Thanks for your thoughts on this topic : )
"burning tokens will always have a positive impact on the token price"
Certainly not always. For example, if those tokens would never have been sold, eg: owner hodls long term, whale accounts created at startup that have never been touched, lost passwords, curation accounts, foundation members, etc. Supply and demand are the forces at play, of course, that is always the case. But "supply" does not mean total number of tokens. It means the available tokens, on the market to be bought and sold. Only a small portion of BLURT is actually available at any one time. Burning tokens does little (or nothing) to affect the available tokens. In other words, it has little (or no) effect on the supply side of the equation. What price impact it may have would be small, and happen quite some time after the actual moment the tokens are burned.
If we really wanted less BLURT available on the market (lower supply), instead of creating it and then putting it in cold storage forever, is to never create it at all. Yes, I'm talking about decreasing the rate of inflation (tokens created every day out of thin air). This is easy to do (a few seconds for any administrator) and has an instant impact on the free tokens available. It's fair (effects everyone equally), rather than asking volunteers to burn their own money to help the community. Inflation can't be done away with completely, but it doesn't have to be as high as it is. If the problem is too much BLURT hanging around, then let's cut back on the rate we're pumping out more.
"So it doesn't matter if you get less if it's worth more."
How about the USD in our accounts? Can we burn that too, and increase the value of our remaining USD? If I have $4000 in my savings account, how many should I burn? How much will the remaining USD go up in value? Are you sure it is going to be a good idea? What about my other cryptos, like my BTC, should I burn that too? Is it enough to purposely lose the keys to my wallets, or do I actually have to destroy the tokens? If I have 0.5 BTC, and I burn 0.25 BTC, does that mean the price will more-than-double so I come out ahead?
Please, try to answer these questions, or at least understand what I'm conveying by asking them.
Doesn't anyone else find if funny that some big curators are campaigning to get people to burn a portion of their BLURT rewards (income)... and rewarding them in more BLURT rewards?! : D
"a living platform is the best proof for potential investors from outside that it is worth investing here"
So true! And when they check us out, we can show them: "Our cryptocurrency is SO good, we're destroying it as fast as we can! Join up, and help us burn all these BLURTS to raise the price!" : D
"people who want to drain the platforms that pay through spamming and voting circles and other activities that are not conducive to this blockchain"
Ahhh yes, like Rychard, the guy tasked with ensuring such behavior doesn't happen here. LOL
Gave you 100%, thanks for the good content.
In the long term, yes. Ultimately, those who hold the token for the long term will also want to cash it in, and then fewer tokens will hit the market.
But you don't get it... This whole idea of burning is solely an initiative of Ctime, which, as an investor with some experience, makes this decision on its own. He has the right to do so as everyone knows. He came up with this way to increase the price and he is doing it. Just like the former group that collected funds to strengthen the stock exchange or people who promote something on their own... you don't have to approve it and you don't have to like it, but this is not the official position of all witnesses ;]
The team currently has a plan to reduce the number of tokens in the pool by a very large amount and thus improve the stability of our market, and it will be announced during the HF soon, but for now I cannot reveal anything more.
As for inflation, take into account the following:
Yes, there is high inflation, but as I wrote, we also have a built-in token burning system in exchange for brandwith and now imagine that suddenly we have 1,000 more users and heated discussions break out in hundreds of threads. let's assume that each of them will burn an average of 2 - 5 burnts a day during their activity, which gives us 2,000 - 5,000 burnts a day per 1,000 people burned for activity + the current 1,000 people is already 4,000 - 10,000 every day. At the same time, inflation has been decreasing over time... See what I'm getting at?
Real inflation depends on the number of users. If the portal becomes popular, deflation will begin to appear.
my article wanted you to relax about getting excited because it is a PERSONAL initiative of one of the users. It's true, but you can't stop him from acting as he thinks is right and you can't blame him for not wanting to continue to expand the pool of tokens. Remember that he has invested much more money here than you or I, so he is taking a much greater risk. you may not like his idea, but you can't blame him for looking for a way to get a return on his investment.