Why are most accounts on steem powering down?

in cryptocurrency •  last month

View the original post on Musing.io

At first glance, this observation might look correct on the surface but the real picture speaks of exactly the opposite. I came across an excellent post by @taskmaster4450 yesterday and I am going to use the date presented there to show that more steem is getting vested by minnows, dolphins and orcas. The 'middle class' SP group is growing in numbers!

The Steem whales are gradually losing their SP while Orcas are growing rapidly by accumulating more and more SP each day. Even Dolphins and Minnows are increasing their rate of growth. What is happening is that the wealth is becoming more evenly distributed. The best part is that red fishes and minnows are hungrier than ever and looking to gobble up more Steem by powering up.

Take a look at this data compiled by @taskmaster4450  from @arcange's daily data analysis:


As we can clearly see that although total vests of whales have gone down but Orcas are on the rise. From July to August even Minnows and Dolphins have shown an increase. I have condensed the data from its original format to a more easily readable one.

Over all we lost one whale but we also added ten more Orcas in this time period. We also added almost two hundred and fifty more minnows to the list. The number of minnow accounts have almost grown to eleven thousand.

Note:  Following is the Steem user classification by levels

Whale:     > 1 billion vests
Orca:      between hundred million and 1 billion vests
Dolphin:   between ten million and hundred million vests
Minnow:    between one million and ten million vests
Red Fish:  between 0 and one million vests 




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I am one of those minnows that increased their total vests in this period.

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I am gradually increasing my vests as well, but I am still Red fish. Hopefully I'll be turning into a Minnow in a couple of weeks :-)

These metrics are headed in the right direction. Despite the increase in inactive accounts, which is expected, we continue to add members. Like most online communities, there is always churn from those that are less engage in these types of communities. I was surprised to see the amount of minnows increasing but I think it shows that getting there is now more accessible because (1) the price of #STEEM is cheaper and (2) less active users mean more rewards distributed to those whom remain active.

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Less users only mean a greater share for us from the reward pool pie.

When I joined Steemit, I used to wish that I came here around 2017 when Steem prices were below one dollar. What people call a bear market in Steem is actually a dream come true for a lot of us :-)

This is eye opening for sure! Where does one check their vests?

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If you go to https://steemworld.org/yournamehere ....... you can see pretty much any stat that you want to. The site has a great spread of data.

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No problem. I use the site everyday and think it is brilliant. So much useful information.

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I read the post from taskmaster4550 as well, follow most of what he puts out as there is some great data in his posts. I can see that some of the whales are powering down but the facts don't match the statement as the numbers are so different. If a whale powers down for even one week it can be 100k STEEM. That massive number will obviously register on any stats that you look at.

Looking at the reality though means that you can see how many different accounts have grown over the past few months. From the post by taskmaster we can see how much the orcas and dolphins have grown. I know that i've taken advantage of the low prices to top up my account a small bit because i truly believe that this is the best chance that we will have to do it before the prices hit $5+ prices again and won't be coming back down.

We can see that there is a lot bigger spread of distribution for STEEM tokens and that will only spread further as we go on. The power is going to move more to the masses as time goes on and i for one hope to be near the top as that happens.

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I am really sorry for the late reply man!

You are right on both counts - It is time to take advantage of the low steem prices. The fact is that, this might be the last time we see the sub $1 Steem. Today's sale price is going to be the tomorrows regret for many.

I can also see that the red fishes and minnows are also gradually climbing up. The SP is gradually evening out in the Steem ecosystem...... this is a really good sign.

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This is about 400 comments ago for me anyway, i'm surprised you even saw it now. I had to look and see what i was actually writing about at the time. No worries man. :D

I'm trying to take advantage and have been adding as much as possible while increasing my activity over the past month and have seen the difference that it has made. Not in terms of money as we can all see but i have managed to increase my holdings by a good bit. Hopefully more people can do the same.

I've been looking at the redfish power up league and was very impressed by some of the red fish that are gaining ground so fast. I still remember the struggle to get up to that 500sp so i'm glad that there are people out there to help them and push the smaller accounts upwards. It's a great idea and i only wish that i had found something like that at the beginning to give that helping hand when it was most needed.

Hopefully we will be the whales in a couple of years time as the sp balances out. If the prices get to a high level 10,000 sp would be a massive amount to hold and i could see a lot of the largest accounts powering down a lot of theirs.

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I just graduated from the Redfish power up league :-).

I don't really have money to buy any Steem. What I am trying to do is to earn it here the old fashioned way on the platform and power it up. I June I set for myself some target....

To have 200SP by end of July
To have 300Sp by end of August
To have 500SP by end of September

..... Thankfully I exceeded all my targets. Now I am trying to aim for 1000SP before November ends.

Like all steemians, I too dream of becoming a whale one day ;-) but for now I would be targeting dolphinhood (5000SP) by mid of 2019.

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From reading through some of the comments it seems like the group behind the redfish league are looking to start a minnow league or something similar as well. Somewhere for people to graduate into once they reach the 500sp mark. To do it in such a short time like you did is a huge achievement and there wont be many people that get there as fast as you did.

My goals would be similar enough to your own and my next target is to make it to dolphin status. It' still a long way off but i would be hoping to get there within the next year. Earlier if i keep up the rate of engagement that i have at the moment but that is fairly heavy at the moment and will probably fade a bit again.

Still it's nice to have the goal ahead of us and now it's just a matter of who makes it there first. If you keep going like you have been i wouldn't be surprised if it was you.

@hashcash, good news! Thank you for sharing this information with us.
Decentealization is the key to the success of the Steemit ecosystem. I hope in the future the total SP of the whales will drop below 50%.

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Whales play a very important role in the Steem ecosystem..... but I fee that its time for samll fishes to climb up too :-)

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@hashcash, I wish you are right! I am still a minnow, but I hope I will grow in the long run. I will also try to support my fellow minnows and planktons become more active and grow.

Thank you a lot for your supportive words!

Posted using Partiko Android

@hashcash, good news! Thank you for sharing this information with us.
Decentralization is the key to the success of the Steemit ecosystem. I hope in the future the total SP of the whales will drop below 50%.

Posted using Partiko Android