It is great to see people burning HIVE.
I don't know if we can burn ourselves out of debt. The HBD interest rate is still an absurdly high 14%. The system is generating about $100,000 a month in HBD interest.
At $0.057 this converts to about 17 million HIVE.
Note HBD is recorded as virtual HIVE. The conversion process turns it into HIVE which then gets dumped on the market. The stupidly high interest is the thing recessing the price of HIVE. This interest does not provide any benefit to the regular users of HIVE.
Burning destroys author rewards. It reduces the money hive authors receive. They really aren't overpaid, but the rich HBD holders are.
I agree. Hbd interest and overpaid proposals are main problem. But as i mentioned long time ago on this account, i cant do anything about this bigger problems. Maybe it would be good idea to add statment to this post. Something like please if you care about hive do what you can to reduce inflation: vote for return proposal, ask witnesses to lower hbd interest.
The majority of HBD savings are held by a single account. There is some risk that if HBD interest is lowered too quickly they will dump that, but I'm sure there is room for a stepwise lowering without triggering them to dump.