Steem experiment: Burn post #243
Burn post for September 15. Rules and update
To provide additional support, vote for the comment below. Another method is to vote for the proof-of-burn comment added after 7 days.
Burn post for September 15. Rules and update
To provide additional support, vote for the comment below. Another method is to vote for the proof-of-burn comment added after 7 days.
Rewards from this comment will be added to the post rewards for burning
Proof of burn
Burn of 4469.924 STEEM from liquid rewards and power down.
https://steemd.com/b/27184646#3b3f63b85a4268cfae81b7f3d1dc660a9645484a
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STOPTo support your work, I also upvoted your post!
Hello @burnpost, is your experiment over ?
Was on hold during the mess that was the HF20 upgrade. Will resume at some point.
Are you guys going to work on bringing SBDs up now that you have helped push them below a dollar? They have traded sub $1 for weeks now.
Roughly 90% of the time it has traded under $.99 in the past month:
https://coinmarketcap.com/currencies/steem-dollars/
I guess that is "good enough" though?
You picked the one day where it ALMOST got to where it is supposed to be pegged.
Seemed like there was selling pressure by the burnpost initiative anytime it was over $1, even just a couple cents?
It traded above $1 not long ago as well (mid October). As far as 'good enough', I can't really say other than to observe that is what all crypto stable coins appear to do. I expect the band to narrow with time.
As far as @burnpost, we are following the stated rules which in the case of SBD being below $1 means: a) SBDs received are converted using the blockchain function instead of sold (avoiding further selling pressure on SBD), b) power down and burn STEEM (reducing its supply which means STEEM previously purchased by @burnpost will never be sold).
Recently we burned almost 4500 STEEM:
https://steemd.com/b/27184646#3b3f63b85a4268cfae81b7f3d1dc660a9645484a
Ok and what about when SBDs fall below a dollar, like they are now? Do you also support the price or only suppress it?
By the way SBDs are currently trading at $.96
https://coinmarketcap.com/currencies/steem-dollars/
Regarding popping briefly over $1, SBDs also traded below $.94 in mid October as well. Below $.93 in early September...
By converting SBD using the blockchain function @burnpost helps support the SBD price (since converting destroys the SBD and reduces the total SBD supply).
I don't know of any other way to do so without selling STEEM (to buy SBD) which would violate the rule that @burnpost will never sell the STEEM it receives, only power up or burn.
I agree with you that the volatility in SBD is not ideal. As I mentioned I expect it to decrease over time but I can't guarantee anything.
Will burnpost be resumed if SBD climbs above a dollar?
Sure. If there is a clear need for it I will resume it. To be clear, it is not entirely inactive. I still periodically burn donations and am gradually burning the SP. Just not making daily posts at this point.
Happy New Year, Smooth...
May the force be with you...
Is @burnpost dead?
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Stunning