1M STEM to be burned

in LeoFinance2 years ago

When STEMGeeks was created, it was very important to me to have the resources needed to keep the community on topic and discourage abuse. To accomplish this, I issued and powered up 1M STEM tokens to the account @nostem4u. This account trails @stemgeeks downvotes 1:1 and is used to counter abuse and off topic posts.

Official and unofficial curators have been doing a good job distributing rewards to on topic posts and avoiding rewarding spam and off-topic content. There are situations I still have to step in but I am able to handle it by muting the post directly without muting the author. This allows me to avoid flagging which creates a lot of confusion and frustration, but it also allows me to avoid posts that don't belong receiving rewards.

This is commonly posts talking about Bitcoin price and tagging with #technology because Bitcoin is technically a technology. This type of post does not belong in STEMGeeks as it has nothing to do with STEM. It is similar to the posts in Leo that are about shoes because they calculated the value of the shoe in Leo tokens. I like to call this shoehorning and I like to avoid this from happening. I am able to do this effectively with post level mutes. If an account is abusive, spammy, or always posts off topic, I can do a more extreme account level mute.

I also made a change recently reducing rewards for posts not on the https://stemgeeks.net front end. This reduces the rewards paid out to posts that are more frequently off topic or shoehorned into STEM.

A few days ago I started the 28 day powerdown of the @nostem4u account. As the account powers down, I will be burning the entire 1M STEM tokens as per my original promise of never using or selling the tokens on this account outside of anti-abuse.

There are currently only 3.724M circulating STEM tokens, 1M is on @nostem4u and around 700K are on the @stemmarket account. The tokens on the @stemmarket account have been burned down from 2.5M assigned from the initial supply.

I will be releasing a transparency report soon that will break down all the major transactions on STEMGeeks so everyone understands where everything is.

Posted Using LeoFinance Beta


STEM is running out of supply :)

 2 years ago (edited)

People underestimate how scarce STEM is, the price certainly doesn't reflect it. The inflation is the lowest around and the burns are the highest. The rewards go to the right people and are not abused. In my opinion, our biggest weakness is we need more good authors that care about STEM.

Speaking of supply, I have been considering Wrapped STEM for a while now, but we only have about 400K tokens that can be wrapped without people powering down.

It would have been a lot more easier if we had these type of AMMs on Hive.
Each token can provide incentives for LPs on the native blockchain without to much of a hassle, that can be used to build communities easier.

With the ETH fees as they are at the moment, making small transactions doesn't make sense.

I really hope we will get those smart contract soon, even though people say things we will compete with ETH or others. I think we would be surprised by the use of it. Hive will still be social at its core, but each community can play around with tokenomics with smart contracts, and with Uniswap like platform that can grow even faster.

About the liquid coins, people will power down, just give them enough time

token burn contributes to reduces the supply and this way token value increases which is very important tto keep the project sustainable. Glad to see that you are working to ensure the right content for StemGeeks along with managing token supply and economy. great work.

Awesome stuff. I am glad you clarified the stance on the shoehorning type of posts. I had downvoted a fair few in the past but had kinda stopped as I was genuinely unsure if indeed they were seen seen as tech stories even though in my mind they clearly weren't and were just token hunting

 2 years ago 

downvote away if you think it is right to do so, if you are not sure, feel free to drop a link in our Discord and one of us will have a look.

Cheers, will do!

I will be releasing a transparency report soon that will break down all the major transactions on STEMGeeks so everyone understands where everything is.

That will definitely bring more confidence. I understand you were also working on some improvements, so may be share some info on that as well.

This should be good for STEM token economics as it further reduces the supply of STEM tokens. But what about abuse and down vote; how are we going to tackle it?

Will be starting a new contest which is simple enough . I hope that makes people think differently of STEMgeeks , right now they think they should be experts and nerds to write on STEMgeeks.

 2 years ago 

Looking forward to that transparency report.

Just bought 2 miners champs. Keep it up!

Time to bag the STEM then. It is one of the lowest supply tokens on H-E. Great to see promises followed through and transparency.