Shout out to tribe founders.

in steemleo •  3 months ago 

I'm loving the tribe functions and features that are flourishing around STEEM at the moment. One thing I was just having a think about, prompted by a post by @qam2112 was around the miner tokens.

I would love to see a report weekly from founders or official tribe accounts regarding the use of funds raised from the sale of miners. These tokens seem to be the main way tribe founders are raising funds. Some kind of report on how those funds are used would give the community a lot of faith in the long term sustainability and transparency of the tribe.

jellyfish-3964165_1280.jpg
Image Source: Pixabay - Because Jellyfish are transparent.

Transparency is key

A lingering doubt I have around the tribe concept is around how easy an exit scam would be. Hypothetically, one could set up a tribe - lets call it EXIT. Airdrop a bunch of tokens and launch miner tokens. Supply and demand could be manipulated to make these miners fairly attractive. Sell a bunch, and that more than covers the cost of miners. Pocket the profit and keep pocketing the miner sales revenue, plus also slowly sell the primary EXIT tokens as the tribe hype develops. Stop paying the Steem Engine fees and milk the tribe for every last STEEM till it gets cut off. Take the liquid STEEM you have milked out and run.

Potential for EXIT scams

We have seen EXIT scams on STEEM in the past, I'd love to hear from the @steem-eng team or @aggroed as to what checks and balances are in place to prevent a tribe founder conducting such activity. By no means am I saying any current tribe founders are likely (or even possibly) to do this. Just that the system does require trust and some checks should be in place to reduce the risks.

What could a report look like?

A simple post in the tribe (and thus on STEEM generally for all to see), should be a requirment of Tribe founders. Details such as Miner and Native token sales by official accounts, and a breakdown of how those funds have been used would be great. Details and transparency will instil confidence in the system. Having verifiable information available would also make the tribe more attractive for investors.

Building confidence and trust

Knowing what your stake will be used for should be an important part of the investment process. If I want to buy 100 miners, knowing that 40% of those funds are going to marketing, 40% to running costs and 20% is the founders profit will influence my decision making. I am all for the founders making a profit, but if some of the revenue raised from miners is not going to tangibly grow the tribe, and add value to the token price, I am not interested.

Think about the benefits.

Something to think about for Tribe founders. Providing these kind of detailed reports voluntarily would significantly increase confidence in your tribe, set you apart from the growing competition, and create a transparernt environment where trust in your brand is established and investors in miners are true stakeholders in your community.

Thanks for reading and please do let me know in the comments what you think - all feedback is valuable.

John.

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Awesome post, Awesome thought hope they act on them. Alternatively you have just gave someone an idea lol Exit token lol

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I guess we'll have to wait and see if anyone important gets to see this post. Thanks mate for prompting the topic, I had been thinking along these lines for a while.

Do you have telegram? Got some ideas wanna run by you

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Not on Telegram, but I go by jk6276 on discord. Want a partner in EXITcoin?? :) lol

Lol yeah. I will finding you on there not sure how discord works but will figure it out

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Yes this is something that is much needed in my view also.

Posted using Partiko Android

It's possible that some guidelines do exist and I have missed them, but some kind of regular reporting where funds are being raised makes sense to me.

  ·  3 months ago (edited)

I've been here since July 2016 ? Exit scam seems unlikely.
#palnet
#neoxian

I am not suggesting any current tribes are exit scams, or that it will happen. I certainly know you are not that type.

I could be wrong, but I see buying Miners in particular as investing in the tribe, not just the token. More information would increase my likelihood of investing.

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Great write up, now we know ourselves but in the future a lot of users are coming in good and bad, it is wise we know all these now before we are swept off our feet. Kudos.

Hi @jk6276.leo

Great and such an important topic. I wonder if @steemleo or @khaleelkazi will read and reply to it. I wish they would

I bet many people would appreciate transparency. Personally I'm starting to believe in LEO tribe because of all the work that @khaleelkazi is doing and my growing respect to him.

ps.
I thought that perhaps I could share with you my latest publication and ask about your own opinion on discussed subject:

"DID OUR WORLD LEADERS JUST PUSH GLOBAL RECESSION AWAY from our doorsteps?"
https://www.steemit.com/economy/@crypto.piotr/did-our-world-leaders-just-push-global-recession-away-from-our-doorsteps

I would appreciate it greately.

Yours
Piotr

Hi @crypto.piotr

Yes, I am firming in my belief that LEO has the best prospects of the tribes at this point. It is being run smart, and professionally. It is a strong niche area, with good prospects for bringing in people from outside STEEM, through a number of channels. I can see multiple use cases for the token in time, and development work on the site seems to be moving ahead of the others.

To answer your question on my other post, I created the seperate account for LEO (and a couple of other tribes) initially to manage voting power better. I saw VP going to waste in the tribe, and was thinking about what to do when I saw the post from @abh12345. Followed his example and its working pretty well.

I decided to start posting from the alt accounts as it will create a clean, dedicated blog. People may be interested in my investment posts, but have no interest in seeing my Actifit reports or Sports related posts. This way they can follow this account but not the other one. So far its working ok, I just need to manage my time well to produce more content and engage better.

Thanks for your comments,

John.

Dear @jk6276

I just realized that I never actually thanked you for your amazing comment. I absolutely appreciate it.

I also agree that LEO is managed the best way so far.

Yours
Piotr