Introduction

In this post some of the most common problems that Steem is currently suffering will be adressed and given a solution by simply using the @lrd Burning Bid-Bot. At the end of the post a quick update will be given regarding the Giveaway of Chibifighters that is currently taking place. WARNING: This will be a long post.

The problems Steem is suffering from right now

Even though Steem is a great concept it is still in its early stage meaning a lot of things have to be improved to make the Steem Blockchain even better, here are some of problems we have to face:

1-Account creation system

In order for an account to do any basic action (upvoting, commenting, posting...) it requires bandwidth in the Steem Blockchain, this means that each account needs to have at least a small amount of Steem (could be delegated) to be able to take part in this social platform, therefore creating an account costs money, most accounts created as of today are being paid by Steemit Inc, the fact money has to be paid in order for an account to be made is what it is preventing Steem from really scaling the number of accounts, Hardfork 20 has improving account creation as one of it main goals.

2-Stake Weighted Voting System

Currently, the more Steem Power you have the higher the share of the reward pool you can decide where it goes. This idea works great on paper but it is causing multiple problems, a few of those are:

Self Voting

Even though it is completely understandable the fact that Self Voting is currently the most profitable way of using your Steem Power it wasn't what @dan had in mind when developing Steem, the main concept of Steem is to create a Decentralised, Self-Sustainable, Rewarding Social Media Platform, that is why Curation Rewards were created in the first place, they were designed to incentivize investors (whales) to curate good content and earn more Steem Power as a result but given the fact that it is less profitable than Self Voting or Circle Voting (when a group of people upvote each others content only) almost nobody does it.

Broken Trending page

As a result of everyone with a high amount of VESTS upvoting between each other you always see the same authors in the trending page, this is a topic that has been causing many discussions lately.

Flag Wars

Many of you will probably have already seen some of the flag wars that are happening such as the one between @berniesanders and @haejin, the flagging system was initially created to give users the chance of taking away rewards from someone if you thought their post wasn't worth that much and return that money to the reward pool, however, flag wars create no reason flags because you are not flagging the post but the person who is behind it.

3-Spam

Spam posts are the worst thing in Steem due to the fact they don't let good content arise, the problem is that nobody wants to spend their Voting Power in flagging useless posts.

4-Inflation

Even though inflation is what makes Steem running (without it there would be no reward pool) it is a big disadvantage for investors because they don't know the purpose of such inflation (currently 9.5% and will be decreasing to 0.5%) it is our duty to understand the nature of reward distribution so that they do not think it is just a hidden tax the same way it happens with fiat currencies.

Our Solution

We have designed the Burning Bid-Bot in a way that combines profitability with altruism, there will be 5 active projects that will try to solve the problems described before, let's take a look at the @lrd Burning Bid-Bot Roadmap first:

Burning Bid-Bot Roadmap

Currently

100% earnings go to delegators
15% of Curation Rewards go to the largest delegator
5% of Curation Rewards are burnt

100,000 Steem Power Milestone

100% earnings go to delegators
10% of Curation Rewards go to the Curation Project
10% of Curation Rewards go to the Burning Project
10% of Curation Rewards go to the Backup Fund Project
10% of Curation Rewards go to the Increased Revenue Project
5% of Curation Rewards go to the Whale Project

500,000 Steem Power Milestone

100% earnings go to delegators
15% of Curation Rewards go to the Curation Project
15% of Curation Rewards go to the Burning Project
15% of Curation Rewards go to the Increased Revenue Project
10% of Curation Rewards go to the Backup Fund Project
5% of Curation Rewards go to the Whale Project

1,000,000 Steem Power Milestone

100% earnings go to delegators
25% of Curation Rewards go to the Curation Project
25% of Curation Rewards go to the Increased Revenue Project
15% of Curation Rewards go to the Burning Project
10% of Curation Rewards go to the Backup Fund Project
5% of Curation Rewards go to the Whale Project

5,000,000 Steem Power Milestone

100% earnings go to delegators
25% of Curation Rewards go to the Curation Project
25% of Curation Rewards go to the Burning Project
25% of Curation Rewards go to the Increased Revenue Project
10% of Curation Rewards go to the Backup Fund Project
5% of Curation Rewards go to the Whale Project

The 5 Projects that will be part of the Burning Bid-Bot

Increased Revenue Project

The Burning Bid-Bot has a 100% earnings for delegators meaning that all the money the bot collects from bids is distributed among delegators without a fee but we want to go a step further, that is why we have created the Increased Revenue Project, all the money that this project receives from Curation Rewards will be distributed to our delegators. You can check the Roadmap to know how much of the Curation Rewards will go to this project.

Whale project

When a whale is circle voting is because they have no better option, that is why the largest delegator of the Burning Bid-Bot will receive a share of the Curation Rewards, this means the largest delegator will get:

100% earnings
A share from the Increased Revenue Project
The entire pot from the Whale Project

With such good conditions for a whale we hope circle voting is reduced. You can check the Roadmap to know how much of the Curation Rewards will go to this project.

Backup Fund Project

One thing every investor loves is getting a stable amount of money every single day, that is why we have created the Backup Fund Project, a share of the Curation Rewards will go to this Project so that in case payouts get low an additional payment will be done from the Backup Fund Project, the funds from this project will also be used for the Random Lottery which is a random payout at a random time (another bonus for our delegators). You can check the Roadmap to know how much of the Curation Rewards will go to this project.

Burning Project

This Project is focused on reducing the supply of Steem and it is divided into two parts:

Direct Burning

50% of the Steem that the Burning Project receives will be burnt.

Passive Burning

50% of the Steem that the Burning Project receives will be powered up and delegated to the Burning Bid-Bot, all the daily earnings will then be burnt. You can check the Roadmap to know how much of the Curation Rewards will go to this project.

Curation Project

This Project will be one of the main focuses of the @lrd Burning Bid-Bot: All the Steem from Curation Rewards that this project receives will be powered, then multiple curator accounts will be created with a delegation from the main account, this accounts will be given to users who will be the ones who curate content and flag useless posts, in exchange for their services the curators will be able to upvote one of their posts per day. With this initiative we want to reward minnows who are posting quality content and hide spam posts. You can check the Roadmap to know how much of the Curation Rewards will go to this project.

Project Summary

All this Projects will be running thanks to the Curation Rewards that the @lrd Burning Bid-Bot generates so by delegating to it you are directly helping all of them.

Delegate!!

If you want to create a custom delegation to the @lrd Burning Bid-Bot click here 10 Steem Power 20 Steem Power 50 Steem Power 100 Steem Power 200 Steem Power 500 Steem Power 1000 Steem Power 2000 Steem Power 5000 Steem Power 10000 Steem Power 20000 Steem Power 50000 Steem Power 100000 Steem Power

Chibi Fighters Giveaway Update

Due to the lack of participants in the other giveaway we were unable to give the prizes.

What do you need to participate in the giveaway

You only need to have an active delegation of at least 10 Steem Power to the @lrd Burning Bid-Bot.

Prizes

There will be two winners randomly selected among our delegators, each of them will receive 1 Free Chibi Founder.

Minimum amount of participants

In order for the giveaway to take place there has to be at least 20 people participating (20 people with a delegation above 10 Steem Power).

When will winners be announced?

Winners will be announced 2 days after we reach 20 people participating.

Premium Bonuses for delegators

Welcome Bonus

If you are delegating to another Bid-Bot and are worried about delegating to the Burning Bid-Bot because you'd lose the earnings from 7 days (the amount of time it takes to undelegate) then you've come to the right place, we are currently offering a bonus in which after delegating you will receive 3.5 Steem per 1,000 Steem delegated so you have no excuses not to delegate to the @lrd Burning Bid-Bot, this bonus will only be available till we reach 100,000 Steem Power so hurry up! You can claim your Steem through Discord.

Large delegator bonus

If you delegate 5,000 Steem Power or more you will receive 1 Free Chibi Founder, there will be a total of 3 Cibis gifted so hurry up! You can claim your Chibi through Discord.

Rules & Terms of Service

Bidding rounds every 2.4 hours
Min bid is 0.01 SBD/STEEM
Max ROI is 10% after curation rewards
Min ROI is -10% after curation rewards
Min Post age is 15 minutes
Max Post age is 3 days
Spam is not allowed (you can report it in Discord)
Plagiarism is not allowed (you can report it in Discord)
This bot doesn't upvote comments

Join us on Discord

Happy burning time, https://steemitimages.com/DQmULCG8WAtw7Ys6jwJGp3KPh3tF3MVt1uS7rRwfbLZ9pP8/update.png