The Cent Tribe is liquidating the CENTG token. The tribe will also stop supporting the HIVE-CentG and Cent-CentG liquidity pools.
I thought I would join the celebration by burning 585 CENT. This burn is worth about $0.438.
The Cent Tribe is currently paying 3000 CENT for 1 CENTG token. In theory the CENT token was supposed to be worth $0.01 USD. So, a CENTG was worth a theoretical $30.00 USD.
To be honest. I never figured out what the CENTG token did. I suspect that it was supposed to be some sort of derivative that would help stabilize CENT while providing passive income for the holders of CENTG.
People create derivatives in a belief that derivatives will stabilize things. Derivatives have a nasty habit of concentrating wealth and destabilizing markets.
Hopefully the liquidation of CENTG will help slow the downward slide of CENT's price.
HIVE Engine tells me that CENT has a supply of 13,693,042 coins which trade at $0.0007 giving a marcap of $9,585. The liquidation of CENTG appears to be increasing the CENT float.
CENT Burning Events
In other news, the CENT Tribe is promoting a burning events. One burns a coin by sending tokens to @null.
If you include a URL in the burn, the tribe will promote your post.
BuyNburn's CENT Burns
NOTE: The @buynburn account uses the HIVE and HBD earned on posts to buy and burn distressed tokens on #HIVE-Engine. I write each post by hand to qualify for #POB and #VYB awards.
It takes time to write a post. I've only written 31 so far. I've only earned 18 HIVE for the burns.
I've burned 1614 CENT to date. Today's burn will bring me to 2,199 CENT.
- 2024-04-12 1,000 CENT
- 2023-04-24 103 CENT
- 2023-04-15 511 CENT
Earning coins on HIVE is hard. It took a long time to accumulate this 2199 CENT. Yet, the CENT I've accumulated to date aren't even worth one CENTG!
I will burn all of the funds in @buynburn. I want to buy and burn distressed coins. I've delayed a few burns because there was a bump in the price of the coin. Selling high and buying low means I can burn more coins with my limited means.
I will keep CENT in my burn cycle until it returns its one cent value.
Hello. I responded late due to workload. Sorry. First of all, thank you for the Cent tokens you burned. I hope you get back more than you spend.
First of all, "In theory the CENT token was supposed to be worth $0.01 USD."
Instead, the Cent token aims to converge to the price of 0.01. I published an announcement about the CentG token. I have given information about the function of the token in the content below.
https://peakd.com/hive-173575/@anadolu/centg-token-sale-started
The reasons for liquidating the token were mentioned in the content and comments below.
https://peakd.com/hive-173575/@anadolu/about-centg-token-liquidation
In order for the Cent Token price to move independently, the Cent/CentG pool needs to be liquidated. Unfortunately, there is no other way to do this without paying a certain amount of Cents. Because users providing liquidity to the liquidity pool did not participate in the liquidation process. At the time of writing this comment, there are 444,000 Cents and 340 CentG in the pool.
Here is the Proof of Burn #POB
https://he.dtools.dev/tx/1faa2847d702db17e72f1495754066c8e5c2e0e5
Here is some wine to drown your sorrows:
!WINE
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