Announcing Steemit's New Delegation Application Process
Hello Steemians, our #1 goal at Steemit is to onboard the masses to blockchain technology. One of the tools we have in our toolbox that has gone underutilized is Steemit, Inc.’s stake. In the beginning, there were only a small number of great applications. This made the task of determining who deserved a delegation relatively straightforward. But as the ecosystem has grown, the number of potential delegation recipients has increased dramatically, and the lack of a formal delegation process has led to confusion, uncertainty, and distrust around delegations.
A Formal Process
That’s why today we are excited to be releasing a formal delegation application process that is intended to add more transparency and decentralization to the process by providing a standardized format for delegation applications which will be applied by an independent committee tasked with determining which projects satisfy the criteria. The full process is included in this post below.
The Goal
Our goal with this process is to add a higher degree of rigor to the process through which delegations are distributed with an eye toward maximizing value creation on Steem. To that end there is a strong emphasis on projects that have a coherent business plan and revenue generation model. Ultimately whether organizations that are not designed to generate a profit should be given delegations will be determined by the committee and the process outlined below is intended to be a living document that is iterated upon in collaboration with the committee. If you have any feedback on this process, please share it in the comments sections below.
The Steemit Team
Steemit, Inc. Delegation Process
In the coming months we will restructure all Steemit delegations in an effort to move the ecosystem in a more fair and sustainable direction without harming existing delegations that add value to the ecosystem.
The Goal
This document outlines a new delegation process that is more transparent and decentralized, ensuring that recipients of delegations act in the best interest of Steem stakeholders and the overall health of the Steem ecosystem. This is intended to be a living document that can be updated and improved over time.
Delegation Tiers
Three tiers of delegations:
Top–Tier: 1,000,000 SP
Mid–Tier: 500,000 SP
Test–Tier: 100,000 SP
The STEEM amounts associated with the Tiers are set at Steemit, Inc.’s discretion and are subject to change based on the number of applications and the STEEM price.
The delegations will be treated as “at-will” meaning that they can be withdrawn at any time for any reason, whether stated or not.
All delegations will be re-evaluated on a quarterly basis and redistributions made if necessary.
In order to receive a delegation a project must complete a Delegation Application and post it to the Steem blockchain with the tag: delegationapp.
To continue receiving a delegation, a project must complete a Delegation Renewal Form and post it to the Steem blockchain on the first day of every quarter. The delegations will be reviewed every quarter and projects will be judged as if they were applying anew. At that time delegations will be removed or adjusted based on an evaluation of the renewal application.
General Advocacy Agreement (GAA)
As part of the application process every project that applies for a delegation must indicate their willingness to sign a contract agreeing that their business will continue to leverage the Steem blockchain as long as they are receiving a delegation and 1 year following the removal of the delegation. During this time they agree to advocate for the Steem blockchain as a valuable technological protocol that delivers unique value to application developers, regardless of whether or not any contract is signed.
What is the Goal of a Delegation?
Delegations should be like adding “jet fuel” to an existing Steem-powered business. No business should receive a delegation if it isn’t already seeing some kind of success which can be accelerated through a temporary delegation. The most attractive delegation recipients are those who do not require a delegation in order to survive and thrive. If a business requires a delegation to function, it is not a business, and does not warrant a delegation. A delegation should only be awarded if it will result in specific and MATERIAL (not ambiguous or theoretical) economic benefits to both Steem users, and Steemit, Inc. (the entity sacrificing the opportunity costs that result from delegating Steem Power).
We acknowledge that there are circumstances under which non-business organizations should be awarded delegations. Some of these are addressed in this document, but further consideration can be given to such organizations in future processes.
These applications will be reviewed by an independent board of Steem stakeholders and Steemit, Inc. will have final approval.
Delegation Tiers
Top–Tier: Reserved for projects that bring value to the Steem ecosystem beyond the potential of their own business. Due to the external benefits of their work to the community, additional support is given. This may include being complementary to other Steem business growth or addressing critical bottlenecks like user onboarding. Obtaining and maintaining this delegation should require both business validation (proof that the business logic is sound, that growth is happening, and that there’s a sustainable business model), as well as community validation which supports the idea that the business does add additional value to the Steem community.
Growth–Tier: Used to help grow a validated idea that has gained community support. For businesses that have figured out their Business Model and proved that they deliver value to the community and are ready to grow their business.
Test–Tier: Used to help validate an idea for a product. The emphasis is not on growing, but instead on testing and obtaining feedback from the community. Delegation is short-term, and the expected reporting is less about numbers and statistics and more about development and testing ideas with the community (see LEAN StartUp). Test Tier delegations expire automatically after a 3 month period and should be re-applied for at that time.
Illegitimate Use of Delegations
Delegations must not be used to enrich the recipient of a delegation through upvotes (aka “self voting” or purely by means of beneficiaries gained through the use of a project’s platform).
Projects shall not use the delegation in any exploitative way that is detrimental to the Steem community, such as to grow a community, product, or application and then cease to leverage the Steem blockchain.
Legitimate Use of Delegations
- Account creations
- Incentivizing users for the purpose of growing the Steem user base
- Incentivizing users for the purpose of increasing revenue which is then powered up
Delegation Recipient Obligations
Projects receiving delegations shall operate with the Steem blockchain as a core mechanism to their business concepts. They shall build and operate on the Steem blockchain with a long–term view toward growth that benefits the Steem community.
Projects that receive the highest tier of delegation from this process are obligated to develop and operate their projects on the Steem blockchain for the duration of the delegation and 1 year after the removal of the delegation.
Projects that receive delegations shall conduct themselves with the highest regard for the Steem blockchain and its community. They shall not in any way abuse their position or their delegated stake in a way that causes net harm to the blockchain.
Should it be brought to the attention of Steemit, Inc. that a project is abusing its Steem Power delegation, or using it for means outside of the scope of the delegation as originally granted, the delegation may be removed immediately without reason.
Key Performance Indicators (KPI’s)
In some cases, KPI’s may be placed on projects in order to have an agreed upon means of measuring its progress, to hold it accountable for appropriate and adequate use of the delegation, and for the approval of delegation extensions.
Existing Delegation Re-Balancing
Projects with existing delegations will be re-balanced in order to fall in line with the new Tier system. In order to accommodate projects with existing delegations that exceed the new Top or Mid-Tier amounts and have on-going obligations to clients that are based on their current delegation, there will be a quarterly step-down in delegation sizes for these projects until their delegations align with the new Tier system.
In order to qualify for the re-balancing program, projects MUST agree that they will continue to leverage the Steem blockchain at the end of the process and agree to the General Advocacy Agreement.
For example, if the Top-Tier is a 1,000,000 Steem Power delegation and the project in question currently has 2,000,000 Steem Power delegated, then the delegation will be reduced based on the following calculation:
2,000,000 – 1,000,000 = 1,000,000
1,000,000 / 3 = 333,333
Quarterly reduction of Steem Power for 3 quarters = 333,333 SP (until the project has reached the top tier of 1,000,000 SP delegated, assuming that it has been approved for that tier. A project’s current delegation should have no bearing whatsoever on the committee’s determination as to which tier it should belong in the future.
Delegation Application
Project Information
Please limit your responses in this section to 140 characters.
Company name:
Place of Incorporation:
Token name (if applicable):
Token Type (ERC20, Steem-Engine, etc.):
Market
Please limit responses to 300 characters.
What problem is the product / project solving?
Core Team Details
Please limit responses to 500 characters for each team member.
Write short summaries about each core team member including their achievements to show they have a strong track record. Add links to their LinkedIn profiles to this section.
Minimum Viable Product
Please limit responses to 500 characters for each team member.
Provide links to your minimum viable product and describe it. If it is not available, please describe it and include how you plan to build it and when it will be built
Business Strategy
Please limit responses in this section to 250 characters.
Fiat Revenue Strategy: [E.g. We plan to sell NFTs which represent in-game items for US Dollars]
Fiat Revenue Projections in $/user every month: [E.g. $10]
How will this increase the amount of STEEM being powered up?
What financial incentives are you willing to provide to Steemit, Inc.? [E.g. project tokens, revenue-share, etc.]
How will you become financially sustainable once the delegation is removed?
KPI Progress Measurement
Please limit each KPI description in this section to 100 characters.
Suggest at least 3 KPI’s with which to measure the progress of your project in its current phase. KPI’s must be measurable and objective (a percentage or numerical value), or binary (yes / no or completed / not completed).
KPI1 description:
KPI1 target:
KPI2 description:
KPI2 target:
KPI3 description:
KPI3 target:
Token Offering
Please limit responses in this section to 10 characters.
Token Launch date:
Total Token Supply at launch:
Fundraising target (in order to fund expansion into the operational / project growth phase / mass market adoption):
Yearly inflation:
Percentage of total token supply that will be airdropped to ALL Steem stakeholders (a/k/a SP holders) in proportion to their SP:
How many tokens will you offer Steemit Inc. in exchange for the delegation?
Do you plan to launch an IEO, ICO, or other public token offering?
Do you plan to raise money from other investors?
What is the vesting period for the following:
Team members:
Early investors:
ICO investors:
% token distribution to:
Team:
Marketing:
Delegation Request
Please limit responses in this section to 10 characters.
How much of a delegation are you requesting? Limit your requests to one of the three tiers: Top-Tier, Mid-Tier or Test-Tier.
Specify the desired time frame for the delegation in 6 month increments: [E.g. 6 months, 1 year, etc.]
Which one of the following answers best describes how the delegation will be used to add direct value to Steem:
A. It will be used to create new accounts
B. It will be used to give new accounts 15 SP to give them the resources needed to use Steem and purchase goods and/or services through our platform
C. It will be used to incentivize the creation of content that promotes Steem on external platforms
D. It will be used to provide limited trial or discount services to clients to encourage them to hold Steem and delegate in the future
We agree that our business will continue to leverage the Steem blockchain as long as we are receiving a delegation and 1 year following the removal of the delegation. During this time we also agree to promote the Steem blockchain as a valuable technological protocol that delivers unique value. We are willing to sign a legally binding contract with Steemit, Inc. to this effect.
Delegation Renewal Form
How many new users have you onboarded this month?
What is your monthly growth rate? [Answer to #1 divided by total users]
How much revenue have you generated in $/user per month:
How much revenue have you brought to Steem as measured by total STEEM powered up whether through the company account, the aggregate of your users’ accounts, or a combination of the two?
How much Steem is delegated to your project to manage on behalf of your clients?
Report progress on each of your KPIs. Was the KPI met, exceeded, or failed to be met? By how much and why? Present your answer in contrast to the target KPI and calculate the % it either exceeded or missed the goal by.
Describe the business validation behind why your project continues to add value to the Steem community
Describe what value the project continues to bring to the Steem community and why the community should continue to support your project
Immediate Grounds for Withdrawal
If at any time the recipients of a delegation misrepresent data, metrics, or any other piece of information that is intended to justify their receipt of a delegation, this will constitute bad faith and be grounds for an immediate withdrawal of the delegation.
How much total STEEM will be available from Steemit, Inc. accounts for this delegation program?
If you're talking about delegating even more than is currently being delegated from @misterdelegation, then I have absolutely zero confidence in the ability of your company to assess actual problems plaguing this platform and coming up with any actual solutions. You appear to be completely tone deaf to economic incentives, market conditions, and user feedback. Instead of creating a new delegation program with a laundry list of rules and procedures, you ought to be pulling back all of your current delegations and giving that influence back to the rest of the user base.
There are two major problems with this statement.
First of all, the best economic benefit for STEEM would be to entice businesses to purchase STEEM. By freely giving away delegation, you undermine the entire concept of staking. You're telling businesses that, if they meet your requirements, then they don't have to actually purchase STEEM - to invest in the very platform they want to build on. This is the exact opposite of how bad businesses are weeded out and how legitimate businesses are able to thrive. It ultimately results in less pressure for business operators to succeed by essentially giving them a free "safety net" - at the expense of all other users of Steem.
Asking recipients of delegation to promise not to simply sell their acquired STEEM through this program and telling them that they should be evangelizing Steem will do very little to mitigate a variety of exploitation...and is quite a bit naive.
Secondly, there is no "sacrificing of opportunity costs." (I think you meant "sacrificing of potential gain/revenue" or "assuming the opportunity costs," as sacrificing opportunity costs would mean that there is a loss of costs - i.e., it's a net positive for you.) But I'm assuming that you mean there is an opportunity cost to delegating your stake...which is BS, unless your only plan was to continue the programmatic selling of STEEM. But even then, you're simply suppressing market prices even further and the losses taken from a lower STEEM price are largely your own doing.
And then there's the fact that this stake was never supposed to be used for voting in the first place - per the original ownership. For three years, every opportunity to not use the "ninja-mine," as originally described and rationalized, has been taken by your company. The code of the Steem blockchain has been changed several times just to make it easier for Steemit, Inc. to avoid using that STEEM as originally intended - and then to delegate it or sell it instead, decreasing the influence of all other stakeholders on the platform and adding significant downward price pressure on the Steem currencies.
Claiming that users have a better experience when their influence matters and then diluting that influence by making your previously dormant stake active in the allocation of rewards is ignorant and contradictory, at best. At worst, it reeks of manipulation and malice. I would hope that it's not the latter...although, the former is not much more confidence-inspiring.
Please consider that your continued actions are having a detrimental impact on this blockchain and token prices. The potential of this blockchain is continually stifled by poor leadership, Steemit mismanagement, and what appears to be abject obliviousness by much of the community (your company and many Steem witnesses included) - as we can see in this very comment section.
I would also like to note that, if Steemit, Inc. had to apply for this delegation, based on the questions and rules/procedures listed in this post, their request would be rejected.
That's something to seriously think about.
That is right on point.
Also, I agree with a lot of this. Though, one thing to keep in mind is that if something of value doesn't get built on here, the price of steem will keep going down regardless of whether Inc continues to sell or not, and the odds of something of value getting built on here likely goes up with a delegation program like this. Something to keep in mind. But yes we do need to be very particular about where these delegations go and for how long they are used.
I think anyone who runs or runs a business on Steem knows it doesn't make sense.
The truth is that Steem as an eCommerce platform collapsed a long time ago. Perhaps with the Lightning Network appearing on Bitcoin.
I have to abandon Steem domains, because their cost even if it is low - often takes a lot of money. In addition, the critical situation of Steem causes that few people want to spend Steem, they prefer to sell on Bitcoins.
LOL WHUT Lightening network? dream on, that shit doesnt work. Steem didnt ever collapse as an ecommerce platform because itr never was ecommrce wtf are you talkin about you counterfeit hodlnaut lol
stop shilling bitcoin here... everyone who is a steem whale has bitcoin too, its not always about bitcoin lol
Hmm. I didn't know it didn't work. I've been using it myself for months and I'm surprised. Some freaks are working on a blog platform with monetization! So ... Another competitor?
Of course Lightning Network works. However, some functions have to be created.
Just because YOU used it, to send some transactions to other lightening network nerds., doenst mean it WORKS for mass adoption which si what it was designed for
TELL ME does it work/ show me ONE fucking website or exchange where you can actually USE your lighteningnetwqpork balance? HAHAHA I DIDNT THINK SO
Good LUCK converting $1 in lightening network Bitcoin to STEEM a REAL cryptocurrency witha blockchain unlike the private block stream lightening network that centralizes bitcoin. lol seriously man, lightening network? really? you basicaly will need seperate exchanges for it, its basicaly a DIFFERENT bitcoin, you CANNOt use lighteningnetwork with REAL bitcoin exchanges..... so wtf is it good for?
For FUCKS sake man, just to ACCEPT 1 BTC worth of Lightening network Bitcoin you have to HAVE 1 BTC... its a fucking mess and will NEVER work, and if it DOES ever "work' irt will defeat the entire purpose of BTC... have fun supporting bitmain and the lightening network which we dont need when we have steem and EOS
BTC will scale with EOS... once Voiuce comes out it will do what steem tried to do, $100 million in reward over the next year, yeah peopel are all gonna be uysing voice and its eos wallet, with eBTC or pegged BCT asset kinda like the steem engine BTCp asset... we wont need lightening network when we have pegged assets for BTC in DPOS blockchains.
Hodl Hodl I think, BTCDuke, Zigzag, I today found Sparkswap (looks like DEX?), InPay implementing Lightning Network.
Well, the future will show. EOS is centralized (6 full nodes?), Steem has only 22 full.
I also found FixedFloat.
But I do understand the nervousness. I thought myself that there is nothing in Lightning, but unfortunately in terms of the number of services is bigger than Steem.
https://steemit.com/justin-welch/@coininstant/breaking-news-this-is-why-i-have-such-a-hard-time-typing-and-spelling-on-steemit-com-interface-attn-justinw-head-engineer-of
This will continue to be the case as long as we are giving away a majority of the inflated tokens to people who do not need to invest. Right now, there is not only a problem with the amount of tokens flowing out of the system, there's a problem with there not being any reason to hold SP except to earn curation rewards. But as the price continues to fall for a variety of reasons, the risk of powering up and holding those STEEM tokens is too high, even if you can earn a 20% annual return.
With Steemit's plan to delegate (which dilutes stakeholder influence and reduces their ability to earn with SP) and their plan to continue the programmatic selling of STEEM (which puts consistent and predictable negative pressure on prices), it'll be hard to find new buyers and to retain current stakeholders.
The problem is stake-weighting VP, because it allows the extraction of the majority of the rewards, and prevents that value from inuring to the Steem price by creating more demand, as it would if it was reaching the content creators. The media payout is .01 SBD, and the average payout is ~15 times that, revealing that a couple dozen whales are extracting more than an order of magnitude more than the entire rest of the community.
Wanna grow the price of Steem? Grow the market, not the wallets of whales. ROI from extracting the funds from the marketing division of Steem directly discourages ROI from capital gains, and that's the problem that has not been addressed by any HF. HF21 halves author rewards, doubles curation rewards, and gives the whales another tool to increase their ROI too: the downvote pool. Every time whales flag rewards back into the pool, they get another run at it and extract ~90% of it.
Until stake-weighted VP is no longer is able to extract the rewards that create interest in Steem in new users that grow the market for Steem, capital gains will remain elusive. Profiteers are not investors. They are a plague.
Well, in my opinion, there are plenty of reasons for Steem's problems.
I started to wonder if there are (and what) alternatives to Steem. There are a lot of them, but I was most interested in ActivityPub protocol and the biggest interface - Mastodon.
That's why in 2016 (October) the Mastodon project was created, which today has 4 million users and 500k - 1m of active users.
My observations:
Especially the third point is the most important in my opinion. Programmers, server administrators, developers are most often nerds. But do we have these nerds on Steem?
There are always a few of them, but most of them are gone. Steem from the plankton / minnow side is a difficult network. Somebody may not like your post and give you a flag. You can create a project and devote a lot of time to it, but if you don't have good relations with whales, it won't succeed.
I have an online store project on Steem. A lot of people say it's the best application on Steem. I believe it is, but what if it's losing out because of price drops? I have to either invest in Bidbot (which will probably never pay for itself) or try to achieve something by being a small, meaningless project.
Some people say that it's over and they don't care about Steem anymore.
I personally am shocked by the development of projects in the Lightning network. There are a lot of nerds in Bitcoin!
I still feel that delegation has been the biggest mistake made on this blockchain.
Delegation has not been the biggest mistake. Delegation to the wrong people, without accountability, has been the biggest mistake. This method appears to at least attempt to mitigate that problem. We should be so lucky they are willing to give it another go! I've been waiting for this to happen, and feared it may not.
But my biggest dream since I stepped foot here was to basically delegate to worthy people and projects. I'm telling you, when in the right hands, it's a brilliant plan. It works. No question.
The problem is, we have not used the greatest discretion in the past. Now, it appears discretion is being used, and a fail-safe plan seems to be in place when delegation is abused. The expectations are clear, accountability should be as well. Until then, then yes, it is a complete mistake.
You could essentially do that by powering down or using steem earnings and giving them to someone you want to support. Delegation on the otherhand gives them power that they didn't grow, they didn't purchase and they can do what they will with it. I think it is important to realize you could do what you were stating without delegation. It was also easier to track what was going where. Delegation actually made it easier to game the system. It most definitely was taken advantage of. Are there some people that benefited from it to good ends? Yes. I have a little over 1000 I am delegating at the moment. I know it's not much, my account was once 20,000 steem power. I lost faith in the direction steem was going some time ago. It had (and still does if people start thinking as @ats-david indicates) potential. Ease of joining is a big deal and can help. Yet also not being voted to oblivion because someone doesn't like your ideas is a big deal... especially here where that is financial oblivion. I haven't pulled my delegation because some of it is other accounts of my OWN, with only two or three exceptions due to the tangible service those accounts offer to steem.
no delegation is an asset, dont be mad at the system for the mistakes of its users.
Delegation lets you GIVE someone something that NO OTHER crypto or asset can do, a 0 risk loan of sorts.. one you can take back at any time.... delegation is a new form of fintech that is being used in EOS to create the future of business
so no, delegation was not a mistake. without delegation on steem theres no delegation on eos...
Just wait for EOS Voice to come out, and then steemit inc will get an idea of how a competent company that knows how to make money, runs its social media product
Today something like a charlatan can first devise their latest and greatest example of nothingness and false hopes. That charlatan will then purchase votes, enriching those who do not own the trending page, and diluting our influence at the same time, for nothing. The charlatan will then ask for delegations from the community. Maybe 1000 or more people will delegate, diluting their influence along the way. The charlatan will then use that SP to dilute our influence further, by voting for bunk or whatever else these people do with their time these days. Then they leave with bags of money while nearly everyone else sits there thinking, gee. I didn't see that coming.
If this plan actually works, these legitimate businesses have a legitimate source. They don't need to enrich the vote sellers for a spot on the trending page, all they need to do is tag it. Community voting power no longer needs to be wasted on the latest and greatest promotion because visibility is earned instantaneously so instead that VP can go to those wanting to get paid for their posts. Businesses don't need to ask the community for delegations, that community SP can then be freed up for voting purposes since many enjoy earning more on their posts anyway, and curators are getting a raise. Impeccable timing.
The charlatan will look foolish presenting their case to the public, because if the plan was legit, they would be able to take the official approach to all of this instead of the shady road. If Steemit is looking out for number one and rejects the charlatan, the community should be able to take a hint and not set themselves up for failure.
Provided these delegations are used for what's stated above, this could actually free up a lot of influence, rather than diluting it. There are a few positives here.
As much as I disagree with handouts. This line:
That one means a lot to me. They should be investing in their own businesses, purchasing STEEM, proving themselves, before they see anything that could make them feel all warm and fuzzy inside.
I'm not saying it's going to work. I'm not saying there won't be problems. I do see potential here. I hope they don't screw it up.
Sounds logically.
However, having different opinions (but still the same aim: to improve STEEM) is a normal thing and shouldn't result in fighting against each other. I would be curious to read an answer of Steemit, Inc. under your comment.
Ats, it's going to work. Just chillax.
Is that sarcasm? I truly cannot tell.
No. It is going to be fine. And everyone needs to chillax.
How come the STEEM facebook scam is coming from the official STEEM FB account? Also since all the sock puppet accounts are fake, and also verified by me to be fake without any matching tx's why would this scam be posted by steemit in the first place? Surely if it were real someone would be using it and sending some steem back here?? So who owns the steemit FB account and why is this post still being posted on FB? Is this a scam YES or NO? ! I know you will never answer me, I better start flagging again soon!
https://steemit.com/beware/@kawaiicrush/scammy-sounding-commments-coming-from-the-steem-facebook-page
What are you talking about, it sounds like a good idea! Not to you because you are an abuser! lol anyone arguing here is wrong! Go NEW STEEM!
Good job @steemit team, about time they are taken more seriously and hopefully will empower a lot more applications on our network while making sure they're doing their best to benefit every stakeholder as a whole.
Have they mentioned when this starts yet?
This seems unnecessarily strict and not account for regional work days, holidays, downtime, etc.
How about requiring that it be posted and active for voting on the first day of the quarter, which means it could be posted at any time up to 7 days prior.
Also, I would suggest asking the projects about their plans not only to power up STEEM but also to burn STEEM. Of course, there would be no requirement to do so but burning tokens is a great way that some projects could provably demonstrate value returned to Steem, especially if the economics of the project involve external value (e.g. fiat sales of in-game items, promotion, services, etc.) used to buy the STEEM which is then burned. Power up is nice but it can also easily be powered down and dumped in the future. Burned tokens can never be sold.
I think the issue with burning STEEM is that it's needed for RCs to use the blockchain. I would think that the goal of nearly all the apps on the platform is to grow to a large number of users, in which case they will need a lot of SP available to make sure their users can interact with the platform. If they are burning STEEM then they won't have that, so it seems counter-productive to growth.
If we want to encourage the burning of STEEM (which I would think that we do) then perhaps we can consider adding a new mechanism where you could burn STEEM and then receive a certain amount of RCs forever going forward. This, coupled with the proposed RC delegation pools, should solve the problem I described above.
Maybe no the permanent RCs. But, burning Steem to recover RC seems legit.
That's actually a pretty cool idea getting forever RCs for burning steem. interesting concept. Hope @andrarchy is writing that one down as well. haha
In case it wasn't clear, I'm not suggesting to any app or project what they should do, I'm only suggesting adding asking about burning to the evaluation framework/checklist. If an app answers that it won't be doing any burning but will be contributing to the Steem ecosystem in other ways, that may be perfectly okay. But if other apps do find that their economics support burning, that is potentially very positive for Steem, and something that ought to be considered in this evaluation process.
I don't think your suggestion will work entirely because it creates a permanently-powerful account which can (and likely will) then be resold once the app no longer needs it (if only in liquidation after the app fails or decides to pivot and stop using Steem), ultimately competing for value with with STEEM. That being said there is potentially still some value in permanent or longer-term vesting (just as there is already some value in powering up, despite that power down doesn't take very long).
Good suggestion. We'll keep track of suggestions like these
Hi @andrachy,
This thread in particular really piqued my interest and I wanted to go ahead and use this comment as a bit of a pre-pitch of sorts. If you have a moment, would like you to consider the potential.
The idea is leveraging @steemflagrewards with the power of our existing and growing community + a dedicated downvote & burn account. This sounds like it could be a huge win for the broader community. I will submitting a formal application soon.
Basic premise is we reward flaggers as usual with out native + community delegated stake but we would be able to leverage the Steemit delegated stake to both our rewarding / downvote accounts to send rewards to @null.
This will maximize our capability to remove rewards from egregious abuse, fostering a more positive blockchain work ethic, and improving content discovery.
🤔
Posted using Partiko Android
How come the STEEM facebook scam is coming from the official STEEM FB account? Also since all the sock puppet accounts are fake, and also verified by me to be fake without any matching tx's why would this scam be posted by steemit in the first place? Surely if it were real someone would be using it and sending some steem back here?? So who owns the steemit FB account and why is this post still being posted on FB? Is this a scam YES or NO? ! I know you will never answer me, I better start flagging again soon!
https://steemit.com/beware/@kawaiicrush/scammy-sounding-commments-coming-from-the-steem-facebook-page
Why this old methods?
I'm considering a downvote and burn program with @steemflagrewards but the requirements as you stated would seem a bit austere (especially for a part timer like me).
Hopefully, they are flexible in this especially those who essentially work in a volunteer capacity to improve the ecosystem and work to thwart the rampant reward farming without adding anything of meaningful value to the chain.
And I'm not talking about just disagreement of rewards. I'm talking about the stuff that is very pernicious to the blockchain work ethic.
I've noticed this from at least a couple ninja miners. Stake and take I like to call it. A form of riding on the backs of others solely on the basis of having a large stake.
I said it twice and I'll say it again. How is a moth attracted to a lamp lest their be a light?
We need more "light" on the chain if we hope to draw more people in. We need more folks willing to work to be that light and illuminate our chain.
Sure I know it seems like lofty talk but I do reckon there's something to it. Anyways, I know your interest in burning tokens and I'd be glad to work with you to integrate that into SFR if you are ever interested.
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LOL you don't grovel well!
Yeah because you are an abuser too! NEXT!
The sale of the foundation and the leasing business of the foundation are wrong.
I think that the users who do not want to lease the property and take away the profits of the investors and are ruined will not be able to operate SteamIt anymore.
What is Steam It Foundation doing right for investors and users?
Even with the best system, it is always the absence of management skills. Get your mind up.
Think about whose interests should be protected first!
Lets put that SP to work guys! So many cool projects here that need support! Onwards and upwards!
@kawaiicrush whats with the downvoting?
Great step. Steemit’s stake should be used in other ways too.
For example, bidbots can and should become a great sink for STEEM. Bidbots burning a percentage of their rewards will be amazing for the price of STEEM.
Of course, they will never do that left on their own. Why not use Steemit, Inc’s stake to downvote bidbots that are not burning?
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If Steemit inc ever wanted to stop bid bots they can just become one and run at a loss, which will still be their gain, and they can use liquid steem to burn or pay for ads, while BECOMING the "prmoted" section bid bot, fixing that whole thing...
Why they don't do it?
Maybe because steemit inc is "hands off" when they want to be.
Maybe they just are human and can't think of all of these ideas like we users can, and maybe now they can do this idea.
Hey, they can use the 1 million delegation to actually create BID BOTS to undersell other bid bots, make bid bots super profitable!
Sounds like an interesting proposal for a delegation
Steemit,Inc can do this themselves. Why delegate to someone who will do this anyway. They can probably automate it too.
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Absolutely can Be automated. Just depends on it getting through the delegation approval process. Ultimately, it doesn’t matter if it’s delegated a Steem a separate project or. Not, the party running the program has to have a way of running the Steem voting. And it’s has to avoid a conflict of interest
I think this is fair. Delegation is a unique
way to get seed money tool and should operate with different metrics. Projects risk detaching from Steem or burning out otherwise.
You are really just now realizing this?
If you don't get your asses in gear and start ADVERTISING FOR THIS BLOCKCHAIN OUTSIDE THE ECOSYSTEM, your stake will be worth nothing, just like all of ours! How are you not scrambling to bring the market valuation up??? How are you not worried that we are now #80 on coinmarketcap smashing through alltime lows? You literally focus on everything except what actually matters... Soon you will be firing everybody again because the coins you sell for your business have no value anymore.
This should have been done a long time ago. Better late than never.
As much as I like the idea I’m worried about huge delegations leading to further erosion of voter influence given what has been observed already in the past year or so. What is the real incentive for powering up if influence and vote value reduces for majority users looking to capitalise on powering up stake, due to delegations + constant sell pressure reducing token value and influence as we’ve seen off late?
Cheap as steem may be currently there’s no stopping the sell pressure right now. There’s no saying when prices will get back to a $1 or higher to sort of even out the impact from any large delegations further reducing existing user influence.
Wouldn’t it be great if people/businesses were first encouraged to buy their own stake and have skin in the game? Rest I concur with some other concerns on this thread.
Clietns and businesses must hold Steem in order to recieve access, services, experiences or influence. But it’s the influence that will be minimised with this process if all of the misterdelegation steem is distributed. So, the debate needs to be had, Is a Steem holding only for services, products and access to apps, or should it also be a Prerequisite for influence too?
Problem is, basically so far, everyone who purchased Steem for influence just delegated to bid bots and sold their vote. Let’s face it, it’s a nice thing return and who’s cares if it is sustainable. They just weren’t interested in having influence even when they had it. So the influence model was destroyed about 2 years ago. I agree influence is important, But I can only show u a couple of people who chose to actually use the influence over choose a 15% pa retun for doing nothing at all. Unfortunately, ok they got More Steem in their pocket, but now their influence is equal to a 50 cent upvote max and their pot is worth fuck all. Need more sustainable culture and thinking on this Blockchain. And the big question is, does the Steem model really give genuine influences that real people will choose to use, while also increasing the value of their capital?. THe answer right now is a clear hell no. Debate needs to be had
Hi there. I hope you are all right. Please anytime you can answer to me in Discord. I have sent you a PM.
PS: You can find me as 'theghost1980[Saturno.Mangieri]'. I have a nice proposal for you and it would be a pleasure to work together.