RE: Let's burn some steem... I need your help.

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RE: Let's burn some steem... I need your help.

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yabapmatt in #burnsteem • 6 years ago

Eth has better price and is terrible to use because every transaction has a burn.

So first off, I'm not all that knowledgeable about Ethereum so I could be wrong here, but don't the gas fees go to the miners? As far as I'm aware there's no burning going on there.

In any case, burning is good for token prices...I don't think it's possible to argue with that, it's just simple supply/demand. But, asking people to burn STEEM (or any token) is just flat out never going to work. Asking business to create a product that requires burning STEEM is no different. A few people here and there might burn some to be altruistic or make some type of point, but at the end of the day it's money and people aren't going to burn their money.

To make burning work, it has to be part of the platform. This is what you're doing with Steem Engine and it's working great there (as far as I can tell at least). Steem already has this a little bit with account creation. You can burn 3 STEEM to create a new account. This is a great example of how burning can be used as part of the platform. Of course, after HF20 now you can claim free accounts using your SP so I suspect not many people are doing this anymore.

In my opinion, SMTs should work very similar to how Steem Engine works - you should have to burn STEEM to create tokens and even more to enable other features like ICOs, market trading, staking, proof of brain distribution, etc. As an example, Tron has a built-in smart contract for creating tokens that requires you to burn 1024 Tron to use.

Overall though, even if these all sorts of burn mechanics were implemented I doubt it would make any meaningful dent in the STEEM supply. If we want to focus on supply, I think the focus should be on reducing inflation and/or the Steemit, Inc selling; however, I think the real focus should be on the demand side.

If SteemIt, Inc wanted to I'm willing to bet they could make a deal with some big company like Samsung, or get STEEM listed on Coinbase, and just one such deal like that would do far more for the price than anything we might do on the supply end.

6 years ago in #burnsteem by yabapmatt

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marki99 6 years ago

I don’t agree. Making people burn is not impossible. We can “incentivize” them.

For example: all posts upvoted by bidbots downvoted to 0 by @steemit. And replace top trending spots on steemit by auction spots for the biggest burners. Why would Steemit, Inc do this instead of earning ad revenue?

Because they hold 25% of the STEEM supply and seeing the price move up is much much much more profitable than some ad revenue.

More examples: any business that burns a lot receives big delegations, free promotion, etc.

Not implementing this is just lazyness, and we can’t rely on more people buying STEEM for ever. At one point the market will dry up.

Even more examples: “burning has to be part of the platform” that is a quote from you. We could probably think of 5 good ways to burn STEEM in 10 minutes and making so from the blockchain code and the way STEEM works.

A good recent proposition was from @theycallmedan when he proposed a 5% token burn for instant powerdown.

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freddio 6 years ago

you are 100% right.

if tokens should be burned that should not happen artificially. It should be part of the system and code.

SMTs give a way to do it.

What do you think about burn Steem for a SMT and get some RC on the SMTs?

I think this would be really nice for some guys only use a SMT and its also good for Steem.

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ackza 6 years ago

Lets burn TASK tokens by @heimindanger whose system DOES burn tokens to compleet TASKS to actually get peopel top PROMOTE things on twitter or youtube instagram etc

IMAGINE a Steem proposal System or delegation funding project to even create a new Hard Fork 22 or 23 POST SMT improvement process where we can actually BURN STEEM like TASKM tokens

https://task.steemwhales.com

I know @aggroed is already a whale in this project by @dtube creator @heimindanger which lets people get paid in steem engine tokens to do tasks, AND CAPTCHA tasks ... I think you can make aliving off this if you do it full time 8 hours a day and live in Venezuela or Nigeria where you can piggy back off someoen elses pooled internet and shipping container or mud hust and we cnexpand like the prospectors game but in real life

like the @wafrica gameI helped convince @surfyogi to start and we just have to create a game mockup and a proof of concept working dapp, liek prospectors, and mayeb we can license prospectors and clone itf or a modern day GTA style version

also id love a game that works on steem for teh cheap accounts and eos for the marketcap

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