3Speak&#x27;s STEEM Burn Initiative! #NewSteem

hobo.media (64) · 5 years ago

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

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crypto.piotr (70) · 5 years ago

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

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hobo.media (64) · 5 years ago

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.

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crypto.piotr (70) · 5 years ago

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

Yours
Piotr

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ash (73) · 5 years ago

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

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alexgfdh (25) · 5 years ago

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

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clixmoney (76) · 5 years ago

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

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sathyasankar (63) · 5 years ago

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!

lass3 (5) · 5 years ago

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

adedapo-glory (61) · 5 years ago

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

josediccus (75) · 5 years ago

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

fredrikaa (70) · 5 years ago

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.

theycallmedan (75) · 5 years ago

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.

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3 votes

fredrikaa (70) · 5 years ago

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👍

drutter (69) · 5 years ago

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.

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fantasycrypto (60) · 5 years ago

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

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drutter (69) · 5 years ago

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

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starkerz (65) · 5 years ago

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

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crypto.piotr (70) · 5 years ago

Very wise words @starkerz

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crypto.piotr (70) · 5 years ago

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.

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

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crypto.piotr (70) · 5 years ago

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

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chrisrice (59) · 5 years ago

Excellent news @threespeak 😊👏

freddio (61) · 5 years ago (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

preparedwombat (70) · 5 years ago

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.

felander (71) · 5 years ago

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

crypto.piotr (70) · 5 years ago

Hi @preparedwombat

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

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jbgarrison72 (49) · 5 years ago

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).

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felander (71) · 5 years ago

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

theonlyway (69) · 5 years ago (edited)

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.

elianaelisma (72) · 5 years ago

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

enjoykarma (63) · 5 years ago

...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!..

kayceefresh (56) · 5 years ago

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

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fundakantoria (61) · 5 years ago

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

geekgirl (72) · 5 years ago

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.

discernente (76) · 5 years ago

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

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resiliencia (68) · 5 years ago

Nice upgrade! 🙂

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2 votes

lolmemes (44) · 5 years ago

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2 votes

theguruasia (67) · 5 years ago

$trdo

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4 votes

trendotoken (59) · 5 years ago

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

"Call TRDO, Your Comment Worth Something!"

^{To view or trade TRDO go to steem-engine.com

Join TRDO Discord Channel or Join TRDO Web Site}

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chiren (62) · 5 years ago

What a wonderful idea.

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drutter (69) · 5 years ago

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 :)

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wehmoen (68) · 5 years ago (edited)

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crypto.piotr (70) · 5 years ago

Dear @threespeak

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

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starkerz (65) · 5 years ago

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

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crypto.piotr (70) · 5 years ago

Late thank you for your reply @starkerz

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steemitboard (66) · 5 years ago

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.

_{You can view your badges on your Steem Board and compare to others on the Steem Ranking}
_{If you no longer want to receive notifications, reply to this comment with the word STOP}

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

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smartsteem (71) · 5 years ago

👍
~Smartsteem Curation Team

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volingy9 (38) · 5 years ago

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

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brupvoter (62) · 5 years ago

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

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alexvanaken (66) · 5 years ago

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! 😔

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wehmoen (68) · 5 years ago (edited)

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alexvanaken (66) · 5 years ago

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?

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tomb0171 (45) · 5 years ago

Good post

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guruvaj (57) · 5 years ago

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

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xplosive (62) · 5 years ago

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.

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egorlabadin (0) · 5 years ago

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Reveal Comment

videosteemit (58) · 5 years ago

Much supported. Upvoted and resteemed

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epicdice (70) · 5 years ago

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

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stuffbyspencer (61) · 5 years ago

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! :^)

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pennsif (79) · 5 years ago

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

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chireerocks (72) · 5 years ago

@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.

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marki99 (54) · 5 years ago

You guys are an inspiration.

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mstafford (67) · 5 years ago

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".

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repollo (66) · 5 years ago

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!

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