Let me tell you, this proposal will not be reviewed because the core team holds the power to review the proposal. No matter how strong the community’s opinion is, they don’t care.And trust me, they won’t take advice from ordinary investors. This seems to be a centralized project
I understand that many are interested in a burn and I absolutely agree on the reasons. But please think of one thing guys, such an important choice must be made rationally, with the right timing and in the right market conditions.
Personally I would not do a burn in this period, now we need to focus on growing the community and above all the usefulness of BitDAO.
A burn, in my opinion, should be done when the community and the interest in the token will be greater. Better still if in a bullrun period. Personally I would say to consider the burn no earlier than 2024.
I think that the repurchased BIT is not allowed to be burned, because it is an asset that BitDAO bought back with real money. Do you want your company’s assets to burn? Wouldn’t it be better to use assets for expansion? The best way to burn is L1 proposed by bybit ceo, which uses transmission fees to burn BIT to achieve deflation
（For example, the way ETH burns transmission fees）
A burning system is necessary for fighting inflation, so there will not be so many supplies. It is a great idea and will make the token more stable. Once the inflation stops, more people will come and support it!
Perhaps what the proposer really means is they want more clarity into the treasury management system and the intent behind bip-9.
Its clear from the whitepaper, community sentiment and voting results that BIT is intended to represent the community and treasury value of BitDAO and that some members of the community believe that the current token is undervalued.
Thinking of this from a purely economic perspective, I believe that the best way to do this is for BitDAO to create a more direct set of incentives for BitDAO token holders to increase demand rather than to simply reduce supply (which in crypto does not always translate to a proportional increase in price).
From a classical finance standpoint incentives like a dividend create a basis for value. Any thoughts on web3 incentive programs?
Ideas for a good approach would be either:
Tie the burning rate to the platform’s activities, the more people use it, the more frequent they use it, the more tokens it burns.
The DAO can voluntarily burn tokens if available in the treasury.
All and all, I believe it’s better to create incentives for holders to hold on their tokens by giving it utilities, rather than purely reducing supply.
This is wrong advice. You only see the positive and don’t consider the bad. Token holders have no interest in platform activities, and the platform will not make more concessions for bitdao. Let me tell you what might happen: Fewer people are at the event, and burning is less efficient.
Also the DAO will never voluntarily burn their tokens,history has proved it all.Burning operations must be enforced publicly.
Yes that great step to increase the value but need to remember beside burning the supply we have to grow the community too
I like the general idea but feel a more specific plan needs to be laid out. Would we be burning tokens in the treasury or doing some kind of buyback of outstanding tokens where a portion are burned? Who specifically would carry out the burn, the community, a specific entity, or an algorithm? More concrete details are needed.
I think perhaps the community should organize a committee or working group to discuss the pro’s and con’s of a token burn. important to consider both sides and currently not enough people are pointing out some of these potential negatives of a token burn @Norton has brought up.
burging token is good but few think keep in mind
In order to burn tokens, you first need to own tokens. Once the token burn is completed, the tokens are permanently removed from your wallet. That means you no longer own those assets, even if the price per token skyrockets afterward. With some coins valued at well under a penny, this could lead to regret later, especially if you’re burning thousands at a time.
Before you burn tokens, consider both the current and expected value of the cryptocurrency. Identify all the factors that have an impact on the price of the coin. Then, carefully think about how much you want to burn. Remember: You can’t undo the transaction once it’s completed.