RE: Contest | 25-Word-Comment - Monkey Business | - 6 Steem
Burnsteem?
Ok, what I will say is my personal perspective only:
As a trader, I see this as a strengthening strategy of steemit to make this "STEEM" coin have a better price in the global market. the question is; does it work out so far??. The answer is not worked out, but it helps to avoid steem over flooding the market. So what really help steem to go higher in the global market?, definitely investors. Steemit platform has investors, including us as steemian is the investor by staking the steem in our wallet (steem power), so the strategy is good enough by combining it with club status, it is also to support the steem not to overflow to the external market. Every coin as I know will do some strategy such as burning, and those who want to burn the coin will send it to NULL, so not only steem will send it to null for the burning process, but all kinds of coins.
As the steemian;
Send to NULL means no more circulation, but who should do it?, why do only small accounts send it to NULL regularly?, why do some of those who have fat wallets never send it to null?, or why the steemit team who has a large amount of steem do not burn it by themselves first?, I don't have answers to those questions as well, that is what I would like to know too. I set it to null sometime to support this initiative because I would like to see the steem have a better price in the global market, is that possible??, Let's say every day I burn 3-5 steem, does it help??? I don't think so, what helps the steem price is burning the steem on a larger scale. The steemit team also needs to do it voluntarily. Set to NULL is not mandatory and steemian doing it voluntarily as well, but some believe that is the chance to get better upvotes from the steemit team. I did set it to NULL from some of my posts, but I also support charity instead, because my dust burn will not have a significant impact on the steem price.
look at 9 months ago:
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| The steem price at that moment, increased at a certain level because investors looked at it as a profitable choice, but then, what is happening now? ( I don't have a deep understanding of market analysis), but at that time the price was high not because of burning steem, but because investors bought large amounts of steem and invested in it. |
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How about the trading volume in Binance now?, interesting to know right? within 24 hours today a total of 2.45 M steem in the Binance market. It is too small, which means investors don't have that much interest to invest, why??? can we make it better?? I think if the platform has better content and a stronger community the price will get better too. What does stronger mean?, you can figure it out yourselves.
Do you want to know what some of my traders' friends say?, "I don't like to trade steem, because the average movement is too slow". Why does this happen? because only a small amount of investor interest investing in the steem!
What the team needs to think about is making the platform and steem more interesting for Investors
What do you think guys? @harferri @aneukpineung78
Actually, I'm reluctant to comment on these kinds of things for several reasons, but the most important one is that my knowledge of this topic is quite limited. It's better for me just to read or even not know about it at all. But since I've been called out, as a form of respect, here’s my comment:
IMHO: burnsteem25 is one of the most ABSURD things in the Steem ecosystem. I don't give a duck what others think about this kind of thinking.
If the goal is to prevent STEEM from flooding the market (which could lower its price), then the solution should be to reduce the rewards, not to have large votes that generate big numbers, some of which are supposedly burned, creating a cloud of suspicion, similar to kitty's, "Where do the "burned" STEEMs actually go?" Who knows, they might end up in someone's pocket. I have quitted doing burnsteem25 for some times based on this premise. If this means no one cares about my posts, that's not a problem. Like you said the other day, "Steemit is just a part of our life", and yes, relevant to that sentence of yours, it (Steemiting) is not my main profession.
😃😃😃
That's all I can comment on; beyond that, I don't have the capacity nor capability, nor do I want to hit my head too hard at the "Steem-Wall", like your advise the other day, Bro el-n. 😆😆 But I do have questions:
I think if the platform has better content and a stronger community the price will get better too. What does stronger mean?, you can figure it out yourselves.
Forgive my limited knowledge, and I hope you don't regret inviting me here. Please keep doing this (inviting me) in the future. Have a great weekend.
I am happy to see you accepted the invitation and reluctant or not @el-nailul knows who to invite to rock the... I don't know but know walls can be climbed and tumble down.
Thanks for your comment and make me laugh!
You do know what I am talking about bro @aneukpineung78, we discussed it many times, it is the lesson learned inside the crypto itself. I mean increasing the price is not the simple as holding steem or burning a small amount out of the market. What do we need to understand from the point of view of a trader when we know so many people hold it we will worry that the price will go down at any time they release those held crypto and flood the market, I am right?
We understand one of the fundamental laws in trading that said if supply increases without a corresponding increase in demand, prices will fall. In practice: when there is a lot of selling, it means there is a lot of supply hitting the market. A sudden and large increase in supply, without a corresponding increase in demand, will inevitably lead to a price drop in the commodity.
Applying this to Steem (the blockchain) and STEEM (the currency), it seems that, whether acknowledged or not, with the massive production of STEEM like we have been seeing recently on Steem, it is hard to see STEEM reaching the moon again, even with the stellar support from the Sun. It is hard, not impossible.
If STEEM is sent to @null it is 'burnt' or taken out of circulation and therefore reduces supply.
I am familiar to the concept of burning tokens. I just found it's funny to create so much to burn some of it. I think it would be better to never create at all. I know it's technical.
I understand the first part of what you wrote but there's something that comes to mind.
Indeed investors are needed but they can be found on the present platform as well. If there were an easy way to buy/sell Steem via the wallet more people might be motivated to to buy. Just like years ago, I still meet people who have no idea how to trade Steem. We should keep in mind that: for everyone was a first time if it comes to cryptocurrencies it isn't that easy besides, we can't all use Binance or have easy access to whatever is offered, and not everyone can register with an ID. If Steemit offers an option to buy Steem it might get interesting.
TEAM 5