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RE: Burned tokens, rewards, and inflation summary January 14, 2023: 110K SP, 75K STEEM, and 909K SBD burned in 35K burnsteem25 posts
I knew many steemit functions but I didn't know that if one sent 25% of our reward to null it was for token burning.
Yeah, that came up while you were gone, I guess. Steemit is watching the #burnsteem25 tag for authors who set a 25% beneficiary to @null.
I understand and how it benefits one to use that label.
What benefits does it bring to steemit?
My understanding of the idea is that reducing the number of STEEM that are going into circulation might make the remaining tokens more valuable. i.e. typically in economics when the supply of something goes down, it drives the price up.
I understand I began to investigate on the internet about the burning of toque but I already knew the information about it, the curiosity was that it benefited us. I understand that with the burning of tokens the outflow of capital from the platform decreases and by default the market price increases a little.
But that goes to the fruit of the person who plans to take out their steem in the long term. Well that's what I'm thinking.
Here there are many accounts that are voted in a circle and spam with votes in their crap comments, one or two spammers that do this does not affect the system, but many accounts do.
Haejin has been making money out of Steemit for years, making 11 publications a day that practically teaches nothing, they fought to end him but nobody could, he continues with the same thing. that is an outflow of money that bleeds steemit.
Yeah, it seems like you understand the reasoning behind it.
You're also right that there are quite a few accounts who are cashing in by spamming the blockchain, and that's (probably) working against the token value. It's like we have two parallel ecosystems that are working in opposite directions. It has been that way for most of the time I've been here.
Well, you are on the good side while I am on both sides because I have to withdraw my steem out of necessity while the bad ones do it out of greed.
I don't think there's anything wrong with cashing out. My main concern with the bidbots and other players like that is just that they're intentionally distributing rewards to spammers.