Powering Down? Why?!
Powering down...
Powering down! The tool used on the Steem blockchain to unstake your Steem decreasing the power you have on the blockchain! I've been powering up as much as I can to increase my power on the blockchain, to increase my voting worth, to help my Steemian friends! But there are people powering down! @ned for example!
@ned, the top gun here on the blockchain, the creator of STEEM, has been powering down and sending some of the STEEM to exchanges! I've been hearing people complaining that he is powering down, and that he doesn't trust the STEEM blockchain anymore and sees no future for it, blablabla...
I've been going around watching some of his interviews and youtube videos, and well, I trust him... Maybe I'm wrong, I've been wrong before, but he seems like an honest person, and between the whitepaper and the interviews I think he isn't someone that would leave STEEM, someone that would backstab the thousands... millions! of users STEEM has! He has been working on the blockchain for a while, I don't see the guy just powering down to backstab all the steemians...so what is he doing?
Well, let me try to logic 101 this... why would he do this?
First, decentralization!
As you all probably know, or should know, one of the main goals of a blockchain isn't to give out rewards to users, it's to be decentralized! Spreading around the power between everyone!
Banks and companies are centralized power structures that can freeze your account, censor you and overpower you! Because in this centralized power structures you have no power! A blockchain isn't supposed to be centralized because of this!
A blockchain can sometimes become centralized! In Proof-of-work, as you come close to controlling more than 51% of the mining the power, it becomes more and more centralized. In proof-of-stake the more coins you control and have staked the more power you control! It becomes centralized if a small number of accounts have a large part of the staked coins!
Steem is a delegated proof-of-stake blockchain, this means the more coins you have staked the more power you have, and guess who has the most coins? The early whales and especially ned! Ned dumping some of his coins on the market actually dilutes the power between all the Steemians! Decentralizing the power!
Why would he do this now?
Mainly because Steem is already a really good established project! I wouldn't say it is "to big to fail" but I would say it's getting there!
Dumping now, especially during a bear market, will furthermore decrease the STEEM price and give a new buy opportunity to people that are established and want to grow quicker! The early whales won't be the ones buying now, they already have a HUGE stack of coins... why would they put all their investments in the same place!
So, the people buying now are orcas, dolphins, minnows, planktons! Increasing their power on the blockchain and decreasing the power of the whales! Decentralizing the power in the blockchain!
Just look at this dump as a second STEEM ICO! The price comes down and you can buy in!
SMTs also come in this!
I hope I'm not going to give any bad information right here, I've only seen ned's interviews about SMTs and read some info on Steemit. But...
To launch an SMTs, if I'm not mistaken, one needs STEEMs! Decreasing the price of STEEM through dumping will also give an opportunity to people that want to scoop up some STEEM to launch an SMTs! SMTs are to be launched sometime this year... I'm betting on a SteemFest's launch, to be honest...
Now, I don't know the ins and outs of SMTs, like I said I've only watched ned's interviews, but from what I got SMTs will be huge if adopted! If adopted SMTs will slingshot STEEM to top 20, maybe top 10!
But I can be wrong...
Maybe ned is really just leaving the project, maybe he is just cashing out, maybe this will all go to shit very soon! I've already told the homeless guy to save me a spot next to his carton box in case shit hits the fan!
Or maybe he is just moving coins around... who knows what is in his mind!
If I had to bet! I would bet on decentralization of power through dumping 50% of his stack( in just one of his accounts) and giving a buying opportunity for small steem fish and potential SMTs creators to buy in!
What does this mean for the price short-term and long-term?
Short-term I think the price won't increase much... when the dumping stops imagine what the price will do?! Dumping stopping plus SMTs created will equal a huge decrease in supply, and if adoption takes place a huge increase in demand! Increasing the price tenfold! Moon? People we won't moon, we will go straight to Andromeda!
When that day occurs, we will get a huge influx of new Steemians, Dtubers, Zapplers, Steepshoters, Dsounders, etc...!
But hey... this is just speculation, we can't know what is in ned's mind! If he happens to go to SteemFest someone should do a lie detector test on him!I am joking! I am not to blame if someone actually does a lie detector test on him!
Images Free Source - 1, 2,3,4,5,6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 21 Question of the day: What is your opinion about this STEEM moves and power downs?
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Ele está a fazer power down para comprar OtárioCoin, que foi uma moeda criada por mim. Check this out https://byteball.market/#!/assets/1IUGcEQN7y5q1iMO+2sGPH~2Fd2zfJSf08h6gHIsGatYA=
OtárioCoin... devias fazer uma airdrop na assembleia da republica xD
It is curious but as you said who knows. I mean Steemit does have a lot of registered accounts... but the ratio of accounts that stay active (frequently post and see activity every 2 months) is dropping rapidly and seesawing against the numbers of newbies joining. I have heard the idea kicked about that perhaps Steemit was a proving ground for the concept of tokenised social media/tokenised approval. Who can say. I try to stick to the basics as time permits. Vote, comment, resteem, create content. I do kinda feel that no matter what happens on Steemit that the Steem blockchain isn't going anywhere. It is a pretty kick ass powerful player so fingers crossed that it's recognised as such in the face of the big players out there. Great write up. Stay positive and keep on Steeming.
Agree with you at 100%, i also have the feeling that Steemit was just the beginning for the STEEM blockchain, SMT will be huge if and when they are launched... I've also been commenting, posting and creating content
Thanks for reading!
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@teutonium, you are interested in reading, maybe you read me too
I'm obviously a bit late to this party but I just wanted to say that we don't want @ned to be in control of millions of Steem. We want him to power down. Although I must admit that it would make a lot more sense to power down during a bull run.
I don't think @ned is trustworthy, but I also don't think he has anywhere else to go. It's pretty obvious that the users with the most Stake (Steemit INC.) are still doing good work with development. We only need to start worrying if development stops.