if Steem was also backed by a small fund of bitshares. If we ever had a downturn in Steem value, we could leverage on the bitshares.
Also if we pay @mrwang in steem we won't get Wangchange. If Steem starts buying up Wangchang, Steem will get airdropped steem dollars every week/month from @mrwang's posts. So that investment would feed back into our system, building up our Steem Warchest through using our bitshares war chest.
There is an active market for it... just saying
WANGCHANGE_OPEN.STEEM MARKET on OpenLedger
hehe
@Riskdebonair we shall meet again when a few of the tools i have being worked on launch. I would however urge you to join our beyond bitcoin hangouts so we can get u part of the community.
95% of people seem to forget that synergy is exponential as opposed to linear payback. This coupled with fear of the unknown make most of them shy away from ideas like this. However...i think the basic concept of this makes alot of sense. AT LEAST enough to test.
I am sooo glad u are around. Oh and btw, how is it easiest to reach you?
@riskdebonair, you could talk on your own or be my guest if I am wanted to cover this topic and give my input which I think many might like. So I will think on this idea and welcome any feedback.
Discord or Steem rocket chat. I'll join the Beyond Bitcoin. Thanks for your feedback.
Such an idea is largely up to people individually. Many just want to be involved with STEEM and steemit(.com) as they are. However given enough interest we could pursue such an idea further. With the UIAs that you can in my post: Steem, BTS, and Asset Market Update 5/4 and Giveaway for 5/11 there are numerous users such as myself and others that you mentioned utilizing UIAs to exchange value though different crypto along with a sort of personal brand recognition or "fan token" as MrWang calls his token. I would be happy to explore this idea further if there is much (current) support for it.
A war chest is a good idea to have monies readily available for funding projects. Since you brought this up, how can we divvy out the money for these projects - would it all be handled by corporate? Is there supposed to be a project committee to approach? What are your ideas for the exact working of this?
These funds would be community controlled. We need community controlled funds as the alternative is having to approach Steemit Inc and wait for the green light everytime we need to fund something.
I think we should base ourselves off of the Dash and Bitshares model, but modify their protocols to work for us to quickly roll out projects with community consensus.
I like your point but also I am becoming horribly attached to the value of my Steem and SBD. If anything were to occur that would affect that or Steemit itself I would be very, very upset. So, how exactly do "we" do this? Aren't you talking more about like forming a guild or something, separate from Steemit?
Everyone who owns Steem is a co-owner of the Steem blockchain. It is about creating a war chest for the co-owners to use to support any projects that reach community consensus.
Yes, I understand that and you have an interesting idea. I just wonder about the mechanics of it.
Like where the proposals are made so that everyone is aware of the project and can vote on it, for example. After all, you are talking about things for Steemit or Steemit related projects. It seems we are missing something would help Steemit really take off, which could be this proposal and what it might produce for the benefit of the whole Steemit community.
I guess then what I am asking is: if the mechanism does not currently exist, how would this be created so that it did exist?
Well, there is no method of holding a vote at the moment for the money to be distributed or for a vote
Ideally we would need something added to the UI so people could easily find or see community approved proposals to vote on them.
We need to discuss more as a community how to achieve this.
There is an idea here for Steem polls on voting.
https://steemit.com/growth-proposals/@good-karma/growth-proposals-steempoll-2017428t19596571z
Some growth Ideas I back. Please read and share your ideas if you haven't already. I think it is important for the community to reach consensus and move forward with our growth as soon as possible.
https://steemit.com/growth-ideas/@thedegensloth/idea-steem-powered-micro-blogging
https://steemit.com/growth-ideas/@someonewhoisme/single-purpose-steem-wallet
https://steemit.com/growth-ideas/@cryptoctopus/growth-ideas-this-is-either-a-very-good-idea-or-a-really-stupid-one
https://steemit.com/growth-ideas/@yoonjang0707/idea-non-english-community-marketing-activites
https://steemit.com/growth-proposals/@mrwang/proposal-mrwang-productions-and-studios-version-2
Consider the above proposal by @MrWang for a production studio. It is a great idea but quite costly. If we buy up bitshares now, we can start building a fund which can be directly traded for Wangchange. This is just one of many ways in which we can use Bitshares as a useful tool for the community.
There are some other projects I support but have not listed. It is my opinion that we need to sort out funding and creating a war chest for Steem before we can move forward with many of these great ideas.
Love the idea but I think it may be hard to convince people to invest in bitshares. I'd hope not because it sounds like a good idea. Now what I would want to do is if we pick bitshares or just have Steem set to the side. Is lend it out. Do loans so it can gain in value.
Resteemed, up voted and followed!
Well, I have no competence with bitshares, so I cannot comment on this. However, I would love to hear more opinions from people who have a strong understanding of this matter. It sounds interesting. As far as I'm concerned, we should do anything that's better from Steem as I want to get rich sooner rather than later haha
Left to me, this is one of the best ideas i have seen so far. I don't know much about crypto but i see where this can head especially if it involves bitshares.
Thanks for mentioning, idea sounds like a beneficial move for the community even i am not a BTS expert.
Looks like I missed the party. Thanks for the mention. It made me feel like a somebody. I don't see any reason to say nay. At the same time, these sorts of things aren't really my forte. I guess I've always thought of SP as my own personal war chest... I just never called it that.