Burning coins is the process of reducing the total number of coins in circulation. Dependent on the coin this can be done in many ways. Typically, when coins are transfered, there is a Tx fee which is often burned.
Burning coins slows inflation. POS does increase supply and burning reduces supply. i.e. if you combine or split blocks a fee is charged which burns coins.
With coins, there is a balancing act between POS, POW (also increases # of coins), burn, initial supply, time, & demand.Coins can also be burned in swaps designed to reduce supply and hopefully increase price per coin.
Is there an official announcement of how many flies will be burned? I want to create an economic pricing model.
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BoardAnnouncements (Altcoins)
Re: Team FLY : v1.6.2 wallet released! The most trusted coin in crypto!
Will this coin be able to prevent stake hyper inflation?
With coins going into the Super FLY wallet with every transaction they can always burn some of those Super FLY coins. If needed they could fork it and change the POS rate to a smaller or descending amount. I'm sure they will not let it get out of control.
Ok here is the list on who qualified this week for SuperFLY rewards:
TimC ASICrefugee CapnBDL Mrs_Dandy Crazy Ivan Bittamak
I checked through all the posts. These were the only people who posted to Social media. The people on this list will be loving it as they get 16.6% EACH for the stakes for the whole week. YAY!
So each person gets 16.6% of 2.51 coins or 0.41 coins each? Is this accurate? IF so how laughable. I won't waste my time posting anywhere for 0.41 coins which amounts to about $0.35 USD. pfffft.
So, I got a Super FLY stake/payment of 1.75755748 FLY yesterday. I see five others also got a stake/payment of 1.75755748 FLY
On a personal note, I want to thank everyone who has supported me, or my company, in the past two years. I'm sorry to put you guys in this situation, as I appreciate you guys and the support you have given me more than anything else that has happened to me in recent history. There is a lot of negativity because of my abrasive attitude towards stupidity and ignorance, and I understand why people don't like me as a person, but my family and their safety and security is more important to me than digital currencies. I encourage everyone to reply with their vote on how to move forward before I step back. If there is not a majority by tomorrow morning, my time, I will begin the process of setting up a swap-back to an older, less complicated chain, so I can leave you guys with something that I feel is 100% secure. I'm sure this post will find its way to Bitcointalk, which is whatever, since I have no interest in following that forum anymore