Meta Analysis: What's Up With PALNet and SteemLEO?
These two projects are doing a lot better than I thought they would. There seems to be consistent buying pressure and the dumping has mostly subsided. SteemLEO got away with hardly anyone dumping on the market because they not only targeted the PALNet airdrop, but filtered it even further to all the current stakeholders resulting from the PALNet airdrop. It's like a smart-airdrop within a smart-airdrop.
SteemLEO is the 'Inception' of crypto.
And have you noticed that very few whales on Steem are actually whales on these new platforms? This is decentralization at its core. New people are being given the opportunity to lead communities and bring value to them.
Personally, I can hardly believe it worked out this way. It would have cost very little for Steem whales to buy up huge portions of those dumped airdrops, but literally none of them did it. I feel like this speaks volumes. They are already in control of Steem, and they know they can't control these new centralized communities.
Instead they'd rather spend thousands upon thousands of coins on Drugwars, Nextcolony, and MagicDice (lol). The way this has all turned out really speaks volumes. I won't give my opinion on the matter; you can read between the lines.
PAL has some pretty significant buy walls in place.
5000 Steem wouldn't even price the liquidity down under 0.41 : 1
Conversely, 1000 Steem in the other direction would push the price to 0.494:1
0.5 to 1 is a large mental barrier indeed.
Just half a week ago LEO was trading at 0.07. I bought 1500 coins at this price and powered them up today. Now they are worth over double (at some points triple) that value. This airdrop had very little dump to it, and now buying pressure is pretty high.
Also, it appears that a lot of the PALNet holders aren't voting for steemleo posts. The reward pool hasn't been drained enough.
My estimated upvote is 45 coins.
Cut that in half to estimate what it will be like when people actually start getting paid out.
So lets say I make 20 coins per upvote.
200 coins per day.
6000 coins per month.
73000 coins per year.
Obviously, that's not even close to correct, as it would indicate 300% RIO per year. We have to expect that the system will settle down much lower than that & that a lot of the stake involved is sitting inactive.
A lot of the whales on both platforms (same people) clearly aren't selling much.
This situation is pretty good for everyone. PAL and LEO holders are also die-hard Steem holders. Most of the PAL and LEO coins that get sold on the open market for Steem are going to end up being powered up. If we ever buy up to either sell-wall, the coins that get bought from the sell-walls are "guaranteed" to be powered up (promised by PAL and LEO moderators).
There isn't a lot of liquidity left. PAL only has 15K coins under the sell-wall and LEO only has 17K. My personal stake is higher than that. If anyone wanted to buy more stake than I have they'd have to purchase from the sell-walls. I find this to be particularly significant. We can only decentralize from here on out. Our unique upvote model is pivotal in achieving this.
It's pretty easy to see that all the value that PAL and LEO are generating are also generating value for Steem as well. We also have to look at the @steem-peg wallet.
https://steemitwallet.com/@steem-peg/transfers
My my my... isn't that pretty.
Half a million steem coins just sitting there dormant... not even powered up. And they also can't run a fractional reserve because we can see exactly how much SteemP is in circulation vs how much Steem it is collateralized by. This aint no Tether, folks.
They are also giving us the benefit of the doubt of calling it STEEMP in the first place. Look at all the other centralized exchanges. Do they call their Bitcoin BTC-pegged? No, they lie and just say it's BTC. However, this BTC is simply a representation of accounts and balances using centralized databases. At least projects like SteemEngine and Bitshares are honest about their implementations in the naming conventions. It shows integrity over trickery.
How many people on the planet know about all the developments going on here? A couple thousand? And what are we doing with this information? Checking coinmarketcap 5 times a day wondering why the price keeps going down (and more "importantly" the slide in rank in comparison to other coins).
You know what I think? I think everyone reading this right now should plan to begin consolidating Steem during the months of September and October of this year. When September and October roll around you probably won't ever remember that you read this.
I'm obviously not suggesting anyone make any rash decisions. How many "not financial advice" financial advisement encourage you to show some restraint? Technically I guess all of them expressly say it... but the underlying content implies the opposite.
SMTs
We might have the mythical SMTs by that time. Seems like a dream... maybe it is. A lot of people out there I'm sure don't want to invest in SteemEngine so close to SMTs coming out. Again, this false sense that the two projects compete is totally projected. They both help each other. They both keep each other honest. Open source code does not compete.
Conversion to SMT
If SMT becomes superior to SteemEngine, how hard is it to migrate a SteemEngine coin into an SMT? It's insanely trivial... they both exist directly on the blockchain, and I bet a lot of projects are going to run the same coin on both chains just to show the communities how secure the tech is; that both platforms can coexist and verify that all the information on chain is correct and in consensus.
Conclusion
I've never been this bullish on Steem, and I've been nothing but bullish in the past. HF21 is garbage. The new EIP is garbage... but it doesn't matter. The other fundamental developments going on here outweigh that noise by 100 fold.
I can see where this is all going, and we'll all look back and laugh at how worried you all were.
The whole Scot Engine seems to be down, right now. Upvotes aren't counting, new posts with the tags are being ignored... 😑
Shit happens when you party naked.
I think all tokens on exchanges are pegs. It's not really yours until it's in your wallet. However being a DEX, steem-engine is different. All DEX have wrapped tokens because technically it's still in your wallet and is just converted or marked. For example when you send Steem to steem-engine they take 1%, however since the Steem is still yours they call it Steemp to signal that you paid your fee on that and can use it later without having credit on their system or paying the fee again. In other words it's convertef and marked but still fully in your control. I wouldn't want to keep a lot of it, but it is much better and quite different than having Steem on Binance or something.
I am very glad the price has already started to stabilize, but its still less than a week. Just wait until people who are earning start selling. There will be a little pressure, but it's going tontake a month or so before we can trulely evaluate. PAL is just getting tonthat point.
Great thoughts and encouraging patterns for the launch so far. Seeing as LEO targets a more niche audience but was distributed generally had me thinking there would be a LOT of dumping. This is showing me that others not big on investing are still savvy enough to know that this is the ground floor. If they take a flyer on a token that is not even in their wheelhouse, you know the sentiment for tribe tokens is good.
Well put and I love it too!
I agree those new Scot Sites are really a gem to the whole Steem Ecosystem but I don't think that we will see the official SMT start in this year. Steemit.inc already mentioned that they are planning for the beginning of 2020 to launch the SMT project until than we can all enjoy some more cheap Steem and Scot Tokens, cheers!
Soon™
How did you put 'TM' on right top?
You can find it in the character map.
Try pushing alt 0153
The easiest way is to copy and paste it.
I kinda wish they'd do another airdrop, because I am a crypto trader, and I read a lot of investment posts, so it's annoying that I missed out because I got nervous about the centralization and people's behavior. For a community, I guess it's alright, but I question it because of where we are. We're supposed to be all about decentralization...and this is gonna just end up as a bunch of different centralized communities I guess.
Of course, even after being a little iffy about the centralization and sudden censorship and rules and consequences coming out of nowhere, I had already bought further into PAL and didn't do anything about my stake. It wasn't until I started to notice a pattern of disregard and people telling me to leave if I didn't like it that I got nervous enough to decide to power down and put in some sales. I still have my buys in lower though.
But that powering down caused me to miss out on the Leo drop.
I hope more communities don't follow their example...not just because I'd miss out on the drops, but because whether or not you staked PAL shouldn't have anything to do with whether or not you will be good in another community. PAL is one community. It's one of the largest on Steem, previously mainly on Discord, a centralized chat app. It's just one community though. Using it to decide who gets tokens on a different community is...stupid.
I'm gonna consider if I should perhaps buy a bit of Leo, perhaps even cancel some of my unrealistic PAL buys to do so, and consider if I should maybe post about investment a bit more.
Ideally, even if the LEO airdrop was given to a bunch of users that didn't theoretically deserve it, they are still theoretically trustworthy.
As such, decentralization and reward allocation of the coin should be a lot more fair... in theory... as long as PAL holders don't exploit it... which i dont think they will for the most part.
They aren't necessarily investors though...and it's a completely different community. I'm pretty sure I'm actually in it on Discord...but I can't remember for sure, because I hate Discord and never open it. :P
I'll just have to think about some topics on investing to write on, so I can earn some of that Leo I would have gotten in the drop.
Should be fine.
Don't worry about missing the airdrop...
looks like it would have been like $10.
no biggie
Wow...people really have faith in the future value...
Just seeing that these adjustments and communities are getting this traction shows the demand for such changes. It may be for a concentrated group of people now but I am sure it will continue to grow as the technology continues to develop and demonstrate its versatility and strength.
Posted using Partiko iOS
Excellent point there, I wrote about the coexistence of the smts and scots in this post, kindly check it out. I love whats going on, I mean, some people have even started serious trading on the steem engine exchange.
Glad you recognized that the current 300% return is unsustainable although I wish you luck in obtaining it. Whales aren't buying these coins because they would move the market too much. It's best to keep your investment small and only what you can afford to lose. This airdrop was free money and when the excitement dies down people may abandon ship, I still don't know what gives LEO value.
I thought Steemleo already implemented some of the changes that were proposed in HF21.
If @Steem.Leo can successfully become like a StockTwits or Seeking Alpha, I think it would work and that's what would give it value. Think of Steem Tribes like subreddits.
It's easier and more targeted to become a top influencer of a topic-specific forum than a generic "Steemit" forum.
I am glad that decentralization has a life of its own. It really means something that the Steem whales are not whats in PALNET or SteemLeo
I feel you, this is the greatest hype we had since...well...the SMT announcement in 2017, I guess. Steemleo and PAL have surprised most of us but apparently many of us have learned from the past, as the staking numbers show.
I don't know what you're implying with learning from the past and staking SteemEngine Tokens.
I mean, we know how valuable it is to participate in a new reward pool, just like back in the days when Steemit started. In combination with 50/50 reward split, people are really excited to use these new platforms. And that requires staking to make it round.