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Burning LTB coin...

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J.Ambo

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I've often thought about how I might share any success I could muster through the LTB community. After submitting a few articles I thought how interesting and wonderful this project is and can be. For example if I get an article published, and its is favored by the community in terms of BTC/LTB tips, I would feel inclined to give some of that wealth to those that helped me along the writing process.

But after thinking about this, it seems to me that this is a weak sort of inflation, or at least not such a valuable process for the LTB sub staff, to put so much time in only to receive tokens that MAY gain in value depending on the overall value of the community. I expect this community is of great value, and the price of such a coin will eventually catch up to this value, but for the time being there is a catch 22 of facilitating and expediting content for only a token of future value.

I'm only slightly familiar with the concept of LTB coin and even less familiar with the concept of burning, but it seems to me, if possible that burning coins as a donation to the community at large, is a superior way of donating even to a specific editor.

Do I understand these concepts well enough?

Posted on August 31, 2014 at 11:38 AM

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• Cryptonaut

  

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  Eh, its hard to say kind of. When you burn a coin, you are basically taking it out of circulation, which effectively reduces the supply and speeds up the deflation. Theoretically, that could result in a higher price which is good for everybody, but its not guaranteed either. Holding/hoarding should have pretty much the same effect

  Posted on August 31, 2014 at 12:59 PM
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• J.Ambo

  

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  @cryptonaut Eh, its hard to say kind of. When you burn a coin, you are basically taking it out of circulation, which effectively reduces the supply and speeds up the deflation. Theoretically, that could result in a higher price which is good for everybody, but its not guaranteed either. Holding/hoarding should have pretty much the same effect

  This things seem related for example, if i want to donate, I burn, and then you hold?

  Posted on August 31, 2014 at 1:01 PM
  Last Edited: September 1, 2014 at 8:17 AM
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• eddie

  

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  As I understand it, burning means the coins can never be spent again. I see burning more as an example of when a company self funds itself. The action of self funding shows future investors that your willing to risk your own money. If your money is on the line, they you already have strong incentive to make your project work. Burning is a way to transparently do this. Anyone can claim they spent n on their own project. If they spend or burn and can prove they were the original key holders, this proves that they have self invested.

  Posted on September 18, 2014 at 1:54 PM
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• Tintin

  

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  Yes, please render your coins unusable, so that we all may profit :).

  Posted on September 18, 2014 at 2:09 PM
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• Omnibus

  

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  You would also have to produce verifiable proof that the burn address is not in control by anyone and the coins meant to be removed from circulation do not 'pop-up' again sometime in the future.

  Posted on September 18, 2014 at 7:53 PM
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• J.Ambo

  

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  @tintin Yes, please render your coins unusable, so that we all may profit :). This was the point that me and others might feel that the value is best given to the rest of the community, seems like a fair way to "tip" or "donate" back to the community from those that know the value is best held with others.

  @omnibus You would also have to produce verifiable proof that the burn address is not in control by anyone and the coins meant to be removed from circulation do not 'pop-up' again sometime in the future. I would expect that, and the point I think is it might create a sort of culture, not sure if its favorable to the environment, but imagine all the bitcoin holders started to burn coins in the hands of non significant holders of the wealth.

  I don't mean it to be against the spirit of the coins.

  Posted on September 18, 2014 at 10:41 PM
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• lizawati

  

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  therefore do not be shy to ask .. or read-read the existing provisions in the forum in order to understand the spirit ..

  Posted on September 19, 2014 at 9:29 AM
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