The @burnpost initiative has steadily gained support and is now consistently receiving rewards of about $500-$600 (displayed post value) per day. Thank you to all of the supporters who have made this possible.
We have regularly sold all of the reward SBD on the internal market for STEEM, helping to exert downward price pressure on SBD toward the $1 peg (along with upward price pressure on STEEM), and have powered up a total of about 11000 SP (currently worth about $33000). This stash of powered-up SP is supporting downvote-only initiatives to help counter the most harmful abuse (at least in terms of blockchain cost) high volume self-rewarded spam.
Finally this has helped 'drain the swamp' by directing rewards away from the vote-buying, bid bots, circle jerks, and other wasteful nonsense that is increasingly beginning to dominate the platform, and instead toward goals which are clearly of benefit to all stakeholders and indeed the entire platform: Designated buying and burning to increase the price of STEEM; increasing the STEEM market cap; harnessing voluntary vote support and market forces to improve the performance (even if only marginally so far) of the SBD peg, making it more useful and reducing the imbalances (such as negligible curation rewards) caused by overvalued SBD; and finally helping to stop spammers and similar forms of clear abuse.
As a reminder, once SBD declines back to $1 or below, the STEEM received by @burnpost (including all post rewards which have so far been powered up) will be powered down and/or burned by sending to @null. None of the coins received by @burnpost will ever be sold or otherwise distributed. They are irrevocably designated for burning.
If @burnpost rewards remain consistently above $500 (displayed) each, I will soon expand the initiative to make one post per 12 hours instead of one post per 24 hours. Supporters are welcome to support one, both, or neither of these posts (all votes are welcome and appreciated), but by creating two posts this allows those stakeholders who wish to vote in favor of the @burnpost goals to optionally increase their ongoing rate of support.
The existing rules and procedures remain in effect as described in the previous post.
All rewards from this post will be sent to @burnpost as a donation which will then be traded from SBD to STEEM, powered up, and/or burned in accordance with the usual @burnpost rules. That includes SP which will be immediately sent in the form of STEEM from my own account.
What if you burn all the rewards that @burnpost has and then SBD leaves its peg? You would have to start from scratch to get funds to do another round of pegging. Why not just leave the funds there and "moderate" the price feed through continuous action?
That's a reasonable suggestion. I'll consider it. As long as the funds stay in the account for eventual burning, it should still be effective and not violate the conditions that supporters have voted for. This is similar to the current use of the SP for downvoing while it is waiting for conditions to change when it would eventually be burned. I think we can come up with something sensible along these lines.
The experiment becomes an institution :) For me the most interesting part of Steemit has been to see the spontaneous evolution of user-driven institutions like steemcleaners, Curie et all.
It's good to see people sacrificing some short term gain for the good of the platform. Greed could kill it. Personally I'm delegating to minnows and doing a little flagging, but my vote can counter the serious abuse and I risk retaliation. Having accounts we can delegate or donate to that do the flagging may help.
@steevc, can you tell me about flagging? why it is needed, benefit of it.
or if you have any link to study about it, please provide me.
or any video of youtube.
Thanks anyway :)
It's a way to deal with spam and anything else you consider an abuse of steemit. The reason some people don't do it is they fear getting flagged back. You can see I was flagged by some big people for criticising them and taking away a few cents of their huge rewards. That can destroy a new account's reputation
Could you explain how this burn post words Steev? I'm new and pretty clueless.
I think it's about capturing some of the SBD and getting rid of it to try and control the price. I'm not sure it's the best method, but it would be good to reduce how much goes to certain greedy people. I support voting up minnows so they get more of a share.
It seems to me that if you destroy part of something, the remaining something becomes more valuable. IDK 😕
@steevc, thanks for the info,
now i almost got the matter.
Agree, this platform can survive only if quality minnows will be supported.
Ok, interesting Idea, but here is an interesting question:
How does the sell sbd for steem will drive SBD price down? For me It doesnt make sense.
If the initiative would be to drive SBD closer to 1 usd, then this SBD should be sold at exchanges for BTC(or usd is possible), then the BTC should be used to buy steem at the same exchanges, and then back to steemit account.
Trading It on internal market Will only drive the steem price up, wich Will discourage people to trade their SBD for steem, because they Will get less steem/SBD (unless you people are Trading on both ends). Actually this would encourage to sell their steem.
The end result is the same through arbitrage.
The SBD bought on the internal market will be sold on external markets if the opportunity to make profits exist.
But maybe isn't it creating a new problem? Steem price in the internal market is sky rocketing, wich encouraging to people sell STEEM there, wich in the end could create an up pressure on SBD, and a Down Pressure on STEEM.
I still like the idea, but i am still unconvinced that this will drive SBD back to $1. Or am i still missing something?
Is there any evidence that these downvoting initiatives are having an effect? I read somewhere about Operation Clean Trending as well - but the front page looks as bought as ever.
The downvoting this is currently supporting is mostly high volume spam on comments that (via self-voting) earn a small amout each (say $0.02). You will never see them on the front page but they have the potential to cause a lot of damage (even more than now, because what is profitable has a tendency to grow and attract imitators) if unopposed.
Why are you certain that the person with the keys to @null will never redeem/liquidate his account?
I already saw a delegator to @promoted un-delegate from it.
I am sorry that I used it.
My ROI was about -70%.
It could give me a 100% or more, but its designers made sure that using it will be very wrong.
It is one of my worst self sabotages here, together with not upvoting myself in my first 2 weeks right before STINC killed my account by leaving me with slightly less than 6SP.
The @null account is a special system account and no one has the keys to it. And any transfers to @null are immediately erased by the system so there is nothing left to redeem or liquidate (you can check for yourself, the balance is always zero even though people transfer to it).
So it is a burn.
New day, new thing to know.
You got a 14.29% upvote from @luckyvotes courtesy of @stimialiti!
You got a 8.77% upvote from @sleeplesswhale courtesy of @stimialiti!
https://steemit.com/steem/@inertia/code-review-clear-null-account
It is so kind of you to reply to me here while you ignore me as speedvoter's operator:
https://steemdb.com/tx/194c682e95a2b245a895f3886ee8885223dab67f
Hmm. Sorry about that.
I thank you for this vote and for the information.
As long as it remains, it is more than settled, and may cover future inconveniences.
You got a 21.45% upvote from @luckyvotes courtesy of @stimialiti!
You got a 13.79% upvote from @sleeplesswhale courtesy of @stimialiti!
@youtake pulls you up ! This vote was sent to you by @stimialiti!
You got a 16.67% upvote from @ubot courtesy of @stimialiti! Send 0.05 Steem or SBD to @ubot for an upvote with link of post in memo.
Every post gets Resteemed (follow us to get your post more exposure)!
98% of earnings paid daily to delegators! Go to www.ubot.ws for details.
You got a 13.64% upvote from @ubot courtesy of @stimialiti! Send 0.05 Steem or SBD to @ubot for an upvote with link of post in memo.
Every post gets Resteemed (follow us to get your post more exposure)!
98% of earnings paid daily to delegators! Go to www.ubot.ws for details.
So you're making it harder for people to power up? That seems counter-intuitive to me.
Yes,I feel it is counter-intuitive too. Why not make powering up as easy as powering down is?
Proof of donation to @burnpost
Author reward 94.621 SBD and 24.526 STEEM POWER for smooth/burnpost-three-month-status-and-update
Transfer 94.621 SBD to burnpost
https://steemd.com/tx/28a3c7bfe331146a757330c515699680c5271aee
Transfer 24.526 STEEM to burnpost
https://steemd.com/tx/7bb6d0ed0b64a2b3261721bf6b615b970aefb0bb
Instead of using the steempower for downvotes, wouldn't it be better to just go to the new tab and upvote anything that is reasonably good? It should have the same effect as downvoting in that you are shifting the distribution.
It doesn't have quite the same effect. There is a lot of content that is neutral but not necessarily harmful. But when someone is posting thousands of comments per day and voting each with dozens or hundreds of accounts in order to try to earn $0.02 each, that is causing a lot of long term damage (all of those comments and votes end up being stored on blockchain forever).
@indigoocean also made a good point about there not always being agreement on what is worth upvoting, and people who don't agree with the upvote policies might then decide not to support the initiative at all. There should be very little disagreement on downvoting aggressive spam and other clear forms of abuse.
I think the issue may be that it is easier to objectively agree about what is bad than about what is good. With a collective effort like this, you don't want personal biases controlling this much SP. But I share your desire to see more curation of the good by high SP folks than all the focus on punishing the bad. It may just be that the latter is causing an existential crisis for the platform right now, so has to be prioritized in the short-term.
Good view point.
Why burn them and not donate it to people like @skreza
You must start again to be brave and patient
Good suggestion I wish you every success
what is it all about in a nutshell anyone?
I upvoted this post because I enjoy social media with initiative to maintain a respectful community.
The and price won't be able to go down to the peg for a long while, the low supply allows anyone with a good amount of money to manipulate it... especially of you keep throwing more sbd their way by selling it. the only way to take down the price is to increase printing rates in my opinion.
Selling SBD never helps someone increase the price of it, no matter how much they already own. At a minimum it is at least an additional incremental cost they need to incur to keep the price propped up, and depending on the presence of other selling pressure (from others who also want to cash out) may have secondary effects sending the price lower still. No one has unlimited funds, and even if they do, propping up SBD is not always going to be the best use for those funds in the entire world.
BTW, how is the printing rate determined?
The printing rate is determined by the witnesses by modifying their feed bias? There was a movement to bring the price down by increasing the bias but as soon as steem went over and most of witnesses reduced their print bias down to 0 and now we are back at having sbd higher than steem.
Unfortuantely the bias is a poor tool for this because the single input affects multiple behaviors. That was behind a lot of the witness reluctance to use it in that manner. Hopefully in the future we can improve the mechanism to offer better tools.
To answer my own question (rhetorical of course) the printing rate is determined in part according to the market cap. So raising the price and market cap of STEEM by buying it and powering it up to designated burn account indirectly increases the print rate. Of course, so far the magnitude of this effect has been somewhat small, at only about $500 per day. But the steady growth in support for @burnpost raises the prospect of much higher buy and power up rates. Taking a lot of liquid STEEM off the market could have a dramatic effect.
I certainly don't expect to turn the world around on $500/day, but the feedback loops within @burnpost have been carefully designed to always operate in a beneficial direction at least, with the magnitude left up to the voters.
I was not aware that the bias modified other behaviors other than the printing of more sbds.
The sbd down to the peg will be better for the platform in the long run and for future businesses that want to run on a stable currency on the platform. So I wish you luck in your endeavours, I'll try to help out by dropping my 0.03c vote every once in a while.
Thank you for your support and thoughts.
I'm all in support for this. I had questions before checking the comments, but this conversation answered it all.
Good work, @smooth, Thanks.
hello,please i am about starting a charity organization and i believe anyone can help us donate to this charity organization in order to save humanity and make the world a better place....you can donate to us by delegating part of your steempower to us as your own form of donation....GOD bless you as you do so.....thanks in advance...
Great article @smooth, nice initiative. I am interested in contributing to your cause and constantly support the project
God bless you and fill you with success, friend. regards
How is this going to benefit us?
Interesthing post
Steemit its a very good idea to keep coming up with promotions which is benefiting many i a good way. unlike others brands which only make money from ppl for by selling junk in golden wraper, Steemit is the most evolved futurstic platform, @social media @entertaiment and to earn. @steemit @burnpost. steemit burnit
Hi @smooth, sorry but i do not understand, you will reward who vote your post or some how else?
The SBD rewards will get sold to turn into STEEM. The STEEM gets locked up and will eventually get burned (destroyed). This reduces the supply of STEEM and should both reduce the price of SBD and increase the price of STEEM, benefiting everyone who has STEEM.
I see, thats why now Steem is more valuable then SDB...
I new and still trying to figure all this out. It's a bit confusing. I've found some cool stuff on here I just wonder why people even bother to down vote seems malicious I'm waiting to see if I make friends. I would like to get power so can actually spread the love around. I'm excited to learn.
People downvote for two reasons.
One is to be malicious, and there are always people who will do take pleasure in the displeasure of others. Hopefully when that does happen, others are willing to stand up to it and add more upvotes to counter the effect of the malicious downvote.
The other is because this is a decentralized platform where there is no central authority. That is, no platform-provided moderators, curators, abuse reporting, etc. The only way people are kept in line at all is by peer review and legitimate criticism in the form of downvotes. Essentially in a decentralized system we the users have to police each other, or those would take advantage (and there are always some people who will) are able to run rampant.
Where it gets complicated is when people don't agree about what is malcious or abusive behavior. Obviously the person being downvoted has an incentive to portray it as abuse, and malicious downvoter has an incentive to portray it as legitimate peer review and criticism. And likewise for non-malicious downvotes and the people getting out of line and getting downvoted as a result.
Still, there is no central authority to decide who or what is right and who or what is wrong. The community just needs to work it out, and if that sounds messy, it is because is it. This frustrates to no end people who want or need a very structured environment where there are clear rules and a well defined sense of right and wrong. On the other hand, others thrive in such a sometimes chaotic and fluid system. It isn't for everyone.
Fuck you. I don't want the steem dollar to drop in price. How does this benefit any of us?
It's good to see people sacrificing some short term gain for the good of the platform.
i don't know what all of this mean, this is good for news users like me?
What if you give me that fucking burned SBD to me? hehehe
This is so fascinating @smooth. I'm not entire sure what all of this means, but I wanna support when I can. How does one do that?
Vote for all the posts by @burnpost and/or the 'additional support' comment(s) under those also by @burnpost.
What is burnpost can any one explain me. i am feling my intrest in this.
HOW'RE YOU GUYS MAKING IT BIG ON STEEMIT? Pleas Can You Teach Me How It Work?
What a good initiative, I like the information shared, I am a new member, I support this post
What a good initiative, I like the information shared, I am a new member, I support this post