SteemDAO FundingsteemCreated with Sketch.

in steemdao •  23 days ago 

Screen Shot 2019-09-30 at 1.53.34 PM.png

We are happy to announce that we have completed our transfer of 200,000 STEEM to Blocktrades for the purpose of funding the Steem.DAO! As the Steem.DAO was a new addition to the Steem blockchain, we wanted to observe the DAO (Decentralized Autonomous Organization) in operation to ensure that it was sufficiently stable and safe. We are now satisfied with how the SteemDAO is performing and believe that it is ready to receive this funding.

Remaining Funds

Blocktrades has already converted most of this STEEM into 25,000 SBD and deposited those funds into the Steem.DAO. Blocktrades will deposit the remaining 11,675 SBD in the near future.

We are excited to see what the Steem.DAO is able to do with these additional funds.

@steemitblog Rewards

Now that it is so easy to set beneficiaries on posts, we will be accepting rewards on @steemitblog posts, but setting the beneficiary as @null. This will enable our posts to Trend in a more organic way that reflects how stakeholders feel about our announcements, without enriching us financially. Instead, all of the author rewards will be burned.

The Steemit Team

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Would it not be better to set the beneficiary as the steem.dao?

@null does not really benefit anyone but the DAO will need a larger pool after the community gets used to the idea and starts voting for quality ideas. Currently at 700 SBD per day is peanuts in the grand scheme of things.

  ·  22 days ago (edited)

@null does not really benefit anyone

I don't really have an opinion on whether paying to steem.dao or null is better but I would strongly disagree that paying @null doesn't benefit anyone. It benefits all STEEM holders by reducing the supply and reducing future selling pressure. Whatever is paid out, including to the dao, has the potential to eventually be sold on markets as selling pressure. Whatever is instead sent to @null will never reach markets.

It is certainly possible that funds sent to the dao will eventually be spent in a way that increases the value of Steem even more than what it costs in inflation, but it is also possible that is not true, so this is somewhat of a more opinionated and risky approach. Sending to @null is neutral and guaranteed to at least never contribute to reducing the value by selling or dilution.

  ·  22 days ago Reveal Comment

If the price of steem were to go up, would the amount of SBD funding the DAO each day go up?

If it's set to have 10% of the inflation, I imagine so. If it is calculated in terms of STEEM. But, it prints SBDs instead.

But it receives a percentage of the reward pool, and the value of the reward pool is in steem afaik.

Right, but it prints SBDs instead.

So, the higher the value of steem, the value of sbd goes into the direction of 1$ again and more should get printed too (due to the higher value of the pool), no?

In theory, yeah. But, workers set the wage. So, it's just nice to have higher value STEEM because the budget would be bigger.

Ok so I am not clear what was concluded here. Does a higher steem price mean more SBD will be printed for the DAO?

Burn baby!!! :) Thanks for keeping your promise regarding assisting in funding the DAO.

!giphy fire

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// Supported by witness untersatz! //

we believe that newsteem will make a new future for everyone!

Please add ability delegate and undelegate via

That would be a nice feature.

Set @null as beneficiaries a good idea, but it's better if you can set @steem.dao as the beneficiary!


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In regards to accepting rewards on official posts and sending it to @null..

Excellent idea 😀

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new steem new future

You bring back my hope for Steem, thank you

i suggest we put the remaining funds into strategic development and research to increase the value of steem cryptocurrency.
be on the news , overtake libra , ETH and maybe bitcoin

impossible is nothing !!!

How about for listing on exchanges?

Smart move Steemit Inc! resteemed

That's awesome, look forward to being a part of the DAO!

What is that SteemDAO?

  ·  22 days ago (edited)

The Steem Proposal System (SPS) is an on chain decentralized autonomous organization (DAO) that allows users to submit proposals for funding and vote on which proposals should be funded.

I might submit one to buy a shit load of lego and build a massive wall to keep the trolls out. :)

Oh, this is SPS. I got it. Thanks!

  ·  18 days ago (edited)

You could start by getting hold of a Lego hat - that bump is rather unsightly :P

lol, might get a top hat :)

That's great news, praise the DAO!

Would be interesting to set steemitblog rewards to the DAO every once in awhile 乁(ツ)ㄏ

Great news!

Thanks for the post.

This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.

Great post

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I am so lost...

SteemDAO is a very good idea, it can improve governance ...

  ·  23 days ago Reveal Comment