What is Burn Bot 9000?
Burn Bot 9000 is an automated bot that burns LEO. Every LEO it receives whether from a burnpost or self-sustaining burn mechanism, will automatically be burned.
Self-sustaining Burn Bot?
Yes, same with all other burn posts, Burn Bot 9000 will automatically burn LEO, however, it will follow a different structure to at one point, require no input from community users and be 100% self-sufficient in burning LEO. To explain on how it works, I need to explain how the "economics" work.
Burn Bot 9000 will check for any incoming LEO to the account every so often, completely automated. From the incoming LEO, 90% will be immediately burned. 9%1% will be powered up and delegated to @meowcurator, which in result, will yield daily LEO funding for Burn Bot 9000 -- which will be burned automatically. will be taken by me (@mrtats) as a management fee.
Example
If Burn Bot 9000 receives 100 LEO, 90 LEO will be immediately sent to @null and burned, 9 LEO will be powered up and delegated to @meowcurator for daily LEO rewards, 1 LEO will be sent to @mrtats for management fees.
It is the same case whether or not if someone sends any amount to Burn Bot for burning or from rewards Burn Bot receives from author rewards and potentially comments. Burn Bot will not curate posts.
Why should we burn LEO?
To decrease the circulating supply and therefore balancing the supply/demand.
If you would like to support this endeavour, please feel free to upvote this post.
Posted Using LeoFinance Beta
It is always good to see community members taking initiative with LEO.
Thanks for all you are doing to help Leofinance out.
Posted Using LeoFinance Beta
Thanks for your support! A few burn projects that exist were not to my liking, so I tried to come up with a better model. Hopefully, it will work out.
Posted Using LeoFinance Beta
Congratulations @burnbot9000! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 100 upvotes.
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STOPSTOP
Posted Using LeoFinance Beta
Oh THANK YOU - I'd never noticed the stop instruction, these are SERIOUSLY annoying on new alt accounts!
No so bad on yer main.
Posted Using LeoFinance Beta
Burn Baby Burn! I just delegated to meowcurator also. I forgot about that until I saw an upvote from it. I might start delegating more too it.
Posted Using LeoFinance Beta
Thanks for your support. It will take some time but hopefully, it would become self-sustaining.
There appears to be a growing amount of liquid Leo. Let's get it back to 80% staked :)
Posted Using LeoFinance Beta
Awesome!
Posted Using LeoFinance Beta
This is very interesting. Can the bot also sell other assets like POB or HIVE for LEO as well? This could also be another opportunity for automation that brings buying pressure and burning pressure together in favour of LEO.
Posted Using LeoFinance Beta
Not at the moment, not automatically at least. I have to inspect and learn how the market calls etc work, and implement it. So it could do so in the future automatically.
I'm always game for a burn post.
Whose behind this, or shall that ever remain a mystery!?!?
Posted Using LeoFinance Beta
I am behind this, and it has never been a mystery, it is in the post itself haha
Cheers!
Posted Using LeoFinance Beta
And this way the community gets even more involved, that's right :D
Posted Using LeoFinance Beta
This is great! I write post for updates following defi on the Polygon Network!
https://leofinance.io/@johnnycrypto1/new-this-past-week-s-successfully-launched-high-risk-farms-the-polygon-report-07-23-2021
Posted Using LeoFinance Beta