RE: Steem experiment: Burn post #90
I didn't understand this at first, there really should be more info provided here for people checking this out for the first time @smooth and @burnpost. For those in the same boat as me, after doing some digging I found this:
By voting for this post you are voting that rewards be reduced by the amount allocated to this post. Any rewards received by this post will be burned (sent to @null) as described below. If the belief that excess rewards are not adding value is correct, then the reduced money supply accomplished by burning should increase the value of STEEM/SP.
Basically, if you feel post payouts are too high for the current quality/value of content, you can upvote this post, reducing the rewards pool and thus increasing the value of Steem/SP.
Instead of burning coins wouldn't it be more productive to go to the new tab and upvote some minnows?
That's sort of my thoughts - I guess the idea is that there isn't quality content there worth upvoting - but I think it's more just that it takes a long time to find that content, and you can feel like your helping by voting here.
If we're are being honest, the majority of content on this platform isn't worth upvoting, and the little content that is gets buried under trash so quickly it's hard to find it and reward those creators.
Thank you verymuch .
By digging, do you mean you clicked the 'Rules' link in the post text? :)
I actually had to go all the way back to the first post about the experiment to really understand. The rules still left me confused!