WTF Ned is doing?
Dear Steem-bountiers
i am really upset after i find out that our boss Ned have just sell to exchange Bittrex an almost 500k Usd Steem value (Transfer 1543650.408 STEEM to bittrex).
I know i do not know anything about it, but could someone let me know what is going on?
It is almost a month i am complaining about his silence, but it was better the silence than this news!!
I have bad toughts, what about you my friends?
Anyway i always support my beloved community of @steem-bounty.
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The way so many projects go these days an ICO raises all sorts of cash and it's used to pay for the ongoing bills and the founders a nice payday.
Steem didn't go this route and instead premined and then had a very high initial inflation factor so the earliest people made a ton of coins. But having coins even if they are worth 50 million (stupid made up number) doesn't mean anything except you are a paper millionaire.
Now how to pay the bills? We all have expenses and Ned is no different. You can't pay your mortgage or car payment with steem so it needs to be liquidated. So this might be what is happening. Or it could be SO many other things including a large buyer wanted in without creating a big price jump so there was more private transaction done on bittrex vs using the very easily traced wallet on steemit. Or Or Or...no way to know unless Ned feels the urge to tell us why he move around some of his money, which he has no obligation or reason to do IMO.
Personally I am all for any large account holder selling a chunk of their coins. Get them into more hands and balance out the power structure here a little more.
The infrastructure for STEEM actually cost about 2 million USD. Steemit Inc also has other expenses like developer costs. The entire idea behind Steemit Inc mining a massive stake was that they would be using it to fund development instead of doing something like an ICO or appealing to something like VC funding or private investors which is less decentralized.
Personally I prefer if more and more large accounts start selling. It has happened to at least some extent. About a month ago we only had about 50 million STEEM in exchanges. Now we have 20% more:
This means those of us who are HODLing has a little more value and impact because of this. If STEEM had better distribution, things will be much better for smaller accounts.
Completely agree with this. More the large accounts sell the better the future looks IMO. We need to have a real middle class and from seeing what is happening right now and the number of new minnows and dolphins being made each week is highly impressive to me. This will help us once the market turns better as those who are buying coins to power up have a long term mindset and aren't looking for an opportunity to cash out.
BTW, where did you pull that chart from? @vimukthi
The low STEEM prices helped a lot for those who stuck around. I'm making several times more SP even though my USD earnings have gone down almost 10 times. The chart is from @penguinpablo He and @arcange make regular stat reports and charts.
Earnings are great right now. I'd rather be earning "less" but getting more Steem & SP then we were getting. As I see this as a long term deal it's much better to have the chance to earn more coins for the long term potential is much better this way.
Thanks for the info. Knew I had seen one like that before, but couldn't remember where.
I wish Steem Inc would be a bit more transparent .... I think having INC centralized was a mistake.
We are not sure if he has sold it yet as it says "Hiding my Steem from public viewing" though I think Steem is already doing well with little or no help from Ned/Steemit Inc.
Steem can survive with Ned or Steemit Inc.
What we need in my opinion is more projects and dApps. Projects and dApps like @steemmonsters @partiko and @musing are already bringing mass adoption of Steem and we probably need other projects with different ideas.
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It’s not hiding, it was transferred to bittrex
Yes, Bittrex has a Steem wallet where one can possibly hold Steem without necessarily selling or exchanging it!
I'm not saying he hasn't sold it but at least we aren't 100% sure!
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I think it’s unlikely that he powered down and moved it to bittrex unless his intent was to sell at some point in the near future. We would have noticed if he sold a large amount so he hasn’t sold much if not any yet. The concern is what would happen to the price of steem if he were to dump yikes!
I agree with you on this. There will be a massive drop with news of him selling off his holdings but then we can always walk our way back up.
Litecoin is still surviving after its founder, Charlie Lee admitted selling all his holdings.
Also, think of him selling as transferring powers. This will only transfer powers to witnesses, dapps and other Steem influencers.
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It’s not about the news, it’s the 1.5 million steem being dumped on the market with low volume thin order books I’m worried about.
Alright, I get it!
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Thank you so much for mentioning us!
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Finally Steemit is a company with the goal to earn money.
If the owner then milks the cow, this is not negative, but a common process to convert profits into investments.
Of course Steemit is not transparent when it comes to what the company does with its income.
However, it is logical that the necessary changes in the infrastructure, the payment of employees or gas, water, heating is not settled with Steem.
Might be we can also look into ad revenues. How the platform can pay the bills if we want to hold the steem too?
Ned has no divine right to hold onto the steem he has, if he wants to sell it and earn some fiat in the process so be it, we all have the right to do with our money as we please.
He could be funding work or himself, doesn't really matter.If it so happens to tank the price its only a bonus for us who want more steem power. The more distrubuted the coin becomes the more valuable it will become
I had not noticed that great movement.
I really have no idea what will happen to that man.
It must be difficult to have this current situation, and a project like this on your shoulders.
But the logical thing is to seek advice, such as this.
Perhaps to drive this platform is that cryptocurrency movement.
Let's hope so.
or for any other personal expenses, who knows.
Maybe he has alot more in other accounts through family members. Thanks for letting us know that he did this.