Introducing Pipes

in #steem5 years ago (edited)

First of all, let's burn some SBD in a smart way!
Pipes is an initiative where @tibonova will concentrate on things that he thinks is good for the Steem network. 90% of the post rewards will be shared back to the community.


Recently, I've read the Steem White Paper, so I'm more confident about doing things now. I did it because I want less potential errors in my future proposals/ideas. Here is one that I was thinking about around Christmas.

Burn Some SBD

As you may know, SBD is debt. It's the acronym of Steem Based Dollar, but it could be easily associated with Steem Based Debt, too.
It's not the enemy, though. I want to state this before you could start thinking that I'm against it. We need a stable currency next to STEEM, and SBD is good for that now.

Less SBD

We need SBD, but we don't need much until we won't have active marketplaces, merchants who accept it. We need it for now to show it as an opportunity, and also give the option for the authors to keep value in a stable currency. But debt is debt, and if it won't generate more value than it costs, we need less of it.
SBD burning is a common good. When someone burns a dollar, the value of that dollar spreads among the SBD holders. If the price of SBD is rising above 1$, witnesses can lower the APR (so the burden of the network). The system can print new SBD when it's needed.

Joker is burning money
Own work

Steam for Steem

I offer this option you as a last thing after upvoting/downvoting authors. When you have remaining voting power and you don't want to give that for others for any reason (inactivity does similar), you could vote for a Steam for Steem post.

How It Works

  • On every day, I will make a Steam for Steem post.
  • Users voting as they see fit. The account collecting SteemPower after the posts. (100% SteemPower rewards option)
  • The account is Powering Down continuously, every week. I'll exchange 90% of the Steem to SBD.
  • I'll use all the SBD to Promote contents.

Post promotion uses the @null account to burn SBD. This way, we don't just burn SBD with all the good effects of it but give the authors better visibility, and maybe generate more demand for Promotion.

Promoting Contents

I want to bring some gamification and uncertainty (luck) to this.

  • I'll divide the weekly SBD amount (from the power down) by 100.
  • Randomly go to the Promotion tab at Steemit, and start promoting the first post in the list that I don't promoted already.
  • The amount of the promotion is a random number between 0 and 100 percent multiplied by 1/100 part of the weekly promotion fund
  • I'll also upvote the post using the random percent as a weight (I'll use 100% when I don't have enough SP to set a weight, and I'll upvote without promotion until the first power down.)

Users, who thinks these upvotes are good ways to incentivize authors to promote their own posts, could follow the votes of this account by an autovoting service, and they even could delegate voting power to this account after the next hardfork of Steem.
If I don't use up the whole weekly funds, it will be in the next week's funds.

My Reward

As you have seen that 90% of the post earnings of @pipes will be shared back. At every power down, I'll use the remaining 10% as a reward for my efforts. To be sure it's not a hit and run, I'll power up all of it to my account. You can see from my accounts' histories that I only withdraw my earnings from the network when I absolutely need to (that has never happened, but surely it will, especially if I continue my plan to dedicate my time to the Steem network). I'll also power up the curation rewards (if any), and may vote for my own posts, too.

I've learned that one of the main foundations of Steem is that it wants to reward the users for even the smallest things that they do for the network. In the past I did many things for many people just to learn that how easily the world abuses my good intentions and leave me after the last drop. That's why you can see that I'm seeking ways to be compensated after my work, so I could invest more and more time into this network. Ideally, I'll reach a point when I earn enough for my bread and butter, and there will be no turning back from there, I'll be steeming full time. I'll contribute as much as I can even if my plan fails.

EDIT (I've written it in a daily post, but I also copy-paste here)

Updates on My Rewards

As I've stated originally, Pipes uses 90% of their funds to promote posts and 10% of it as a reward for me (@tibonova) in a way of Power Up. I, however, decided to don't take out any amount until Pipes has enough funds to work continuously, without lacking of funds.
I want to add to this, that any SBD you send to Pipes, will strictly used for promotion, never sending part of it to me, and never convert it to Power Up Pipes.
Since I'm openly against curation rewards, I won't send it to my personal account but Power Up to Pipes (if any, because I'll never take the rules of curation rewards into account when Pipes votes).
That means, my real rewards will be a way below 10%. I'm OK with that, I want to be fair and true to myself at the same time.

Follow Pipes for More

If you are interested in this idea, follow @pipes. I'll share the first Steam for Steem post there soon.

≋ Follow, like, comment, reblog, share or PM me – the power is yours from now! ≋
You could Send Me STEEM/SBD, or Buy Me a Coffee by fiat if you wish, however, any level and type of support is optional and fully voluntary. ♥


I'm following you and @pipes account to see how your project goes. It's very interesting and a great way to support the platform.

I'm new to seem and this seems very interesting. However, i'm super confused by the rules of STEEM. I'm familiar with Karma (reddit) and its a simple vote yes or vote no. But here there seems to be substantial voting power.

I agree that is a little difficult for new users. Your Voting Power is there, because if everyone could cast infinite votes, then curation of the posts won't work. (Everyone would vote all of the posts in the hope of curation rewards).

A few questions:

  1. I've never been able to comprehend the idea that money is debt. I know that it is, but I fail to comprehend why. Can you explain that more deeply?

  2. How do I figure out what my voting power is at any given time?

  3. I'll use 100% when I don't have enough SP to set a weight

What is a weight and how do I view fellow steemians activity on the steem blockchain?

Thanks :)

I've never been able to comprehend the idea that money is debt. I know that it is, but I fail to comprehend why. Can you explain that more deeply?

Money is debt because debt is another word for expectations. You expect to be able to trade that money in the future for at least the equivalent purchasing power you could have had now. Since SBD maintains a close peg to the dollar, then it represents a debt of future steem that must be repaid. More steem if the price of steem in dollar terms goes down and less steem if the price of steem in dollar terms goes up.

SBD is literal debt. At any point someone can convert SBD to STEEM. When they do this, the SBD is destroyed and the market must then print new steem. If the dollar value of steem has been dropping, then more steem is printed than was destroyed and this puts pressure on the price of steem to go further downward. It feeds a vicious cycle. By promoting posts you burn SBD and take some of the pressure off the price of steem since this is a debt that no longer needs to be repaid.

It is the network that pays this debt. But each and everyone of us, is the network.

money is debt

Steem print new SBD the way they don't dilute the STEEM supply. STEEM is backed by the market, it has value because the market participants think it has value. SBD is different, because if we let the market decide its price, it would fluctuate as any other unstable currency.
So, Steem print an SBD "out of air" and says that anyone who has 1SBD will get 1USD worth of STEEM for it at any time. So the Steem network releases a debt note that must be payed back in the future with STEEM.

what my voting power

I'm using Busy at most of the times, so I don't need to go elsewhere to check that. You could also see your voting power there, but there are many different sites that provide that information.

What is a weight

The voting weight is the percentage that you can set while you are upvoting or downvoting contents. That means you don't use all of your power for a given vote when you set a percentage less than 100%. For e.g. if you would be a whale, and find a good picture you want to upvote, but your vote with 100% weight would give the author $1000 for that, you can set it lower to give your upvote without irrational rewards.

how do I view fellow steemians activity

SteemStats is a good place when you want to view other users activity.

Great idea! Thanks for doing this. If it gets support, this will be a big help for the network to reduce the SBD debt.

It is a good measure to get awareness of the issue out there. Really Steem Backed Debt issuance needs to be reduced, and I think that giving the control of that to Witnesses is the way it should be done.

I have described the algorithm I think should be used, it will 'steer' the rate rather than be applied momentarily when a Witness makes a block. Whatever the current average of all active witnesses set the rate of issuance at (a percentage), every day when the set rate differs from the current rate, it will shift the rate towards the new rate by say 1% per day. This ensures that the amount of SBD issued from day to day does not suddenly and sharply increase, which would cause a problem I think.

If we could control the issuance percentage, I think we could then also raise the interest payment rate later on, which will encourage the use of this asset as a payment tool for businesses (since they would always then end up with a tiny amount more when a payment is received, locked closely to the currency they pay suppliers with).

I will be doing the same thing as @tibonova, I think. I currently leave my curation mainly to @ats-david who is very good at picking the winners (I'm earning between 2-5 steem a day on curation now), trade my powerdowns for SBD and then use this to promote posts I like, especially ones related to this subject. So there will be more now going on this one :)

I've just seen that you have promoted this post. Thanks for that!
I have some work to do in my "real life", but
I will be back

I promoted somebody else, does that count?

Sounds like a good idea! I followed @pipes, I am follower number 7 which is a lucky number! I look forward to your steem for steem posts. :-)

Followed, upvoted and re-steemed.