My thoughts about steemit powerdown

in steemit •  24 days ago

Lately there have been many posts about steemit and their powerdown.

Some people have come up with the position that we need to petition steemit to stop the power down.

I am not a fan of steemits actions

I have not been impressed with steem ever since Dan left. Practically nothing of value has happened since, lots of steem was burned prices have gone down.

All the value of steem seems to be coming from other projects from the community. Jesta is a great example of such.

But that is not what this is about.

I hate Nazis

Nazis are socialists and pledge that the greater good is more important than the individual. Nazi stands for National Socialism. As such it is cool to take away properties and rights from one person and give it to the community.

That is essentially what Socialism is all about. Steal from the productive and give it to everyone.

I have two issues with this in general. I don't like the "stealing" part. It creates a big rabbit hole. Why stop at the fist guy. Is steemit really the only whale that is too big here?

... and the giving it away part also is an issue that barely works. I have yet to see a socialist system that works. I have yet to see a government that uses resources efficiently.

We are arguing for taking rights and assets away from steemit, for the greater good of the rest of us. I am just fundamentally against this.

We need to come up with a way to deal with our issues, and let steemit be steemit. In my opinion. If you want to break off, you can fork. This is a free market. Let the free market do its job and use it to compete with steemit. But please do not become a Nazi. Nazis suck.

Let steemit be

I think we need to let steemit be. If they want to power down they can do this. Just like you and I can.

Yes it stings. I don't believe a word about the "moving to a more secure" narrative. Every action of steemit tells me that they are giving up and cashing out. Selling their steem one way or another.

This hurts everyone.

But it is their right to do so. If we do not allow them to use their steem as they see fit, then all other tokens lose their value.


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Personally I have loved that they were selling what was said to be 800k coins a month (can't remember who posted that) or whatever amount it was.

To me this happening lowered the price of Steem which short term is a very good thing for the coin as SO many people have had a chance to power up who otherwise wouldn't have.

It also has reduced the percentage of ownership that Steemit Inc has on the total network which is also a very good thing.

The same people who are complaining about how centralized things are with Steemit Inc owning so much are the same ones that don't like Steemit Inc selling their coins...what? How stupid can you be? If you want things more decentralized then you should cheer every time Steemit Inc puts more of the coins into the general public's hands and increases the liquidity of the coin. Even if the price goes down this is a good thing.

There are more then a few large account that I wish would sell a chunk each month and reduce their stranglehold on the power structure of the reward pool.

All that said, even if I hated the idea of a large account selling their stake there is nothing that can be done about it. It's their money and they are free to do with it as they see fit.


Good points

Posted using Partiko Android

If Steemit sells, there must be a buyer or am I wrong?
If so, who could it be?


Of course you and I !



Wird eher n Thekendeal

Posted using Partiko Android

The only problem with your argument is that @steemit and @dan basically willed themselves a large chunk of STEEM before they allowed others in.

And so, it was not something they acquired honestly. Thus, what they are doing is criminal, and should have a stop put to it.

But, is seeking justice more painful than just taking the hit?

Now, we can talk about whether @dan and @steemit got the STEEM honestly. They did in fact start steem. The only thing that really comes into question is the amount of STEEM they have is so overwhelming compared to anyone who earned STEEM from upvotes, that you can't make a statement that THAT amount was fair compensation for starting steem.

If @dan and @steemit sell into the open market, then those buying it will be much better curators than @dan. However, there are two worse cases. It is easy to become a super whale at the deflated prices STEEM will be when all that is dumped, and suddenly a huge chunk of STEEM actually starts voting.

The other case is worse. That @dan has a buyer already lined up. And that buyer is a deep state operative. So, we are about to see some deep-state shills with a lot of voting power here shortly.

So, i do not disagree with you.
Taking people's rightfully earned property is not a good thing.
And, once we open that door, it can't be shut.

But, that isn't quite the case here.

I agree with this. It's theirs, sometimes that sucks, it's still theirs.


Same here.
People complaining about their stake and centralization and when things start moving in the right direction they start petitions.
Steem was cheap a few weeks ago and almost no one was buying.
I don't even pay attention anymore.
The more price goes down the more we earn but if it dies we'll survive anyway. I survived socialism in ex Yugoslavia.

Steemit is not same as other whales. They ninja mined thr stake.


Did almost all whales do this? Who actually bought their stake?


No, most whales mined thr stake but steemit did it before anyone because of some bug. It was like a pre mine. Then later they promised to only use that stake for dev and dapps. So now moving it to exchange is complete 180.



Posted using Partiko Android


This is interesting... I had no clue of this information.


Whales who mined their stake had a big disadvantage compared to stinc because noone knew how to set up a miner due to no documentation..

So while everyone tried to figure out how to set up (even experienced people) stinc rented massive computing power to mine. That's what people refer to when talking about ninja or premine

Posted using Partiko Android

Agreed. I also think that this will be better for the long term as long as Steemit Inc delivers on SMTs. Months ago I claimed that STEEM has two major problems.

  1. Initial distribution was a mess (temporary PoW + Ninja mine)
  2. Lack of a clear constitution

The recent actions of Steemit Inc could at least help towards better distribution and selling pressure could keep the prices low for longer allowing active steemians to grow faster in terms of STEEM. All I demand from Steemit Inc is 100% delivery of their SMT promise. They made the promise and they better stick to it. What they do with their stake is theirs.

I don't believe a word about the "moving to a more secure" narrative. Every action of steemit tells me that they are giving up and cashing out. Selling their steem one way or another.

Let's wait and see. The worst case is power down and cashing out soon. But this action would destroy the value of coins itself. So this won't happen. More likely is selling the coins under cover (OTC) to investors who buy steem on a long hand perspective.

Price will tell us the truth. I will keep an eye on the amount of vesting shares. For now (2019-01-24) they amount 205,076,360.446 STEEM.
The weekly powerdown will normally diminish this parameter, if there aren't other hands (or accounts) which take the place instead.

Of course forking with steeling isn't a good idea, but this option isn't on the table anymore.

I agree. Even though seeing the power down is not pretty, they can do whatever they want with their stake. Just like anyone else can.

Posted using Partiko Android

There are only two rational options for, first to run their Blockchain company as a profitable business and care about their own stake in Steem, or trying to sell their Stake to some other smart investors who are willing to pay the right price for the share.
Selling all their Steem on the open market sounds like a suicide mission and I don't think that this is going to happen.


I hope they sell it on the open market.

I have two reasons:

  • I want to buy at low prices; price isnt that important yet
  • if they sell their stake as a whole, we might have to deal with an even more problematic and even powerful entity as steemit

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It shouldn't really be a surprise. @dan wrote this almost 3 years ago:

I'll be straight up, we are planning on selling a large amount of our STEEM until our own stake falls to 25% or less.
We also plan to give a way a large amount of our STEEM.

Edited to add:

Not sure I agree with this:

Every action of steemit tells me that they are giving up and cashing out. Selling their steem one way or another.

With the addition of advertising, it seems to me that maybe they're making the shift from one mode of operation to another. Coupling that with Dan's comments from 3 years ago, I'm now actually inclined to give them credit for a longer-term vision than I previously did.


Now we know why he isn't here anymore?


At this point I keep going my actions and don't change my behaviour!

Posted using Partiko Android

Thank you for sharing this @knircky, always great to create a dialogue about the steemit platform. Thank you for upvoting my post on Working in Blockchain as well, I have upvoted ;)

If Steemit is powering down and selling then its losing some of its grasp over the blockchain. Those who want Steemit Inc to have less of a grip should be happy about them having less SP. Stealing is certainly not the solution. Its a slippery slope when we start doing such things.

This post has been included in the latest edition of SoS Daily News - a digest of all you need to know about the State of Steem.