Steem experiment: Burn post #1

It has been suggested by some stakeholders that the rewards currently being paid out are excessive, relative to the size of the community and the value being added, and are so large as to be contributing more to incentivizing abuse than adding value to the platform.

This post offers an alternative. By voting for this post you are voting that rewards be reduced by the amount allocated to this post. Any rewards received by this post will be burned (sent to @null) as described below. If the belief that excess rewards are not adding value is correct, then the reduced money supply accomplished by burning should increase the value of STEEM/SP.

Burn procedure:

SP: equivalent amount of STEEM sent to @null
SBD: sent to @null if SBD is trading for no more than 1 USD. Otherwise, traded on internal market for STEEM, which is sent to @null

This procedure is being used rather than setting beneficiary to @null in order to avoid reducing SBD supply when SBD is overvalued. Therefore some trust is required that I will actually burn the rewards. Vote accordingly.

Proof of burn will be posted as a reply after payout.

If there is positive stakeholder response in terms of votes, I will continue to make more such posts as a series.