Burning 1000 CENT

The @buynburn account uses its HIVE and HBD rewards to buy and burn coins on #hive-engine.

Sadly, to make this project a success I need to occasionally write posts to earn the rewards and it takes the same amount of effort to write a burn post as it does a real post.

There are numerous accounts that run automated burn posts. I consider these posts to be spam.

Some of the automated accounts are jokes. They might promise to burn the XXX coins for the automated posts. They keep the rest.

There are benefits to burning coins. One burns a coin by transferring coins to @null. Some tribes will promote a post if you put a link to your post in the burn transaction. Quite often one will receive upvotes that are greater than the burn.

The @buynburn account will engage in trades ... but will end up burning everything.

In this post I wish to take a look at the CENT Token. After posting, I will perform a ceremonial burn of 1000 CENT. HE says the reported value of this burn is $1.131.

That's not a lot. The size of my burns depends on the upvotes for my posts.

You can verify my burns with the Block Chain Explore. I've had two previous CENT burns of 604 CENT.

Now lets analyze the tribe.

The CENT Tribe

Cent Social is a general interest tribe. The tribe guards against spam, duplicate entries, hate speach and AI generated posts. I believe that they are okay with AI images.

As I recall the tribe had a target price of one US penny per CENT. Since CENT is based on the HIVE, it is a difficult task to achieve when HIVE is falling.

HIVE Engine tells me that there is 62,323,143 CENT in existence. The HIVE price was 0.00275193. The USD price was $0.00003 giving a Market Cap of $1,869. I have a hard time imagining it falling much lower.

The Market Capitalization would be $623,231 if CENT traded for a penny.

Looking at my records, I see that I had 2,558 CENT worth $20.82 on my personal account @yintercept in May 2022.

Today I have 21,101 CENT worth $20.85. This has not been my best investment.

Were CENT to return to a penny, I would have $211. So I can dream.

@centtoken is the official account for the tribe. @anadolu is the primary architect. Their accounts report on the vision and activities of the project.

Diesel Pools

CENT participates in numerous diesel pools. The pools allow users to swap coins. As there are bidbots that balance the pool and the exchange, diesel pool price is usually somewhere between the BID and ASK price on the exchange. CENT has the following pairs:

• SWAP.HIVE:CENT holds 2,150,260.214 CENT and 6,054.239 SWAP.HIVE with $4,951 liquidity.
• CENT:CENTG holds 1,835,626 CENT and 642 CENTG with $4,079 liquidity.
• CENT:LEO holds 429,171.23 CENT and 3,103.564 LEO with $1,128 liquidity.
• SWAP.HBD:CENT holds 411 SWAP.HBD and 373,253 CENT for $866 liquidity.
• CENT:POB holds 157,466 CENT and 85,124 POB with $356 liquidity.

It looks like people have sunk over twelve grand into these pools!

Personally, I prefer to buy and sell on the exchange. But, if you need to buy or sell coins in a hurry the pools are great. They let you execute transactions without having to deal with the annoying bidbots.

The CENT Richlist

As since is a well established tribe, it has a nicely distributed richlist. Sorting by "Staked" I see that my 21,000 CENT puts me at position 27.

It looks like the tribe has burnt 10,045,344 CENT to date. Burning has the effect of reducing the float and reducing the market cap.

My 1,000 is barely a drop in the bucket. We probably need to BURN several million coins to get the price back to a penny. I hope to do several CENT burns a year.

The Image

I used NightCafe to generated the image of a robot melting pennies for this post about burning CENT. I will transfer the HIVE and HBD for this post to Hive-Engine. I will use the funds to buy and burn HE coins.