Burning and earning Steem

in #steem5 years ago

It is interesting when there are the people who are continuously negative on Steem, yet are still here posting and taking rewards - shows something about their internal compass, I guess.

I was just listening to @theycallmedan's vid on @threespeak and it always provides a basis for thoughts to be built upon. It is also pretty exciting, but I think that is partly because I listen at 1.5-2x speed.

Hardfork21 is being tested as we speak on the testnet and will soon go to the exchanges so they can prep for the event. This means that HF21 isn't that far away I guess and perhaps within a month or so if the testing goes well. It takes work for the exchanges and with a low volume like Steem has now, it isn't great to piss them off too often. I am looking forward to this hardfork because I think this is the one that changes some fundamentals that shake the blockchain up.

But, people like to buy into the FUD of it and listen to those who are negative (still taking rewards though) even if they do not grasp what is actually going on. That is okay, it is good that not everyone makes the right choices because if everyone did, there would be total optimization and nothing will move at all. Those with weak hands feed those with insight.

One of the ideas that @theycallmedan mentioned was a burn fee applied for a faster powerdown. At the moment it is 13 weeks to go from whatever you hold to zero but, a percentage burn could be applied to get it faster with the fee sent to @null. I think there is a bank type of thing doing similar on a small scale now -for a fee.

How much of your stake would you burn to get it in liquid form right now? How much if you saw Steem pumping hard? What if you could pay a 5% fee and get it immediately so you could shift it out to trade? Would you take that deal, would you risk it? I wonder how much Steem could be burned every spike? Would prices crash?

Perhaps, but it also creates scarcity in time and there is another factor to consider. Burned Stake can't vote - Neither can stake on exchanges. for every Steem burned, and every Steem made liquid, the pool has less drawing power upon it, meaning that it will get distributed more highly by those who hold, and only powered up Steem will earn interest also.

This means that while people will try and catch the pump in the hope of getting more stake of Steem, many are going to miss that buy and end up with less. But those who do get Steem and stake it, will have access to a slightly more scarce currency with more drawing power attached and remember, resource credits are needed on the blockchain too and they only come through powered up Steem.

While all the sellers are a little annoying at times, I think it is actually good for the blockchain overall as in time, it will be picked up by those who do believe in the future of Steem. If it all fails there will be those who say "I told you so" but, they were also selling this at 20 cents, 30 cents and 40 cents - as if that is a life changing amount for most people. This blockchain is three years old, if you are living off Steem at these prices you would be living like royalty at 2 dollars - if you had any Steem left at that point.

While there are many benefits for me being on Steem, when it comes to price I am looking at changing my life significantly for the better, not supporting it in its current form. I am able to work two jobs to support my life, but they will never allow me the leeway to make the space of significant change I look toward. Yep, I could be on Medium earning a tuppence too, or Patreon, but again - while they might provide an income, they don't offer the chance of significant life altering income.

5 dollar Steem does. 10 dollar even more so. 20 dollars and my account is worth a million. You know, that magic lottery number people talk about. But, this isn't the real value because I won't need to sell the Steem in order to live of it, because I could comfortably live off the curation amounts I would make, a self-vote here or there, Resource Credit delegation, investing into projects and the support from others on Steem with whom I have built networks of success over the years. I can reward people on what they produce and live off my own investments into supporting them. If I choose to support them - I am not a fan of handouts.

And this doesn't even factor in All the other projects that are going to be built along the way similarly like PAL and LEO are doing, along with many more. This place is going to be a hive of decentralized activity where experiences of all kinds can reside, powered by communities and people of all kinds and the usecases are just going to grow. SMTs and NFTs are on the horizon and they open even more possibilities.

But, you might not see or believe it and that is okay, because you have your own life to live and your own decisions to live with.

Taraz
[ a Steem original ]

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@theycallmedan knows where it's at.
The burn idea is a good one.
Not only is it a token sink,
it is also a tool to respond to the market and increase stability.

Yep, I was looking for the post I mentioned it in also, but I can't remember the name and the search sucks. At the time, many people didn't think much about sinks, but thankfully - people are learning. One of the massive benefits on Steem is the learning potential, and I have learned heaps...

I really like the burn idea, too.
But also - can we get a better search function in HF21? LOL Because yeah, we've needed one of those for some time! XD

I have been using Google more and more for search... :D

@tarazkp, thank you for sharing your thoughts about HF21. It was interesting to read your take on this topic. I still don't have a clear view if HF21 is better or not for Steemians. That's why I read such kind of posts like yours.

Posted using Partiko Android

It always has several sides to it. First up I think it is going to be a cost to authors in some way, but if the downvotes are utilized well, it will balance. The Steem proposal system (SPS) will hopefully add some valuable resources to development and the EIP will hopefully mean more reward for better content and, discovery of highly rewarded bad content for downvoting :)

While not every change can be undone, every change will change again in time.

Thank you!

Posted using Partiko Android

No worries mate. I can't guarantee my predictions will all pan out , but it should make things more lively at least.

Great ideas continue to be released and many are being deployed which will continue to make it an evolving experience. I love ecosystems that are dynamic and keep us on our toes as it allows us to explore and experiment with our stakes!

Posted using Partiko iOS

I love ecosystems that are dynamic and keep us on our toes as it allows us to explore and experiment with our stakes!

Me too and while people like stability, there is very little opportunity in it.

I love this post because it illustrates an important point for steemians like me. And, there are a lot like me. People who chose this blockchain because we understand posting and curating as opposed to charts and technical things. Having said that, I'm enjoying @steem.leo because I want to learn about burning, inflation, scarcity etc. A lot of us have no clue what that entails and how it effects our investment. There is a ton to learn!

There is a lot to learn here and the beauty of a great deal of it is, it crosses over heavily into the real world and, viceaversa.

it's funny that you say that because when I joined steem 2 years ago I saw it evolving much like any new capitalist economy. I saw the workers starting to unionize as the rich losing site of what made them rich in the first place lol.

If there was instant power down option with 3% burn fee would be better, considering people may use it more often. This would create a lot of buying pressure. I can see Steem value increasing with both buying pressure and decreasing the supply. But I will take 5% too, will use less often and as opportunity presents.

The % was arbitrary and it could be set at different points depending on Speed of PD.

There’s technically nothing stopping you from doing Medium or Patreon right now alongside steem 😝

Unless you’re the type that likes exclusive content I guess (I am really very not after a minor incident at DeviantArt which I may or may not have already told you about).

And I suppose the extra time might be a killer too 🤣 (even just copy pasting is extra time because you have to make sure formatting is right on each platform which chews up minutes)

So after all these projects there just needs to be that app I’m still looking for that converts whatever you want to send to whatever the other person wants to receive 🤣

Posted using Partiko iOS

There’s technically nothing stopping you from doing Medium or Patreon right now alongside steem

Not really but, what is the point of crossposting on Medium for me? I don't have the time to engage there or spend any time there? Would it help with Steem visibility? it is unlikely to get much support.

Unless you’re the type that likes exclusive content I guess (I am really very not after a minor incident at DeviantArt which I may or may not have already told you about).

I like exclusive [ a Steem original ] :D

Resource Credit delegation

This. All I use my RC's for (and probably you too), is claiming accounts in the hope that someday I may find I have not wasted my time doing so.

How do you envisage these being used in the future? We both have more than enough of them to delegate if that could be possible.

is claiming accounts in the hope that someday I may find I have not wasted my time doing so.

Yep, #metoo

How do you envisage these being used in the future? We both have more than enough of them to delegate if that could be possible.

say there is a pool of RCs at the door of an application. A user can sing up and be given an account that can be delegated to on sign-in but taken away on sign out. That way, there can be a floating amount of RCs that can support many more users as the RCs are unbound. Potentially, this could have several applications draw from it or, have delegation settings that only allow some applications to draw your RCs.

Also, like creating accounts, RCs could be used to create artefacts in a game, for example a customized SM card or additional skins.

I think there are plenty of creative uses for RCs that will be invented once the pools are out there, but it would be nice that if I onboarded my company for example and gave them all free accounts, I could also give them the RCs needed to have a good time commenting and earning their way in.

I can see the possibility of delegating RC's to alleviate the problem that new users have (cant post, cant comment etc..), but right now they have delegated STEEM to take care of it.

Delegating RC's would be much more preferable and would release the STEEM. Hope that can happen soon.

but right now they have delegated STEEM to take care of it.

Yes, Steem however is a voting token, RCs are not. Steem can draw on the pool, RCs can't really be abused other than what they allow in interaction. Because of this, RCs could have a zero undelegation time so getting them at the doorand on exit works. Pus, an application can set its own rules and remove RCs to curb activity if needed or use them as an incentive (depending on usecase)

I love reading articles like this in the midst of fud. Thanks for being positive among seas of negativity.

The waves of "good vibes" will come whenever there are price increases :D

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