RE: What if we used the SBDs created every day in the DAO to buy and burn STEEM?
Who would run the account that is suddenly credited with all the new SBDs meant for the DAO each day, and/or who would create the automated service that would execute this, and finally, what checks and balances would be put in place to make sure this service is not abused by those running it?
A bot that simply initiates a buy transaction whenever it has SBDs and initiates a transfer to null whenever it has Steem should be relatively easy for someone to implement, and really straightforward for anyone to audit that it's doing its job by just using a block explorer. So the bot itself probably doesn't need to be a super-high-trust operation, as long as people keep an eye on it and remove their votes from the proposal (thereby cutting off the bot's SBD supply) if they notice any funny business.
Yes agreed. We just need someone to take initiative on this. Any interest? It sounds like all we really need to do is get the bot setup, create a proposal, then get upvu and rme (maybe a couple more large sp holders) to vote for the proposal and it is off and running...
Personally I wouldn't want to have to find a server to host the script and be on the hook to keep it running (restarting it if it crashes, etc). If I already had some other Steem project running where I had already figured that stuff out then it probably wouldn't be a big deal, but I haven't done that yet so I wouldn't want to commit.
Fair enough. I have been in talks with a couple witnesses that are already doing exactly that and said they could get it up and running in a couple days.
Good conversation and initiatives shared here with a sole idea of returning the STEEM token to it's high value. Now it is time to match words with action.
The right question here...