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RE: Thoughts on a Proposal to Buy and Burn STEEM using the DAO
Using DAO SBDs to buy Steem seems like a good idea to me. In an ideal world I think it would be better if that purchased Steem was then allocated to valuable projects, but finding trustworthy projects to spend on is not an easy problem so burning is a reasonable alternative. I think overpriced SBDs are bad for the ecosystem, it's not even clear to me that high SBD prices are beneficial for content creators.
I like the burning idea simple because it benefits everyone in the ecosystem equally. Allocating to projects in almost all cases as been a waste of resources in the past. It takes a special project to create more value than in takes in and we have only see a handful of those.
Regarding SBDs, I actually think having overpriced SBDs is very beneficial to authors and I think it also helps pull the price of STEEM up as well when they are pumped. However, it is not what they were designed for and it doesn't do anyone any good if we can never earn them. So, while there are pros and cons to both I think having a dollar pegged stable coin trading near a dollar is probably the best way to go, especially if we can transfer some of that excess value back into STEEM.