Steem Proposal: Make Flags/Downvotes Burn Rewards To Null
Summary:
Burn the flagged rewards to null in an effort to benefit every single STEEM holder when users flag each other.
Proposal:
Currently, when a user is flagged, a portion of the pending rewards on that post are redistributed back into the STEEM reward fund. This proposal will provide a suggestion to burn these flagged rewards, preventing them from ever reaching the available STEEM supply on the market. The reason for this is to incentivize large SP holders to flag abuse of the system in effort to protect their own investment.
As it stands, currently if a user is abusing the system and draining the reward pool, there is very little incentive for a large SP holder to step in to flag/downvote the posts. The reason for this is because it is FAR more profitable for the whales to just ignore it and self vote themselves.
However, this logic eventually falls when STEEM can not support the increased selling pressure for network abusers. If the flagged rewards were burned to null instead, every single user would benefit as the available STEEM supply would not be increased. Due to the nature of supply and demand, this would lead to a much high STEEM price over the long term.
Let's make flags great again...
... and let's make them add profit to the entire system, not just the authors/curators!!!!!
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Explanation for high upvote
Great Idea
Agree!
Great Idea, sort of obvious now that I think about it.
Once again, great leadership on your part. Thankyou!
I would gladly concur here buddy however I want to take this to the Genesis, by this I will suggest that first flagging for the right purpose is good however, it would be great it there would be flaggers protection to prevent from incessant attack, then your initiative can take full swing
I disagree that flags are a bad thing. If someone wants to use their vested power to flag someone they disagree with, that's their voice.
I wish flags were more common on this network instead of allowing users to run rampant with abuse.
"to flag someone they disagree with, that's their voice"
Flagging for disagreements? Sounds like abuse to me.
Well, that's your opinion and it's valid.
However, I do not tell someone what religion to follow, what food to eat, who to vote for, what to flag, what to say, etc... if they choose to say things or do things I disagree with, I might speak out against it, but they still have their free will to do as they please. (If it isn't against the law)
Kind of a live and let live idea I guess.
People are free to post what they want, flag what they want, and essentially just be what they want without having to answer to anyone.
If someone wants to vote for a user 10x a day, someone else can choose to flag a user 10x a day. There is literally no difference. The "abuse" on either side should balance each other out.
This level of equilibrium is only possible when people are effectively cancelling each other out. When you have one side with a lot more power than the other, things get unbalanced and out of control.
I think we currently have WAY MORE upvotes than downvotes in the system. I would like to see more of a balance. A lot of content on Steem is useless, stolen, plagiarized, hateful, etcetc. Yet, less than like .5% of votes are downvotes.
Don't even know how to downvote. So, I checked the FAQ & it says, on steemit there's no difference. (Read it before, but, well, baaad memory.) To me, that seems like a system error. They should change it.
Flagging IMO should be there to mark abuse, not to show disagreement. That way it would also be easier for admins (if there are admins here) to actually do something about abuse.
If I disagree enough to care, I write a comment.
I agree with you. that is the best way for steem bro! they can use your proposal to upgrade system. thanks so much for this article. I'll be glad to visit my page.
if you ask me, we should make flagging as profitable as up-voting to weed out spammers
Make flags great again!
I'm in.
I keep seeing post promoting burning of steem via this or that mechanism. The steem supply is set by the protocol. I know some people would like to see less steem released, thereby increasing the value of each unit, but we exist on a system driven by a set (at least as of the HF's to this point) protocol. I see these calls for the burning of steem to be undermining the ethos of the protocol. I don't support it.
Well, who says the protocol has to stay the same? It can evolve, just as Steemit needs to evolve to handle a larger user base.
I don't support believing the system is perfect and no changes should be made.
I also realize it is impossible to predict and plan for every possibility. Now that the system has 400k users we are able to see how certain things actually work.
The fact that we have hard forks every few months should indicate the in progress nature of Steem currently.
Are these calls for more burning any sort of unresolved disagreement from the early days about whether steem should be limited like Bitcoin or should inflate endlessly?
No ..
I described the reasoning in the post. The only reason I suggest having flags burn the rewards instead of redistributing them is because it gives whales an incentive to flag posts.
They would still make more money for theirselves if they self voted their own content, obviously. But if they give a shit about their investment they might be willing to flag abusers if they know the rewards aren't just going to end up in a different abusers hands.
Nothing stops a user from having 10000 accounts and sending votes to each. If you flag one, in effect each of their other accounts will earn more money. If you burn the flag rewards instead, it makes the abuser make less profit directly, and indirectly it increases the value of Steem.
There is no inherent issue with the inflation of Steem.