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Add btc fees to bsq burned in cycle 8 report #333

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Jan 27, 2020
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Add btc fees to bsq burned in cycle 8 report #333

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Add btc fees to bsq burned in cycle 8 report
Jan 20, 2020
12a8524
Correct math for burn numbers
Jan 27, 2020
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12 changes: 9 additions & 3 deletions _posts/2020-01-16-cycle-8-results.md
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Expand Up @@ -23,8 +23,10 @@ These changes will be discussed more thoroughly in a call next week, as well as
* 1 parameter change and 1 bonded role
* 35 compensation requests
* 445 votes cast
* 124 083 BSQ issued for compensation (151 293 BSQ was issued in total, of which 27 210 was for reimbursing the refund agent)
* 13 449 BSQ burned
* 125 083 BSQ issued for compensation (151 293 BSQ was issued in total, of which 26 210 was for reimbursing the refund agent)
* 53 239 BSQ burned from trading fees (79 449 BSQ burned in total, of which 26 210 was disputed BTC funds)

More details on BSQ burned: the 53 239 BSQ burned from trading fees is the sum of BSQ burned directly for fees (13 449) and BTC fees collected by _burningman2_ to buy and burn BSQ (39 790 = 66 000 BSQ total burned<sup>1</sup> - 26 210 BSQ of disputed BTC funds). Since this was the first cycle in which BTC fees were used to buy and burn BSQ, the BTC fee total is abnormally high: it includes BTC fees that were collected before the cycle started, and should be relatively lower going forward.

High BSQ issuance in the face of anemic trading volume resulted in a relatively big increase in BSQ supply during the cycle, a problem that aggravated the BSQ market.

Expand All @@ -50,4 +52,8 @@ _Generic proposal and parameter change ([link](https://github.com/bisq-network/p

_Accepted_

Key stakeholders approved a proposal to change the owner of the Bisq donation address. A corresponding parameter change proposal was made to change the bitcoin address in the DAO, and the new owner's 50 000 BSQ bond was locked upon the close of Cycle 8.
Key stakeholders approved a proposal to change the owner of the Bisq donation address. A corresponding parameter change proposal was made to change the bitcoin address in the DAO, and the new owner's 50 000 BSQ bond was locked upon the close of Cycle 8.

---

<sup>1</sup> see proof-of-burn transactions adding up to 66 000 BSQ burned: [proof 1](https://bsq.ninja/tx.html?tx=caf7410187735ac013a3fec0ae6566ee1c9dd2dcf974f0d92d75bb9d22feba6c), [proof 2](https://bsq.ninja/tx.html?tx=2452902d1299f36394ad3011a9b8a51e888d594ed3095bc55577091d1ca45ec8)