We will be requiring $100 worth of Steem to be burnt (sent to @null) as an application fee for both new and renewal applications.
good idea, but better to burn SBD not Steem to decrease debt ratio. We're still close to the haircut (with btc price over 10k)
and if renewal is quarterly basis, $100 might be a bit expensive (initial app fee is fine)
This is true right now but unless they are going to revise the process every time the market moves that can't be the basis for the policy.
I think "$100 worth of STEEM or 100 SBD" would be a good way to go. This gives a small discount for using SBD when the SBD peg is under stress on the low side, and costs more to use SBD when the peg is under stress on the high side (which in turn discourages burning SBD under those conditions and encourages using STEEM instead).
hmm if $100 in "$100 worth" is real USD, then it makes sense. I thought it meant SBD. but well, in the haircut, why not haircutting an application fee a bit as well? :) Just in case, I'll not apply, but I'm sympathetic to people who're trying to save steem in those situation. I believe you also didn't expect that Steem faces another haircut when bitcoin is around 10k. In any case, it doesn't matter that much, so up to you guys.
You can't be serious?
What's wrong with it?
We will allow for burning both steem and SBD.Edit: Adjusted post to show fee in SBD only.
that's my point. it's much better to accept SBD only. The current sbd print rate is 18%, close to the haircut. Burning steem increases the debt ratio, while burning SBD decreases it. and feed price is changing, so to be precise, you need some system to show the current steem application price and accept/reject depending on that, you really need that?. personally i don't see any good to accept steem. but it was just an advice (i'll not apply). Up to you guys :)
It's not likely to be a major difference either way :)
I do like the idea of just doing SBD and not thinking about it though. Because it's more stable. (Though likely we'd still use the market rate and not a fixed SBD amount). Food for thought though.
Why bother? The goal I presume is to burn "some" Steem to help overall Steem economics (the exact amount doesn't matter) as well as serving as spam filter against frivolous submissions wasting the committee's time (again, the exact amount doesn't matter).
A simple requirement to burn exactly 100 SBD does both and is easier for both the submitter (to know how much to burn) and the committee (to check that the correct amount was burned).
The only situation where this is a problem would be if SBD goes on a big pump again, in which case it is better to not burn SBD at all and switch to STEEM. But we don't know if or when that will happen. It may be a long time or never.
Yes these are good points. I raised just taking SBD only, and we are in agreement with this now, will update shortly.
(initially the thought was that if we were to allow for both, then we anyway will need a price check, but if we can just focus on one, it's just easier overall, as you mentioned)
If you offer a choice and make the equivalence slightly higher for STEEM then the price check will be needed far less often but still address the issue of a large SBD pump (i.e. "100 SBD or $110 worth of STEEM").
Anyway, any of these should work.
With this fee it makes delegation akin to gambling. Where else do you put in money for a service, and you may get something back or not?
It's gambling pure and simple, pay 40 sbd and you could end up with nothing. Oh well try again, oops, nothing again.
It just doesn't seem fair to me. Or perhaps I'm reading this wrong?
Cg
Did you not mean, print "some" Steem, like the 30 million a year we print now? You know, to help Steem economics?
What are you guys talking about, 10 SBD / 100 SBD ???
SBD Pump?
As far as I can tell the main purpose of the fee is to prevent low-quality applications which would waste the committee's time. The burn part is a just a bonus. I don't think anyone expects there to ever be enough applications to make a meaningful difference to the overall supply.
Allow or start burning? There is 30 million steem added and growing a year to burn.
What are you waiting for?
To be fair, if you've got a delegation, 100$ isn't that much on a quaterly basis
exactly :) if you've got a delegation, as you said.
depending on the fee structure, it may favor existing projects too much.
actually quarterly renewal may be also too frequent.
personally i don't care too much about this process, but I just made some comments as a fan of steem.
But, if you need to renew you have a delegation anyways.
But if your point was that 100$ is too much for new applicants, I 100% agree