3Speak's STEEM Burn Initiative! #NewSteem

in threespeak •  last month  (edited)

Hello Everyone,

Welcome to post HF 21 & HF 22. We hope it was a smooth one for you. First of all, we would like to thank Steemit Inc., Witnesses, Community Devs and rest of the stakeholders (investors and content creators) for making it a success. We have taken a big step forward to change how we, as a blockchain community operate. Let's hope for the bright future ahead so that we can reach a million daily active users soon.

Maybe with this Hardfork we will see a positive change in the culture of STEEM which will be more about giving than greed. Now we have to start using our energy in a practical way that will hopefully push the price of STEEM upward. Let's face it, the poor price will not help anyone involved to thrive. It be will hard to survive unless we get funding from the outside world to keep us afloat. To get the funding, we need to prepare a system which will encourage millions of users and probably 1 or 2 huge investors. STEEM can help us reach this goal and it can take us much further without the need of external forces, ultimately attracting more users and investors. This won't be possible at the current price. Hence, we decided to share this little secret with all of you.

screely-1567156738196.png

BURN

@threespeak has decided to burn 3% of the author rewards from every video that is uploaded on the platform. So for example if a video makes 100 STEEM in total, we will be burning 3 STEEM by setting 3% beneficiary to @null. Now just imagine what could happen if we burn STEEM earned from 2000 videos. Please note that @threespeak does not take any beneficiary rewards.

How Burning STEEM Helps

In layman terms, burning STEEM will reduce the overall inflation on the platform. This will also reduce the STEEM Token's supply in the market, which will in turn increase the scarcity of the token, probably affecting the price and initiate an upward movement.

Culture Change

Before HF 21, @timcliff, one of the top 20 witnesses published an open letter to all the Steemians. Please have a look if you haven't already or read it again to get the gist. He talked about the culture change that is required on STEEM apart from the technological advancements. Burning some of the STEEM from your profits can and should be a part of #NewSteem. We hope that this little initiative of ours encourages and motivates more projects to follow our lead.

Future Updates

Nobody can foresee the future but we can strive for a better one. Here are the things that we are planning to do:

  1. Burn 3% STEEM across all Oracle-d and ThreeSpeak related Projects.
  2. Video monetization through ads - Pay per view or pay per click.

More about all of this will follow in subsequent updates.

Welcome to #NewSteem

Welcome to #NewThreeSpeak

Rate us here

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State of the Dapps - https://www.dapp.com/dapp/3speak

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Great initiative, the HoboDAO will have a technique that will be very similar to burning STEEM. The HoboDAO will be a collection of multisignature accounts that are managed in a decentralized way with one account receiving SP from curation and the SP being locked and requiring many members known as Senators having to reach consensus before any SP could be liquidated.

Ideally, the SP of the HoboDAO's curating account will be permanently staked and only keep growing, locking up STEEM in the ecosystem rather than being dumped on the market like bot services do.

Additionally, our utility token, HBO, will be used by contest submitters to @hobodao which will be an account that will require over 60 people to reach consensus in order for the tokens to be reintroduced into the market. So that will also be an effective burning strategy.

Want to know more? Join our discord and we'll chat. We're happy to invite you into the HoboDAO as a member.

https://discord.gg/sgHyY6c - HoboDAO Discord Server

Dear @hobo.media

the HoboDAO will have a technique that will be very similar to burning STEEM.

Interesting idea. However I've noticed that burning tokens is a very trendy thing lately. And as much as I understand that it does slow down inflation and reduce growth of total supply - I still don't know how could it affect the price.

Supply overall is still growing and all burned tokens won't be able to catch up with inflation. On top of that burning tokens itself won't create demand. Without increased demand, it really won't help that much to burn those tokens I'm afraid.

Anyway I value what you're trying to do and I do not argue. Just wanted to share my thoughts and hopefully I can be proven wrong.

Yours
Piotr

You're right that burning tokens has no value in itself. Hobo tokens are not really burned either, really just locked up with a high threshold required in order for them to be released back into the market.

The value of the Hobo token is not the burning process, but the submission fee requirement. In order for content to be reviewed by the decentralized curation community (the HoboDAO) a 500 HBO fee must be submitted to @hobodao with the address of the post submitted for review in the memo area of the transaction. In this way, it is very similar to the bot services, except that it is a fully human-powered curation system.

The value of Hobo tokens will depend on the value of the HoboDAO's ability to reward the winning contestants. We've already made partnerships with a variety of token projects allowing us to provide their tokens as rewards, as well as offering a 100% upvote from the HoboDAO and a 10x reward in Hobo tokens (for 1st place).

In theory, the @hobo.media account will only accumulate more and more SP as the Casters continue curating content. And due to the fact that it will require the consensus of Senators to power down the SP, the HoboDAO's curating account should just grow over time. The increased SP value of the HoboDAO should add value to the Hobo token, and as fewer and fewer tokens exist in the market the remaining tokens should grow in value.

I just realized that I never actually thanked you for this amazing comment @hobo.media

Yours
Piotr

Actually a good idea. @esteemapp could cut their beneficiary to 7% and burn 3% for example. Same for @dtube

the idea is good but I am not sure that this gonna work

3speak and 3% , that's really cool. Great uptates guys. ☺

Great initiative to make steem valuable. Today, I myself have bought in 500+ steems and powered them up. I'm doing this because I'm highly optimistic about the future of steem. Let's do whatever we can to attract more investors.

We are with you!

The burning part seems like a good initative, it will make the supply decrease, and make STEEM worth more.

This is definetely great as i can say. What a awesome idea to come up with and i am sure it will have a positive impact on steem and the community in general

This is definitely suprising, thrilling as well as welcomed really. In my opinion this is okay because burning up steem would decrease inflation like you've said and we'd look forward to seeing what the future holds because I see your project as a One that'll benefit in the future of Steem, the investors and the adopters

Good that you guys are doing it. But if it is self-evident that burning is good for the value of the token then we might as well just reduce inflation and not require it.

Burning and inflation are two separate things and simply reducing inflation does not null the benefits of burning. Burning helps price by decreasing supply. Coins like BNB have zero inflation and still benefit tremendously from burning. Even if we reduced inflation, burning still helps.

Posted using Partiko iOS

That's a solid point, and I'm for sure with you on it. It's just that if we think it would be good if all front ends started burning author rewards, well, then we may as well propose reducing rewards derived from general inflation?

Not arguing against burning having no purpose afterwards, and support the ideas you guys are having👍

Instead of everybody getting interest from nowhere (inflation), and everybody being encouraged to burn their money (deflation)....

Let's just get rid of the inflation. That's fiat bullshit anyway, we don't want inflation.

Inflation spurs forward activity. Killing it would be a bad move.

So says the Federal Reserve, yeah. I think they're corrupt liars, though.

Agreed. Please stop the inflation. It’s killing the price, since as a community, we do not distribute the inflation to projects that bring in more profits. We just distribute it to blogs that add no value and bring in no money. Burning allows us not only to remove the inflation, but to turn Steem into a deflationary model. This has to be driven by organic profits coming in from projects

Very wise words @starkerz

Dear @theycallmedan

Interesting initiative. I've noticed that burning tokens is a very trendy thing lately. And as much as I understand that it does slow down inflation and reduce growth of total supply - I still don't know how could it affect the price.

Supply overall is still growing and all burned tokens won't be able to catch up with inflation. On top of that burning tokens itself won't create demand. Without increased demand, it really won't help that much to burn those tokens I'm afraid.

Anyway I value what you're trying to do and I do not argue. Just wanted to share my thoughts and hopefully I can be proven wrong.

Yours
Piotr

Hi @fredrikaa

I may be wrong, however burning is good to reduce supply (in our case it's reducing growth of supply). It doesn't affect value as long as there isn't more demand also being created.

Either someone stakes tokens or burn them - it will just not affect the price the way we like to think it does.

Cheers
Piotr

Excellent news @threespeak 😊👏

#BurnSteem

  ·  last month (edited)

what speak against you offer with the 3% free accounts? its same like burn but steem also grows.

I like the idea of burning :)
Best regards

I’ve wondered more than once whether it’s better for the ecosystem to burn STEEM or to burn SBD’s.

I have no clue which would be better.

I guess in the end it would be the same thing. you are burning vests (If I am not mistaken)

Hi @preparedwombat

Neither one or the other would actually create demand. Burning alone won't really change much (to my knowledge).

I agree @crypto.piotr , burning a supply does not increase a demand if the supply is still being "created." And, so, I doubt that burning will do anything at all.

I think a better strategy would be to simply to distribute the same amount in some way toward the purpose of creating new interest. Giveaways, contests, special awards, etc... to "creator types" (as opposed to whales, which is where the excess inflation currently goes).

nice move from 3speak. The burning will surely help. If we can combine this with lots of new arrivals and a few bigger investors we are on a roll

I also wish that the positioning of the platform has a positive impact on the whole world and that it results in a better price for the currency.

Good strategy to attack inflation.

I discovered that the @null account belongs to Professor Dr. Emmett Brown who with Dlorean traveled to 1969 to open the account.

Hopefully this way can increase the price of steem. Have a nice day, Sir.

...burning is still making sense also to me as a complete amateur.... I m sure that my thoughts to I.e. ‚freezing‘ steem or supporting social projects , are still fantasies of a unknowing beginner..and surely you know what you are doing...will do my best to help steem growing!..up..follow you..steem on!..

Burning steem and powering up I don't even know which is better but I will go for power up anytime cos My steem power has gone down dramatically I need to refill b4 price moons

Posted using Partiko Android

All the initiatives that help to raise the price of STEEM are great, congratulations for that.

This is one of the best initiatives. Thanks for increasing the value of my Steem with #3Speak-Burn3. Hopefully, other SteemApps will implement something similar.

This is a wonderful initiative. I hope that in the future more initiatives like this will help us cancel the Steem inflation.

Posted using Partiko Android

Nice upgrade! 🙂

2631647-1.jpg

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Congratulations @theguruasia, you are successfuly trended the post that shared by @threespeak!
@threespeak got 6 TRDO & @theguruasia got 4 TRDO!

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What a wonderful idea.

Loading...

Just to be clear, are you burning your own money, mine, or everybody's? Hard to tell from the wording here.

Nice to hear from you guys again! Will you be developing the site more? Fixing the bugs? And will you be publishing the details of what you're doing with our monthly payments? I'd like to decide if I'm in for a 3rd month or not. Thanks :)

Beneficiaries are always taken from the author rewards.

Dear @threespeak

Interesting initiative. I've noticed that burning tokens is a very trendy thing lately. And as much as I understand that it does slow down inflation and reduce growth of total supply - I still don't know how could it affect the price.

Supply overall is still growing and all burned tokens won't be able to catch up with inflation. On top of that burning tokens itself won't create demand. Without increased demand, it really won't help that much to burn those tokens I'm afraid.

Anyway I value what you're trying to do and I do not argue. Just wanted to share my thoughts and hopefully I can be proven wrong.

Yours
Piotr

Correct, demand has to be increased and driven by organic purchases of the token from businesses selling products, services, experiences or influence. Couple this will projects burning some of those profits and u have the recepie to guarantee locking more value into the chain that was distributed via inflation. This results in an incredibly atttactive token for investors and speculators

Late thank you for your reply @starkerz

Congratulations @threespeak! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You received more than 2000 upvotes. Your next target is to reach 3000 upvotes.

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👍
~Smartsteem Curation Team

https://avacschat.com is a nice chat room

You got a 7.41% upvote from @brupvoter courtesy of @st2158901!

How come I am unable to upload to @threespeak? Do the videos have to be under a certain length or a certain file type? I have tried several times on multiple devices and it’s getting really frustrating! 😔

Allowed file formats: mp4, m4v, mov
Maximum filesize: 4.8GB

my file type was .mov (which I think is the standard on iOS) and it was way less than 4.8 GB

Any idea why I was unable to upload on multiple browsers, multiple devices and even multiple different videos @wehmoen?

Good post

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Browsing 3Speak everyday, looking for videos to watch. The platform need more content creator for more choices of topics.

I still see some old spam-like comments.
For example the two words "Nice upgrade!" comment with a pending payout of $0.10.
Question yourself: Is your two words comment really worth $0.10?
Some people can't even earn that amount with their blog posts, where they put hours of work and effort.
No offense, but good luck to attract investors with this behavior, guys.
I think that people should write meaningful comments, and do natural engagement, instead of focusing on earning money and on trying to get attention to their own blogs.
The whole platform would be more successful by that.
Even Steem would be more valuable. But the selfishness and the greed of the users ruins everything.

  ·  last month Reveal Comment

Much supported. Upvoted and resteemed

Posted using Partiko Android

Super inspiring. We are seriously considering in following this awesome move too.

YEAH! That's a great little change that could make a huge impact. Way to help the platform guys, I'm proud of you, keep up the great work! :^)

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

@threespeak, I am supporting this initiative team. And let's hope that this initiative will going to impact Price of the Steem and with that it will going to inspire other projects too. All these efforts and developments are really appreciable aspect.

Posted using Partiko Android

You guys are an inspiration.

If you're relying on or expecting average users to burn a portion of their already minimal rewards, you should pass over a little bit of what you're smoking. My understanding of the main reason behind implementing the EIP is because it's a non-starter to rely on people to be altruistic and sacrifical for the betterment of an online, economic community like this.

I think it's a bad sign as well that most suggestions I see for how to drive up price or onboard more users seem to focus largely on the "scarcity" side of the "supply and demand" equation. Rather than artificially trying to increase the scarcity of something that isn't scarce -- effort and energy should be put forward to increase the demand for Steem.

Since 3Speak is supposed to be a home . hosting platform for video content creators deplatformed elsewhere -- maybe there are services that could be offered if payment is remitted in STEEM:

  • Struggling video teams may need help w/ editing;
  • Perhaps a critical review of composition, content and formatting w/ suggestions and notes;
  • Maybe offer some lessons is rhetoric, logic, or how to form an argument so their ideas can be more easily digested;

I feel like there are more useful avenues that one could go down to try to improve prices. Offer something that isn't offered somewhere else, rather than "burn a portion of what you have, in an effort to make people pay more for what hasn't been burnt".

Let's hope this (and all the other great actions that #NewSteem users are taking) can help us get out of this bear market! In @Repollo we are hoping for the bes!

Can y'all please send me a invite to your discord server