Redistribution is happening

in #steem3 years ago (edited)
I'm aware that some big accounts have been selling these days, yes, even at these prices. As a matter of fact, just this morning I had two more people dm me about it, with a somewhat panicked tone. The idea being that if the big guys are dumping we are not going to make it after all. But, is that really how this works?




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The argument for a middle class


I've talked about this so many times on this very blog, some people might be sick of me by now. At the risk of boring my readers again, I'll just mention it one more time, but this time posing a question.

What's better for the ecosystem, a few mega whales or a huge pod of dolphins?

The answer should be obvious, if we have a strong middle class, that should in theory give us better governance, better curation efforts, a steadier currency, etc. Why? Simply because there would be a more balanced consensus of things.

Think about the possibility of having a middle class that can influence witness votes heavily, that has enough resources to fund an initiative, or start a project from scratch, you get the idea. As we have it today, we have a small amount of accounts holding most of the SP and one particular account pretty much deciding who gets to be a top witness. That can't be too awesome, to put it lightly.

The true believers, stepping up


I've been seeing quite a few minnows becoming dolphins these days, and some dolphins even doubling in size. The black friday discount seems to tempting, and even though the prices may indicate in some ways the immaturity of the markets, they say nothing about the goal we've all set in our minds.

Just today, I saw the lovely @soyrosa join the Dolphin ranks and seeing that post, her attitude towards this whole thing, not only made me smile, but it also reassured me that everything is going to work out in the end. There is no loss of excitement, no faltering of mission, none of that, just someone who like me sees these times as an opportunity.

If you are powering up right now!


First off, thank you for believing, for being part of the team. I know that even though things seem dire at the moment we will be grateful to our past selves in just a few months. Maybe it won't be because we 10x in USD value, but because we added value to this blockchain in a thousand different ways with the influence we are grasping at the moment.

Much love

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I have powered up from 1,000 to 10,000 SP in these dumps but I don't recommend anyone to follow. It is a dangerous game because unless you have a $1,000,000 to power up a person wouldn't be able to make a big enough move to influence witness votes and all that.

The witness situation is a clear joke and there is no point for qualified people to attempt to run them on this chain. We need vote decay and a rotational mechanism that would drop witnesses who have been in the top 20 for 6 months straight to being placed below 40 for six months before they can move back up.

This won't happen. There are about 50 people making good money on this chain and everyone else is chasing a carrot.

I'm chasing the carrot one more time and trying to get my average low enough and hope that STEEM doesn't keep slipping down CoinMarketCap like it has since July 2016 when I showed up here.

En eso estamos! New Minnow 2018!

Appreciate your post, and the mention! Yes, I'm here with you, believing in, growing with, Steem and the community. Having a strong and supportive middle class is what we have to strive for - especially with the dApps/SMT's that will be coming there will be a redistribution of 'leaders' and those spreading the wealth. Within these communities some will be on the top of the ladder, even though they might be 'just' a Dolphin on Steem as a whole. I'm looking forward to those times... We'll see the random whale swing by, but the Dolphins will be the ones shaping and growing the Plankton and Minnows.

Cheers!

So that's what's been happening to me since i got here. I'm being shaped. Lovely. Grown? Not much. So that might indicate my resistance to the "shaping". Not a great financial move for me or anyone else here. Oops ; )

If you watch any of the videos of Steemfest, you might change your mind about that @rossfletcher. There are awesome things going on on the Steem blockchain and this will only grow. And we will grow.

It's great that Steemit is growing! I love that there are so many creative,smart, and funny and talented people here. So many people put in so much time and effort making this happen. I'm not sure how to explain what i meant by "grown and shaped". I was talking about at the individual level.

Ah OK! Sorry! And great to hear! :)

not a good financial move? how do you know yet? you were pissed off on facebook posting for free and now you are getting rewards. i don't know how great of a financial move it was to waste 10 years posting on facebook for free, i guess it's all about perspective, which you have none of even in the fiat world. oops.

I'm thinking the main rationale for a whale to sell around these prices is this:

BTC broke a key support level and is dragging everything down... They may be taking a gamble that there will be significant price bleeds and they can get back in at a great price...

I'm not saying I fully agree with it, but that's the buzz I hear on other social medias (about alts in general)

Thanks dawg! Before the recent crash, I sold 9000 steem for a stable coin and I'm hoping for the best.

I've always been a critic of the whale phenomena. As a minnow, waiting to be noticed by a whale and all the suckerfish that follow them blindly is kind of frustrating. Creating good content then waiting for the luck of the drawer is frustrating I'm glad it's on its way out

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I’ve been powering up for weeks. I’m a long way off hitting dolphin status but I see no reason to slow down the powering up now.

You know what they say, while people are panicking, strengthen your position.

This is not just Steem/Steemit, just look at the DJIA. If I were to sell now at a loss, where would I put my money.... In a jar and bury it in the ground? No, I am staying, and I am powering up, when all the markets turn around ....It will be there loss not mine😆
Resteemed @meno👍

I'm really glad you covered this!

I also wanted to talk about distribution! Let's get some attention to the person who purchased. That is exactly the type of action we want to reward! :)

@meno I always thought that there was a need of wealth re-distribution, only having like a few whales and some dolphins and like a million minnows and planktons is kind of like feodalism... You know the good old days...? 🙄

/FF

The encouraging fact is that distribution has been occurring for months already although very slowly. According to @arcange’s stats, the minnow and dolphin population is growing at its quickest pace ever. It is truly encouraging and makes me even believe I can become an Orca!

These are wise words. The thing about a market collapse is it lets new people come in.

This is the positive way of looking at things.

The market makes small fish mature fast, about the price I have not thought about it because I only need a little extra strength to increase my maturity.😂

I liked your words very much, I think the same thing to create a medium society through the resource of the great will create more opportunities for all, while more balance systems are more stable.

We are going to put an example:

If the system with more marches hand in hand with good education, will make those marches can create projects, services that give utility to the steem market.

I think that lack is the sense of marketing by the big investors of steem are few who care about making the community grow and make transcend the project.

Well friend everything will be fine and we will work to achieve it.

I wanna purchase some steems now. Where can I get given I'm an Indian?

I don't know precisely... but, I would leave a comment under @firepower's blog... I'm sure he knows, he's a super helpful guy as well.

Yes he is. I guess he is super busy now!

@sathyasankar Have you tried using the various exchanges in India to purchase bitcoin/alts then buy STEEM with it through bittrex or Binance? Or you can also buy STEEM on Instashift.io as well from India. They have it listed from a while now.\n\n

Thank you bro. I saw instashift.io and found steem being listed over there. Am planning to buy a small amount of steem.

Okay great. Please let me know how it goes. Thanks.

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Sure will do.

Okay great. Please let me know how it goes. Thanks.

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I am powering up, 1 Steem at the time :)
It may take me some 10 years to become a dolphin, but what the hell, I lost 21 teaching and will get zero severance payment, so...

I guess I don't follow the whales well enough to know who's dumping and if I should be happy, but the odds are good. (I would like to know who's converting 100k SBD at a time and what they're doing with it, but more out of curiosity.) (Edit: That would be Blocktrades, which I guess makes sense. Smooth and Fedoradog also have about 100k each in their conversion waterfalls, but not all at once.)

Every Steem they sell somebody is buying, and probably going to either hold it liquid (good for active SP holders) or do something good with it. Should be a net positive.

I tend to agree, I feel like I have a much better chance of getting support of a few dolphins than some random whale!

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Always appreciate your insight Meno!

Exactly, many people forget that community is what makes and will make this project a success or failure not the prices even if they are extremely high or low ...Much Love.

congratzz to @soyrosa. Thanks for be dreamer like all of us. I have also that middle class idea. Work hard to grow my sp and have more influence and tools in the platform.

I think there are some that denied this could ever happen again, so they got squeezed. But I think most people have a Plan B or are just gritting it for a month here until this hell hole disappears. Overall, most people aren't dumb enuff to panic with this shake down bullshit that’s going on with BitShit cash and SEC nonsense.

What is the threshold for dolphin these days? 5K SP?

correct my friend 5k :) easy to achieve atm!

yeah, I would really hope that more longer term users would consider re-investing some of the profits they made while the price has been high over the past year back into the platform (blockchain). We truly do need more dolphin level users. A LOT more.

I was inspired by this all and also got me a shiny 1000 SP.. DANGGG

hooray!!! i totally agree with you. More dolphins more "equality" and distribution in a way!

Get demmmm tokens! 😎

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Its somewhat understandable, there are a lot of “screaming buy” cryptos on sale now. Ride the wave up, sell, buy back your steem.

I pulled the trigger a while back and joined the dolphin ranks , this looks like a transfer of wealth to me and I like your middle class thoughts!
Thanks for keeping it positive, I like seeing this kind of post!

I'm very glad so see more dolphins here, and I hope that there are others who also jump on this opportunity to become a whale for "cheap". I say cheap with quotation marks because $2,000 is still a lot of money to spend, but I have a feeling that it will be a good investment for those who take the chance on it.

When Whales are hodling: "Unfair distribution of wealth! Whales should let go of their steem!"\n\nWhen Whales are dumping: "Whales don't believe in Steem anymore we are doomed!"\n\nSMH.\n\nThe news of Whales dumping indeed comes as a pleasant surprise for me. Let's face it, unless one is depending on steem full time (which please, don't.. Diversify your content distribution), this steem fall is a good news for everyone. \n\nMaybe except witnesses, but then, if ones motivation to be a witness is blatant profit then ideally one should be voted out.\n\nExcept for some painfully annoying caveats, I believe Steem's crypto-fundamentals are one of the best. So this low price is a good thing for me if i'm buying.

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Totally here with you 👌 have a upvote

A middle class is already emerging, maybe not rich in SP but rich in content and skills, and more importantly I think we see a pattern, more and more people are understanding the business side of it, and how much more it can become with the right framework.

agreed my friend... the best kind of wealth is not measured in dollars.

:)

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This is a really good time to powerup for those that have the money to do so. It will be nice to have an even lesser whales and mire dolphins.

I was thinking about powerdown but after read this article I change my mind.

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🏆 Hi @meno! You have received 0.3 STEEM reward for this post from the following subscribers: @cardboard
Subscribe: automatically support steem authors + earn profit :)

Gand mara bhujia kha

Buckle up and wait out the storm!
Reblogged.

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Im a minnow now. I have been working hard on content and putting everything into powering up. Thanks to the little fish that follow the blog and curie.

It doesn't matter what whales are doing. Even steve jobs did stupid things in the dot com bubble.

https://appleinsider.com/articles/10/05/18/steve_jobs_missed_out_on_10_billion_from_stock_options_adjustment

You got a 63.74% upvote from @booster courtesy of @chbartist!

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You summed this up perfectly. Let the mega-whales and whales dump. At the end of the day, every crypto, or really every investment suffers from whale dumps. It's just the way this works. It doesn't mean anything long term for Steemit. The tech, community, and adoption are all growing and looking positive. Long term that's great for Steemit. I'm trying to grow my SP. If I ever had to sell any of my cryptos, right now, Steem is one of the last ones I'd consider selling. SP truly will be a very valuable commodity once mainstream adoption is here. The daily rewards payouts will be split so heavily, they pressure upwards on the price will be drastic. Everyone will be glad they were an early adopter stacking up SP.

Well said! I welcome more Dolphins. There are other variables besides price that prove this is nowhere close to over. Whales dumping IS better for Steemit. A middle class of Dolphins = better distribution. That's much better. Price pressure will be upwards between now and the next bitcoin halving bull run in 2020-2021. Steemit could push triple digit prices by then as long as the tech and community adoption grow.

Not bothering at all in fact it is the first time I read anything of Yours. And it makes all the sense what You just said. 😊 We do need more dolphins in here but also we even need more plankton cause otherwise the community won't see the growth it deserve 😊

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So accurate:) I realy enjoyed your artcle @meno, i was thinking about the restribution of steem and the rising middle class these days too but your article was straight analytical end to the point.Thank you very much:) I too started investing in steem these days and i am planning to invest more. I consider myself a good content creator but i am a little lazy, i believe that investing some money in steem will make take eveything more serious and take that extra step:)

dolphin says some things

You got a 79.58% upvote from @emperorofnaps courtesy of @chbartist!

Want to promote your posts too? Send 0.05+ SBD or STEEM to @emperorofnaps to receive a share of a full upvote every 2.4 hours...Then go relax and take a nap!

Might also be that some are dropping off just to buy in again (cheaper).

well - that maybe the case.

I powered up some a few days ago, and bought some more steem at 45 cents, if it keeps crashing i will buy some more... Its a great opportunity to build steem power...

100% power up
there was a time I used to do that
but then I realized it will take 15-20 years to be a whale here, so I stopped ;)

"The true believers, stepping up"

Exactly this! The more people who come into the system that are believers in this decentralized concept the better.

everything is going to work out in the end

As with everything...some how, some way.

That said, anything top-heavy eventually topples; which partially explains the current decline in STEEM. It reminds me of that game where you pull out a block to see which one causes the total collapse.

When it's all said and done, this blogging concept remains ingenious and in time will gain traction; even if it means a total restructuring of wealth and power.

The RBCs remain one of my favorite outcomes of the last hardfork. It seemed to have filtered things out a bit.

Lastly, I heard that crypto mining is running its course for many who make a living as such; so, this might add to the current 'adjustments' as well.

Also, the SEC is going to be a huge factor on any repercussions for devs who failed to exercise strong bookkeeping skills; and, the regulations imposed on future blockchain transactions will also play a role in the future of the crypto economy.

Best regards.

Peace.

Being upgrade from plankton to mennow actually make too much different to me. i start do research in crypto myself which i didnt do back there .

and what is interesting is i think it the right time for me to power up since the value of crypto mostly going down . i dont know until what level it going down , but i believe that , someday in nerest time , it ll going up again .

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The decentralized vision is finally coming to play. As more and more people get in, the power is distributed on a better scale.

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