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RE: The Steemfest Sell Off? - The Price of Steem Still Doing What it's Been Doing

in #steem7 years ago (edited)

A catalyst for a change in sentiment and price action?

I know what would ease some of the long-standing criticisms against Steem and Steemit, Inc., but it seems that nobody within the “leadership” around here wants to take this issue seriously. And that issue is this:

The initial launch of the blockchain and the mining of STEEM.

There’s somewhere around 50% or more of the total supply being held by a small group of people who have demonstrated three main things: 1) They’re willing to change major blockchain protocols on a whim, 2) they’re willing to dump their holdings even at low prices, and 3) there’s an apparent lack of competence in running a social media company, which just happens to be the flagship product/concept for Steemit, Inc. and the Steem blockchain.

The catalyst for major changes in perception - which continues to be the problem with Steem/Steemit - could very well be eliminating a very large portion of Steemit, Inc.’s STEEM holdings. Burn a vast majority of the stake in their @steemit, @steemit2, @steem, and all other associated accounts. The purpose for having that stake in the first place was for large-scale account creation, which is no longer needed with delegation and other soon-to-be implementations expected in HF 20.

As long as the supply sits at 260+ million STEEM and as long as Steemit, Inc., Dan, and their friends control 50% or more of that supply, future investors will face much larger risk with little potential for reward and the perception of unfairness or impropriety will continue. New logos and color schemes, hoping for some magic app, or creating thousands of shitcoins isn’t going to change that. This needs to be taken seriously and there needs to be some willingness to even acknowledge this by Steemit, Inc. - and that’s the one thing that they essentially refuse to acknowledge...still.

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Very good point. That amount of supply and that size of supply being control by a small few is similar to dealing with centralized banks.

And yes, since delegation has greatly aided with new accts, the proof of stake, if you will, for those accts is diminished and not nearly as justified.

Something has gotta change.

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