RE: Steem Blockchain PowerDown 1 Week
This is a great idea. The 13 week power down was primarily a thought process that emanated from a defeatist mindset. The entire objective being to prevent a run on the token in case of FUD.
But to my mind it always back fired. Maybe some whales like to powerup but as a normal person the idea that my money would be stuck for 13 weeks And the fact that i would never be able to take advantage of Bull and Bear cycles on the market made sure i never powered up too much. But now I powered up in August Spud4Steem cuz i know if the markets start soaring or if i have a personal emergency i have the option of using my funds.
This will also ensure liquidity. That may lower a price a bit temporarily. But it will also encourage trade volumes and in time it will start going up.
But before we do that i think we should mend ties with some of the exchanges who may be a little miffed with us as a result of the sequence of events related to the hard fork. Binance has significantly pulled back many of the trades options on Steem. We need exchanges to be ok with us again. Without that in the long term powder down and power options won't really help.
Lastly keeping tokens powered up with long duration such as 13 weeks only helps to keep the price of a token artificially high. It is not reflective of the actual price of the token. Today steem and hive almost trade at the same rates. This is despite one token having a 13 week power down and one having only a 4 week power down. Not mention all the flooding that happened with many Steem whales dumping on the market during the hard fork. Yet Steem continues to hold its own ! Now that's reflective of the actual power and promise of the token !
Hi! Thank you so much for your time to reply and your valuable contribution to the discussion!
100%. If you make changes to the code to prevent users from leaving, you already make the dumbest decision and that is starting with the mindset of a potential defeat. In that case you already lost before you even start.
An incredible great point you bring up here!
That is also what the average person wants. Flexibility and easy access to all funds, at all times. If we want global adoption, we need to do what the 90% of the public wants. We can not make decisions out of tribalism. We need to be innovative, and be pro active, not reactive.
It does, the price held very well which indicates the market is still bullish on STEEM, despite the "sell-off". I even think many held their STEEM cause they see the future value of it.