I confess

in #sportstalk7 months ago

At the moment I am the second biggest investor into the @sportsvoter bot with around 55000 delegated Steem.

I saw it as a great investment opportunity as I was one of the first jumping into it.

I sold some and powered up some of my daily rewards and the fact that the bot had to be paid in SPORTS and burned 95% of this I was under the impression I actually helping out the tribe.

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The deal was so good that investors outside of our tribe caught wind and jumped onto it as well.

This is creating a lot of selling pressure on the market at the moment.

If you have no interest curating or posting yourself why would you stake and not dump?

Let me answer this for you

You would not you would dump and say thanks.

The market is not mature enough to have this kind of pressure without totally breaking in.

Therefore I think the bot has to be changed or cancled for now in my opinion.

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The best idea would be probably to only payout 25%-50% in liquid SPORTS imo. This would take a lot of the dumping of the table and also would incentivise investors to at least curate.

It could also backfire and drive investors away who have no interest in taking any part in the tribe but I am not sure this is really a bad thing.

Cut the rewards as long as it stays attractive....this is a bit meehh as it is related to the amount of steem you can get on the market which is a bit more out of control.

Maybe more levels in the payout, a maximum amount you can delegate....or we need to rent SP as the higher the tier the better the SPORTS seems to distributed....

I wish I can give a better solution and this post is not meant as an attack or anything way more as a try to help as I have personal and finacial interest this tribe is doing well.

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Is this the cause for the major drop in value of my SPORTS holding?

Is this the cause for
The major drop in value
Of my SPORTS holding?

                 - daltono


I'm a bot. I detect haiku.

It's good that a larger investor into @sportsvoter has spoken about the tool being perhaps detrimental to the community and the price of the token - I get the feeling that the top investor is unlikely to say anything.

I did raise some concerns yesterday, and hope that @patrickulrich has this on his list of things to assess :)

I've definitely added this as a top priority to adjust. The top two things I'm debating on doing are 1.) making @sportspromo only pay in SPORTS POWER and 2.) potentially lowering the number of tokens distributed.

I think that forcing people into SPORTS POWER by delegation allows for their to be an opportunity cost to leaving the network. Users should be encouraged to stay and participate rather than see their delegation as a tool merely to earn more Bitcoin.

The second part was my own personal fault. When creating the values I wasn't taking non-SPORTS users into enough of my accounting. This is now being evident with the top delegator being from outside the community. I think a realignment of payouts to match a vote value to .003 (average SPORTS price before launch) will be beneficial.

What do you all think?

I think we have to first check whether the payouts by the delegation of SP to @sportsvoter is the main force of selling or there are other reasons behind it.

I am going to analyze all the selling of SPORTS to the market. Then we can see what might be the real force of selling of SPORTS.

Personally, I think the market is always moved by so many different reasons and manipulating the market is not good. Some consider selling SPORTS DUMPING, but I don't totally agree with that. Some selling, others buying, making a great transaction. More transaction is generally considered good.

About the title of this post, "Confess". I don't think @flipstar has anything to confess. Investing and selling and buying are all basic elements in the market, all of which make the market stronger.

I am one of the persons who sneaks a look at other's account transactions, honestly, to see if their words and behavior coincide. However, I do not judge people by their selling or buying since selling or buying should not be blamed at all.

So, we need to check what happened first by looking at all the sellings.

Solution?

In my personal opinion, the use of the bit bot, @sportsvoter should be advertised and known to the community more. I really like the concept of burning 95% SPORTS sent to the bid bot. The users burn SPORTS and still get paid in SP, STEEM, SBD with at least 0% ROI. I am one of the heavy users of the bit bot. But many don't use the bit bot, even though they could have 20% returns when using the bid bot right now. I think the reason might be they still do not know well about it.

And according to your design, if more SP is delegated to @sportsvoter, the distribution of SPORTS will decline until 499,999 SP delegation, which is good. But more people will be able to use the bid bot, still burning SPORTS and getting rewards by using it. I personally think we should promote the use of the bit bot.

Since my language is not English, I might have caused some misunderstanding in this comment. Please, be patient with my English.

the title maybe was not the best choice

No I think you did an excellent job of expressing yourself :)

I agree that there needs to be more time for the changes to really reflect in the market. That being said the distribution # was a large driver. This could be seen in the number of tokens that had the potential to be burnt in comparison to what was being distributed. While I think there's value outside of just the vote from their Steem Power delegation it was still far overvaluing the SP in terms of our community's value.

Here are my observations:-

(1) Since the sports liquid market is not that much matured, you are experiencing this knee-jerk reaction. Once the market gets matured and there is enough liquidity, this issue will automatically become irrelevant.

(2) Some people are saying, outside of sports community are also delegating and getting the liquid sports reward and dumping it. If we restraint this then I dont think it will be a solution. Dont you think that they are getting an exposure and when more player will come in some form ot the other, then it will be good in the long run.

(3) Giving rewards in SPORTS power is really good as of now considering the low price of sports. But the low price of sports is not a result of this and there are many other reasons to it. You can check all other tribes, their price is also low and that is all due to current bear market conditions.

(4) It is better to explore new sinks and leave the open market as it is, after all more buying and selling is really good and after some time it will also improve the ecosystem.

(5) Your reward structure is not really inflated. If you see the reward from 100000 to 499999 is fixed and it is becuase based on the delegation amount it fluctuates on daily basis. But because of this reward structure people are willing to delegate to you. So there is always a margin of excitement for the delegators in the reward strucuture, so no need to change that.

I agree with you

Full liquid payout is what excites people about tribe and putting an end to it might chase people away.. If there are other measures to control is devised like taking some money off the table, it will be nice but the idea of ceasing liquid payout for SP payout will make this platform lose vibes

I agree on all points. Make it happen Bossman!

I can get behind that but I would also would go in powerdown modus as I enjoy being able to sell a part of my rewards while staking another part.
But I think it would help. Maybe it just postpones the problem but it would give the tribe also more time to evolve and gather new ideas.

People can still use their stake while powering down, right?

Hi! Why I didn't get yestarday tokens? I delegated SP 800

They were distributed as SPORTS POWER instead of liquid SPORTS. I will be sending a payment in the coming days so that you'll get liquid SPORTS for yesterday's distribution.

https://www.sportstalksocial.com/sportstalk/@sportstalksocial/announcing-changes-to-sportsvoter

@flipstar.sports very nice decision growing sports community must need

This is kinda what I think tribes are all about to be able to experiment and have these types of discussions pretty sure this post will result in some changes. I really like sports and i've been staking all my tokens, I even purchased a steem account with steem-ninja just to get my cousin to join sportstalk and his really loving it, its the only site he uses on the chain and I'm already getting another friend to join now.

that is actually pretty great!

good job getting more people involved

a lot of times there is a stress test period and shaking of weak hands but still even strong hands can do what they will with stake...there are so many tokens yet to be burned that it's a kinda trial period? :)

Quite possible.

Tribes are so new in general it requires a bit more time to find the real value and with this low volume the prices can move quickly in both directions .

W shall see how everything looks in a month or 2

Personally, I'd like to see it all go to directly to SP and then it will encourage the tribe to invest and hold rather than just sell them off daily like some gambling site tokens.

I would be fine both ways with a cut or total.

When I delegated I planned to leave the delegation for a month or so as I want to use the Steempower to curate on Steem in general especially when I am posting myself.

You just have a good heart for this community buddy, I think your post doesnt mean harm you just merely giving your thoughts for the better.

Anyway I am glad to see my page breaker design out there haha

they are really cool.

Sry was meaning to give proper credit but forgot at the end

No its okay actually I mentioned in my article to use it for free without the need of attribution or credits whatever you call it :D

Everyone has the right to buy and sell. Since it is open to everyone, anyone can participate and make transactions. That's a good thing. I think people who are passionate about sports and think for the long term, they usually focus on staking.

Payment for delegation to @sportsvoter can be a combination of SP and liquid SPORTS. It could be any combination.

I thought you can only pay in SPORTS but it votes in Steem.

I dont think we should accept Steem for the bot as its main purpose is burning SPORTS imo.

Oh sorry, I mean SP as SPORTS POWER. @patrickulrich talked about paying in SPORTS POWER in his comment. I think it could be any combination of SPORTS POWER and liquid SPORTS.

Yes, I completely agree with you, @flipstar.sports.
I should have written SPORTS POWER instead of SP :)

I thought you can only pay in SPORTS but it votes in Steem.

I dont think we should accept Steem for the bot as its main purpose is burning SPORTS imo.

Thank you for raising the topic. I wrote my fears in an earlier post. Yes, I was a bit frustrated with the situation on the SPORTS market.

understandable. I had a number in mind I wanted to sell daily without crashing the market.

For now I probably hodl and observe

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well you also think it is ok to upvote your "test comment".

Which is probably the reason you are a bit salty because of my downvote.

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Agreed - und das mit den maximalen 100% - mal schauen, die Tribes sind Top aber man müsste manche Tribes echt abschotten gegen die Geld Spekulations Pfosten überall :-).

This is what I love about this platform. Great minds. Great ideas. It is good to freely express your desire. Your concern in this tribe is admirable. Not everybody has the drive as you do.