Good to hear the reasoning in the process of something I was totally unaware of. I'm still quite a newbie in spite of it all... LOL!!! By the way, what do you mean you will "be converted and burned"?
All for one and one for all! Namaste :)
Good to hear the reasoning in the process of something I was totally unaware of. I'm still quite a newbie in spite of it all... LOL!!! By the way, what do you mean you will "be converted and burned"?
All for one and one for all! Namaste :)
If the payout were entirely liquid then I could take the STEEM I receive and trade it on the internal market for SBD in order to convert it to SBD. However, I'll actually receive STEEM Power which is not liquid, so I'll just use an equivalent amount of my own SBD, meaning I'll receive SP and give up equivalent SBD and come out even. As far as the burning part, that involves sending it to the @null account, which removes it from the money supply (the same process that is used to pay for visibility on the Promoted page). The eventual net effect of the burning is to slightly reduce the total amount of STEEM and therefore make everyone's STEEM worth slightly more.
Thanks for the enlightening reply. 10/4! All for one and one for all! Namaste :)