RE: Thoughts on a Proposal to Buy and Burn STEEM using the DAO
The same great idea like some of us had a long time ago, but this time I'm very positive about us getting it finally realized. With what we have planned so far, there is no risk for anyone involved, as we will make sure that only the defined SBD amount from the hourly payment will be used and the rest will automatically go back to @steem.dao (starting with just 100 SBD daily for the initial testing phase).
So, all unused funds will be returned on an hourly basis, which allows us to react quickly in case something does not work as expected. The 2400 SBD is the max possible daily amount to be burned. This will very slowly decrease the total available DAO funds (currently 4.5M SBD) by just ~ 46K SBD per year (as there are constantly new funds coming in from inflation).
Yes and in all honesty at some point in the future it may make sense to use significantly more than 2,400 per day to really have an impact, though baby steps first and all. :)
Yes, might really be the case, but it's good to have this max limit for now, which gives us enough room to experiment for a year or so. If investors are not happy with the results, they can stop supporting the DAO proposal at any time. If we see that it works as expected but could work even better with some more juice, we would create a new proposal with a higher amount. A very fair and transparent solution.