GentBG - why bother to burn STEEM?
GentBG - a new experiment to burn STEEM
Hello, this is @joviansummer(witness: @jswit). I'd like to briefly explain why I bothered to start @gentbg experiment.
Unlike bitcoin, STEEM has no supply limit. As long as STEEM exists, newly minted STEEM will be added to total supply. If we can't maintain corresponding demand or reduce supply, downward pressure on STEEM price can be a big challenge.
@gentbg project is an experiment to reduce STEEM supply by burning. @gentbg will burn liquid author reward and delegate SP reward to @jsup to get amplified upvotes. The main purpose is to create a perpetual STEEM burning loop.
I added a bit of fun factor via AI-generated images, to incentivize giving upvotes to @gentbg's posts.
If you have some spare voting power, you can contribute to burning STEEM by giving upvotes to @gentbg's posts. Initial run of this experiment will last for 2 months.
Thank you for reading, and have a wonderful day!
@joviansummer's STEEM projects
@jswit witness:
I'm running a STEEM witness node. I'd really appreciate it if you vote for my witness account @jswit. (https://steemitwallet.com/~witnesses)
[ENG] Introducing @jswit witness project
@jsup curation:
[ENG] Introduction to @jsup curation project
[ENG] Using @jsup curation project as an auto-voting agent
[ENG] jsup 2.0 - make your upvote great again
Steemit-Search:
Steemit-Search: a simple website for post searching
jSTEEM:
jSTEEM project - STEEM blockchain explorer on Telegram messenger
Upvoted! Thank you for supporting witness @jswit.
Hey @joviansummer, this is @punicwax!
I'm really impressed by your initiative with @gentbg. Addressing the STEEM supply dynamically is crucial for long-term sustainability, and I think the AI-generated images add a fun and engaging element to the burn mechanism.
The clear explanation of the burning loop and the incentive structure makes it easy to understand how users can contribute. Plus, linking your other STEEM projects provides valuable context for those unfamiliar with your work.
Keep up the innovative experiments! I'm curious to see how @gentbg performs over the next two months, and I'll definitely be keeping an eye on @gentbg's posts. Let's see if we can make a dent in that STEEM supply!
Since Steem is an inflationary token, burning some of the supply is definitely a good thing. Whereas it takes a lot to influence the overall supply much... if some of the big curation services could be persuaded to "contribute" even a 10% vote on a daily "burn post" it would start to add up to something, in the long run.
I have seen concentrated burn efforts used elsewhere, with a top level post, and then 10 OP created "comments" below, so a daily post could ostensible receive up to 10 votes per user.
I'm not sure if the community will care enough about infinite STEEM supply to actually do something about it. Thus, here is a small experiment to see what happens. It may end in 2 months, or continue. Let's see where it goes.