This is a proposal asking the community of PHOTO token holders to vote for the Hive Images DAO smart contract to burn 1000 PHOTO tokens each day over a one year period between February 1, 2023 and January 30, 2024.
This proposal helps to start off the new Hive Images DAO on hive.photo while also burning some PHOTO tokens to increase scarcity.
1000 PHOTO tokens each day during the funding period will be sent from the DAO pool to @null for burning if this proposal passes.
To vote to approve this proposal please visit: https://www.hive.photo/proposals
Voted .... 💯%
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Accidentally set end date one day earlier than it should be. It's 364 days. Close enough I guess.
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Burning tokens is generally a bad idea, imho.
Burning tokens for a startup project is a really bad idea, imho.
https://peakd.com/hive-150329/@trostparadox/to-burn-or-not-to-burn-i-say-don-t-burn-crypto-or-bridges-or-witches-maybe-ducks-are-okay
Fair enough. It's not a large number being burned compared to the max supply (0.0364%). It's also up for vote. It's not pure democracy but I think you'll agree that in cases like this the more tokens (a.k.a. "skin in the game") you have the more seriously you'll consider each proposal. The proposal only passes if enough of the vote weight of PHOTO token holders vote for the proposal.
Even if you don't have a large vote weight in PHOTO your opinions are always welcome. It can help others think about and decide whether or not to vote on a proposal. Thanks for your reply.
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There are plenty of smart folks out there who disagree with me on this.
For me, I have yet to see any convincing evidence that burning tokens leads to an increase in token price.
With that said, if burning tokens leads to less centralized distribution then that’s likely a good thing.
Putting tokens into a liquidity pool instead of burning them seems a better option. Of course you have to be able to provide the other token for the liquidity pool, so that’s not as easy as it sounds.
I wish you the best with this project!
For rewards the token is simply deposited into the pool by the smart contract. It's a reward being provided and not liquidity. In less than a week I'll post another proposal to provide PHOTO as distribution reward to a pool.
I don't necessarily disagree with you. If a token is created with a huge max supply and a large amount of tokens are burned then it's needlessly foolish or simple pumpnomics before a dump.
My own personal belief that tribes burning small amounts of their tokens is a good thing goes back to one of Satoshi Nakamoto's forum postings:
People are a lot more savvy in 2022 than 2011 so losing keys isn't as common. The most practical way to recreate early bitcoin folly is by consciously losing access to some tokens forever.
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