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RE: A Simple Way to Strengthen the STEEM Economy
This is fascinating and I'd like to hear more about the idea. I had not heard of a "burn mechanism" before Steem Monsters; it seems to work quite well for them.
Well we do have one for the blockchain and subsequently steemit.com, the problem is since bidbots came along, no one uses it. I totally get it though, the Promoted tab is kind of a dumpster fire of shitposts most of the time, but believe it or not there was a period in time about two years ago where people used it and you could find quality content there. I think revamping the mechanic and putting it to better use could really serve the community.
So people paid to promote their posts, and the money went to steemit inc (or was simply reabsorbed into the rewards pool)?
How weird that they would have let something like that go. I would think that could've made things much more sustainable these last 8 or 10 months.
The fee doesn't go to anyone. It gets transferred to @null and it disappears.
https://steemit.com/@null/transfers
It's a burn account, so it destroys the token as soon as it gets there. You can see a few people still use it. The value created is by removing supply and creating scarcity.
If hadn't already seen the Steem Monsters example, I would think that was a terrible waste l to "burn" money. I think I get it, though.
Economics is so weird.
It's almost like biology, huh, where stuff has to decay and die in order for growth to make any sense?