Why Burn Steem When It Can Be Donated to Charity?

6일 전
.....burning Steem by far helps this blockchain and makes more sense at the moment than donating it to charity. Hey, don't blame me. Put the blame on Economics.

Image credit: @majes.tytyty

The advent of New Steem has certainly brought several positive behavioural changes into the Steem ecosystem. More and more Steemians are starting to take responsibility and ownership of this blockchain, which is good for the progress of Steem.

For the first time, it would seem, curators are becoming more alive to their responsibilities while hitherto undiscovered but talented authors are starting to get some attention and rewards for their efforts.

Also, we're starting to see more community members grabbing the steering wheel and making amazing sacrifices for Steem.

There is an ongoing campaign to burn Steem as a way of palliating the effects of inflation on the price of Steem. The argument is that burning Steem will cut supply and have some positive impact on the price of Steem.

In this regard, @Buildteam, one of the business conglomerates leveraging on the Steem blockchain recently published an interesting article wherein it expressed its willingness to burn 20% - 50% of gross earnings.

@Buildteamt then went further to challenge Steemit Inc to do the same thing whenever it is unloading its programmatic power downs of about 800,000 Steem on the market. Here is how @Buildteam puts it:

We don't believe Steemit Inc, should be exempt from doing their bit in reducing the overall emissions impact on market price and challenge Steemit Inc to equally burn at least 20% additional Steem when programmatically selling, this means an extra 160 000 Steem burned every month which will drastically impact on market sentiment for the better, #BURNCHALLENGE!

And with the fever of Steem-burning spreading across the community, the big question arises, why burn Steem when it can be donated to charity? I have seen a couple of Steemians raising the same question.

No doubt, donating to charity helps the less privileged in the society, gives hope to the hopeless and voice to the voiceless. Sure, Charity deserves a good chunk of Steem.

However, burning Steem by far helps this blockchain and makes more sense at the moment than donating it to charity. Hey, don't blame me. Put the blame on Economics.

By burning Steem, we destroy it completely and reduce the total supply in circulation. And by so doing, Economics tells us, we stir up demand and put Steem in a good position in the market.

Contrarily, any amount of Steem donated to charity will most likely hit the exchanges where it will be converted to fiat, thereby putting pressure on the price of Steem.

In conclusion, burning Steem is what we need in this tortuous period of austerity. However, we can switch to the beautiful chorus of charity when the bulls finally come around. So, let's keeping burning Steem and hoping to glory from the aches.

Until I come your way again, I wish you a full Steem ahead.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending

Thanks for using eSteem!
Your post has been voted as a part of eSteem encouragement program. Keep up the good work! Install Android, iOS Mobile app or Windows, Mac, Linux Surfer app, if you haven't already!
Learn more: https://esteem.app
Join our discord: https://discord.gg/8eHupPq

  ·  6일 전

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

~Smartsteem Curation Team

Burning tokens might be a good idea, I also did that with my SE token project. But when it comes to the STEEM topic, yeah it's better donate or power up than burning!



Sorry, @theguruasia you’ve reach daily limit of 10 successful TRDO calls!
Please try again tomorrow!

"Call TRDO, Your Comment Worth Something!"

To view or trade TRDO go to steem-engine.com
Join TRDO Discord Channel or Join TRDO Web Site

Congratulations @theguruasia, 50% upvote has been shared with your successful call on the post that shared by @gandhibaba!

Support @trendotoken projects by delegating : 100SP , 200SP , 500SP , 1000SP , 2000SP