Steem experiment: Burn post #156

in steem •  29 days ago

Burn post for June 20. Rules and update

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Just wondering, what the hell does this mean? :-)

Proof of burn

Author rewards:
14.881 SBD, 29.483 STEEM and 40.953 STEEM POWER for burnpost/re-burnpost-steem-experiment-burn-post-149-20180620t193951700z
22.374 SBD, 42.679 STEEM and 59.831 STEEM POWER for burnpost/re-burnpost-steem-experiment-burn-post-156-20180620t085614000z
28.174 SBD, 53.742 STEEM and 75.341 STEEM POWER for burnpost/steem-experiment-burn-post-156

Sold 65.429 SBD for 58.954 STEEM on internal market

https://steemd.com/tx/70b761cf6e6a40a360d8ab1ad1ec7ea5f659f0a3

Power up of 184.858 STEEM since SBD > $1 (+125.904 STEEM reward)

https://steemd.com/tx/7710134aa12a1d679871f9762b3d5b7cec7be6a9

I'm concerned that SBD and Steem will hit $1 at nearly the same time. Smooth will then need to begin the power down on this account. Selling Steem and burning SBD... lol. That's going to be great.

Next time the market pumps, sbd will have a limited supply and pump even harder.

How do you guys see it playing out?

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There will be no selling of STEEM (see other reply below).

Next time the market pumps, sbd will have a limited supply and pump even harder.

You are right about this. The white paper suggests (and I agree) that when the SBD supply is relatively low, paying interest should be used to support the price of SBD rather than converting/destroying it. I agree with that. The advantage of using interest is that unlike conversions (currently; there is a proposal to allow conversions in both direction) it is fully reversible. The SBD then still exists later when the price may tend to increase, Interest can then be lowered or removed, hopefully weakening it.

In another thread there was a suggestion made that burnpost would just hold the SBD when SBD is weak instead of converting or burning it, for similar reasons. I have mixed feelings about that, but may consider it.

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Thank you. I will read the blog.

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The account is not going to sell STEEM. From the description:

As a reminder, once SBD declines back to $1 or below, the STEEM received by @burnpost (including all post rewards which have so far been powered up) will be powered down and/or burned by sending to @null. None of the coins received by @burnpost will ever be sold or otherwise distributed.

By reducing the overall STEEM supply, this will put upward pressure on the price. Not sure if that really means "None of the coins" or if it should say "None of the STEEM". Unti now, I believe that the account's SBD has been sold for STEEM. It's not really clear to me if he's going to switch from selling SBD to using the "convert" function while SBDs are priced near or below $1.00.

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Good point, that language could be improved. Anyway, you are right it won't be selling STEEM.

There is a new update on my main blog describing the procedure that will be followed when SBD is at or below $1.

"5. Incoming STEEM will be powered up if SBD is trading above 1 USD and burned (sent to @null) if SBD is trading at or below 1 USD".

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Well, it will be interesting to see it play out. I am interested to see what he does now.

Nice idea sir keep it up!!

Hey @burnpost Your Rules and update are Really Nice

This a terrible idea, 1. You will not effect the supply in a meaningful way. 2. We need the price of both steem AND sbd to go UP.

My suggestion would be to burn both steem and SBD, this would be worth doing.

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