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RE: Burn post experiment: one week review and rules update
It isn't quite that simple. Buying STEEM as is done here raises the price of STEEM which in turn increases the reward pool. However, it helps shift things back toward equilibrium where: a) SBD is worth closer to 1 USD; and b) at least 50% of rewards are paid out in SP as intended instead of as fully-liquid and overvalued SBD which is more attractive to scammers who can cash out right away without any stake in the future success of Steem.
It is that simple.
More attractive to "scammers?" This is a misconception that is being thrown around by this whole haejin debacle. Unfortunately, using paid upvotes, and writing 4 post a day that get upvoted and paid well, etc., is NOT scamming. It's all within the realms of Steemit. Some people might not like it, some people might be jealous whatever, but that doesn't make it scamming.
There is NOTHING stating a person can't, or shouldn't cash out right away, it's their right.
At the end of the day this post is short sited, with the intent of being a long term beneficial plan.
The simple fact is: it TAKES AWAY from the potential reward pool for minnows, just as much as anything else.
For someone on an alt-account, to make more then I can ever dream of making, just for a spammy BURN STEEM post and passing it off as beneficial to the community is just as much of a scam, and damaging to the community. It also just shows the laziness of the community. Sigh.
True to an extent but the intended design is for 50% of rewards to be paid in SBD (can be immediately cashed out) and 50% in SP (can not be immediately cashed out). That is not the case now due to a malfunction.
You are confused. No one is making anything from this, except of course the entire community of STEEM/SP holders who may benefit to the extent the buy-and-burn process increases the STEEM price, and the overall community/platform to the extent that the effects of the SBD malfunction can be somewhat corrected.
BTW, in referring to 'scammers' I wasn't intending that to refer to any particular individual. There is a general widespread phenomenon of people milking the high SBD rewards and immediately cashing them out. That doesn't mean they are doing anything 'wrong' but it means the community and voters have a right to question whether the reward pool is being well spent, to reward contributions that add value to Steem, and to take action through voting if they consider the current outcome to be suboptimal. This discussion of how rewards are best spent is one that I agree with and will work to encourage through voting and various other experiments and initiatives: https://steemit.com/steem/@transisto/my-version-of-steem-is-not-content-based-it-is-contribution-based
Thanks for your explanation. However, I still disagree with this method.
Nothing wrong with disagreement. Thanks for commenting.
Why not burn the SBD to the promote option right away in place of arming more users with liquid steem/SBD. Selling them on the internal market doesn't do much good as it can still then be transferred and pumped on the open market. Using the post promote right away destroys that ability.
I have never seen any option that allows for 100% payout in liquid form (SBD). It is either 100% SP or 50/50.
That is correct