Steem experiment: Burn post #118

in steem •  11 days ago

Burn post for May 13. Rules and update

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I haven't commented on this for a while...

There is no burning happening here. Voters of this article would have the same impact by upvoting someone who is powering up and selling their SBD.

There is no evidence that SBD will go back under $1 USD, and if it does burning large amounts of it would likely limit the supply and increase the price again.

I fully believe that smooth's intentions are good and acknowledge this is voluntary and not harming anyone.

It is just my opinion the platform would be better served by finding a content creator that you enjoy, who is power up and support them instead.
I would ignore this if it stayed off the trending page.

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Voters of this article would have the same impact by upvoting someone who is powering up and selling their SBD

This is incorrect. Someone who powers up may (and nearly always, in practice, will) power down and sell later. Secondarily, someone who is active on the platform and powers up is probably themselves upvoting content (possibly their own). Finally, in most cases when you upvote you have no assurance that the recipient will indeed power up, even if they have been doing so before. That has a very different impact on both the platform and the market compared with voting for something that has a commitment to: a) power up, b) not upvote using the resulting SP, and c) power down and burn (not sell) later.

The only differences between burning immediately and powering up and burning later are: a) a temporary increase in the market cap of STEEM in the interim, b) the burn-pending SP can be used for important (arguably necessary) community-benefit purposes which have no other economic incentive nor obvious source of funding such as downvoting spam, and c) the burn-pending SP could be stolen if the operator goes bad or the account is hacked (and not recovered).

There is no evidence that SBD will go back under $1 USD

There is actually considerable evidence, as it has dropped from about $12 (occasionally momentarily higher, but $12 was at least briefly sustained) to a little over $2. While STEEM has also dropped, SBD has dropped a lot more, as is apparent from the internal market price of STEEM expressed in SBD (which has climbed from about 0.50 to 1.40).

This, of course, is not proof that SBD will decline to $1, and certainly no one can guarantee anything about future market prices, but it is evidence of a very strong and sustained trend in that direction. @burnpost is probably contributing in some modest way to this, but the degree is difficult to measure. (@burnpost has sold about $100K worth of SBD, but the impact on the market from constant ongoing selling pressure day after day is not necessarily a direct function of its amount.)

and if [SBD does go below $1] burning large amounts of it would likely limit the supply and increase the price again

I don't see what that has to do with @burnpost at all. Destroying excess SBD when the price is below $1 is the normal mechanism for maintaining the peg and has always worked. It is only the upper bound peg (which this initiative supports) that doesn't work well on its own.

Also, if you don't want it on Trending you are free to vote for the "additional support" comment instead of the post, or indeed downvote the post. However, personally I see nothing preferable at all about the paid-vote posts ending up on Trending which are at least 90% of it. In no way would any sane person claim that Trending is a value-based assessment of the 'best' posts. It is just a snapshot indicator of posts where the money is going.

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Thank you for the thoughtful reply. I hope those supporting this will upvote the comment.

I'm glad you mention the trending page, it is so much better now! :) I love it compared to when the miners and the SteemIt, Inc favs were on it. At least now it is a surprise each day! :)

All in fun, take care smooth.

Proof of burn

Author rewards:
0.017 SBD and 0.007 STEEM POWER for burnpost/re-burnpost-steem-experiment-burn-post-110-20180513t125123600z
96.923 SBD and 32.645 STEEM POWER for burnpost/re-burnpost-steem-experiment-burn-post-118-20180513t124219000z
204.225 SBD and 68.788 STEEM POWER for burnpost/steem-experiment-burn-post-118

Sold 301.165 SBD for 218.505 STEEM on internal market

https://steemd.com/tx/24a32fcb7d5e5d9cc31ef74ffcfb225c73a7f8c7

Power up of 218.505 STEEM since SBD > $1

https://steemd.com/tx/1a82b7942988a39e2c55ebce353c8c0bb164a3a7

Each day how many post I can posted and what's the time frequency of the per post?

Burnpost keeps burning
The fire would never quench
Steeming higher

I fell into a burnin' ring of fire
I went down, down, down
And the flames went higher
And it burns, burns, burns
The ring of fire,
the ring of FIRE

You got a 30.02% upvote from @upmewhale courtesy of @smooth-b!

Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!

how can a support choose a comment, then how is the next solution to reward users?