Steem Blockchain PowerDown 1 WeeksteemCreated with Sketch.

in Steeming Community4 years ago

Hi Steemians.

Since the last hard-fork, Steem blockchain lowered the power-down period from 13 to 4 weeks. We like to discuss this topic and love to hear your opinion.

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Steem Power Down 7 Days.

We had a 13-week power-down, but in these times of fast and easy, 13 weeks is absolutely horrible. So 4 is a step in the right direction, but it can be even better.

Benefits of 1-week power-down.

  1. It will attract investors who are looking for a high yield asset. STEEM can be attractive to those who want to get a high APR on their token investments.
  2. I think it incentivizes users to power up their earned rewards entirely
  3. It can absolutely have a positive impact on the price of the token (see all Defi projects like Just Defi $JUST)
  4. With all the lending options available and more importantly those to come, I see some huge potential in lending STEEM and use another crypto as collateral.

Let's make STEEM sexy again.

Negatives.

  1. If your account gets hacked you got nearly no option to recover. Therefore you should not store your master password online or on your computer. Same as your keys for your Ledger or any other vault that stores keys, keep it offline and encrypted. In case you see an odd power-down that you didn't initiate you can immediately change all the keys.
  2. When fud is in the building, a mass sell of can occurs. To me, this is a great opportunity to scoop up some cheap STEEM of the market.

Please share your thoughts!

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Do we attract more investors with a 1 WEEK to turn off? Both yes and no.

Yes, if they are just investors who think quickly and quickly with a profit. Such investors will probably earn more just by trading on the stock exchange.
I am not against a week, but we must have more to offer those who want to think profit over time so that they see that the profit is profitable from investing over a longer period of time. If an investor can see that, the funds will also stay here longer. It also means that our coin is stable on the stock exchange and is not dumped and then goes up again. If we do not have a stable coin value, we can never give a calculation to an investor. Investors need to see a whole and not just profitability. I do not mean that we should give any guarantees, but with package solutions that tell the possibilities and the future of our platform. Proper marketing is needed if we are to attract large investors in the future.
I would think most investors will be the ones who are already in the crypto business and the marketing should first be aimed at them

I like the way to 1 week power down. It should be there. I am waiting if this happens.
I 100% agree with one week power down.

Thanks sir for your participation in the discussion. Happy that you like the idea

Hi dear @ciska, it is an interesting topic, reading your post I agree with your explanation . 13 weeks was real really too long, 4 weeks is Ok, but having the opportunity of 1 week is very attractable.

When we talk about bigger investors, we have to make it attractive:

First Steem blockchain is attractive as it allows the investment to grow even with simple upvotes using autobots, manual upvotes that will let them to earn without much work.

The time when they need urgently some of the invested Steem or maybe everything then knowing that it is only one week time make Steem attractive too.

At the moment there are Steem, Hive and Blurt are similar platforms, but one of the attractive difference for Steem is short Power Down.

As to hackers, there is always a risk of it, while people have invested something in Steem they must be aware at least every two days to check it. Another option while logging into Steemworld there is a warning if Power Down started. Maybe our developer could create a notification email that will let the users know that there is PD started on their account.

Cheers, @stef1

 4 years ago (edited)

Hey hunny! Thank you so much for coming here and taking the time to reply!

You are absolutely right. Steem has a unique feature and is one of the highest yield tokens since 2016. In this space, we are like Bitcoin. There is a reason Steem once was third in the world based on market cap.

Investors, traders, yield farmers, but also the regular johnandjanedoe wants to be able to access their funds quickly.

They are copies of us, so they are similar indeed :) I really feel that all decisions and code changes done in the past need to be looked at with new eyes. We can make it attractive again, and differentiate ourself from our copycats.

I know that @justyy has a tool that sends him emails in case there is something with his witness node. Maybe he or @steemchiller know a way we can automatically notify our users if a powerdown is initiated? I see the big red bar on steemworld.org which is very nice!

Thanks Stef! XXX

Thanks and appreciated your effort.

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!

The 13 week power down was primarily a thought process that emanated from a defeatist mindset

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!

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.

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.

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

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.

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Thank you so much!!

I read all arguments in the comments too. Everything has advantages and disadvantages, but with four weeks powerdown period I feel quite comfortable.
Of course we need investors, of course they want to get their money quickly, at the latest when things get tight. But I don't believe that such considerations should be our first step. How can we show investors that Steemit is worth investing in? And for that we (and especially Steemit Inc. with its voting power) have to deal much more with abuse in my opinion. Take a look at the trending page. What is being communicated there? How you can make money very quickly with little effort if you ignore any community-building approach without a guilty conscience. I don't want investors who think that's great, I'd rather wait thirteen weeks for my little money...
Four weeks are fine, that's enough to realize financial plans.
Best regards,
Chriddi

 4 years ago 

Thanks Christiane for you time to reply!

All valid points and I completely understand that frustration. We can make Steemit attractive by providing a decent income for its users. Therefore we need to find solutions that can increase the value of the token. Lowering the supply of it is 1 thing, raising the demand for it another.

To tackle the trending problem, we can change the code so the curation window and increased curation for early voters is removed. Manually voting will be encouraged this way. I do not like the "how faster you vote, the more you earn" rule. This has messed up the trending as curation hunters go for those high payout posts. Remove the timeframe of curation, and it is (almost) fixed. (this will be a post on itself, today ;))

Of course, people can self-vote the hell out of it, or create voting circles as before. But that is Proof of Stake, that part can not be changed as it is our core blockchain model.

KR

You are welcome. Besides I like the exchange with witnesses because I believe that you witnesses are the closest you can lead discussion results to where they belong...

I would not call it "frustration". I've been on the Steem for too long to let disappointments guide me. Maybe I'm just tired. Very tired.

Remove the timeframe of curation

In my eyes this would be a great step in the right direction!

that is Proof of Stake

For example, were you looking for @upvu? What if we all delegated there? I can tell you: With my SP it would be worthwhile to publish two or three flower pictures every day... No! The entire SP would be lost to the curation for users with honest work! This is not allowed! And this abuse has been reported many times before, but nobody cares. Is this our Blockchain? The Proof of Stake, the Proof of Brain...?!

Dear @ciska, don't mind! I appreciate your work. It's not you, of course not your foult. Maybe it's just me getting tired...

Love,
Christiane

 4 years ago 

Thanks again dear!

You are doing well, and I am super happy that greed doesn't hit everyone. We are witness, but our voice is not that big as I would want it to be :D

To me, this (upvote services) can be solved as well, partially, and with the help of the community and common sense.

The voting time and curation model is something that needs to be addressed too.
The problem now is, that people with a big stake use that service to get a high upvote. Curators notice this and also vote on these posts so these people now earn even more.

If we want positive behavior, we need to structure it that positive behavior is rewarded. Just like you learned Max that if he is a good boy, he gets a treat. Now he keeps doing that because he knows he gets the nice reward.

We can create that on Steem too. I am making a post about this topic that addresses this!

XXX

I see that @upvu votes a lot and it seems like it's some kind of bot, but I can't figure out how to get up from it.

I'm sorry, you have to figure out yourself how this abuse system works. I won't teach anyone how to - in my eyes in the worst way I've seen on the Steem for almost three years - overly enrich yourself and a greedy bot operator. When you have figured it out, please consider carefully whether you want to sell social dignity on a "social" platform.

 4 years ago 

If the power down is 1 week, I think there will be more movement in the market and great for traders. We want steem price to increase in value so maybe this will helps? Also, those who prefer slow and steady earning on steem, they can just stake/power up and earn curation rewards, or lease them out. As in the outside real world, not all big investors interested in community building. They want nice ROI and the thought of 1-week power down sure attracts them more I guess. Last time I even heard of 3days power down 😄

Hi dear and thank you so much for joining the discussion!

not all big investors interested in community building

This is such a great quote and absolutely how I feel too. If we want to be attractive to both investors and the mass public, we have to give both what they want!

Lol 3 is not an option, only if we reduce the payout window to 3 days but that also implies we are having a way too high inflation

Thanks X

I still like 13 weeks as i think it shows a commitment to the community, However going to a 4 week power down has not changed much since it was brought in.

4 weeks is fine

 4 years ago 

Yeah, but I am not sure if we get loyal followers by intentionally lock up funds for so long. Users who want to leave, do it anyway. Not sure if anybody thinks: "oh it takes 3 months to leave, thats too long, I stay".
The intention with a reduced power-down is to attract money and users with money that feeds the ecosystem.

Thanks for your input!

 4 years ago 

lol

@steemingcurators. I believe that 4 weeks is healthy for the long run. A true investor will not shy away because their investment will incur a 4 weeks ROI. The bigger worry should be: What will happen to he value of Steem in FUD? A rushed and massive sale by everyone will crash the price. So for the future and sustenability of Steem, I rather go with 4 weeks.

 4 years ago 

Thanks for sharing your thoughts!

Investors do not like it when their capital is frozen. Massive dumps are part of the game, and as I said an opportunity for others.

Nothing is wrong by attracting flash investors as this surges the prize and benefits all token holders, you just got to be on the right side of the trade. We need a hight STEEM prize to get noticed, I think we can get there by doing this.

Thanks for your thoughts!

@ciska. I would love it to work out this way. If this will attract more investors, improve the value of Steem without any adverse effects on the longer run, am in for it. Makes a lot of sense from the investors point of view and can make it a marketing advantage.

Before I setup @steemalive community, I attracted an investor that decided to start small because I proposed that the capital will be frozen for 3 months. I added the extra 2 months to allow enough time to generate more ROI. Her Investment of 200,000 Naira in local currency is around 2000 Steem then, which I bought and powered up in our community.

If powerdown is reduced to one week, then I can get more investors because like you said, they hate their capital to get stuck a long time. Was just worried if it won't encourage pump and dump and aftect the value of Steem in the longer run

 4 years ago 

Hi thanks for your answer.

Except for making the code as attractive as possible, we obviously need a thunderstorm of marketing.

In the long run it has a positive effect on the prize, as more investors and people will know about it. If the returns are high enough, there is less possibility of flash dumps because we have increased demand.

I see this a massive opportunity and one that needs to be thought about.

@ciska. Let's do it. I believe it will be a huge success. Steem to the moon!!!

 4 years ago 

1 week power down will gives us this benefits:

  • just think someone got financial emergency , he/she has good amount of sp hold in the account. This stored sp will help them in the time of need.
  • An investor will be interested when he/she will see this opportunity of getting the investment back in short period .
  • More steemit user will be power up in their wallet.

Limitations:

If your account gets hacked you got nearly no option to recover. Therefore you should not store your master password online or on your computer. Same as your keys for your Ledger or any other vault that stores keys, keep it offline and encrypted. In case you see an odd power-down that you didn't initiate you can immediately change all the keys.

We all need to take proper precautions about password. If we keep it securely in offline , then I don't think so it will be a big problem.

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