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     5 years ago  

    Looks very interesting, how does this burn post work?

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     5 years ago (edited) 

    You can follow the link the post to read some more details but at present the main thing is simply to burn the rewards (which leaves the system in the same position as if the rewards were never paid out at all), on the theory that many reward payouts are not worth the negative effect they may have on the price as people cash them out. Of course, not everyone will believe that to be the case, and views may change over time. As those views evolve, the amount paid here, and therefore burned, is set by voting.

    The main posts are set 100% beneficiary to @null so the rewards are immediately burned by the system. For the comments, the rewards are burned by a bot as soon as they are paid out. Any SP rewards are steadily powered down and also burned by the bot.

    In situations when SBD is overvalued (which has happened in the past, but not currently), the process is a bit different and uses the paid-out SBD to maximize the benefit to Steem stakeholders using a buy-and-burn procedure which increases the amount burned and helps reduce the price of SBD back toward its $1 target.

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       5 years ago  

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

      You received more than 70000 as payout for your posts. Your next target is to reach a total payout of 80000

      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

      To support your work, I also upvoted your post!

      Vote for @Steemitboard as a witness to get one more award and increased upvotes!