Steem experiment: Burn post #214

in steem •  7 years ago 

Burn post for August 17. Rules and update

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steem experimental burn-post
7 years ago by

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    • [-]
      ·  7 years ago 

    Rewards from this comment will be added to the post rewards for burning

    [-]
      ·  7 years ago 

    From the rules page:

    Incoming SBD will be converted to STEEM using the blockchain function if SBD is trading at or below 1 USD. SBD will be sold on the internal market (buying STEEM) if SBD is trading for more than 1 USD.

    So regardless of the price of SBD it is converted into STEEM? This creates only downwards pressure on SBD surely? If SBD is less than $1 shouldn't you buy SBD with STEEM and then burn it or save it to sell for STEEM if SBD goes above say $1.05? The wording used is a bit confusing but I think I have interpreted it correctly.

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    3 votes
    [-]
      ·  7 years ago (edited)

    "Converting" doesn't put downward pressure on SBD. You may not realize that "converting" is a separate blockchain function which destroys the SBD and delivers "about $1 worth of" newly-created STEEM 3.5 days later. It is not "selling" the SBD.

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      [-]
        ·  7 years ago 


      Congratulations @burnpost!
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          ·  7 years ago (edited)

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            ·  7 years ago 

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            [-]
              ·  7 years ago 

            You got a 56.22% upvote from @upmewhale courtesy of @smooth-a!

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