Witnesses - Please Lower the ACCOUNT CREATION FEE to maximum 0.1 STEEM!
Let us do this experiment, I believe we want to see some serious growth on this velocity hard fork 20, but having the account registration fee as high as 3 STEEM is way too expensive IMO, when looking at STEEMs Macro Economy.
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Let us all lower it to 0.1 STEEM for a few months, maybe even lower so we can really onboard people without burning too much of the controlling asset of the network.
As @ned pointed out, there are now more accounts ready to be registered than there are humans on our planet, which also is an impossible possibility under the current creation fees that go to burn very valuable and important STEEM tokens, let us all lower the creation fee to as little as possible.
With todays consensus it will cost 3 Million STEEM to onboard another million users, or 3 Billion STEEM to onboard 1 Billion users which is more STEEM that will ever be minted as you can see on the inflation table below:
Year Supply Inflation New Supply 2016 250,000,000 9.50% 23,750,000 2017 273,750,000 9.08% 24,854,398 2018 298,604,398 8.66% 25,854,554 2019 324,458,952 8.24% 26,727,942 2020 351,186,894 7.82% 27,452,027 2021 378,638,921 7.40% 28,004,740 2022 406,643,661 6.98% 28,364,989 2023 435,008,650 6.55% 28,513,181 2024 463,521,832 6.13% 28,431,762 2025 491,953,593 5.71% 28,105,742 2026 520,059,335 5.29% 27,523,204 2027 547,582,539 4.87% 26,675,768 2028 574,258,308 4.45% 25,558,997 2029 599,817,304 4.03% 24,172,733 2030 623,990,038 3.61% 22,521,348 2031 646,511,386 3.19% 20,613,886 2032 667,125,272 2.77% 18,464,106 2033 685,589,378 2.35% 16,090,399 2034 701,679,777 1.93% 13,515,587 2035 715,195,364 1.51% 10,766,608 2036 725,961,973 1.08% 7,874,074 2037 733,836,047 0.95% 6,971,442 2038 740,807,489 0.95% 7,037,671 2039 747,845,160 0.95% 7,104,529 2040 754,949,689 0.95% 7,172,022 2041 762,121,711 0.95% 7,240,156 2042 769,361,868 0.95% 7,308,938 2043 776,670,805 0.95% 7,378,373 2044 784,049,178 0.95% 7,448,467 2045 791,497,645 0.95% 7,519,228
I personally want to see the price of STEEM go up to $2, $4, $40, $400 etc... And at those prices creating an account will be very costly in dollar terms.
Since we are still in BETA and are supposed to work on on-boarding, all front ends need an inexpensive price to avoid bankruptcies due to these high unnecessary fees.
With 0.1 STEEM it will still cost 100 Million STEEM to go for a billion users. I think we will do everyone a serious favor including new users and the OGs running faucets.
Please make this little change on your witnesses and let it stay at 0.1 STEEM for at least six-twelve months for it to have an effect, and maybe even lower it to 0.01 or 0.001 STEEM.
I do not like to see good STEEM being BURNED when it is not necessary. I hope we get your support on lowering the reg fee cost drastically!
Thank You!
Sincerely,
@fyrstikken / @fyrst-witness
...
Let us all lower it to 0.1 STEEM for a few months, maybe even lower so we can really onboard people without burning too much of the controlling asset of the network.
As @ned pointed out, there are now more accounts ready to be registered than there are humans on our planet, which also is an impossible possibility under the current creation fees that go to burn very valuable and important STEEM tokens, let us all lower the creation fee to as little as possible.
With todays consensus it will cost 3 Million STEEM to onboard another million users, or 3 Billion STEEM to onboard 1 Billion users which is more STEEM that will ever be minted as you can see on the inflation table below:
| Year | Supply | Inflation | New Supply |
|---|---|---|---|
| 2016 | 250,000,000 | 9.50% | 23,750,000 |
| 2017 | 273,750,000 | 9.08% | 24,854,398 |
| 2018 | 298,604,398 | 8.66% | 25,854,554 |
| 2019 | 324,458,952 | 8.24% | 26,727,942 |
| 2020 | 351,186,894 | 7.82% | 27,452,027 |
| 2021 | 378,638,921 | 7.40% | 28,004,740 |
| 2022 | 406,643,661 | 6.98% | 28,364,989 |
| 2023 | 435,008,650 | 6.55% | 28,513,181 |
| 2024 | 463,521,832 | 6.13% | 28,431,762 |
| 2025 | 491,953,593 | 5.71% | 28,105,742 |
| 2026 | 520,059,335 | 5.29% | 27,523,204 |
| 2027 | 547,582,539 | 4.87% | 26,675,768 |
| 2028 | 574,258,308 | 4.45% | 25,558,997 |
| 2029 | 599,817,304 | 4.03% | 24,172,733 |
| 2030 | 623,990,038 | 3.61% | 22,521,348 |
| 2031 | 646,511,386 | 3.19% | 20,613,886 |
| 2032 | 667,125,272 | 2.77% | 18,464,106 |
| 2033 | 685,589,378 | 2.35% | 16,090,399 |
| 2034 | 701,679,777 | 1.93% | 13,515,587 |
| 2035 | 715,195,364 | 1.51% | 10,766,608 |
| 2036 | 725,961,973 | 1.08% | 7,874,074 |
| 2037 | 733,836,047 | 0.95% | 6,971,442 |
| 2038 | 740,807,489 | 0.95% | 7,037,671 |
| 2039 | 747,845,160 | 0.95% | 7,104,529 |
| 2040 | 754,949,689 | 0.95% | 7,172,022 |
| 2041 | 762,121,711 | 0.95% | 7,240,156 |
| 2042 | 769,361,868 | 0.95% | 7,308,938 |
| 2043 | 776,670,805 | 0.95% | 7,378,373 |
| 2044 | 784,049,178 | 0.95% | 7,448,467 |
| 2045 | 791,497,645 | 0.95% | 7,519,228 |
I personally want to see the price of STEEM go up to $2, $4, $40, $400 etc... And at those prices creating an account will be very costly in dollar terms.
Since we are still in BETA and are supposed to work on on-boarding, all front ends need an inexpensive price to avoid bankruptcies due to these high unnecessary fees.
With 0.1 STEEM it will still cost 100 Million STEEM to go for a billion users. I think we will do everyone a serious favor including new users and the OGs running faucets.
Please make this little change on your witnesses and let it stay at 0.1 STEEM for at least six-twelve months for it to have an effect, and maybe even lower it to 0.01 or 0.001 STEEM.
I do not like to see good STEEM being BURNED when it is not necessary. I hope we get your support on lowering the reg fee cost drastically!
Thank You!
Sincerely,
@fyrstikken / @fyrst-witness
Currently, the cost per token system is insane as well.
It's 1000x - 2666x more costly than a 3 Steem burn And the user only gets 2 comments every 5 days.
Realistically it should be reduced by a factor of 10x Its an insane opportunity cost for applications. Currently, we would never reach a billion users in our lifetime or for 3 life times at these rates.
10,000 users per day to 1 billion users is 273 years
We need a user signup flow of 500k - 1.3million signups a day to be able to get a billion users in the next couple of years.
Yes, if we were looking at a system like "medium" where you might make some money off old articles into perpetuity if they continue being read, then it makes more sense.
Like you point out, when the costs are high and the rewards so low, it becomes a turnover issue. It is a serious mental hurdle to put in hours of time in writing to get 50cents after a week and then it's garbage.
We used to get a second payout after a month.
Maybe providing more ways to split your payout
A creation pool would be awesome. A small portion of SP block rewards are pooled for the purpose of onboarding. Participation voluntary. .1 from every block produced by every participating witness. Content creators can pitch 1% of their post/comment to the fund also.
I am no expert but the current model is outrageous and unattractive.
I know what you mean... ESPECIALLY when looking at videos.
The first week is a good gauge for an initial response to some content, but so many times things that go viral months after it is initially posted.
It is kinda funny because, at least on the phone app, there's still a section for promoted content, that kind of promotion system could have been an income method for the platform, somehow the brains thought that it would be comparable to allow the bot run mess that we have seen (the last fork seems to have limited some of the bot activity)
Rather than decrease the account creation fee, the witnesses can now increase the number of discounted account creation tokens that are available.
Remember that if the fee is decreased, then new accounts will have that much less RC, so at 0.1 STEEM fee they will be completely unable to do anything. On the other hand if we both increase the fee and increase the number of discounted accounts available then stakeholders would be able to create more accounts that would be able to transact even more without additional SP delegation.
Good point @yabapmatt. Another solution is the GMAIL solution where every account get 5-50 accounts they can give away to friends by typing their email address
Friends on boarding friends.
or business owners selling accounts for PayPal, Credit Cards etc... That would work too. Bring on the good ideas :)
Hi @fyrstikken
It is good thoughts and makes sense
3 steem is a good idea, it's a high burn people are less like to do it. As you said people wouldn't be able to do much with less of a burn. I feel we should avoid burns till around smt times.
Cheaper creation tokens a would get people to power up more. This gets companies and services to put the money where their mouth is. Or applications can get help without a huge cost to the community. Which they could delegate to help them make accounts. Which I think would have a bigger effect, i personally feel to the network.
3 STEEM per account will make STEEM/STEEMIT accounts go to zero in about 18 million accounts. Or about 10 years to create them for free with claiming AC. So we have bottlenecks.
I dream sweet about hundreds of millions of accounts, but every morning I wake up to this nightmare.
that's a great idea and should have been done earlier but still a great room of growth we need to go mainstream and this will help :)
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I think you can use RCs to create free account.
https://steemit.com/beem/@holger80/claiming-and-creating-a-discounted-account-using-beem
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And the cost per claim is insane.
1000x-2666.66x the creation steem burn price
And the users only get 2 comments every 5 days
yes insane pricing,
2 comments every 5 days it is not much, but it is a start. The next step for an account is to Power it up and we already have most crypto celebrities on STEEM and other crypto people... But normal people have money too, lots of it, allow them to onboard quick and painless and I am sure the landscape will change in our favor.
If it does not work, witnesses can just adjust back to a higher price, but for now I think 0.1 STEEM is the right price. Should be even cheaper.
I think this is a good plan to try
Thats not a good idea, people are going to create way too many accounts. As @blocktrades said:
Fees should help control that and 3 STEEM isn't too much. Yes, it definitely can be high for some people, but it's possible for dApps to give others free accounts and onboard users that way.
@rishi556 3 STEEM per account means that STEEM/STEEMIT who pay for peoples accounts/subsidise them will run out at around 18 million accounts or 10 years if they can claim all the AC Tokens burning RC from SteemPower pools.
I never went to 3. I went to 1 in hopes that STEEM will rise and thus be a cost effective option.
#Who will #pay the #costs for #runnning the #witnesses ?
