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RE: ADSactly Crypto: What Is Coin Burning?

in #cryptocurrency5 years ago (edited)

One could do the math, but at current inflation rates, you'd have to burn a considerable amount before reaching an amount that had impact on the price. That's a pretty obvious one to see. But real control requires a complicated centralized system of retracting the supply of steem and re-releasing it if it ever needed it.

Did someone look into the difficulty of changing the inflation rate on a code level already? I'm not sure what the opposition is (other than the fact that rewards are based on inflation).

We all agree that there's not enough activity to justify the inflation rate right now and it would be great if there was a repository where the tokens could be stored and released by some type of oracle. That might be a solution if everyone could trust the oracle.

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There has been talk of reducing the inflation rate I saw an SPS proposal for it but I don’t think the community really gravitated to it since it’s a stop gap solution that may not have the desired effect and because it would require a hard fork

Burning or reducing inflation also takes a while to see effects I think if it was a natural part of the user experience like part of

Quick power down
Promoting your posts
Buying ad space
Securing a smart contract
Selling directly to fiat

It could all help

I like your idea of having the inflation sort of pegged to the demand/user base and released as we hit certain amount of daily active users that could give the reward pool a lot more flexibility and be agile to what’s happening on chain and encourage user growth

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