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RE: Actifit Weekly: 495,000 AFIT to be burnt October 25. FitOctober Bring in Fitbit Users Contest. STEEM AFIT & Witness Status. Daily Updates

in #actifit2 years ago

I agree with this as well. A little buy pressure makes a big difference on the price. Buying 1000 Steem a month worth of AFIT off Steem-engine and burning it would make a huge difference in price.

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I have been wondering were the tokens are coming from for the burn sounds like they are not being bought off the market. Buying them off the market is the only way to drive any real benefit as this helps to lift the value.

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Exactly. I think they are just burning tokens from their own coffers but since they are never on the market in the first place it doesn’t have a direct impact on price. If I understand it correctly.

Thanks @sepracore @j85063 for your feedback.
The tokens being burnt are actually ones stored at actifit.s-e account on steem-engine, which the users decided to move over to their actifit.io wallet. Of course the user's tokens are intact, since they are now on acitifit.io wallet.
So the tokens being burnt could have been initially bought on steem-engine, or moved over from actifit.io wallet.
We are definitely happy to receive further suggestions on burning tokens as we've been discussing few of our own, and as i responded to @curtwriter that we find his suggestion as a positive one and worthy of discussion.

@mcfarhat If I understand correctly tokens that are moved from someone's Steem-engine acc to there actifit wallet don't actually leave Steem-engine and go to actifit's Steem-engine account? And you just credit there actifit account with equivalent AFITS is that correct? Still these tokens that are getting burned are not bought off Steem-engine the one's actually put up for sale. It's these ones that are for sale on the market that need to be bought and burned I believe to have any effect to increase the value of the AFIT tokens. Even if only 1 or 2 thousand AFITS were bought and burned would I think have a far bigger impact then burning 100,000+ tokens that are not listed for sale.

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Yes they are exactly moved as you mentioned. But how did the users acquire those tokens initially? mostly by buying them (or moving them from actifit wallet and then they needed to send them back), so they do help i believe to cut down real circulating supply.

We also do, as actifit, buy AFIT tokens from market, though we haven't burned those tokens, they just got bought back by actifit account.
For example, we bought around 100,000 AFIT tokens couple of weeks back, here's a snippet of some of the buy actions, and we have been doing at different points in time.

we plan to make this more streamlined, a steady process and to burn tokens bought from market, while keeping the monthly burning of the actifit.s-e tokens as well.

What happens to the AFITS actifit by back do they go into the pot to be given out later like new tokens? That's good actifit is buying so.e back of the market. If people have been moving tokens from their Steem-engine account to their actifit wallet they are not actually for sale and not reducing the token value so I don't understand how burning those makes much of a difference now.

Maybe in the longer term it will start to make a difference. I am really hoping we get some decent products in the actifit market soon like say shoes, socks, hat's, shirts even Fitbit or equivalent tracking items. As we are well over a year into actifit and still can not purchase anything practical as mentioned in the front page of actifit.io. I know you have mentioned something coming to the market very very soon I hope it will help add more value to people wanting to use actifit and be able to get something practical they can exchange AFITS for. Thanks @mcfarhat

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yes AFIT tokens bought back go back to the pool.
Burning the tokens makes a difference in limiting circulating supply on steem-engine. The more tokens available under circulating supply, the higher the price pressure.
We are experimenting with this and as i said looking into implementing other measures.
Yes about the market, hopefully by next week we will have something to share with you guys :)

Thanks for the information @mcfarhat

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