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RE: Another Game Of Chance And Burning Of STEEM

in #busy6 years ago

You still don't get it...

Where do you think earnings come from? Answer. It comes from inflation (printing of STEEM). Let's assume every single Dapp now and ever to come into existence were to burn 100% of their earnings resulting from inflation. It still wouldn't keep up with inflation.

The only way to halt inflation is for all Dapps to burn 100% of earnings (directly or indirectly from inflation), all users burn 100% of rewards, all witnesses to burn 100% of witness earnings, every account to burn 100% of SP interest, and burn 100% of SBD conversions.

If we want to reverse inflation, then in addition to the above, users need to burn their STEEM holdings.

It is definitely not a stretch to believe that a single Dapp or all the Dapps combined could never have any affect on inflation.

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I think we are on different wave lengths.

Who said anything about halting the inflation? That is not the idea of burning STEEM. It is to reduce the total outstanding. Without inflation, you basically have a halted system where rewards are not issued but based upon existing holders sending it to newer people.

Nowhere did I say that the idea was to halt inflation.

you are right. You never mentioned halting inflation. That was a mistake on my part. I was just trying to put into perspective the other inflationary mechanisms that overwhelm the burn effort.