Upcoming changes to MinnowBooster - 🔥 BURN PROMOTION SERVICE! 🔥
After the recent Hardfork(s), we updated our Terms of Service for MinnowBooster, but it quickly became clear that that would not be sufficient.
The community is re-orienting itself more towards curation, which is how it should have been the whole time, so we want to support that too.
Promotion not Profit
The name MinnowBooster already shows the original intention of the post-promotion service: We wanted to provide an option to boost minnows. If you purchase promotion for your post, you draw attention to it, and this promotion is what you pay for. The intention should be to get visibility for your post, not to pay for promotion to profit from it! In contrast to bid bots, MinnowBooster has always let you know what you will receive for the money you spend and has always been transparent in that regard.
To reinforce the sentiment of Promotion, Not Profit, we are introducing some changes to the process of purchasing promotion from MinnowBooster, effective approximately 12 hours from this post.
The changes will be as follows:
From the amount you transfer to Minnowbooster,
- 5% will be automatically sent to @null and thus burnt, decreasing overall Steem supply.
- 5% will be automatically sent to @steem.dao, supporting development on the Steem blockchain.
- The remaining 90% will be used to purchase your promotion.
MinnowBooster's quality standards and ToS still apply to promoted posts and will be enforced.
5% Burn Reduction on Liquid Payouts
At the moment, vote sellers and delegators receive a liquid payout that they can withdraw from the virtual MinnowBooster wallet into their Steem wallet, circumventing the Liquid/STEEM POWER split that's happening with a post payout.
To reduce the impact of this, we're making changes here too:
- If you withdraw STEEM or SBD from your virtual Minnowbooster wallet into your Steem wallet, 5% will be sent to @null.
- Because of this change, currently active automatic withdrawals will be halted until you turn them back on manually.
- If you purchase a vote from your balance, only the previously 5% to @null and 5% to @steem.dao are deducted. It makes sense to use your earnings from vote-selling to promote your own posts.
To further reduce the amount of available liquid STEEM and SBD, @minnowbooster will send 5% of profits generated through votes to @null.
The funds will be accumulated and sent to @null and @steem.dao once a day.
Save other Services
We want to remind everyone that @minnowbooster doesn't exist in a void.
BuildTeam runs several services like TokenBB, GINAbot, Steemvoter Betathat are currently free, except for the premium versions of TokenBB. On top of that, we have our own nodes to not add additional traffic to public nodes.
All of that costs money every month, and MinnowBooster helps cover these costs to a large extent. We are looking forward to a day when the STEEM price is high and other services are profitable, because then we don't have to rely on our promotion service anymore.
Until then, we strive to run @minnowbooster as ethically as possible, just as we always have.
Cooperation for Curation
The @minnowbooster account has a lot of available STEEM POWER and voting power that should not just sit there idle until somebody purchases a vote.
As we don't want to randomly upvote posts and since we don't have the resources to curate high-quality content, we've entered a cooperation with the @steemstem curation project.
SteemSTEM has a team of experienced curators that ensure the quality of the curated posts and check for plagiarism and other kinds of abuse. Their Steem UI steemstem.io showcases the curated posts and is its own interface, not just a Steemit copy.
Furthermore, steemSTEM has a team of ** honour members** who are volunteers that mentor new members, foster community interaction, and help track down abuse.
Overall, the steemSTEM project can be regarded as a valuable part of the Steem blockchain, which is why we will support it with votes from the @minnowbooster account.
More details on how that will work will follow soon in another post.
Summary and Conclusion
Tl:Dr, When you purchase promotion from MinnowBooster, we will first send 5% towards STEEM BURN (@null) and 5% to the @steem.dao, the balance will be used to promote your post. Then on the delegator side, we will deduct 5% upon liquid withdrawl, however, you can use your MinnowBooster balance to pay for further promotion instead and the 5% won't be deducted when you use your MB balance.
That's not all, in addition, MinnowBooster will be donating 5% of its profits from the promotion service to @null to be burned!
MinnowBooster essentially makes it easy for you to be socially responsible with your promotion and it will be very unlikely that your posts will be downvoted for using such a promotion service that benefits the STEEM market by helping reduce circulating currency automatically. However feel free to burn even more by setting @null as beneficiary to your post and really have a chance of being upvoted further by the community, provided your content is of a good standard.
We at BuildTeam are happy to see the community turn more towards curation. MinnowBooster has been one of our first projects, and the intention behind it has always been to give Steemians who aren't already millionaires or part of a closed social circle a way to be seen and have their posts acknowledged by others, to have a voice and not have to beg for votes.
MinnowBooster was never intended to be BuildTeam's only project. We kept on developing new services and took over existing ones that struggled to stay alive, like GINAbot and TokenBB. Our current focus is on these projects, and we're looking forward to a bright future.
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( Want an easier way? Use our SteemConnect proxy link! )
Disclaimer: This is a @steemvoter subscription payment post. Thank you to Steemvoter customers for allowing us to use your Steem accounts to upvote this post by virtue of your free subscription to the Steemvoter.com curation automation service. @steemvoter is proudly a @buildteam subsidiary and sister project to @dlease, @tokenbb, @ginabot, @steemsports. @steemsports-es and @minnowbooster.
Beneficiary Declaration: 50% @null BURNPOST!
Can help me understand why people believe it is a good idea to Burn the Steem?
The best guess I can make is that you believe it will help keep the value of Steem higher.
For any currency to have value, its needs to be held by many people. Steem is seen as desirable and we have thousands and thousands of people here who find it very difficult to accumulate Steem. So why not just give them some!!!!!
I guess that in the USA the prevalent thinking is to keep as much of a given population in abject poverty as possible. This thinking seems to be widespread on Steemit as well.
So why don't we let the content police have a permanent holiday and start distributing that Steem to the smaller accounts so they can earn some curation rewards.
We could even set up accounts that reward real world actions and develop some real positive social change around the world.
Look at what is happening in Detroit, its really poor and there are also some good things going on. Why not pump Steem into community organizers there so they can distribute Steem in their communities for doing local activities.
Why Burn it when you can make a huge difference in peoples real lives?
The answer is simple, because there is no way to tell which of those "small account" are holding by real people, and this is definitely easy to be gamed by one creating tons of alternate account to receive those tokens. Burning however, works in a sustainable way to continuously benefit the community as a whole. The effect might be slow, but certainly guaranteed in a long run.
haha Its not difficult to figure out which are new accounts they all have the same delegation!
Burning lets the world know that Steem has so little value we need to destroy it.
The real reason it is done is something is protect scammy profiteering
It's all about supply and demand. If there would only be 1 steem in the system and 1000 who wanted it, well that 1 steem would be much higher and equal to the same value if there would be 1000 steem available. (in theory). So by burning steem you make each other steem more valuable. Thus, helping everyone that already has some steem, including if it's just a small amount.
I don't know if you noticed but steem is closing in on 0 value. So burning steem is a great way to help preventing that. Trust me you rather want 10 steem worth 1 dollar than 1000 steem worth 0.0001. it also helps fighting the inflation rate.
Of course burning steem is not gonna make all this happen, but if enough are doing it you will eventually see its effect. For every steem we burn its a steem less that could be sold or that takes a share from the steem in the pool = more steem for everyone.
Posted using Partiko Android
I am not buying into that story.
They have fucked up by chasing away investors. They started up scammy ways to make Steem which did not end up working, now they are fucking things up even more in their panic and burning it lol .
The best plan would be to distribute it
I agree 100%.
The problem is there has been a period of abundance over the last years, especially with bot voting, the community landed up taking advantage of the abundance and engaged in practices like self-voting and extracting as much rewards as possible and leaving being not much value.
Steem because known for a place where bidbots are rampant and the sell pressure of everyone earning rewards and selling is not a sustainable model for investors so the price declined.
Those are the main highlights, I do agree with you in principle that distribution is important but we also need better retention strategies and onboarding funnels, no good handing out coin for people to just dump if they find Steem too complicated or uninteresting.
I think I agree with you regarding the bid bots. I am not a fan of them in any shape or forms.
With regard to retention strategies, it became clear to me very early on that this is not necessarily a good investment of resources. For the simple reason that the one controlling the largest Stake operates under a very narrow view of what he thinks Steemit should be.
I see different uses for Steem and the platform. I see it as the ideal structure for creating gift economies within physical communities. There is a big market for attracting investors who would love to invest in something that will make a real world difference in peoples lives without burning lots of capitol.
People are self organizing systems. All we are ever doing is trying to meet our needs. So our role is to find out what those needs are and support agreeable methods for them meeting those needs.
However, the preferred moderation of behavior tool here on Steemit is the Flag. I see far to many instances of abusing users with this very blunt instrument which should only be used as a last resort imho.
I see you have a negative 2 reputation, you must have been flagged alot?
Well I say how I see it.
And who knows, eventually sanity may prevail.
Here is an idea. Why not have the largest account holders give @ecoalex loads of votes thousands of dollars worth so he can do more projects and build a solid team.
Not sure about the ecotrain, it feels odd to me but those homes he builds are good. We need more of them
Indeed. He has now become a non-person on the platform and can be safely ignored.
Get used to it because opinion flags will be the tool for censorship of dissent going forward.
There is only one answer which I don't see in the replies to this comment (weird).
Burning Steem decreases the supply, which is the number of coins on the market. As the market cap of steem does not change, this means that the price of steem goes up.
You want to give money to everyone, well, the price going up does exactly that, it gives money to all steem holders. However, creating new steem and distributing it to everyone equally will not really give money to people because the price will move down (since again the market cap doesn't change).
The market cap is the value of all the steem coins together.
So, when you see burning, it means that everyone holding steem is benefitting from it equally.
Hi @marki99 Thanks for the reply.
I have heard all that before and on one level i can imagine people would love it to work out like in practice, But I do not believe it will.
It is my opinion that rather than burn the Steem they should distribute it to small accounts who will use it for curation.
When I started here there were people interested in exchanging goods and services with Steem which is the way we should be going. However the platform as whole was sidetracked with short term profiteering. The rules are still there for the most well endowed with Steem but they are not so well endowed with intelligence.
Distribution is everything
Good questions, let's wait to their response.
LOL. You want to get free STEEM!? Money for nothing and chicks for free?
I hope Steem is not socialist/communist style social network. Why don't you buy some while it's cheap?
You are obviously confused. You may want to actually read comments before replying.
If things carry on the way they are there will be no Steemit or Steem.
And if the price falls to 1 cent i would see that as a good thing. When enough people understand the power this system has, you wont be able to stop it. There is just the largest stakeholder that is fucking it up and driving away the better class of investor.
To simplify it further, let's assume a hypothetical case where all STEEM are burnt but one. Now this 1 STEEM is worth the total market cap. Tell me, how would you distribute this 1 STEEM to 100 million people to distribute its value to all? Hope you got the perspective!
The idea behind burning the Steem is to counter the inflation of Steem. The rewards pool consistently increased the supply of Steem making it less valuable. When smaller account keep their payout and larger accounts burn theirs, then the overall supply (and value) of Steem does not change and the distribution of Steem shifts in favor of the smaller accounts.
Posted using Partiko Android
Hi @samuel-swinton
I appreciate your courteous response.
Yes I understand the thinking that ''The rewards pool consistently increased the supply of Steem making it less valuable.'' However I believe that thinking is based on a series of misconceptions.
One is the thinking that the road to creating more widespread adoption is to focus on the quality of of posts. This thinking may also have contributed to the adoption of free flags. It is the path to a shrinking user base.
Another is that scarcity will drive up the price. At this stage of the game creating demand for new accounts and retaining them should be out number one priority. And they need to be provided a clear and fair path for growing their stake without any investment (stop the evaporating dust payments for small accounts) and start them off with a delegation that will allow them to receive curation rewards. The people who have spare cash will be far more likely to invest when they are hooked.
Another is the attempts to attract 'investors' the preferred investor seem to be the predatory kind who are looking to take more out than they put in. You may remember what happened to the investor @greenman who was just sharing the love around. From my perspective more investors of his caliber are the ones we desperately need. And there are plenty of them out there
i could go on : )
Well MARKET scarcity increases price. Granted, this can also be achieved by simply not putting your Steem on the market.
Posted using Partiko Android
It's a form of virtue signalling so that large accounts can continue to justify circle jerking each other.
You said that really well
I really like the initiative of start cooperation with SteemSTEM, they have tons of amazing posts to showcase the quality of their content creators
Thanks for those nice words! :)
well it's nice to make a change, even though the purchasing still there but you made some twist. I think it's fair enough and by the way, what is this @null or who is it? I clicked the username but it seems there's none to find in that account.
Posted using Partiko Android
It's an special account whose funds are unable to be used, thus you burn Steem sending some to that account.
Can I have an assurance that the token I'm going to send won't be a waste and it will upvote the memo I sent in return?
Posted using Partiko Android
@null is a default burn account that belongs to no-one except the blockchain itself. All funds that are sent there will be burned and lost forever.
I appreciate your time replying my question, but I'll ask other thing. For example I have shade token and I want to burn to use as upvote. How will I do it? just send that token and put memo by @null? is that correct?
Posted using Partiko Android
That would likely only be possible if the Shade token creator has it set up to work that way.
The HoboDAO is set up to allow people to burn Hobo tokens by sending them to @hobodao (a permanently locked account) with a post address in the memo area and that enters the author into a contest. But not all token systems involve a burn option.
For some reason, I totally missed this post. I am very glad to see @buildteam/@minnowbooster supporting the SteemSTEM initiative and to trust for doing what we do!
Thanks a lot!
Pleasure, thanks for working with us to enhance curation on Steem.
great, so will the burn increase as the inflation does over time ... i see a lot and read a lot but to my non-degreed un-formally-educated arse, the numbers just won't fit in the long term ... ??
Inflation decreases by 0.5% per annum, currently around 8.6% so next year Steem inflation will be under 8% and dropping, so if we burn as well then it helps reduce inflation, no need to increase burn rate unless we want to and the price really needs more support.
I guess that's the end for minniwbooster then. :(
Lol why?
There is already a terrible ROI, now they lose 10% more on top. So minnows would either use a better bot, or just power up the little steem they have earned
All bots are being targetted so it is more likely they will be downvoted if they use a standard bot over a socially responsible one. It's the same as if they were to initiate a burn post themselves.
Have you asked for permission from @trafalgar and @lordbutterfly?
:P hehe
loved this bot
You can still love the bot, it still lives :)
To everybody considering using their service, I should give you a fair warning. By purchasing votes from them you risk not only them stealing your STEEM but also downvoting you for the same ammout without even refunding you for the service they refuse to provide.
5 days ago 140 STEEM sent to @minnowbooster https://steemit.com/appics/@bebeomega/alpha-kw-8-appics-im-35590
5 days ago 0.001 SBD received from @minnowbooster We have noticed that the seller of your vote has unvoted your post: bebeomega/alpha-kw-8-appics-im-35590, after three days you will be refunded your payment.
"Hi @bebeomega, the decision was taken that the voteseller has a right to remove his vote if you are in a violation of the terms of our service therefore you will not be refunded and will remain on our blacklist until such time that you start posting in accordance to our #mb-tos"
So in plain text they decide they can just steal my steam and not refund me anything even though I have not breached any of their tos! So basically they reserve the right to steal your steem and there's nothing you can do about it.
So friendly advice run as far as possible from shady "providers" like this. There are way better and hones upvoting services and with those crooks you are taking a risk everytime you decide to use their service
The post you promoted was this https://steempeak.com/appics/@bebeomega/alpha-kw-8-appics-im-35590 which is a clear violation of our ToS.
This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.