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RE: Steem experiment: Burn post #1
My theory on the power-down is that they have contracts with SMT investors that require @steemit to provide the STEEM needed by those investors at some contracted price, rather than the investors buying in the markets. (In thin markets, substantial power-ups can create massive price spikes.)
Since the contracts would be subject to non-disclosure agreements, @steemit is in a bind and can't announce or explain the reasons why they are powering down.
" they have contracts with SMT investors that require @steemit to provide the STEEM needed by those investors at some contracted price, "
In other words, they are fucking all of us over by selling at a below-market price to Steem newcomers, subsidized by fucking over those of us who already paid market price?
I don't care much for your explanation, frankly, though that is not an indictment of you.
However, framing this as anything but shady bullshit theft from the rest of us is STINC supporting propaganda.
The shady bullshit theft happened two years ago with the massive premine. That there are still consequences of that is not a surprise so much as an inevitability. I choose to be here because I see potential in spite of that.
@josephsavage is correct - the shady shit was the pre-mine.. Selling them at any price - giving them to friends, burning them, who the fuck knows - none of those actions hurt the community any more than the initial pre-mine did.
In fact, breaking up giant whale accounts and distributing them to new users will strengthen the community in the long term.
I remember a time when Bitcoin bagholders all started up Bitcoin faucets in order to distribute the coin into the community.. Were they fucking over those who had mined or bought BTC because they were not selling at market price?
That's my most probable version, too. Funny, I wrote about it like a minute ago...
Fucked up if true, means Stinc is fucking us all by selling to new investors at below market prices.
How does that hurt you?
It doesn't...
I have in the past given my Steem away for nothing.. Did that fuck you over because I didn't charge market price for them?
No.