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Would You Participate in a Massive Campaign to Burn Steem?
Burning Steem to reduce supply is apparently a good thing for everyone on board, so would a massive campaign to burn steem (like a fundraiser but to destroy the funds rather than use them) be useful? This question is something I've been thinking about, and since I want to try Musing I look forward to watching how it goes.
$0.75
7 ANSWERS

There actually is an ongoing experiment that does this and is even supported by some witnesses and people who have large stakes on the platform. The experiment is called BurnPost and I highly suggest you check it out here: https://steemit.com/@burnpost 

As a small minnow, I for one will probably not participate yet on such campaigns. While I do understand that the simple act of Burning Steem if done in large quantities will make the price of Steem increase mainly due to the Law of Supply and Demand, I don't really think atm my measly $0.01 upvote or my little liquid Steem atm would matter much. I'd probably wait until I get enough support through upvotes on my daily blog posts before I consider helping the community with such campaigns.

$1.23
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No, I think I will keep my money. I know people say it is supossed to increase the value of steem but if that were the case Burnpost would be having some sort of effect by now. Steem is at around $.25 so if he had not burned steem for the last 2 years would it now be 10 cents per steem?

$0.23
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I would be extremely open to that because of steem were burned it would thereby reduce the available supply and help contribute to small price increases the more Steem were burned. It's actually a great idea and one in which I wish could be implemented on this platform, especially with how poorly the crypto prices have performed this year.

$0.05
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1 Comment

I will never take part in such campaign. Steem has been a great platform whereby users around the world are able to learn just by expressing their talents and abilities on the steem blockchain, how do you expect me to take part in such campaign?

Steemit has been a means of generating income for some jobless people. Some people are unable to get a job due to some conditions or the situation of their country or community, but they are able to earn from Steemit. If steem could help such people, how do you expect me to take part in such campaign?

Steem has been one of the best charity websites whereby users are able to publicise or make post about some certain amount needed to save people's lives and help other people, if this is happening on Steemit, how do you expect me to take part in such campaign?

Alot of users are able to learn from Steemit by making use of musing to ask questions which seems ambiguous to them, if Steemit is promoting educational Standard, how do you expect me to take part in such campaign?

I will never support such campaign about burning steem, but I will fight for Steemit to eradicate such campaign.

Thanks for reading and I hope this helps.

$0.01
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Before I give my answer, let's think about what burning STEEM does. Plainly, it reduces the overall supply which increases the value of all the unburned STEEM. It also slightly increases the value of the STEEM yet to be created, since the inflation rate remains static regardless.

Because of these effects, I would not burn STEEM except for a small amount. The reason is that just reducing the supply does not fix problems on the blockchain such as the existence of faucet rings. Scammers will continue to exploit, whales will continue to destroy the rewards pool.

The ones who should be burning STEEM are massive whales like Steemit, Inc. and others. Our small bits of STEEM do not help much, unless initiatives similar to @null are created to incentivize the destruction. If a whale bid bot was created where the profits were burnt I would consider using it.

$0.01
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1 Comment

I would say that it is one of the ways to ensure a level of stability of prices and making sure that prices technically never fall down to 'zero' level.

Personally I do not support coin burn for a Proof of Stake Blockchain. We should focus on people trying to maintain their stakes in the system and increase them gradually. What we need to do is to provide people incentive to hold more Steem. 

Although burning Steem or sending it to the null account might sound like doing exactly that, but it is a short term and a stop-gap arrangement. We need to create a system where people believe in holding a stake in and not a system where people might want to raise prices by burning coins

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1 Comment

No, that should happen organically, as per whitepaper creation and also with built-in mechanics like those coming with HF20.

Anything else is merely an attempt at market manipulation.

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