For a few years now I have been running burn posts similar to what @smooth used to do back in the day. A couple of months ago I updated the code to only post a single top level post daily, then 11 comments to each of these daily posts. This allows anyone to use their all their voting power on burn posts if they chose without clogging trending with unsightly meta posts.
Back in Febuary we burned $14,000 worth of Hive & HBD, a bit more than the targetted $10,000 for the first month since the change.
So how much did we burn in March?
That's just over $19,000 USD worth of Hive & HBD in March or just over $600/day. While it can't counter the DHF spending, it does for one or two proposal's sell pressure.
But why?
This question gets asked a lot on the posts.
The answer is simple, choice.
Voting is simply stake holders deciding where to direct the daily inflation (roughly 6-7%) to where they see value. Granted most of the time, little real thought is put into this.
There are currently a few places you can direct inflation. Popular content producers, contests rewards, dhf funder bot, declined rewards (which just get shifted elsewhere), or burning the rewards to @null.
Burning rewards reduce the amount of actual inflation produced by immediately sending it to @null. While this likely won't affect the price more than $0.00000000001, it will prevent $19,000 Hive being sold on the market, which is more likely to have an impact on the price.
In my opinion, we are spending money like we are a top 10 market cap coin. Between the daily inflation of around $32,000, $125K in monthly HBD interest, and roughly $2,500,000 a year spent on the DHF. This offers a financially sound alternative way to use your voting power.
Why you should vote me as witness
Four years ago I would have been against this practice, thinking it would be wiser if the upvotes and rewards were spread out in order to grow, strengthen, and decentralize "the community."
But yeah after watching for four years, you're probably right. It would just be sold and contribute to shrinking and weakening "the community."
If it bothers enough people and they feel like they're not earning enough, they could simply downvote your burn posts. That would redistribute some of the $19000 with much of it landing on their own posts.
Majority grinding daily trying to make something here won't even see this post or know what's happening though. Plus they probably dumped their stake so wouldn't make much of an impact. You snooze, you lose.
It makes no sense a post with 40 views and probably not a single person has read it making $100-200. 99% of people in social media never make $1, and he were are doing it with posts with almost no views or engagement.
We are a tiny community spending like we are on the first page of coinmarketcap.
I know. It's ridiculous. The folks earning the most for the longest time haven't done anything to create interest in their work either.
However, I saw Dalz's most recent "top earners" post today. Some new names on that list involved with Vibes. Those folks are getting thousands of views and a lot more exposure.
Still low views locally of course, but that's what 8 years of focusing only on creating and rewarding content does. Vibes has a goal of bringing in an audience as well. Won't be easy but at least they're trying.
Rewarding the arts and live entertainment makes a lot more sense as well. Has comparable value in the real world. I'll be disappointed if they too fail at bringing in eyes and ears.
What actually causes those posts to be voted so high?
Curators get a good chunk of returns on their votes. So whales with huge stakes will vote pretty much whatever. Sometimes the very fact they voted as a whale encourages more to vote, giving them a bigger return.
I like to think the majority of whales are still seeking quality and engagement, though!
If I was to judge it without comparison to others, it's definitely overpaying. My last whole bunch of posts are over-rewarded in and of themselves, so I tend to avoid posting again for at least a week to balance it out XD
But I think a lot of the real world influencer types get way more disproportionate wealth than here. Like tens of thousands of dollars for posting a photo of them holding a sock. Engagement can be really low too like, a few hundred comments. It's the derangement of ad revenue clinging on to whatever they believe is worth the best returns, then manipulating the algorithm to assure that happens in their favour.
At least everyone here gets a shot at the occasional disproportionate rewards.
Blurt has been stuck this way for almost two months. It’s so pathetic no one cares.
I know you are dumb and have no understanding of any of this (which makes you being a top 20 witness on blurt a fucking riot. But the curation rewards will be earned regardless of what is voted on. There is absolutely no difference. But $19,000 isn’t being sold which is huge. But continue being salty, it suits you. Quite entertaining watching you come over here to cry.
lol writing a few comments responding to your crying is spending more time there now? Your ignorance is breathtaking.
Every bit of burn counts these days.
Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below
View or trade
BEER.Hey @enforcer48, here is a little bit of
BEERfrom @isnochys for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below
View or trade
BEER.Hey @enforcer48, here is a little bit of
BEERfrom @isnochys for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below
View or trade
BEER.Hey @enforcer48, here is a little bit of
BEERfrom @isnochys for you. Enjoy it!Do you want to win SOME BEER together with your friends and draw the
BEERKING.I burn what I can and enjoy the choice for being able to do so. I also agree that spending is WAY out of control and has been for a while now and that's the major dampening factor of the price of Hive and why it really hasn't been moving during this bull market. I find it very hard to believe that these DHF funds are contributing to the success of the chain and moving the price up or userbase up at least to a leave that compensates the expense. There is some success for sure though I'm not going to total discredit everything but there are still some that seriously lack.
All in all though I feel some areas have started to move in the right direction in terms of building funds and brining value into the ecosystem but there's still HEAVY pressure on selling and over inflation at the moment.
More users, more apps, better apps, improving apps, running ads all of these things will contribute to a healthier ecosystem but I honestly feel like hive is falling behind now compared to other chains for the last two years.
It's not just the DHF (which a ton of sell pressure comes from)
but Layer 2 delegation projects like Holozing that has received close to 4 million in HP to curate and spend to build a game that could be built for a lost less money.
Many many projects selling a ton of hive.
:(
This is why I try to self fund as much as possible.
I tried questioning some of the proposals, especially the one asking for 10% of all inflation and have been ignored. The people in control don't care because they are raking it in and distributing the inflation as they see fit. Why bother explaining why an extremely large marketing budget directed in totally random places is going to help hive when you don't have.
Gary approves this message
Good work brother
May be we will soon ?
Nope
I'm mostly focusing on supporting @vimm and it's streamers and occasionally if Im above 80% power I'll burn it with your burn posts depending on if I have anything else to vote on, which I often don't. So very useful for me.
Other than that it's power up or build liquidity in diesel pools.
Most projects built on hive have almost no clue how to run an actual business or generate revenue.. They just live off DHF forever. People need to actually like put in some god damn effort. or as you know.. we need to big whales to not just throw money at every thing that pops up.
Thanks for helping make hive and hbd more scarse.