scrobble.life
#steem

Quick note on burnpost

@smooth@smooth (74)2394d

Since the SBD peg is close to being restored, @burnpost will no longer set a beneficary of @null. Instead, rewards will be paid to @burnpost and handled by the bot (or in some exceptional cases manually) in accordance with the rules.

In particular, if SBD is trading for more than $1, any SBD rewards received will be used to buy STEEM for eventual burning, which results in a larger burn relative to the rewards paid out. For example, if SBD is trading at $2 and STEEM is trading at 0.20 then immediate burn (or convert and burn) of 1 SBD would result in 5 STEEM being burned from the total supply, but using the 1 SBD to buy STEEM will result in 10 STEEM being burned. The latter also helps stabilize the price of SBD toward $1 by selling it on the liquid market, as well as contributing buying pressure to STEEM.

Other posters who wish to take advantage of this may set their beneficary to @burnpost instead of @null and any rewards received there will be treated accordingly. Likewise for donations.

100% beneficiary to @burnpost

Comments · 9

  • @mattsanthonyit(81)· 2335d

    Thanks for this update so far. It helped

  • @steemitboard(66)· 2366d

    Congratulations @smooth! You received a personal award!

    Thank you for the witness votes you made to support your Steem community and for keeping the Steem blockchain decentralized

    You can view your badges on your Steem Board and compare to others on the Steem Ranking

    Do not miss the last post from @steemitboard:

    Use your witness votes and get the Community Badge
    Vote for @Steemitboard as a witness to get one more award and increased upvotes!
  • @doingdailies(55)· 2382d

    hyperinflate a coin then come up with 'burning' as the ultimate solution ... if i ever start caring again someone's gonna have to explain that ... not particularly talking to you ... it seems to be a global virus on Crypton

  • @steemitboard(66)· 2386d

    Congratulations @smooth! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

    You distributed more than 19000 upvotes. Your next target is to reach 20000 upvotes.

    You can view your badges on your Steem Board and compare to others on the Steem Ranking If you no longer want to receive notifications, reply to this comment with the word STOP

    Do not miss the last post from @steemitboard:

    Valentine's day challenge - Give a badge to your beloved!
    Vote for @Steemitboard as a witness to get one more award and increased upvotes!
  • @freddio(60)· 2393d

    for me it looks like it should be fixed in code and not try to repair it this way.

    I think SBD should be a DAI copy and removed from rewarding. its way more scaleable and usefull then.

    At as a Bonus it would not effect Inflation. So the system is secure.

  • @arcange(79)· 2393d

    Congratulations @smooth! Your post was mentioned in the Steem Hit Parade in the following category:

    • Pending payout - Ranked 5 with $ 42,62
  • @lordbutterfly(80)· 2394d

    Cmon man...

    $37, trending.... Just give it a rest with this Burnpost thing. I mean youre seeing right now exactly why this is all pointless. Market swings, Steem and SBD move with it...

    Remove this thing from the trending page.

  • @cryptopie(78)· 2394d

    I am happy that the goal was reached for putting SBD to 1 dollar again but was the burning of steem was the cause because there are still a lot of steem token out there relative to the burned steems? @smooth I do think that the BTC price movement was the cause.

  • @chelsea88(64)· 2394d

    This is interesting, i have an understanding however what do you mean by beneficiary? Does that happen if i simply put burnpost in my tags? Im a little confused sorry.