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RE: Understanding Silent Risks and Uncertainty (A Non-Technical Essay For Speculators)

in #philosophy8 years ago (edited)

Oh thanks, it's better if I clarify (edit) one entire chunk of texts there. Maybe it was poorly worded -

I was actually disappointed when it was announced two months ago that Steem was going to change its power down period from 24 months to 3 months. The initial inflation and power down model was quite attractive to me as a long-term investor. If you review my activities, you will see that it's reflective of that.

Anyway, clearly something was wrong with the initial economic model as the price kept plummeting. The conditions keeping up with the community's expectations. So to top my disappointment, the proposal to reduce the liquidation period will most likely cause a further (of what I thought back then, unnecessary) price dump. Whales that don't want in anymore and those that are not in to hold would cash out.

Personally, I don't mind a low price. I powered up with the expectation of testing it for 2 full years.

However, I have accepted the change about a week or two after the hardfork proposal was announced. The community decision seemed unanimous that the change will be the better course of action. Accepting the hardfork was all thanks to some degree of comfort from Nassim Nicholas Taleb's (NNT) works.

Agree there's really no right and wrong economic model. It just depends on community expectations.. and there are too many variables. Anyway, I convinced myself that short power down window will be for the best after consulting NNT's materials lol which is why I wrote this..

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