After the success of Equality, steem’s developers are already thinking of new updates to help onboard new users.
We propose a new method of burning STEEM (i.e. destroying the tokens and removing them from the token supply) on each account creation and crediting the account with permanent minimum bandwidth instead of providing Steem Power to the new account. - “Proposing Hardfork 0.20.0 Velocity”
The scaling benefits of this new upgrade can be read on the official post, I would like to focus on the economic aspect of it.
After Velocity is implemented the price of Steem will be directly correlated with its growth, as users sign-up to the platform Steem will be burnt and the supply will be reduced each time, making Steem more scarce and thus more valuable. By effectively reducing the supply and increasing the demand the price of Steem should see a dramatic increase to unseen levels.
If there was ever a time to Buy and hold Steem Power, it is now.
Image Soruce
Eso, aunado a que la mejora en la velocidad del registro hará que la adopción de la plataforma sea mucho más fácil, a mayor adopción, también aumento del precio (en teoría).
Does that mean those who have SBD in their accounts should keep it, because the price is going up very quickly in the near future, time to invest in steem guys thanks for the informational update @chitty
Does anyone know how much Steem will be burned for each new account?
I suppose the Steem of @steemit and @steem will be used for it. We must be grateful for such generosity.
I would assume this will be easily set by witnesses just like reg fees are now.
If that's the case, than the creators are basically giving up part of their stake in the currency to make this happen? It's like they will be burning their own money, so ours would not suffer inflation?
They already do give up their stake with every new user every day.
I guess I really don't understand the registration process that well. It's becoming a bit embarrassing... ;)
I'm not sure how to feel about this. How do we know that this hardfork will actually have the intended consequence?
A big reason to have investors be cautious about the platform might be the constant hardforks that constantly change the rules of the game. This doesn't allow for enough stability. Each hardfork becomes an event when one could speculate on the market of steem and I have not idea if this is really a good thing.
Eliminating supply and reducing inflation can only be a good thing in my eyes!
I have to read into it a bit more. I guess I simply don't fully understand the proposition yet and I was just wandering if Steemians with more in depth understandings of it all see a downside.
These are the good news. I think that steem is undervalued right now and that price will probably go down more (like other altcoins). But, I also believe Steem is a giant and the price will increase after the bottom. This action will push it up more!!!! I will invest in steem these days.
Also, I am writing a series of text about investing in altcoins. Steemians, consider following me. Lets engage, work together and make progress!
What would be better to hold, Steem or Steem dollars?
Depends on what you are after. If you want to cash out, STD. If you want Steem power for more voting power and rewards, Steem Power. Hope that helps. Steem is the actual currency you would convert to use on Steemit.
Thankyou for information @chitty
Can you see art picture in my blog, If it's good you can vote, otherwise I will keep trying again and again
This could be an interesting dynamic, interested to hear more details about how it would take effect. I can't think of limitations off hand but will chew it over. Cheers
Thank you very much for your advice, very useful for a beginner like me. I'm going to buy some STEEM.
Thanks for suggestion I'm going to study.
Thanks for sharing this ! I'm surely gonna keep my steem.
Holly chitty! This seems like a good way of raising steem price to the moon!... When is estimated date for the HF20?
@chitty Has the controversy for this upgrade begun?
I'll be reading the hardfork proposal shortly - thanks for sharing! 👍
Intersting! Love watching how all the changes take place. Hopefully it's good in the long run :)
I feel like this could be one of the most controversial changes/hfs so far, but for now I hold trust in the devs for many reasons
Thanks for the info!
Crap i need to get more steem !!
Loved the article. Followed and look forward to seeing more of your content. :)
Thank you for suggestion.
When we should expect HardFork20 ?
Esto reportaría un gran valor para Steemit, es el momento de comprar y guardar como inversion! Saludos , te sigo atenta
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Excellent proposal @chitty
Soon if implemented STEEM value will go up for the benefit of the majority. But I believe the system should be even more honed so that minnows wouldn't have the hard time using the system and understanding it too.