This is how you burn ♨
Burnt tokens in the past 24 hours
Everyone combined
102000
@ufmlotto by itself
248300
Yes you are reading that correct twice as many as everyone else put together.
Lets look at how
I have 100000 sports if i sell today, if im lucky i will get 15-20steemp.
Not bad but not very good considering will take a small stake holder like myself a long time to accumulate 100000 sports.
So whats my option?
This is what i did.
I had 100000 sports and bought 200 tickets in the @ufmlotto at 500 sports each.
I won 220 entries into a daily and weekly draw.
I also won instant wins which have odds of 1/6.
I won 3 x Untamed packs 1 x 5steemp 2 x SPI 1000 dec and a few smaller prizes.
For every 500 sports 20% was burnt so i did my bit for sportstalk.
After doing the maths i would rather take the chance and win some prizes and a chance to win over 8000 ufm 5000 neoxian and 600000 sports than just sell off and put pressure on the market.
Min entry is 500 sports for one ticket and you could win anything including the jackpot. So stop dumping and reducing the price even more and start burning and help increase the price and reduce supply.
Unfortunately burning such a large quantity in one hit, is actually detrimental to everyone else that had burned SPORTS within that time period.
Check out https://www.sportstalksocial.com/sportstalk/@sportstalksocial/burn-to-earn-new-way-to-earn-sports-for-burning
&
https://steemit.com/sportstalk/@sports.stats/sports-burn-stats-20th-1-2020
for some insight as to why
I have tried understanding the post and kind of get it. However if they stopped that initiative and backed this they would burn possibly 3/4 times more. Essentially the objective should be to burn as many as possible. Few of the top earners will make more than that in a day so there will never be a true reduction. Also what do you get as a rewards? Is it sports or steem? Was unsure at that point. Also would there be a way in which @ufmlotto could set beneficiary or something to not affect that or in fact increase it?
Sorry multiple questions👍
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As I understand it, there is a "budget" of around 144K SPORTS tokens daily which are distributed among everyone who burns SPORTS based on your % of total burned for that day. When the initiative launched, there was very little being burned (and even now it is often less than 144K).
Whilst it's desirable to burn more SPORTS to maintain the value of the remaining tokens in the market, most people require an incentive of some sort to do so in order to break through the HODL and FOMO mindsets.
I'm not 100% sure who is controlling the burn to earn initiative, but it could be worth @ufmlotto reaching out to @sportstalk or @wehmoen to see if they could put some kind of rule in play which doesn't count burns from the lotto either when calculating the distribution of their rewards.
Totally understand and we wouldn't want to affect that. Before we initiated the sports token as a payment entry I did ask @patrickulrich via sports discord and didn't get a response or reply.
1/ he didn't see it
2/ ignored it
3/ not bothered
Not sure which one of the above.
Also I have found the owners of the tribes don't want to work with others as it's not in there benefit( which ufmlotto clearly is) and they feel like they will loose 'customers' which is essentially what me and you are. We post and buy tokens.
If I was a tribe owner I would be helping this as much as possible as it obviously works above any other form of token burning.
If you could reach out to someone in regards to this we would happily implement the changes.
If it's still a problem we can easily remove the sports and includes a different tribe token as we have 3 others waiting.
Posted using Partiko Android
I did flag it in the Sports discord earlier, and @talesfrmthecrypt has asked a couple of questions (as it will directly impact the success of his current Big Bash Tournament contest).
Hopefully there's something that can be worked out as I believe most of the tribes can be complementary to one another. I think most Tribe users are active across more than one.
Posted using Partiko Android
Patrick has been in touch I didn't realise his been away. So will have a chat with him and see if we can get this working correctly. Obviously we want this to be a positive and not negative in any way 👍
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Won 4 untamed packs for 120000 sports tokens and many other coins.
!trdo
Yeah had 5 steemp and 0.1 steemp as well as a lot of other stuff. Did have a uber lucky run but since I have been playing it I have not been in negative overall because of the way it's set up. Usually I do 50 tickets at a time that's my lil trick but dont tell noone 😜
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So transfer 500 sports to @ufmlotto for one ticket each?
Yeah correct blocks of 500. Eg. 10000 for 20 tickets. Then head over to ufm discord and you can view the results as they come out. Good luck.
Posted using Partiko Android
Quite an interesting reinvestment.
Much better than dumping the tokens on the market for sure!!!
Thanks for sharing and
STEEM ON!!!
Yeah kinda just stumbled across it then kinda got addicted. They accept ufm/neo/Sports and are planning on introducing more tokens. Prizes and amazing and odds. The burn is probably the best feature for sure 👍
Have a look at ufm circulation and burn it's amazing
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