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RE: Burning Bid-Bot Long-Term Mission & Chibifighters Giveaway Update
Is there any proof that burning steem does anything positive? People have been burning steem for two years since Null got introduced, but I can't see any evidence that it has worked. Have you collated any?
In order to understand the benefits of burning Steem you need to know where the value of a currency comes from. You can calculate the value of a coin by dividing its market cap among the amount of existing coins, the less coins there are the higher the amount each coin will be worth.
Example:
There are 10 coins each of them with a value of 10$ because that coin has a market cap of 100$, if we burn 5 coins out of 10 there would only be 5 coins remaining, the market cap would still be 100$ so each coin would be worth 20$.
The problem is that little quantities of Steem have been burnt providing almost no impact in its price, with the Burning Project we want to provide a continuous stream of Steem Burning for an impact in the long-term.
You are going on a hypothesis though, rather than actual data. There are quite a few inflationary coins, like Doge which have had a massive market cap increase, even as their supply was increasing. (Compare doge market cap now with what it was in 2014, and then compare the number of coins in circulation between 2014 and 2018 - the increased supply made no difference).
Have you actually tried to quantify exactly how much steem was burned and when, to analyse the impact?
For example, you could do an analysis of the null account and compare it to the price at various points. I think you need to crunch the numbers first to prove your theory, rather than just rush ahead based on a guess.