Steem experiment: Burn post #100
Burn post for April 25. Rules and update
6 years ago in #steem by burnpost (82)
$336.72
- Past Payouts $336.72, 0.00 TRX
- - Author $257.14, 0.00 TRX
- - Curators $79.58, 0.00 TRX
Ok, interesting Idea, but here is an interesting question:
How does the sell sbd for steem will drive SBD price down? For me It doesnt make sense.
If the initiative would be to drive SBD closer to 1 usd, then this SBD should be sold at exchanges for BTC(or usd is possible), then the BTC should be used to buy steem at the same exchanges, and then back to steemit account.
Trading It on internal market Will only drive the steem price up, wich Will discourage people to trade their SBD for steem, because they Will get less steem/SBD (unless you people are Trading on both ends). Actually this would encourage to sell their steem
(Sorry to post 3 comments in a row, but i really think this is interesting, but i am failing to see How It Will actually work.)
There are several bots that constantly trade arbitrage between the internal exchange and external exchanges. When you sell on the internal exchange they will often go and resell that SBD on external exchanges and vice versa. In most cases (including this one), markets are well connected and it doesn't make much difference (if at all) which particular exchange is used.
One thing that will be necessary if and when the amounts get larger is to be smarter about how it is sold rather than just dumping it all on the market in one go. Right now that isn't an issue though, and I'll address that if and when necessary.
Thank you for the reply.
I know about arbitrage bots, but i haven't thought that they would also Deal in Steem internal market. I am half-convinced now.
I Just need to think a bit about How this would for with arbitrage bots.
I Will let you know my conclusions, só we can further discuss this.
Proof of burn
Author reward 128.567 SBD and 32.162 STEEM POWER for burnpost/steem-experiment-burn-post-100
Sold 128.567 SBD for 109.372 STEEM on internal market
https://steemd.com/tx/1fe0ad8fe676340fba215b8f5c8ee9789f29e82e
Power up of 109.372 STEEM since SBD > $1
https://steemd.com/tx/4ef3edf02b5a6956b28d97faa7c9872035ba5628
I was summoned by @smooth-b. I have done their bidding and now I will vanish...
A portion of the proceeds from your bid was used in support of youarehope and tarc.
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What does burn post really mean. I don't understand why it's so upvoted. Can someone put me through@burnpost
I know nothing about @burnpost
Read the rules and update linked from the post.