Cent Daily Digest (May 17, 2022) - How will the 100k CENT ($661UD) burned affect the CENT economy?

writeandearn in #hive-173575 • 2 years ago

It's true that earlier today, @anadolu burned 100,000 CENT tokens as he reported in this post. You can confirm the transaction here.

That amount of $CENT burned is worth about $661 USD based on today's CENT price of $0.00661. This means that $661 worth of CENT has been pushed out circulation forever. At a pegged price of $0.1, that would have been $1000.

According to the report, the mount of CENT burned represents 5.2% of Cent tokens in circulation. Burning of tokens is understood in the cryptoverse as a way to improve the token value and lead to a price raise.

We understand that $CENT was designed to stay around the $1 pegged price. In case you missed the report post, let's share thoughts in the comments section of this post how you think the 100k tokens burnt would affect the CENT economy.

Do you think there would have been a better way to have utilized the tokens burnet?

Share your thoughts in the comments section. All related entries would earn a decent $CENT upvote.

This thread is to encourage engagement within the CENT community and to help spread CENT to many accounts.

#cent #burn #leofinance #hive-engine #ctp #cryptocurrency #vyb #proofofbrain #neoxian

2 years ago in #hive-173575 by writeandearn

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joetunex 2 years ago

In this case I will be opting for burn.

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3.61 CENT

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rzc24-nftbbg 2 years ago

I actually raised this question of token burning and inflation in one podcast. The analogy given is the buyback mechanism in the stock market with the goal of increasing the market price of a specific security. I also get the point not unless there is a prior huge increase in token supply, token burning is the way to go. However, it is also a recent realization for me that inflation as a way of token distribution is good provided that the growth rate of the project is bigger and faster.

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creativehive 2 years ago

I think leadership is everything in a decentralized ecosystem like this. Only a wise leader would want to burn such an amount of token for the betterment of the community. I believe that if there was a better way to utilize the tokens, @anadolu would've done that.

Thanks for the encouragement with respect to engagement.

3.59 CENT

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