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RE: Is Burning the Best Way to Save Steem from Inflation?

in #steemit5 years ago

From the way it has been explained to me is that since burning reduces that amount of tokens out there it helps it maintain it's value. Kind of like having a corner on the market so to speak or a numbered edition. Such as owning an Edsel vs. owning a Toyota. There are very few Edsels left and numerous Toyotas, so the value of the Edsel is higher because there is less. I know this sounds kind of silly it was one of the ways it was termed to me that made sense.

I think with Steem itself though it is a tad scarier because we do have real money invested so to burn Steem (which makes complete sense to do in light of what burning does)feels more like burning a pile of money. There would be more apprehension in doing so.

I am crypto ignorant so this is just my view from what I understand things to be. If I am totally off base please enlighten me.

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

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