This proposal is to burn 821 Hive Dollars (HBD) per day by transferring it from the Decentralized HIVE Fund (DHF) to @null. When the Proposal System was created during hard fork 21 in August 2019 there was significantly less funding and 821 HBD represents half the recent daily increase.
Please support the proposal here: https://peakd.com/me/proposals/83
FACTS
- 4450 HBD can drip into the Decentralized Hive Fund each day, almost 60% more than before the STEEM/HIVE fork!
- @steem.dao wallet has 445,051 HBD and 83,370,205 HIVE which is slowly being converted into more HBD for the DAO
- the 83 million HIVE and 164000 of the HBD represent Steemit's Stake and those accounts which supported Justin Sun's witness takeover, this currency injection is new to the Decentralized Hive Fund
- 821 is half the difference between the additional funds injected into the Proposal system as a result of the hard fork
Why Burn It?
- REDUCE UN-PLANNED FUNDING INCREASE✔️
Do we really need to increase funding to such a high rate? This proposal will reduce the funding by less than 20% after it was just arbitrarily increased by nearly 60%!
- HIVE DECENTRALIZED FUND IS ALREADY WELL FUNDED ✔️
A large fund can be exploited; passing a proposal that may or may not build value is difficult, burning limits waste and increases value through scarcity.
- A STRONG & RESILIENT COMMUNITY BLOCKCHAIN ✔️
What makes us think that 100% of the additional 60% of funds flowing into the DAO (from Steemit and Justin's supporters) should be used for community development? This was not the intention of the people who supported Justin Sun or Steemit Inc. We have a strong and resilient community proven by recent events and don't need this excessive funding, burn half the difference!
VOTE TO BURN 821 HBD/DAY! ✔️
https://peakd.com/me/proposals/83
It won't cost you a thing
I personally would vote to burn it all..
The fund, the fund, the fund is on fire.. we don't need no water.. 🔥🔥🔥🔥🔥🔥🔥
821 SBD a day is a start, thank you for your support!
Where's the official proposal?
https://peakd.com/me/proposals/83
Link is giving me troubles =)
I had to find it thebd fashioned way.
Burning stuff should be easy.
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥
https://peakd.com/me/proposals/83
Thank you! Supported.
If we don’t burn we only serve to drive down the value! Unless earning meets production, perhaps a campaign to get more projects funded at first with our war chest or spend it in exchange listings would be a good place to start before we burn it all
Yes. We aren't burning it all, it will still rapidly grow with this proposal in place. No one is stopping anyone from campaigning. Exchange listings don't really help, adding 1,000,000 coins to be locked on an exchange is less effective as burning to control the price. We need uses, there are already enough exchanges given the volume.
I am for this; it is a massive amount of HBD. Would be ok if the DEV fund paid in Hive but HBD creates such a crazy inflationary debt hangover.
Devs want to be paid with a stable coin while the investors and users are left to bear the brunt of market forces. Time to take some control of that market with inflationary reduction measures!
Yep which was fine for the original portion of inflation; but don't see how that works for the whole Ninja mine.
Sound logic, epic math —I support this 💯
Supported. Great idea.
Someone wrote a BURN post... @smooth is like....
😂
Voted.
This is not true. 4450 is the maximum amount that could possibly get spent from the Hive Fund on proposals. Meaning, that is the daily maximum pay the Fund can pay to all proposals combined. And what actually gets paid is lower than that - it's the combined amount of daily pay of all active proposals above the base return proposal. At the time of writing, this amount is 1160 HBD. However, 250 HBD of that amount is for the SBD Potato proposal which ultimately goes back into the Hive Fund.
Please get your math right and do more due diligence to understand how the system works.
So 83 m hive and 163k hdb was added to maximum funding at an unplanned and arbitrary time. And that much can drip into the decentralized hive fund? What's the difference other than our interpretation? The math remains the same.
What does SBD potatoes have to do with this? Other than stabilizing a peg that doesn't work, it doesn't change anything except makes the argument even more valid, too much potential funding exists, burn some! These aren't drastic measures its 821 SBD per day that can be turned off at any time.
Inflation scares investors.