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RE: One million steem disappears to pump the price of steem
It looks to me like a Steem user, going by the name of @skywalker, @pumpkin and others is using an account under his control, @freedom, to burn STEEM as it powers down. Don't know why, but that's how it looks. Probably a large whale looking to contribute equity to the platform generally by burning STEEM. It would definitely support the market price by reducing tokens in the system.
I don't see any sign it's being burned. As far as I understand that is only done by transferring to @null. The @freedom account is keeping the transfers as steem power. Looks to just be one user with multiple accounts consolidating to one account. No steem lost from the system yet. Am I missing something?
I agree... I don't see any signs that it is being burned either?! It looks like it is just being transferred or consolidated as you said. Not burned... just held... for now.
Probably true. The wallet history for @freedom doesn't show an increase in SP, but the activity may not be displaying on the front-end. We need to compare the actual SP balance now to what was there a few days ago. If the SP went directly to @freedom from the other accounts, that would violate my understanding that SP is not directly transferable between users.
I know that there is now an option to power up your liquid steem into another users account, that's why the power down is needed as SP still can't be transferred, but as soon as it was liquid it was sent to @freedom. You can see the boost clearly on steemwhales. http://steemwhales.com/freedom
I don't know why these activities don't show in the history on the wallet pages currently.
Thanks for the info. I guess that clears up much of the confusion for me. Related accounts are using the Power-Down transfer option to concentrate SP in a single account. No burning seems to be involved if that is the case. I was not aware of that option.
Who would withdraw money from bank and burn it ? Come on guys. You can do it better than that.