We need an easy way to buy new accounts

in steemit-ideas •  2 years ago

Steem blockchain works a little bit differently than many other blockchains. It handles the spam problem by rate-limiting transaction frequency rather than asking a fee for every transaction like other blockchains. Rate-limiting the transactions is achieved by forcing users to own Steem Power. The more SP user has, the more often he can make transactions (this includes posting, commenting, voting and currency transfers).

This why Steemit is giving away free Steem Power for new users. They need it to use Steem. But this creates another problem: account hoarding must be prevented so that people don't make lots of accounts for themselves. This has been achieved by requiring Facebook or Reddit account when a new Steem account is created.

While current solution is working, it's not perfect. There are lots of people who might be interested in Steem but don't have FB or Reddit account, or don't want to connect them in any way to Steem.

Best solution for this is to make it possible to buy new accounts with bitcoins (and other cryptocurrencies). Bitcoins are automatically traded to steem and then converted to Steem Power.

In addition to an alternative way of creating new accounts, this has also other benefits for Steem:

  • When users are buying accounts, some of them will buy more steem than the minimum amount. This will create more demand for steem and raise the market cap.
  • When a new user invests his own money, he will take the project more seriously. The psychological effect between paid and free is quite big.

While I think it's great that Steemit is handing out free accounts at the moment, it might be a good idea to limit it in the future.

Let's assume that something big happens that draws attention to Steem. Maybe some whistleblowers publish important information in here, which makes every major news publication to link to Steemit.com. This means of course that we will get huge amounts of new users because everybody wants to come and try Steem.

If there is a huge demand, why there should be free accounts? Well, of course there is always people who don't know what Bitcoin is and don't want to bother getting it somewhere. For them free accounts are necessary.

In that kind of situation might be best to limit how many free accounts are handed out daily. When somebody wants a free account, he can give his email address to get into a waiting list. Certain amount of free accounts are randomly given for people in the waiting list. To make it fairer, it could work in a way that longer somebody is in the list, better chances he has getting an account.

This would encourage everybody to buy an account who already has bitcoins or at least knows how to get and use them. It would make wonders for market cap! Price of steem would go up because of the sudden demand.

I'd like to also make a case that it's not entirely good thing that Steemit is giving away money for new users. If there is a lot of demand and people are willing to buy accounts, it might be better if Steemit would use the money to hire more developers to ensure that Steemit.com can handle all those new users.

@blocktrades is probably the best one to implement the account buying feature because they already have the infrastructure. But I wouldn't mind to see some other developers or software companies to start building features too. The more Steem has independent developers, the faster it can evolve.

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Good idea! And I like "it's not entirely good thing that Steemit is giving away money for new users". I guess that's good in the beginning

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To be exact, it's good idea to give away free accounts as long as there is not much demand for new accounts. When the demand is so big that people are happily willing to pay for accounts, giving away free accounts isn't anymore so effective way of supporting Steem.

That's brilliant! Buy account and raise the market cap, such a good idea :)

Best solution for this is to make it possible to buy new accounts with bitcoins (and other cryptocurrencies). Bitcoins are automatically traded to steem and then converted to Steem Power.

I think better ask buyers to pay with STEEM or Steem D​ollars, as Steemit must encourage demand for its own currencies.

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This is probably a little bit counterintuitive, but it's actually better to use bitcoins.

When people are using Steem dollars to buy steem, the money is just moving inside the system. But when people buy steem or SD with bitcoins, it means that value is flowing from outside the system to inside – and that makes the market cap grow.

When people are exchanging bitcoins to steem, it effectively means that people value steem more than bitcoin, which then makes Steem market cap to rise in value compared to Bitcoin.

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Could you please elaborate your logic, as I do not catch the arguments for paying with BTC.
My point is if people firstly have to buy STEEM with BTC or fiats, eg on exchanges, it will support the market rates and makes the demand for the STEEM more stable

why not ask @blocktrades to add a function to buy an account?

edit: yep did not read last paragraph

Good idea. I've told a bunch of people I know about steemit, but they're adamant about not linking their would-be steemit account with reddit or facebook (100% understandable, imo).

It was my understanding that buying accounts would be implemented in future

I don't think is a good idea, new users don't have bitcoins, is not a good way to increment the userbase in my opinion

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Listen Steemers!
We are enough in here now to bring in the rest. Since we can send steem to other people, it is possible that we can by an entrance ticket paying with Steem. That way we can sell accounts and Steem will be even more valuable. I sell Steem to people today because they are not on any exchange. They use it to power up. When they vote for me, I earn more and now they earn more. Everyone wants to exchange when you help them.

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Have a nice future everyone.