Where your mouth is!
Let us burn some of the 350 million.
Make it scarce.
The Crypto Currency market does not care about how much Steem is liquid and what is staked in the so called Steem Power {SP}. That is only interesting for those who use Steem as a Social Media platform. According to the market there is more than 350 million Steem that has been issued. And more will come, all the way to 500 million, in contrast to Bitcoin {BTC}, that one will reach 21 million in the year 2140.
And like I stated before it is important that Steem also has a way to destroy its Token. We need a mechanism that automates this proces. It is called 'burning' and it destroys Tokens, they end up non-existing. Meaning that the inflation rate is being brought down, even to a possible level of deflation. Less Steem available, more scarce, higher demand on the market and thus a higher value.
Smooth also seems to be one of the Steemians that promotes burning Steem. And I guess is actively doing so. Also I did propose a system to stimulate it. By offering an instant Resource Credit recharge. Depending on the current demand and actual blockchain usage. Meaning that it 'pays' to destroy a lot of Steem.
For this I wanted to make a statement, locked in the blockchain. So I send some Steem to the @null address, meaning it got send into oblivion. Less Steem, more scarce, just a small amount. But many small ones make one big. Anyway, it is almost 1:30 and I want to go to sleep. So here is the proof I burned some Steem: https://steemd.com/tx/653f4a63e7b3a82c01d1fd70de989641d2a02d94
Have a great one!
Burning Steem make it more scarce.
Screenshot by @oaldamster.
NOTE: The title of this publication was a follow up to a PS in my previous post:
PS If you think I totally lost it, then watch me burn some Steem later. (By sending it to the @null address, without using promotion!)
Edit: Note added.