For a few years now I have been running burn posts similar to what @smooth used to do back in the day. A couple of months ago I updated the code to only post a single top level post daily, then 11 comments to each of these daily posts. This allows anyone to use their all their voting power on burn posts if they chose without clogging trending with unsightly meta posts.
Back in Febuary we burned $14,000 worth of Hive & HBD, a bit more than the targetted $10,000 for the first month since the change.
So how much did we burn in March?
That's just over $19,000 USD worth of Hive & HBD in March or just over $600/day. While it can't counter the DHF spending, it does for one or two proposal's sell pressure.
But why?
This question gets asked a lot on the posts.
The answer is simple, choice.
Voting is simply stake holders deciding where to direct the daily inflation (roughly 6-7%) to where they see value. Granted most of the time, little real thought is put into this.
There are currently a few places you can direct inflation. Popular content producers, contests rewards, dhf funder bot, declined rewards (which just get shifted elsewhere), or burning the rewards to @null.
Burning rewards reduce the amount of actual inflation produced by immediately sending it to @null. While this likely won't affect the price more than $0.00000000001, it will prevent $19,000 Hive being sold on the market, which is more likely to have an impact on the price.
In my opinion, we are spending money like we are a top 10 market cap coin. Between the daily inflation of around $32,000, $125K in monthly HBD interest, and roughly $2,500,000 a year spent on the DHF. This offers a financially sound alternative way to use your voting power.
Why you should vote me as witness
