Anywhere we can add in the virtual "sinks" to the economy would be a large benefit. I felt this was possibly a win win, because you're burning SBD to then vote on someone elses post, which in turn generates 50% SP and 50% SBD, investing someone else in the platform.
And I agree, for new users, maybe we start them out at 200 vote tokens or something like that, they shouldn't start at 0. Then we can teach them as they use them about how you spend them and how they recharge over time. With those two messages we've educated them AND given them a reason to come back :)
As a method to prop up value, this doesnt work. Value reduction happens on the demand side, not on the supply side. Like that 50K that they were talking about ned and dan selling in the promo section -- that 50K isnt what caused the price of steem to go lower. it was the fact that all the buyers for it we'rent willing to pay current market value. If we hadn't seen the news when that 50K was sold, we would have seen it when the next 50K was. But the news was still the news even before we actually saw it.
A sink as you call it, trying to take money out of circulation to prevent devaluation, is like gluing shut the door of your mailbox because you think your girlfriend broke up with you and sent your a dear john letter. You not getting the letter doesnt mean that she didnt break up with you. It just means that you havent gotten the news.
Can't the argument be made in both directions though?
Upvoted for the mailbox analogy, will give you an additional token if you reply to my question. Oh, wait...no tokens yet.
It can. IN the case of crypto currencies generally though, and in Steem's case in particular, i don't think the argument holds water in reverse, for a variety of reasons. I was going to answer more completely but decided its worth a post in and of itself.
hahah what a great analogy.
I don't know that I ever meant this to be a meant to prop up value, it's more of a way to reinvest it into the ecosystem itself. What other purpose does SBD have now? Not an incredible amount. This would at least encourage circulation and be somewhat of a game mechanic.
Are you aware if anyone looked at a non-exploitable price at which this could be done? You'd think that the price to recharge each vote would be equivalent to the average upvote value. It seems like that would at least be a lower limit, also seems quite expensive for what its worth?
Possibly more, otherwise you could transfer half of your SP to SBD within a day by self-voting...
Here's a better idea to think about. Allow users to power up their vote above 100%, at the cost of destroying their vests permanently. Like a dragonball Z style Kaioken.
So lets say i want to double the power of my 7000 vests and cast an 8 cent vote on something that i think is important. I can do so by destroying a certain percentage of them (maybe like 1% for a double, 2% for a triple, something along those lines... with the ultimate weapon of sacrificing all of my steem power for a 100X keioken. )
ALso, id be giving others extra SP incentives without creating more steem. And we can have fun watching mega-bernie-sanders and mega-dan go at each other.
What we really need a sink for is vests.
At an absolute minimum, it would have to be more than the value of the vote itseltf (and would therefore have to be dependent on SP)
FOr example, if i could fully recharge my $.04 vote by paying $20, that wouldnt be gamable. But if Bernie sanders could, then the dollar vigilante would never make any money again.
Yea, but a single upvote isn't worth a fixed amount either, so it might get really tricky.
I am not aware of anyone digging into the price point of it, I sure didn't. I kind of just added a blip about it in this grand article about a UI/UX change. I almost took it out ;)
Maybe it's only possible with SBD to prevent this kind of anything anyways? or would that not help...
You got me thinking also..... mentioned you in a comment there, sorry had already edited twice lol
https://steemit.com/thegame/@clevecross/simple-alternatives-with-radical-results
The idea of 200 votes is beter than giving $ incentive which does nothing!