#CLUB5050 | Support Steem Burning by Setting @null as 25% Beneficiary | Steem Burn.
-02.jpeg)
Hello friends,welcome to my blog once again,I hope you've been enjoying my publications. Well in today's blog I will be sharing with you my thought on the proposal made concerning steemit with regards to it growth and price stabilization.
Just few days ago we started seeing the hash tag #burnsteem25 which has been trending on this platform. I know You would love to ask what this is all about,well am here to answer that question. The burn steem idea came from a user who suggested that burning steems will make steem more valuable in term of price and on the long run and will in a way attract more investors to steemit.
I believe this is a welcome development as many of us would love to see steem rise appreciably among other cryptocurrency. Now the question is how do we carry out this burn? This is actually where the "25" comes in. The 25 in the harsh tag actually mean 25%. The idea behind this is that user are to burn 25% of their steem by setting @null as beneficiary when making a post. It therefore means that 25% of what is suppose to come in as reward will now be gone. The @null account is a dormant account that is not accessible, anything that goes in seems to be lost forever. Carrying out this act will actually burn a lot of steem and then what we hope to achieve with the price of steem will then be achieved on the long run.
While many think this is very good and workable,some other think it will be a bit difficult to implement since everything boils down to the reward earned on the platform. Those who feel a bit indifferent about it suggest that setting @null at 25% (which automatically means they will be loosing 25% of their reward) is already too much when you add it up with the ongoing club initiative in the steem ecosystem.
Going by this will leave many users with barely nothing. What they are now suggesting is that users could start up with 10% or even 15% so that they can have little to withdraw and cater for their daily needs which to them is a motivation to keep on dishing out quality content inspite of the difficulty bound to be experienced which will definitely result into something better on the long run.
To be frank with you,am for anything that will move this blockchain forward and that's why I feel this coin burn is a welcome development the only thing we need to consider is how we can all cooperate together and transit without loosing more users/investors who would have helped contribute their little quota. So I would suggest we set @null as beneficiary using a very moderate percentage that seem fair enough for all who are well meaning.
Maybe a post should be made by steemblog which should be aimed at getting people's opinions as regards what percentage should be used considering the fact that a lot of users still try to maintain their club status which already takes a substantial part of their reward.
I would love to read your view and suggestions about this.
What do you think should be done? Is this a welcome development to you? What percentage do you think will be lenient enough?
Thanks for you time
Regard
@lhorgic♥️
Good to know about this project. What is the withdrawal process. Explain in details in another post. I agree with the group of 10-15% because 25% is huge.
Thanks for your encouraging comment @engrsayful. Can you shed more light about the "withdrawal process",I don't seem to understand you well. Thanks for the feedback.
Good to know about this project. What is the withdrawal process. Explain in details in another post. I agree with the group of 10-15% because 25% is huge.
awesome move for #club tag users
You're right thank you.
Can you explain how the Steem burn initiative will increase the price of Steem.
How will it attract huge investors?
When you have to much of a commodity in circulation it tends to lose it value because it common. It will be now wise to witdraw it supply such that it becomes less common,when this happens the value increases because it is not as common like it was before and this automatically causes the price of that commodity to rise. Coin Burn reduces the number of coin in circulation in order to achieve the same thing I just explained with my example. Bitcoin has a particular number of coin in circulation that it can exceed just to maintain it value. Same is what we are trying to achieve with steem although the effect will be seen on the long run and not immediately.
Well said bruv
Thanks for stopping by dear brother. Am glad you support this initiative.
You have talked very nicely about steem burning. Your discussion was very important. Thank you so much for sharing this important post with us.
You're welcome
You shared a very important post with us. There really is a lot to learn from the post and you have introduced talent. Good luck to you always. I have already resteem your post.
Thank you for the feedback.