13 To 4 Week PowerDown on Steem Blockchain / YES
Hi Steemians!
In less than 4 hours, witnesses will update the Steem Blockchain to version 23.0. One of the changes is the Power Down period from 13 weeks to 4 weeks. Let's discuss that and why I think it is great for our future and the $STEEM token.
In December 2016, an update on the chain was made to reduce the power down period from 104 weeks to 13 weeks. Since then, the Steem Blockchain kept these 13 weeks rule, and no changes or updates where made.
Why 13 Weeks
An argument why they kept in on 13 weeks, was to ensure the users felt obligated to stay because their stake was locked up for 13 weeks. I am not following this logic. Why hostage people's investment for so long? 13 Weeks is a long time in crypto land, and users that want to leave will do it anyway.
Why 4 Weeks
A 4-week minimum stake is still a long time, but it is a good starting point and will likely attract more investors and users to the blockchain.
It is more attractive to buy up higher amounts of Steem and power it up as an investment, when you know you get your money out whenever you feel like. Life is full of opportunities, but it involves also a lot of risks. In case something happens to my personal life, and I need to cash out my crypto, I don't want to wait another 13 weeks.
For the price, I see it as a good thing. For investors too. Only in case you lose your keys to a hacker or other malicious reason.
In that case, I can't stress out enough to check your wallet every day and check for a potential initiated power down from your account. In case you see something suspicious, change all your keys immediately with your master password.
Yours, Ciska
I dont know about improving the value, but it doesnt hurt that there are fewer tokens out there, nor does it hurt that so many haters are excluded from the #newsteem.
I see your comments have attracted negative voices, my point exactly.
Hopefully this can be an end to the Hatfields and McCoys, let Hive be hive and Steem be steem.
I see it as "other" voices. Everyone is entitled to have an opinion right :)
As long discussions are civilized I am open to any.
Thanks for your comment
I agree with your conclusions, the 13 weeks rule is what kept me from buying and powering up a large amount of steem when I first joined.
Exactly! Thanks for your comment
So you actually believe that any big investor will invest in STEEM after SF 22.8888 and now HF 23?
Where you can say something Justin doesn't like and your money is gone or frozen? Or by simply being the stakeholder?
Like @mottler who didn't transact in 4 years and will lost 2M SP? He/she didn't even power down.
I would be surprised is STEEM is not removed from exchanges.
Really. How is the erasing of $5 million worth of investment and hard-earned Steem going to attract investors? You should be careful about making investment advice publicly to a token that has no future value. That hard fork just REMOVED 23 Million tokens from heavily invested users. Think about that!
Best to use that 4-week power down and move to HIVE. All 4 weeks is going to allow for is a pump and dump cycle as you've never seen. Good luck.
I don't think she said that would attract investors. Also, bare in mind that Hive erased 16 million dollars worth of investment (spare me the lecture about air drops please).
Perhaps you Hive users should take a play from that book. The Hive leadership guided the price from 8 dollars down to 8 cents. . . I don't see what's exactly changed that is going to bring value to Hive. The leadership is the same, and the posts that payout are all about Hive. That doesn't really attract new users or investors, does it?
Literally said it would attract investors...
Well, it's not keeping me... I'm a dev and work behind the scenes in the ecosystem that
supportssupported Steem. I powered up 1000 STEEM just before the split, was all in... Now I'm all out... that's real, live investment leaving... Just about to break 10,000 HIVE that would have been STEEM. 13 weeks was a good compromise from the 365 days. 30-day witness vote period on Hive is also a good enhancement over Steem.From where I stand the witnesses that I voted in represented my best interest in the decision to fork from Steem, that's why I voted for them.
Your straw man example
Was an external economic boost buy new Korean exchanges and a pump by those investors. They had very little to do with it other than creating a crypto ecosystem that exchanges wanted to list and investors wanted to invest in.
Steem has lost industry trust and is now halted on many exchanges... so now my 6,000 STEEM, that I've worked for and invested over the last 3 years, maybe in jeopardy. You can add that to the 23 million.
How's that Steem(it) leadership working out?
She said a 4 week powerdown would attract investors. You then proceeded to say that she meant stealing 5 million dollars of investments would attract investors. I believe that is the straw man.
As for what you called a straw man, yes, the whole crypto market rose and fell, but when I got here, Steem was the number 3 crypto currency. It then dropped to number 10, and by the time the witnesses left, it was number 70. . . I am sorry, but they are to blame.
I'm about to break 80 since they zeroed my account. All in all, in a perfect world, we would have about 55,000 Hive right now. So, I'm gonna stick around here.
I like the four week powerdowm. I don't love the retaliation.
Steem being possibly part of a class action lawsuit for taking away currency makes me weary of buying in, but still willing to earn with curations and such - does that make me a hypocrite or an investor?
Hives copying the blockchain, making those who didn't want their content on that engine upset, and coming out as redundant on search engines, makes me weary of investing there too.
I am hoping that the more time goes on, the easier it will be to distinguish both blockchains and that their begginings become the only thing they have in common.
I dont know about improving the value, but it doesnt hurt that there are fewer tokens out there, nor does it hurt that so many haters are excluded from the #newsteem.
I see your comments have attracted negative voices, my point exactly.
Hopefully this can be an end to the Hatfields and McCoys, let Hive be hive and Steem be steem.
I support/like the idea of 4 week power down. It will be helpful to motivate people who intend to invest in this platform. On the other hands it will be great dor people who want quick recovery of money in case of emergency. It will make steem more competitive over other. Let's hope it will be great for steem future and all steemians
I tend to find the hacker argument slightly compelling for a longer power down period.
One solution I've considered for this is making it so that you can only use your master password/owner key to power down fast. If a hacker has that, then your account/stake is lost anyway for however long it takes to power down. But if you use an active key for the power down, then it could be longer. I think this would protect against the possibility of someone accidentally giving out their active key and then losing their stake.
Dear @clixmoney
One of those posts, which surely are worth checking out and reading through.
Thanks for sharing your view on that change. I myself couldn't figure out how could that change impact steem in long term. In a short term I would expect strong selling pressure.
Did you notice that some bots like appreciator lost most of their delegations? Many users terminated their delegations.
I wonder if that means, that all those users will start powering down (with one week delay) and dumping their steem. That's what I expect anyway.
Also I've noticed that you've applied to become part of "Community Curators Program". I dropped my supportive comment here: https://steemit.com/the100daysofsteem/@project.hope/qavxng
Hope it will help.
ps. Are you planning to cross-post this article to HIVE? if not then I will gladly drop an solid upvote from @steemcurator06
Upvoted already :)
Yours, Piotr
Thanks for this update. I just changed my 13 week powerdown that was only 5 weeks in to a 4 week powerdown. Much better!
Oh gosh, what a shame to see you go