Burnpost three month status and update
The @burnpost initiative has steadily gained support and is now consistently receiving rewards of about $500-$600 (displayed post value) per day. Thank you to all of the supporters who have made this possible.
We have regularly sold all of the reward SBD on the internal market for STEEM, helping to exert downward price pressure on SBD toward the $1 peg (along with upward price pressure on STEEM), and have powered up a total of about 11000 SP (currently worth about $33000). This stash of powered-up SP is supporting downvote-only initiatives to help counter the most harmful abuse (at least in terms of blockchain cost) high volume self-rewarded spam.
Finally this has helped 'drain the swamp' by directing rewards away from the vote-buying, bid bots, circle jerks, and other wasteful nonsense that is increasingly beginning to dominate the platform, and instead toward goals which are clearly of benefit to all stakeholders and indeed the entire platform: Designated buying and burning to increase the price of STEEM; increasing the STEEM market cap; harnessing voluntary vote support and market forces to improve the performance (even if only marginally so far) of the SBD peg, making it more useful and reducing the imbalances (such as negligible curation rewards) caused by overvalued SBD; and finally helping to stop spammers and similar forms of clear abuse.
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. They are irrevocably designated for burning.
If @burnpost rewards remain consistently above $500 (displayed) each, I will soon expand the initiative to make one post per 12 hours instead of one post per 24 hours. Supporters are welcome to support one, both, or neither of these posts (all votes are welcome and appreciated), but by creating two posts this allows those stakeholders who wish to vote in favor of the @burnpost goals to optionally increase their ongoing rate of support.
The existing rules and procedures remain in effect as described in the previous post.
All rewards from this post will be sent to @burnpost as a donation which will then be traded from SBD to STEEM, powered up, and/or burned in accordance with the usual @burnpost rules. That includes SP which will be immediately sent in the form of STEEM from my own account.