Good evening burners!
So, in typical sloth fashion, I made a boo-boo the other day! I was trying to get some orders set up on the market for those rare $SLOTHBUZZ tokens and managed to buy/sell to myself, TWICE!
You know what they say, fool me one, shame on you, fool me twice, sloth on me!
Well, it's been a while since I was active on Hive, in fact, my last burn post was This one where I asked for your feedback and subsequently went back into sloth mode and forgot to answer you all!
The general feeling in the comments was to let the slothbuzz token find it's own way in life and see what happened. Also mentioning that 'burning tokens was admitting failure to plan ahead' or something along those lines! And, well, I'd have to agree! Maybe the sloths threw themselves into things with the best intentions but not the right methods! I mean, 420 MILLION tokens?!?! Who in their right mind ever needs that many? Maybe we should have taken the 'low liquidity' thinking into the token max supply and only minted 420K or something!
However, the sloth must go on! No good dwelling on burnt bridges! The current supply is only around 14K tokens, and most of them will never see the light of day, we could say the circulating in 'user' hands is closer to 2000 tokens. With only 6.9 minted per day, we could easily get the tokens into a deflationary cycle (maybe). Again, this would be 'admitting defeat' in some regards.
As for token price, well, I rather like keeping the market 'stable'. Althought the SlothBuzz token was never intended as an investment token, and they promised no return for holding the token, I wonder, if drips were added, would that make it a security? Surely not, it would be more of a benefit to holding instead of a promised return? I guess some thinking is required in that regard. Does anyone have any ideas on that? But, the main point here was the spread of the token buy/sell was HOOOOGE and made it look ridiculous! Since then we've set buys/sells around the 0.75 mark (hence I managed to buy/sell tokens to myself like a noob).
On another matter, I was thinking over the burn situation, although it's super easy just to make 'burn posts' that auto-burn ALL tokens (for the author). It makes it difficult to level up this account and make it impactful for the community. Would it be a better idea to 'burn' tokens based on the rewards this post makes, either by burning the author's SLOTHBUZZ rewards after we receive them? Using Hive/HBD to buy back tokens from the market to burn. Or even having a 'burning raffle' where we get y'all to tip us with the !SLOTH command and then reward y'all whilst burning the SLOTHBUZZ tokens sent to us?
Lots of thinking ahead for us and the slothbuzz token in general. We want YOU, the community to help shape the future of slothbuzz, after all, we're a community token first!
PS, have you entered the MEME contest? Check it out here: SLOTHBUZZ MEME CONTEST