Burning Bid-Bot Long-Term Mission & Chibifighters Giveaway Update
Introduction
In this post some of the most common problems that Steem is currently suffering will be adressed and given a solution by simply using the @lrd Burning Bid-Bot.
At the end of the post a quick update will be given regarding the Giveaway of Chibifighters that is currently taking place.
WARNING: This will be a long post.
The problems Steem is suffering from right now
Even though Steem is a great concept it is still in its early stage meaning a lot of things have to be improved to make the Steem Blockchain even better, here are some of problems we have to face:
1-Account creation system
In order for an account to do any basic action (upvoting, commenting, posting...) it requires bandwidth in the Steem Blockchain, this means that each account needs to have at least a small amount of Steem (could be delegated) to be able to take part in this social platform, therefore creating an account costs money, most accounts created as of today are being paid by Steemit Inc, the fact money has to be paid in order for an account to be made is what it is preventing Steem from really scaling the number of accounts, Hardfork 20 has improving account creation as one of it main goals.
2-Stake Weighted Voting System
Currently, the more Steem Power you have the higher the share of the reward pool you can decide where it goes. This idea works great on paper but it is causing multiple problems, a few of those are:
Self Voting
Even though it is completely understandable the fact that Self Voting is currently the most profitable way of using your Steem Power it wasn't what @dan had in mind when developing Steem, the main concept of Steem is to create a Decentralised, Self-Sustainable, Rewarding Social Media Platform, that is why Curation Rewards were created in the first place, they were designed to incentivize investors (whales) to curate good content and earn more Steem Power as a result but given the fact that it is less profitable than Self Voting or Circle Voting (when a group of people upvote each others content only) almost nobody does it.
Broken Trending page
As a result of everyone with a high amount of VESTS upvoting between each other you always see the same authors in the trending page, this is a topic that has been causing many discussions lately.
Flag Wars
Many of you will probably have already seen some of the flag wars that are happening such as the one between @berniesanders and @haejin, the flagging system was initially created to give users the chance of taking away rewards from someone if you thought their post wasn't worth that much and return that money to the reward pool, however, flag wars create no reason flags because you are not flagging the post but the person who is behind it.
3-Spam
Spam posts are the worst thing in Steem due to the fact they don't let good content arise, the problem is that nobody wants to spend their Voting Power in flagging useless posts.
4-Inflation
Even though inflation is what makes Steem running (without it there would be no reward pool) it is a big disadvantage for investors because they don't know the purpose of such inflation (currently 9.5% and will be decreasing to 0.5%) it is our duty to understand the nature of reward distribution so that they do not think it is just a hidden tax the same way it happens with fiat currencies.
Our Solution
We have designed the Burning Bid-Bot in a way that combines profitability with altruism, there will be 5 active projects that will try to solve the problems described before, let's take a look at the @lrd Burning Bid-Bot Roadmap first:
Burning Bid-Bot Roadmap
Currently
- 100% earnings go to delegators
- 15% of Curation Rewards go to the largest delegator
- 5% of Curation Rewards are burnt
100,000 Steem Power Milestone
- 100% earnings go to delegators
- 10% of Curation Rewards go to the Curation Project
- 10% of Curation Rewards go to the Burning Project
- 10% of Curation Rewards go to the Backup Fund Project
- 10% of Curation Rewards go to the Increased Revenue Project
- 5% of Curation Rewards go to the Whale Project
500,000 Steem Power Milestone
- 100% earnings go to delegators
- 15% of Curation Rewards go to the Curation Project
- 15% of Curation Rewards go to the Burning Project
- 15% of Curation Rewards go to the Increased Revenue Project
- 10% of Curation Rewards go to the Backup Fund Project
- 5% of Curation Rewards go to the Whale Project
1,000,000 Steem Power Milestone
- 100% earnings go to delegators
- 25% of Curation Rewards go to the Curation Project
- 25% of Curation Rewards go to the Increased Revenue Project
- 15% of Curation Rewards go to the Burning Project
- 10% of Curation Rewards go to the Backup Fund Project
- 5% of Curation Rewards go to the Whale Project
5,000,000 Steem Power Milestone
- 100% earnings go to delegators
- 25% of Curation Rewards go to the Curation Project
- 25% of Curation Rewards go to the Burning Project
- 25% of Curation Rewards go to the Increased Revenue Project
- 10% of Curation Rewards go to the Backup Fund Project
- 5% of Curation Rewards go to the Whale Project
The 5 Projects that will be part of the Burning Bid-Bot
Increased Revenue Project
The Burning Bid-Bot has a 100% earnings for delegators meaning that all the money the bot collects from bids is distributed among delegators without a fee but we want to go a step further, that is why we have created the Increased Revenue Project, all the money that this project receives from Curation Rewards will be distributed to our delegators. You can check the Roadmap to know how much of the Curation Rewards will go to this project.Whale project
When a whale is circle voting is because they have no better option, that is why the largest delegator of the Burning Bid-Bot will receive a share of the Curation Rewards, this means the largest delegator will get:
- 100% earnings
- A share from the Increased Revenue Project
- The entire pot from the Whale Project
Backup Fund Project
One thing every investor loves is getting a stable amount of money every single day, that is why we have created the Backup Fund Project, a share of the Curation Rewards will go to this Project so that in case payouts get low an additional payment will be done from the Backup Fund Project, the funds from this project will also be used for the Random Lottery which is a random payout at a random time (another bonus for our delegators). You can check the Roadmap to know how much of the Curation Rewards will go to this project.
Burning Project
This Project is focused on reducing the supply of Steem and it is divided into two parts:
Direct Burning
50% of the Steem that the Burning Project receives will be burnt.
Passive Burning
50% of the Steem that the Burning Project receives will be powered up and delegated to the Burning Bid-Bot, all the daily earnings will then be burnt.
You can check the Roadmap to know how much of the Curation Rewards will go to this project.
Curation Project
This Project will be one of the main focuses of the @lrd Burning Bid-Bot:
All the Steem from Curation Rewards that this project receives will be powered, then multiple curator accounts will be created with a delegation from the main account, this accounts will be given to users who will be the ones who curate content and flag useless posts, in exchange for their services the curators will be able to upvote one of their posts per day. With this initiative we want to reward minnows who are posting quality content and hide spam posts.
You can check the Roadmap to know how much of the Curation Rewards will go to this project.
Project Summary
All this Projects will be running thanks to the Curation Rewards that the @lrd Burning Bid-Bot generates so by delegating to it you are directly helping all of them.
Delegate!!
If you want to create a custom delegation to the @lrd Burning Bid-Bot click here
10 Steem Power
20 Steem Power
50 Steem Power
100 Steem Power
200 Steem Power
500 Steem Power
1000 Steem Power
2000 Steem Power
5000 Steem Power
10000 Steem Power
20000 Steem Power
50000 Steem Power
100000 Steem Power
Chibi Fighters Giveaway Update
Due to the lack of participants in the other giveaway we were unable to give the prizes.
What do you need to participate in the giveaway
You only need to have an active delegation of at least 10 Steem Power to the @lrd Burning Bid-Bot.
Prizes
There will be two winners randomly selected among our delegators, each of them will receive 1 Free Chibi Founder.
Minimum amount of participants
In order for the giveaway to take place there has to be at least 20 people participating (20 people with a delegation above 10 Steem Power).
When will winners be announced?
Winners will be announced 2 days after we reach 20 people participating.
Premium Bonuses for delegators
Welcome Bonus
If you are delegating to another Bid-Bot and are worried about delegating to the Burning Bid-Bot because you'd lose the earnings from 7 days (the amount of time it takes to undelegate) then you've come to the right place, we are currently offering a bonus in which after delegating you will receive 3.5 Steem per 1,000 Steem delegated so you have no excuses not to delegate to the @lrd Burning Bid-Bot, this bonus will only be available till we reach 100,000 Steem Power so hurry up! You can claim your Steem through Discord.
Large delegator bonus
If you delegate 5,000 Steem Power or more you will receive 1 Free Chibi Founder, there will be a total of 3 Cibis gifted so hurry up! You can claim your Chibi through Discord.
Rules & Terms of Service
- Bidding rounds every 2.4 hours
- Min bid is 0.01 SBD/STEEM
- Max ROI is 10% after curation rewards
- Min ROI is -10% after curation rewards
- Min Post age is 15 minutes
- Max Post age is 3 days
- Spam is not allowed (you can report it in Discord)
- Plagiarism is not allowed (you can report it in Discord)
- This bot doesn't upvote comments
Join us on Discord
Happy burning time,
My friend if i delegate 220sp how much i earn everyday?
It highly depends on the amount of bids that the bid-bot is receiving daily, since we are still a small bid-bot it is hard to get as much attention as other bigger bots, if you are not sure about delegating yet you can wait a little bit to see how payouts develop (you can check it in the @lrd wallet) and consider whether delegating is what suits you best or not.
Wow it sound really good, I'm in!
Is there any proof that burning steem does anything positive? People have been burning steem for two years since Null got introduced, but I can't see any evidence that it has worked. Have you collated any?
In order to understand the benefits of burning Steem you need to know where the value of a currency comes from. You can calculate the value of a coin by dividing its market cap among the amount of existing coins, the less coins there are the higher the amount each coin will be worth.
Example:
There are 10 coins each of them with a value of 10$ because that coin has a market cap of 100$, if we burn 5 coins out of 10 there would only be 5 coins remaining, the market cap would still be 100$ so each coin would be worth 20$.
The problem is that little quantities of Steem have been burnt providing almost no impact in its price, with the Burning Project we want to provide a continuous stream of Steem Burning for an impact in the long-term.
You are going on a hypothesis though, rather than actual data. There are quite a few inflationary coins, like Doge which have had a massive market cap increase, even as their supply was increasing. (Compare doge market cap now with what it was in 2014, and then compare the number of coins in circulation between 2014 and 2018 - the increased supply made no difference).
Have you actually tried to quantify exactly how much steem was burned and when, to analyse the impact?
For example, you could do an analysis of the null account and compare it to the price at various points. I think you need to crunch the numbers first to prove your theory, rather than just rush ahead based on a guess.
this sounds like it has been well thought-out. great work. I'll be delegating some SP today. Want to see Steem do well, and agree with some of these issues, which can be addressed by those dedicated to Steemit.
Thanks, if you feel like any improvements could be done just let us know.
Make sure to tell us your opinions & suggestions about the Burning Bid-Bot.
You got a 100.00% upvote from @lrd courtesy of @safedeposit!
We are offering 100% earnings for our delegators + 15% curation rewards for the largest delegator and 5% of curation rewards are burnt.
Delegate Now
I think you might be right about the current problem this platform is facing. I hope the developer have some better solution in mind.
Yea there is a lot of talking going about Ned's bad management.Im a bit worried about current situation.I hope that at the end of the day he will prove people wrong and make some positive changes.As we all know Steemit has huge potential but we need some improvements for the platform😕
Ned is not the only one who can improve Steem, the users provide the biggest chunk of its value.
its the same logic about how users give value to facebook.....but in this case a regular user doesnt necessarily understands how steem works behind the curtains or knows about coding to present or research a project that solve this kind of problems. I think the devs of steemit inc are in a more strong position to handle this issues. Nevertheless i will delegate some SP because i like this project!!
This post has received votes totaling more than $50.00 from the following pay for vote services:
rocky1 upvote in the amount of $127.36 STU, $250.92 USD.
appreciator upvote in the amount of $123.54 STU, $243.39 USD.
postpromoter upvote in the amount of $105.26 STU, $207.37 USD.
For a total calculated value of $356 STU, $702 USD before curation, with approx. $89 USD curation being earned by the paid voters.
This information is being presented in the interest of transparency on our platform @lrd and is by no means a judgement of your work.
How will it be burn... you send it to @null account?
50% of the Curation Rewards that are assigned to the Burning Project will be directly sent to @null, the other 50% will be powered up in a special account and delegated to the @lrd Burning Bid-Bot, then, the earnings that the special account earns will be burnt (first exchanged to Steem and then sent to @null).
Sometimes ya just gotta burn the place down & start fresh! Self - Voting, Bandwidth & flagging, are all issues I see regularly.
We will try help in solving those problems, bandwidth issues is something we wanna help in too.