That is true @majes.tytyty ; but trading it off to another crypto then to fiat just to put food on the table will not make sense either as the community is small, there will be too much production of steem, hence the inflation.

True?

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@dses, I hope you don't mind that I will share this publication with wider audience as Im interested with other users opinion on this topic

Burning is a way to combat inflation.. But ultimately it's those with large stake that receive the most of it... and therefore decide our fate.

Promoting content by burning SBD is not just burning token for nothing!
It's an advertisement system that enables outsiders to use a built-in system and promote their products.

as stated before, I think the community underestimates the market forces. Steem's price is just not going to head anywhere until the bear market for steem is over (which might be in the next couple of months):

https://steempeak.com/steem/@tobetada/what-drives-the-price-of-steem

Hello, my friend.

Correct me if I'm wrong, but the term "burn" means to destroy the STEEMs (?). In this way, the price of STEEM rises. Right?

But originally there wasn't a finite amount of STEEM created, like all blockchain projects? To avoid inflation?

I have an idea, I don't know if it's crazy, but what would happen if they paid to burn the STEEMs?

This way, the price is increased, isn't it? I guess if there is less STEEM, the price will have to go up, because of supply and demand. These are just conjectures.

Good to see you :D

Stay in touch

Rather than an incensitive to burn the tokens, I'd rather see an incensitive to buy & stake the token, like a page specially giving visibility to those of the same "level" of staked token than you, which would give you more chance to interact with the people who are in the same staking group as you, encouraging you to network with them & so on...
As for the burn, it may be flawed for steem itself, but it's a very good way for the steem tokens, who works on a different type of economics than steem itself.

I agree. Burning tokens doesn't increase the value of a coin. Price of a token doesn't depend on its quantity. Bitcoin is not valuable just because it is rare. But, it is valuable because people see value in it. On the other hand price of steem is not declining because of increasing numbers of Steem and SBD. In fact, no SBD is being printed these days but, its price is also declining. The price of Steem is going down because of faulty strategies of Stinc and top witnesses who are eager to kill the goose which lays golden eggs. Too much greed is the main reason behind the fall of STeem.

Burning just seems to make the little guy be a sucker at the expense of the big whale.

Steem needs to figure out how to reward users from using and steem and being active here.

That is the core issue that is always ignored

Burning steem or sidechain tokens doesn't make any difference when there isn't much demand for them anyway. Whales control steem's price. Instead of burning, everyone should always power up and help decide token distribution. That... Or just sell.

So let's ask ourselfs a question: does it change ANYTHING at all if part of newly received STEEM would be burned or powered up? Not really

This is your opinion. Burning steem wont increase demand for it in the short term, but should demand actually increase as everyone hopes, there will be less supply to go around. Are there other better ways to burn up the supply by creating outside demand for it first? Sure there is. But what difference does it make to you, if I want to send 4% of my rewards to @null, or somebody else wants to create a burnpost? This seems like a pointless argument to make because it's a voluntary exercise, and at the end of the day, it still creates less supply. If you actually coupled that with people needing to purchase and burn steem to perform various operations such as promotion, it's even better.

Do companies buy back their own stock in order to increase the demand for it? No, they do so in order to decrease the supply. So that if there is demand for it in future, there is less available on the market, and you have more price appreciation. It's a long game not a short game.

I absolutely share your views. We need to create utility for token burning.

I think burning could be helpful but I also think reducing inflation could help increase the value of the tokens without having to just waste the tokens already in circulation.

I see burning tokens as pathetic.
Even vesting it to new account holders would create more demand for Steem.

We are being led by fucking morons.

If we don't take control and enforce democratically elected witnesses, being one person 20 votes as opposed to one account 20 votes this place is crashing and it deserves to crash

This is not something new in the crypto world. However, it's usually used when the token value is high and the owners maintain stability. But I also know when tokens burned (Iconomi is the example, from last year) it had no effect on price. The price of token has fallen sharply regardless of burning.
Just my five cents, I'm not a professional in this crypto economy...

I like my answers to be as summarized and clear as possible.
From my point of view, what makes STEEM have a market value is the fact of rewarding for the publications and the votes they produce, generating profit.
I think the best way would be for that STEEM to become STEEM POWER, Tokens and even trade on serious platforms.

Also projects like @steemmonsters do can generate wealth if that benefit is transformed into SP.

Burning steem to increase value does not sound right to me
It will not be of major importance to the stock exchanges for it is the market that decides the prices of buying and selling. When someone with large accounts is still willing to dump quantities of steem on the stock exchange, the price will not rise
But there are those who make big money (TRADING) on the stock exchange that are profitable because the prices are low. I will not elaborate on this, but it is also a contributing factor to the low price.

Other measures are needed to increase the price of STEEM over time.
Marketing costs a lot, but we should start with massive marketing to our own who are part of the community.
Without starting with our own members first, it will be useless to make progress. Big Investors come when they see that there is a substance to what we do and that society is growing and solid

Too many people complain about screaming wolves when the price is low without even doing anything about it. Yes, because we have some blame ourselves here.

@streetstyle has come up with a great action #SPUD
"SPUD 6" STEEM POWER UP DAY October 1, 2019 is now running for the sixth time and SPUD is increasing in scope each time.

Many people here become familiar with what SPUD is and join.
There is also a competition with good prizes
I believe SPUD will be one of the bigger events here at Steemit

Why is SPUD good?
What we see is that small accounts now stop taking out their profits and they build their Steempower and have gained an understanding to keep the SP

Many small accounts that turn down their power to sell their Steem on the stock exchange make a large amount each week and have an impact on price

What is also happening now is that several of those who join SPUD have started to buy Steem to increase their strength in SP.

The more people who see that benefit, our economy will be healthier in Steemit

IMHO there is no need to burn any crypto at all. The code was desined in such way that any entity getting the reward should USE it. The only cancer here is the need to transform that crypto into fiat. If every network participant can BUIDL something on that network that would be useful for others, then there will be no need to transform it into fiat or even burn the tokens. The total supply of one coin is not the integer number. Burning 10^4 coins from a network with scalability of 10^-8 and a total supply of 10^12 (ex) will have no action on the whole network. The best thing to do is to make sure the members of the network can USE the coin as a form of payment for many products and services.

How about buying local business vouchers (from F&B, to grocery) that are on-board with steem blockchain so that they can spend for lesser amount and at the same time the business entity would be able to stake on their account to help the community later, @crypto.piotr?

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For the most part I agree with you @crypto.piotr. I think something like what LEO is doing, burning the rewards earned from bat browser makes sense as it takes care of that supply and does not put the leo team in a position to decided to sell, powerup or hold liquid. It's a sure thing with the burn.

And like you mentioned in the steemworld example, that is a win-win. I like that cus it creates demand and helps cut inflation.

Burning make sense if you have a certain amount of coins reserved for special tasks and you know you don't need then anymore. But these are coins that are not issued so far or at an escrow account.
To burn tokens in circulation does not change anything. Less coins - higher value, more coins - lower value, the product stays the same. You need to generate more demand. If the demand is not there an (just optical) higher price for a coin does not help.

Think in practical terms.

How does this work in the real world?

Consumer side inflation is a function of LIQUIDITY and DEMAND not "total dollars in existence".

Have you ever heard a government or central bank advocate BURNING MONEY?

No.

When QE1 and QE2 and QE3 were executed, trillions of new bills were printed, but inflation barely rippled, WHY IS THAT? LINK

Spoiler Alert! - Because the new bills were SEQUESTERED in VAULTS.

Powering-up your STEEM has almost the same effect as BURNING IT.
Powering-up your STEEM is like putting it in a VAULT.

Burning can perhaps create scarcity and drive up demand and price however burning should not be an answer. I agree with @knircky, if there was a clear cut reward for active users everything would look up for steem. Investing more into what and who is already invested makes more plausible sense. Trying to burn and neglecting what is already, may be greedy and neglectful. I don’t believe burning will increase value it may increase scarcity but if the people that believe in the project no longer hold it as valuable it won't matter how much of it there is, if they all decide to abandon the project. I believe in building from within rather than trying to make things look good from the outside i.e burning coins to increase demand. How about increasing interest and thus increasing demand. Steem has to have a niche; a use, a project, a reward, something that pulls in interest and users and demand. IMO

This goes for anyone reading this post, not necessarily you OP..

Instead of burning it, send your STEEM to me with the memo 'burn' and I will put it to great use powering it up and curating authors for c-squared and helpiecake.. I'd love more SP to both earn more reward AND to be able to reward more to others.

Hey @crypto.piotr !
First of all, thanks so much for bringing in so many people's attention to this post. You really rock!

Second thing is that I am (in prayers and reverance... haha) planning and hopefully launching a pilot project of 6 months to help a friend not only to step into the Steem world but also to help her family business once again flourish through technology; just like how @gtpjfoodbank has caught the eyes of much more through the availability of the Steem blockchain.

I'll let you know once that idea of 6 months plan is set up! Stay tuned!
Cheers,
@littlenewthings

Well, perhaps it is time to look outside the box right now, as what I have been doing for the past 2 years.

And so to state, burning isn't bad, but the only thing is it might not have large enough of impact nor will it last long enough to keep the whole idea of "people keep coming back for more steem"

Hey machnbirdsparo dses stands for Decentralised Sustainable EcoSystem where I find ideas for mass adoption of people with crypto, in any form.

It starts with steem because I was first in Steemit.

However I am to busy with real life obligations I couldn't cope with so many platforms and I haven't been in WLS for quite a while now.

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And I am looking for more people to think together
Thanks for stopping by!

I realized I was not going to have time to read it with the satisfaction I wanted

you sound very mysterious @forykw :)

Yep.

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Yes, marketing plays a very crucial part too. The whole thing is that it cannot be done only one side; i.e: burning steem to keep it alive.

Well, in many ways, you are actually right @tryskele

But what if.... we burn it ANOTHER WAY ?

That is in the world of trading yes. But what happens when we think outside of the box ?

Ah, that sounds interesting. I should take a look on that. Thanks @devaan fr the heads up!

You are very much correct on that @chireerocks .
Hence it is time to throw the ideas around for that, even though it is kind of hard.

Burning is just one tiny part of it, and it will not sustain long if there isn't a mass acceptance about Steem.

The interesting question is, how MANY are they are really burning, and how MANY are they who are big enough to create a difference in value?

Hence that was my post and my question. Will it really work if it is just the planktons and minnows doing?

That would take A LOT of people to burn together.

Hence... the trend, I suppose? 😊

Thanks for sharing your view.

Thank you for your interesting view and I will try check out your profile later on what you create.

As in many sense, when one post is created, more STEEM is generated (unless you literally power up and start giving back to the community with curation - at the same time you earn 50% in return).

With that in mind, inflation continues if there are no other outlets to use them practically, to fulfill real time needs, otherwise, it is nothing but a game of creating content and be self satisfied. 😊

Which I believe many community builders and spearheaders do not think that way.

Otherwise Steem would have died 4 years ago.

Thanks for noticing my posts and yes I am still throwing the ideas.

But no, it is not 100% about crypto talk but something else more (I hope), and I am still thinking how to attract outside investors and at the same time appease the current community.

I am about to embark on this journey with a pilot project; in the light of helping a friend in her family business. And if that really helps, it could somehow be a model to attract other SME to look at Steem less of an income source as you have pointed out rightly (for many content creators and especially suffering citizens in #Venezuela) but more of keeping the whole STEEM idea flowing until its value moons again. (with fingers crossed!)

Thank you so much again for stopping by. This post has indeed attracted many views that I find it resourceful to see how some people (from different parts of the world, which I feel is mainly from the West side) looking at Steem.

I will slowly once again construct another post with deep thoughts and consideration, and maybe, like you said, bold enough to step on another few more toes and tails even to hope that a community this close together can really start working together as an ecosystem - decentralised.

Have a great day!