RE: Jumping Off The #stopthepowerdown Bandwagon
Aren't pre-mined and ninja-mined definitions completely separate? Pre-mine usually relates to early adoption or distribution before that coin's usual mining method becomes available. Pre-mine is usually a fair event.
Ninja-mined refers to coins acquired in completely unfair ways, unavailable to the majority of users at the time the ninja-mining occurred. Such as a blockchain owner giving some crypto to his friend just because he can.
The account powering down in question is made from ninja-mined coins and this affects all of us negatively.
If the Fed can print however many trillions they want, how are we getting mad at Steemit for spending money they can never reprint?
Because it's the right thing to do in both scenarios. The mistake there is not getting mad at the Fed.
Transparency
I don't think Steem, Inc is that transparent. Sure, it's way more than average, but it's still way below "decent".
If you create a cryptocurrency, and you own all the coins, that coin is worthless. The coin doesn't have value unless people are using it, and because you own all the coins, no one is using it. This is how giving money away for free (airdrops/POB) is actually a profitable action.
How is a Ninja-Mine worse than a Pre-Mine? In the ninja-mine, miners were at least given the chance to mine coins. In every ICO, 100% of the coins were premined and sold by the developers.
The logistics of the ninja-mine actually make us immune to ICO/IPO regulation, so that is kinda nice.
In the end, all that matters is trust, decentralization, and actual use as a means of expressing value.
That being said, I agree with most of what you are saying.
I don't see how this relates to anything that has been said so far.
Pre-mined, acquired before mining. It's an investor thing. If you have the budget to do so, you can seize this opportunity along with anyone else who meets the wealth requirement.
This is crap. It's coins that aren't even supposed to exist, usually given to someone in a very illegitimate way. Simply put, it's abuse. They cause nothing but devaluation. The fact they exist or have existed at some point spells out developer bullshit.