I honestly don't know if the HBD pegging at $1 plan is causing the prices to fall or not. I think there's plenty of HIVE being burnt as a result of trying to get HBD back down to $1. I would of expected HIVE to go up but you can never predict the market.
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If more HIVE is burned the prices should go up... not down... because the less coins we have in the market the more demand there can be and therefore inflation decreases....
this has nothing to do with the fall in the price of hive... it is a correction because of the btc that affects all alternative currencies...
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It should as it was only to peg down HBD. However I do think BTC falling down takes down pretty much all cryptos. I wonder if the alt-season of people moving money out of BTC to alt-coins is what's happening or not.
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Am yet to see the relationship between BTC price and affecting other crypto price.
Those this mean that, if BTC starts coming down today, all other crypto tokens will follow it?
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Generally Bitcoin and the other crypto follow the same general trend down. However on the way back up, it could either be BTC leading with the alt-coins following or alt-coins leading with BTC following. In the case of alt-coins leading, it means that the people who were in BTC decided to move their money to the alt-coins thus causing it to boon.
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I wonder if BTC and ETH will couple for good at some point. Many are starting to buy Ethereum for similar reasons as they do bitcoin.
We will see what happens going forward. ETH could serve as a store of value for many also. The network effect is alive there.
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How much Hive is being burnt?
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I found out about an estimate in @jongolson in his post with Brofund. I think they mentioned it was like 200,000 HIVE or so a day. I would have to re-watch the podcast to know for sure.
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I don't think people are burning hive... the only one burning coins is Marky with his stemgeeks project.
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There are plenty of people burning crypto in HIVE. You can set the rewards to null and it would burn the HIVE you gain from posts. LeoFinance also burns 10% of the tokens you get if you don't post from this front-end. Also LeoFinance uses its ad money to buy coins off the market and burn them. This essentially decreases the supply of the coin.
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I personally burn SPORTS to promote my posts . I can pull the data actually to see how much tokens are getting burned on Hive.
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Burns are overrated. When will people realize that?
Projects that burn tokens tend to do so in lieu of growing. If they were running a business that way, they would be out of business quickly.
Yet they do it in crypto and wonder why they are not getting anywhere.
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Ah yes I agree with you about that. I burn the SPORTS only because I want my post to be more visible.
All projects must work on having more usecases rather than burning everything.. burning helps a bit but the most important part is usecase according to me.
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Burning is simply manipulation and omits basic business building. We saw too much of that on Hive and it is repeatedly shown to be a failure.
In the end, Leo is taking off because it is getting more users, more activity, and the numbers are improving every month.
The inflation rate of LEO is still high but the growth rate is even larger. With Projectblank, this will only grow even more.
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