LBI-Token Voting Distribution Proposal
Hi All,
After looking at the @lbi-token vote distribution and the request for proposals, I'd like to make the following proposal to the LBI community....
(1)
LBI-Token Voting Distribution Proposal
(2)
I propose that votes from the @lbi-token account should be distributed to LBI token holders in the first instance.
(3)
The stake that the @lbi-token account holds is significant, particularly in LEO. This stake has been possible as investors have sunk significant amounts of LEO to purchase and hold LBI tokens and, apart from a small uptick in price so far, there have been no returns. The @lbi-token account holds over 230,000 LEO which generates a large vote in LEO (in addition to the increasing HIVE holdings).
I am proposing that the team implements a voting system that rewards LBI token holders with a daily vote proportional to their LBI holdings (minimum 10 LBI tokens). This would require an automated voting setup that would have to be updated. The alterations to the voting setup could be weekly or fortnightly (or other as determined by curation team) and follow other systems used to facilitate upvotes.
Authors would have to adhere to the following guidelines (as determined by a curation team) to ensure that content on LeoFinance is not diminished:
- No plagiarised content
- No spam
- No irrelevant LeoFinance content
(Explicit guidelines to be determined and published by the Content Curation Team)
If content from a LBI token holder continues to breach the set guidelines then the curation team would issue three warnings before a removal of votes for a set period (1 month) would be implemented (specifics also determined by curation team).
Vote strength would need to be monitored (as is currently done) and any leftover vote % would be distributed to other content as is currently done.
A minimum of 10 LBI tokens would be needed to receive a proportional vote to remove the need for setting up tiny votes for very small holdings. This may need to be looked at again depending on the distribution of token holdings.
(4) - Impact for LBI
Returns of LEO (and HIVE) will be placed straight back into LBI holders pockets, incentivising the token to be purchased and therefore driving the price higher. Curation returns for the @lbi-token account won't be affected and would reduce time needed for curation that is currently done. Token holders who do not produce content won't receive this return on investment but are able to access this method if they wish.
(5) - Who will run this proposal
The formation of a content curation team (including current curators) would be required. This would be done through a nomination and voting process through the @lbi-gov team. Roles and responsibilities would be determined through consultation with the gov and admin team before nominations are asked for.
(6) - Recap
- LBI-Token Account Voting Proposal
- Votes distributed to LBI token holders proportionate to tokens held
- Content curation team created to run proposal
- Returns through content creation returned to token holders
Thank you for reading through my proposal. I hope that this proposal makes sense and you can see how I am trying to return additional benefits to token holders. For full disclosure, I hold less than 100 LBI tokens currently so the benefit of such a proposal would provide little benefit to me personally unless I increased my LBI stake.
I am passionate that this proposal could bring significant benefits to token holders through returns on votes received, as well as an increase in token price overall.
Thanks for reading.
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But then this just creates a bid bot and a pay for upvotes model. It would be cheaper just to literally buy Hive for the amount one would need to spend for a % of upvote.
It will possibly also prevent new people entering LBI and cause a funnel approach.
LBI has been doing good just HODL and BUIDL it prevents it suffering loss if token price dips and provides it a healthy bank acct to commence new projects.
I'd caution against proposals that focus on lowering its financial position at current as it is a long term investment. Anything short term is not good.
It isn't a bid bot.
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I'm not proposing a 'bid-bot' but rather another return for investors. There are many different ways this could run to reward token holders with upvotes as another incentive to buy LBI tokens and hold them. No need for the healthy bank acct to be affected in any way and I'm not sure how distributing upvotes to token holders would lower LBI's financial position?
I know this might not be a popular proposal for everyone, but no-one else in the community seems to be proposing anything, I'm looking for ways to build more value and entice a wider range of investors.
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I have some LBI tokens but I don't post about finance. Does this mean that I won't be eligible for votes or I miss something?
This is a proposal and not set in stone. I personally don't think it will pass but it will probably be asked to the investors.
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There was a response to the proposal from @taskmaster4450le. I think his points are valid and I thought LBI was more as an investment token rather than a voting bot.
https://leofinance.io/@taskmaster4450le/lbi-voting-proposal-rebuttal
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I hold LBI but don't expect votes in return. I have bough it as an investment and for the future returns. I wouldn't like to see this kind of pay to receive votes incentive become a part of it and would rather see those votes spread out to as many people as possible and help to encourage the users of leofinance and keep up activity where the content is worthy of it.
The long term game is better than a quick profit as by helping to improve the community our holdings will be worth more in time than trying to make quick returns and hurt the system.
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I appreciate the comments and feedback on the proposal. Rather than reposting my response, I have responded to @taskmaster4450le rebuttal here: https://leofinance.io/@scooter77/re-taskmaster4450le-6fac3p
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As an LBI investor, I would not like to see it go this way. I like the fact that the LBI curation team is giving votes to the wider LEO community, as it helps with adoption in general. I don't think that votes going to token holders would be looked on well by LEO community at large and as pointed out by others would make it a bid bot something which has destroyed many networks. I understand that the holding back on dividends payments frustrate some but I am sure they will be thankful when they do start paying out.
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I believe that there must be a diversity in everything and as in the same way I know that this proposal will not win which I will choose my vote is YES... but only so that our friend @ scotter77 does not lose the initiative to give his opinion in the future! luck for the next
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I did not see this proposal until @lbi-gov mentioned it. At this time I can not support the proposal. I have read several of the comments here and on @taskmaster4450le rebuttal post, which I also did not see until the @lbi-gov team posted the proposal.
I do not post in leo-finance but once maybe twice a month at most with my progress reports. So I would be left out under your proposal, but that is not the point. I have LBI as an investment and growth choice. I do not have the funds nor the knowledge of many people here to work out the de-fi and other investment choices. That is why I hold SPI and LBI and a few other mutual type tokens/funds.
I see my LBI and SPI tokens as investment club tokens, where a few people that are knowledgeable find things to help the token grow. I like that we can leave our ideas and suggestion to be looked at on the post and that they are trying to keep us informed about what is going on with the tokens.
One area that still evidently needs work is when proposals are made we need a post on one of the token accounts that states we have a proposal for you to look at. That way I would not have missed this.
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I vote NO as well. While you make very valid points and it would seem to do what you say it would do: namely, give more rewards to the holders of LBI, it also feels unethical to me. Leo is supposed to be a community that actively engages and supports new members as well as long-time members. This smacks to me of entitlement and exclusion for people not able to participate in LBI for whatever reason. Everyone, LBI hodlers and non LBI hodlers, can receive votes almost on a daily basis by reading and commenting on LBI-token posts. The opportunities are plentiful for all of us to receive substantial rewards for simply participating in the platform. Creating an "inner circle" of haves and have-nots goes against everything I believe this platform stands for and needs to continue standing for.
I have no problem with you making this proposal. That's the way this is supposed to work. I just don't support it, and I have 3100 LBI so it would make a significant difference to my daily rewards.
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