Small burnpost rule clarification

in steem •  6 months ago

Several of the previous posts about @burnpost have stated the following

In no case will any coins from the account ever be sold, transferred, or powered down except to @null. Any value in the account can be considered as irrevocably allocated for burning either immediately or a some time in the future.

The bolded portion is unclear and in fact inaccurate, as SBD "coins" have always been sold (in order to buy STEEM). The intent has been that no STEEM coins will be sold (only kept within the account until eventually burned). When voting for @burnpost, voters can be confident that STEEM will never be sold by the account, only bought. Part of the idea of @burnpost is to leverage rewards to buy-and-burn STEEM, in order to increase its price and benefit all STEEM holders.

ht @whatsup for pointing out this issue.

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

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Burn!!!...

Hey, little typo so pinging @whatsup :)

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Fixed thank you

Have you considered converting SBD from @burnpost when SBD's market price is on-target?

Edit: Actually nevermind, I re-read the rules post and SBD gets burned anyway, which removes it from circulation just the same as conversion.

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In the latest iteration of the rules I changed it from direct burning to conversion (and the STEEM would then get burned). There isn't much difference though.

I was under the impression SBD were not coins but tokens

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I don't know what the difference is between a "coin" and a "token" but in any case it is good to clarify the rules.

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Coins run on their own blockchain where as a token runs on top of a blockchain to facilitate something else :-)

Thanks for the clarification. Especially when you are new to steemit, it's quite difficult to understand how the ecosystem works. Therefore, every help such as your clarification is appreciated. Many thanks.

As a new user I have to learn a lot on this steemit platform! So thoe old steemians content can help us alot to learn many more.
I found this post helpful.
Thank you,

Proof of donation

Author reward 8.689 SBD, 4.217 STEEM and 9.512 STEEM POWER for smooth/small-burnpost-rule-clarification

Sent 8.689 SBD to @burnpost

https://steemd.com/tx/a2de14c24e845865080e942e1901b8bcc1074a22

Sent 13.729 STEEM to @burnpost

https://steemd.com/tx/aac785fb6bd9064e2fff83632c1515fa54f37a86

hi im new to steam and could you explain this little more
"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"

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Yes, instead of keeping the rewards on my post I sent them to @burnpost as a donation. You can read more about @burnpost in the last several posts in my blog but the quick summary is that @burnpost aims to stabilize the value of SBD near one USD (making it more useful) as well as increase the price of STEEM.

I am new at this if your wanna see something new and interesting, please see my content if you like it hit follow and upvote. @rrs007

Great work! I think that burnpost had a great effect on stabilizing SBD.