RE: STEEM BURNPOST Initiative in Solidarity with Steemit's Reduction in Stake Selling

[binkyprod]

I don't understand what burning does. Also, how would someone who makes very little benefit from burning posts? A lot of people here really nned those rewards, especially now that their content is making less. I myself find myself in need of much convincing if I were to agree to do this.

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Comments

[thecryptodrive]

Hi, the burning basically destroys the tokens so they can't be sold which means supply reduces and should help the price increase. Imagine if everyone burned 10 or 20% of their daily rewards, the price could really recover and everyone would be better off for it, maybe Steem would get back in the top 50 coins.

I understand someone who makes very little is especially burdened by this, however it is also a form of insurance against downvotes, whales have limited downvotes and they likely won't downvote your content if you are burning a portion, and will move on and downvote the next person.

Consider this biblical story:

A Widow's Offering (Luke 21.1-4)

41Jesus was sitting in the temple near the offering box and watching people put in their gifts. He noticed that many rich people were giving a lot of money. 42Finally, a poor widow came up and put in two coins worth only a few pennies. 43Jesus told his disciples to gather around him. Then he said:

I tell you that this poor widow has put in more than all the others. 44Everyone else gave what they didn't need. But she is very poor and gave everything she had.

[binkyprod]

Interesting take.

I will ponder on this and consider it more. The potential of it increasing the value seems legit, however, the amount of burning required or people burning is required might take a while for the end result to compensate. Lots to think about.

[thecryptodrive]

Sure, it takes time, but every small sacrifice helps towards the end result. You will probably get more upvotes on your posts if you burn a %.