This is not something new in the crypto world. However, it's usually used when the token value is high and the owners maintain stability. But I also know when tokens burned (Iconomi is the example, from last year) it had no effect on price. The price of token has fallen sharply regardless of burning.
Just my five cents, I'm not a professional in this crypto economy...
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Steem supply is already gigantic thanks to whales stocking up and controlling reward distribution while the price doesn't increase. No matter how much we burn, there will always be too much supply thanks to them.