[IMAGE: https://cdn.steemitimages.com/DQmb9XfTkeFM7VcqgkcSkq6B4Z25dfe2AauqF5jJfL35Mvh/Screen%20Shot%202019-09-30%20at%201.53.34%20PM.png]
We are happy to announce that we have completed our transfer of 200,000 STEEM to Blocktrades for the purpose of funding the Steem.DAO! As the Steem.DAO was a new addition to the Steem blockchain, we wanted to observe the DAO (Decentralized Autonomous Organization) in operation to ensure that it was sufficiently stable and safe. We are now satisfied with how the SteemDAO is performing and believe that it is ready to receive this funding.
Remaining Funds
Blocktrades has already converted most of this STEEM into 25,000 SBD and deposited those funds into the Steem.DAO. Blocktrades will deposit the remaining 11,675 SBD in the near future.
We are excited to see what the Steem.DAO is able to do with these additional funds.
@steemitblog Rewards
Now that it is so easy to set beneficiaries on steemit.com posts, we will be accepting rewards on @steemitblog posts, but setting the beneficiary as @null. This will enable our posts to Trend in a more organic way that reflects how stakeholders feel about our announcements, without enriching us financially. Instead, all of the author rewards will be burned.
The Steemit Team
i suggest we put the remaining funds into strategic development and research to increase the value of steem cryptocurrency.
be on the news , overtake libra , ETH and maybe bitcoin
impossible is nothing !!!
Would it not be better to set the beneficiary as the steem.dao?
@null does not really benefit anyone but the DAO will need a larger pool after the community gets used to the idea and starts voting for quality ideas. Currently at 700 SBD per day is peanuts in the grand scheme of things.
@smooth | Oct. 1, 2019, 12:52 p.m. | Votes: 4 | [
VOTE ]
> @null does not really benefit anyone
I don't really have an opinion on whether paying to steem.dao or null is better but I would strongly disagree that paying @null doesn't benefit anyone. It benefits all STEEM holders by reducing the supply and reducing future selling pressure. Whatever is paid out, including to the dao, has the potential to eventually be sold on markets as selling pressure. Whatever is instead sent to @null will never reach markets.
It is certainly possible that funds sent to the dao will eventually be spent in a way that increases the value of Steem even more than what it costs in inflation, but it is also possible that is not true, so this is somewhat of a more opinionated and risky approach. Sending to @null is neutral and guaranteed to at least never contribute to reducing the value by selling or dilution.
I get the fact that in the short term lowering the inflation rate could create higher prices.
I guess I just believe that the more inflation that is spent towards developing new or better steem activities will lead to much higher prices by attracting more individuals to get involved in steem.
If millions of users need a small amount of steem for their daily activities that will quickly eat up the current printing rate and current steem supply. It will be tough to achieve millions of users though without the active development that will create interest for a larger community.
>The Steem Proposal System (SPS) is an on chain decentralized autonomous organization (DAO) that allows users to submit proposals for funding and vote on which proposals should be funded.
I might submit one to buy a shit load of lego and build a massive wall to keep the trolls out. :)
