SkyBuds Tribe Series - UpFundMe - Join A tribe for contest and crowdfunding - Burning Tokens one lotto at a time
This is going to try to be a different type of post than I normally would. I am normally just making cannabis Growlogs and reviews. This week I want to try to start a series of posts may be or just one not sure yet.
This point of this is for my knowledge and entertainment purpose. Don't take any of this as investment advice.
The First thing I would like to talk about is the fact that I am super bullish about steem and crypto space as a whole. The market has had some great movements lately. You also have the BTC halving this year very soon 83 Days or so.
With that being said I have been buying up a few cryptos like Steem before the next bull run happens. With steem, I have set a goal to keep powering up until the bull run starts. Are you still powering up your steem?
The next project I will be talking about is the newest tribe that I have been powering up tokens. THe UpFundMe tribe is a tribe that was built to help with
Token for the UpFundMe network. General posting tribe with a focus on crowdfunding, contests, giveaways, STEEM projects and services. Stake UFM for daily dividend payments or gamble a little with @ufmlotto or @ufmroulette
Source
After reading that you can clearly see why I have been interested in building my stake in the tribe. With the first thing being daily dividend payouts from holding staked UFM.
The second thing that I like about the UFM tribe is it was meant for contest and crowdfunding. With the #weeklygrowlog contest I put on every week and with the random contest I like to put on I think UFM can become in handy for them. UFM is also going to be great for projects and people that are looking for crowdfunding with this as an option.
The third thing that drew me to UFM was the ufmlotto.
I know that the lotto is not everyone thing but even if you do not play in this lotto it is burning tokens daily. Also, all other tribes are not burning tokens or burning from post and that does not help the current supply. When it comes to burning on UFM it is most times people buying from the market to send to the lotto.
@madstacks has been doing a daily lotto post that shows the amount of UFM that gets burned. Last time it was 2237.48362429 UFM that got burned. You can find out a lot more by joining the UFM discord
On the UpFundMe front end on the left-hand side, it goes on to show the fact they have burned more than 50% of the current supply. With the current supply now being at 1,574,366.38 UFM and 3,569,579.59 Burned. When it also comes to the current stake you can see that over 90% of that is being staked Staking (90.60%)1,574,366.38. That is only leaving a total of 163,297.31 liquid that is being sold on steem-engine or being used to play lotto. Who really knows some of that may also be lost forever.
With the lotto UFM is also starting to do a ufmroulette, I have not tried the roulette yet but it is open to anyone that may want to use it. More on that can be found here.
With that being said, I have decided to try to get my way up the rich list with a goal ATM of 10k UFM staked. So far I have just over 2k staked and I am waiting for another 4k to be sold to me on the steem-engine market.
Come on join us in the discord and play some lotto or make sure to use the upfundme tag and join me with posting on https://UpFund.Me front end today.
Tips are always welcome to address below:
BTC: 1MRLxs9C55cwWtDfb4hCCrfnkbev2kfQ2f
Steem/WeedCash: skylinebuds
LBRY: bE5UJjLu5uthZcvGofc7S8Kazcc8ZSxgBo
Bat Token: 0xC181Dd49F5E06028E8652beD8E31c8864f47b751
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If burning (destroying) our cryptocurrency is a good thing, why are we making so much of it all the time? If we need less, why do we produce so much? We could slow down how much we're making from thin air, but we don't.
If burning currency is good, why don't we burn USD? What's the difference?
If burning currency is good, and the more the better, then what happens if we're successful and burn it all? When there's none left, will we finally be complete here?
A certain amount gets produced a day by inflation and mining in my understanding. If you produce too much and not burn an equal proportion then you end up with sports. This will happen to every other tribe but slower as they have no usecase for there token. Lotto/roulette is a usecase you need to buy it to play. It might not be to everyones liking but we are working on other ideas to make it useful.
If somehow you managed to burn 99% can you imagine what that 1% would be worth lol
I can't say it better than that reply, basic supply lowers than the price should rise more with demand.
No, that doesn't answer my question. Why shouldn't we burn our USD and CAD, isn't that also about supply and demand?
Because the governments don't want deflation they want inflation. Also CAD and USD is not a real currency. It is fake money that they say has value bit it truly hold 0.
What makes gold rise? The fact that it is not mined like steel so it is worth more.
Yeah but fuck the govt and their inflation. We want deflation, so why don't we burn all our USD and CAD, if that's how we get deflation (our goal) in STEEM?
If you burnt your usd today and i was the only one you knew holding some and you had to buy some weed tommorow and needed usd i would charge you more for the same shit paper.
I have supply you created the demand.
Thats the best to my knowledge. Its is simply supply and demand. Awesome write up couldnt agree more. The divs for staking will attract even more people. Free steem for doing nothing 😊
good luck on all your ventures, glad to have met you and is nice to network, kinda fun if the vibe is right
Thanks, Glad to have met you as well.
You should come join us hit that discord button