When we launched Music Promoter we had a mechanism in place to make sure that people did not get too many STARPRO compared to the value of STARBITS they had burned.
This value was based on 10,000 STARBITS being worth about $3 (the price of a pack in HIVE).
What we then failed to do was adjust this value as the STARBITS price changed.
In theory the lower the STARBITS price goes the more STARBITS would be burned in Music Promoter as players can get better value from STARPRO and this has happened to an extent but not quite enough.
The above chart shows how the number of STARBITS being burned has increased over time to its current level of about 6,000,000 a day.
However if we take the current HIVE Price of $0.63 that means a pack would be 4.76 HIVE ($3 / $0.63).
The current STARBITS price is 0.000068 HIVE so $3 = 70,028 STARBITS (10000 x (4.76/0.68)).
So 70,000 STARBITS should be burned for each STARPRO.
To mint 100 STARPRO 7,000,000 STARBITS need to be burned.
The current average STARBITS being burned is about 6,000,000.
From tomorrow the minimum will therefore be set to 7,000,000 and the number of STARPRO issued will be reduced if less that 7,000,000 STARBITS are burned.
For example if this was in place now then 85.7 STARPRO would be issued (6,000,000 is 85.7% of 7,000,000).
This number will be modified as needed depending on price movements.
Further Changes?
We would like to open up another idea to put upwards price pressure on both STARPRO and STARBITS and that is a daily incremental increase to this number.
For example we could increase the minimum by say 1% a day regardless of the STARBITS and HIVE prices.
We would love your feedback on this and we will take it onboard before deciding whether to implement this or not.
Closing Comments
Bear markets are always tough and many people leave only to return when prices start rising again. I am sure this one will be no different so we are working hard to make sure we are stronger than ever when that happens.
For example we are working on an exciting new feature that requires a little bit of teamwork and will of course include more use cases for STARPRO. More details will follow in due course but we think you are going to love it!
As always we thank you for supporting Rising Star and look forward to your comments.
Jux and the Rising Star team.
Rising Star - The Play2Earn NFT virtual music career game built on Hive.
Greetings. I have some concerns.
This change gives me the impression that the Starbit price will settle or force it to stay at the price it is hovering at (about 0.000068). Given the possibility that i am wrong, if the price ever goes up will this formula ever be reversed?
I know it is very difficult to have a crystal ball to predict the future, but also thinking about the users, didn't it seem fair to modify the formula when the Starbit price was around 0.00030?
I had also read some time ago that there was a kind of Starpro supply (a pool) to be distributed for certain periods, we are in a period where 100 Starpro are distributed daily, then came another period i think 50 (I do not remember very well) where less were distributed, then another with less supplies and so on. All this with the intention of always revaluing the Starpro. This change that you are making does not affect the plan you had proposed? and if so (we do not always reach the 7M Starbits to burn), how will the pool change? How will the plan change in general?
I am not sure where you read about the STARPRO halving. That is not something we would ever do. STARPRO gets issued at a maximum of 100 per day for 10 years.
Yes we should have modified it earlier. We only just thought about it recently and to be honest it wasn't really a problem until the bear market took hold.
Once we go back into a bull market we anticipate an increase in players again which will mean more demand for STARPRO and more burning of STARBITS.
I think i got confused in the information and stated that in the third point.
I guess this change does not affect any pre-established plan and because of the constant changes in the crypto market in general, it does not hurt to make provisions.
I guess many of us like this game a lot and there are always concerns when changes like this happen, i mean they are a bit out of the ordinary and it breaks the natural course of the game a bit. Hence, i share @jesustiano's opinion that these control mechanisms may affect the game if they are not carried out with caution.
You have my full support. Thank you very much for the clarification.
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Hopefully, but there is a chance that the bear market stays until it ruins the economy of the game... Is a chance that can happen and is not exactly a slight one as the SP value is still on a downwards trend, for now. Ironically i love sp and music promoter, did some money with it but when i noticed my hand having a bad effect on the market, stopped and pulled out my money to avoid futher damage, I retired from it while it was a 9.2. Now at 4.2 im thinking it will probably stop when it hits 2.5 or 2.7 and then go back to an uptrend :)
Still, he didn't quite say halving, but i guess he just mistook information and mixed it up, btw how would you deal if starbits value keeps crashing down? Is there a way to reinforce it?
1> It will fall a lot, starbits in forced change system will not hold, neither any currency ever, for example, see luna.
2> this formula is only made to protect sp and boost it, that is all to it...
3> The pool is cheaper than the music promoter currently and with this supply choke it will become a lot cheaper to music promote when starbits current value goes to shit.
This update is kind of a really bad idea, but well, is not like we saw Dark cristals fall in value to 1/100 of its all time high for a similar system control of its currency...
So I outbid them for less than a minute
then poof!
Not sure if my 2000 starbits will still earn STARPRO.
But I actually earned some STARPRO, not sure if this will still increase since I am no longer the highest bidder
It says there that that is my Reward Share Today, does that mean tomorrow this will get refreshed? What time and timezone does the music promoter refresh?
Your pool ran dry. You only have 43 so your bid was removed by the system. You need to top up the pool and bid again if you want to get a bigger share of the pool.
You successfully gained 9 "points" towards the share of the pool. This should be enough to get you a small amount of STARPRO.
Excelentes cambios, si se pudiera implementar con las stats de la cartas una lucha entre cantantes, cada usuario con sus cartas, no se, parece algo loco , pero ya no solo sería hacer misiones. Y sin dudas no importa el mercado bajista RISING será el hace fénix de hive, por ahora que el STARBITS está bajo aprovecharé y me centraré en el fan club😎
1- about teaming, unless i misunderstood it
We may not help one another right ? That's why you discarded the send nft option in your market ...
And now you add "teaming" actions ?
For example we are working on an exciting new feature that requires a little bit of teamwork and will of course include more use cases for STARPRO. More details will follow in due course but we think you are going to love it!.I am eager to see what it shall be and what it shall bring.
2- about the 7million starbits to burn
Why not setting a dynamic amount of starbits, so it adapts when it goes down, but also when it shall go back up.
Same for hive packs prices, why don't they adapt to starbit prices ?
The real pack price is 10K starbits/pack right? As we seen in the past when you adapted following the values of the tokens...
It's quite difficult to adapt in real time as prices can move rapidly such as the recent pump and pull back we saw with the Hive price. It's better to take an average.
which is also feasable in dynamic, in the script. Using some API to know instant prices
Very dangerous though. A sudden error in the API or a quick wick up or down and things could go horribly wrong. Averaging is better.
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Makes sense to me..I'm not to keen on the daily increase though. If you not a whale, one already struggles to generate a little bit of strapro from music promoter. Am pretty excited to see new features as always! !PIZZA
Thank you for the feedback. Will certainly take it on board!
That's a shame. I was hoping that the changes would be to prevent the handful of whale accounts from monopolizing the StarPro earned through Music Promoter.
I am not sure what you mean. Anyone can outbid anyone else. STARBITS are very cheap at the moment so it's easy to get a good share of the pool.
If we placed any kind of restrictions on accounts that would just reduce the number of STARBITS being burned which is the opposite if what we want.
If you look at some of the accounts that earned STARPRO yesterday for example you will see that there are plenty of players on the list:
I think you made his point - it's not about the quantity of players, it's about the distribution of the SP. In the current model, the more SB you can chuck at it, the more SP you can earn - so looking at thge numbers you provide you have the top 5 players earning ~75% of the daily supply. Sounds like whales to me 😉
To be clear, I have no axe to grind here. To me, as ever - it is what it is, and my brain goes soggy when folk start talking about liquidity and inflationary tokens and burning and stuff.
I'm currently splitting the SB I earn 50/50 between buying packs and hodling. On occasion in the past if prices have been favourable, I've cashed some of the hodling out and used the money to buy music. Seemed apposite. 😉
I was lucky to get in at the start of Music Promoter where investing a modest amount got decent returns - enough to see me though the world tour and carry me into the fan club stuff a bit.
If a new mechanic comes in where I need SP to join in something that looks cool to play (sounds intriguing, by the way...), I may divert some of my pack buying or hodling to buying SP on the market - 'cos I look t those figures above and what the current MP bids sit at and I'm not sure I can swim in those waters...
That said, I've just done some quick back of a fag packet calcs. going by your model above (7M SB to get 100 SP), means 1SP = 70,000 SB.
Looking at the market, unless I've screwed up my calcs, 1 SP on the market at the moment costs ~67500 SB. So easier to let the top 5 in that list above invest, then I'll buy off them in the market I guess. 🤷♂
But like I said, as soon as I try to get clever with the tokenomics, my brain goes like this:
So I guess I should shut up and carry on grinding the missions and buying my packs...
Yes your calculation is correct which ties up with our calculation and therefore the 7,000,000 threshold for 100 STARPRO.
I still get confused why people think whales are a negative thing though. If they are willing to spend the STARBITS then they help everyone because the alternative is they either don't buy STARBITS or they sell the STARBITS they have earned. Both scenarios put selling pressure on the tokens. Trying to stop people spending money in the game doesn't make sense to me.
Also the list I posted above is just one day. The top people change quite frequently because people decide to stock up on STARPRO by bidding the highest for a day then stopping so it's not just a few accounts that get the most STARPRO.
I still suspect that 'the top people' are still a small percentage of the daily players, though. But I may be wrong. 😉
Not that it matters. Like you said - maybe whales are good for the reasons you say (and remember gribbles gets mushybrain when he tries to grok this stuff), but I still think the Music Promoter is probably a part of the game the vast majority don't feel like they can participate in.
But hey, I trust you Jux. As I've said plenty of times before - you've built something that has brought me great pleasure and introduced me to new friends and music. Your credit is good here, sir.
I should perhaps stay out of these sort of discussions, given my admission that I don't appreciate the intricacies of the tokenomics.
I'm off to work on Lang/V's Audius remix - now that's something I do understand 😄😊😉👍
I always appreciate your POV as it is often different than others.
Have fun!
Please don't stay out of these discussions. My point of view is very similar to yours (easier to just buy as and when I need SP from the market) and I'm also rubbish at the tokenomics. It's nice to read someone else's view point that doesn't going over my head. 😂
That is not true my fren. JUX is from GB and Musicuniversity is from Germany. I don't know if they both attend hive-fest but if so I will try to get a selfie of us 3 so you can have proof. If you check how the two accounts use the english language you will probably notice that there is a difference. That is because MU is from Germany and english is not his native language.
I have lost alot of starbits over the months trying to figure out what to do to win n promotor. Nothing was given to me I earn every bit of what I make. He is NOT @musicuniversity I know them both very well. You need to get your facts straight before opening your mouth. @distopia4444
Are the changes happening immediately or is there a date?
From today as per the post.
I'm confused with Music Promoter. Do you only earn STARPRO when you outbid someone else? So how do you outbid them?
You get one "point" towards your share of the reward pool of the daily STARPRO payout for every mission that you were the highest bidder for.
You outbid someone by clicking the "Bid" button.
So in the above example you would bid 215 STARBITS and it would show you as the highest bidder. For every "Mid Week Support" mission completed by a player while you are the highest bidder gets you another point towards your share of the rewards.
I would recommend watching my tutorial video and maybe searching Hive as there are some posts by players about it.
actually, your explanation here is crystal clear than what I have read and watched in other posts and videos. Thank you I now understand.
So I think this is now more of a strategy and luck =)
Oooooh I will love to try this
Dang... that daily increase sounds rough. I'm already struggling to keep enough fans just to run the daily millionaire mission and 8k of that 10k earned goes right back into maintenance to be able to keep playing.
Keep up the awesome work on the game!
Thanks. Will do!
With time comes change, bring it on!
It's hard to get Starpro for small players, this will make it harder to get them but if this will help in maintaining Starbits value then I'm happy with it.
Excelente todo sea para bien del juego y su comunidad. Aún queda mucho camino por recorrer . Éxitos
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Crashing Star needs to give Starbits some life support or else this game is dead.
Not true at all. STARBITS are an inflationary token but STARPRO has a fixed supply so people should concentrate more on that. We have made STARPRO the focus of all new features to increase demand as we move forward.
Also we are in a bear market but still have many players enjoying the experience and we are continuing to innovate and build so there is always something new and exciting to try.
Please remember that Rising Star is a game first and should never be seen as financial tool. If you find that you are not enjoying the game when the price of a token is down then you are probably playing it for the wrong reason.
Interesting and very positive the new changes implemented. But please someone explain to me what each user earns by burning STARBITS x STARPRO when it can be traded on the exchange?
Interesante y muy positivos los nuevos cambios implementados.
Pero por favor alguien me explique que gana cada usuario quemando STARBITS x STARPRO cuando se puede intercambiar en el exchange ?
Some days you can get STARPRO cheaper by doing Music Promoter. If you keep an eye on the prices it is possible to use it to your advantage.
La verdad que nunca entendí muy bien Music Promoter, por eso directamente no lo juego, invierto mis starbits en Packs y Cartas, y solamente hago la misión del millón. Espero que este cambio proteja el valor del starbit. A confiar con fuerza.
JAJAJAJAJAJAJAJAj te amo
No no creo que tengas la razon, pero eres divertido, me gusta leerte, se ve que tienes muchos demonios contra los cuales debes pelear, espero verte mejor, que dejes de buscar pleitos a diestra y siniestra y te involucres con la comunidad de buena manera, pienso que eres un jugador muy valioso, pero eres muy conflictivo, todo lo contrario a lo que es una persona sabia, no te aisles, involucrate de buena manera y seamos compañeros!
Estas vivo!!! FELICIDADES!!!