@Steemit Powers Down! - How Do They Plan To Use Those Funds?
Steemit Inc. can be considered the biggest whale within our Community and basically calls the shots on the overall development of the Steem Blockchain. Unfortunately one got honestly to admit that they definitely aren´t the best whenever it comes down to marketing and communication. There might of course as well be a reason but as an active user and believer I´d sometimes love to get some more Input on a regular basis.
Just now one can see that the @Steemit Account is powering down. It should be obvious that this leads to people asking questions what´s going on as well as FUD being spread among the Community. I for myself suspect that the funds are necessary /needed to promote steem or improve the development of it.
Unfortunately, just as mentioned above, the Steemit Inc. Team isn´t the best whenever it comes to communication as there is no information available on the purpose of this power down. But based on todays value of the whole Blockchain and the amount of Users it´s serving I´m of the opinion that we´d deserve at least a bit more transparency after all.
I guess no one of us would expect a huge Post on what´s going on but at least a short one would be appropriate in order to keep us up to date and avoid any kind of FUD and negative influence on steem. This would not just improve the relation between Steemit Inc. and the Steem Community but as well lead to a better public appearance towards potential new investors.
What´s your opinion on this?
Do you think the same than I do or am I totally wrong about it?
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Work hard and HODL. Started from scratch on Steemit and was able to buy 2 good guitars from my earnings here and still have enough to buy more. My story should be an inspiration to a lot of minnows..haha
I'm up $30 after a week on the platform - although I'm probably going to power up instead of buying guitars. There's definitely money to be made on the platform if you put the effort in.
I'm concerned that a large sell-off like this could damage the crypto. Up until now Steem has been relatively stable in price (In comparison to other cryptos). Having a large price dropoff could trigger a buying spree / selling spree, and lead to a lot more speculative investment by people looking to make a quick buck off the price changes. This doesn't bode well for the average user who's holding a moderate SP balance, as it means the value becomes much harder to predict.
Are you a guitarist too @weaselhouse?
There will be a big sell off in the market whenever people are dumping all their scamcoins and useless tokens. Only the legit ones will survive and that´ll lead to a big pump on steem as well :)
Just HODL? I´m rather powering up my stake as long as steem is still as cheap as it is these days ;)
Yeah..power up, buy, invest, trade..its all commerce. Keeps me busy but I enjoy it.
Man, Steemit is not owned by Steemit Inc or whatever. It belongs to the people. Personally I don't expect updates or communications from them. Decentralize everything
True but anyways the Steem Blockchain depends on their actions a lot. Of course we could survive without them but what do you think would happen in case they´d dump all their tokens during this early stage? In my opinion it would be a major hit for the Platform as well as the Community.
With Great Power comes great responsibility and therefore I´m simply curious what they are up to as it already affects thousands of people in a direct way. That being said I´d like to see the tokens being more decentralized in the long run actually!
I think if the platform was just going down the shitter, they may just peace out, but they won't be going anywhere with the recent success Steemit has been having in my opinion.
Agreed! It´d be more than just dumb to leave the rocket right before it´s launch :)
Indeed
I agree with you that dumping the tokens would be a bad move. However, if this platform and community would fail because of them dumping the tokens, then one could ask what's the actual value of Steemit. If people are in it for the money, it will break, if people genuinely like the idea, then this thing is unstoppable.
I´m more than convinced that there are a lot of people who´ll stay on Steemit even in case the price goes to the ground. But honestly the whole platform is somehow about money so in case this factor gets taken out, whenever steem reaches 0$, it´ll be hard to recover from there.
If Steem reaches null, then spammers have no longer interest in the platform. Which leaves only the people who willingly want to create, good quality content.
Eventually, It should climb back up. All the Intellectual Property published here got to be worth something.
That's why it's good that Steemit is powering down, the less SP the larger whales have. The closer we are to a system where all of the small accounts can get a fare share of the reward pool.
It is just fine if a bunch of it is sold..
Maybe a short term price drop if it sells - and a good opportunity for smaller accounts to build their SteemPower..
I like the sound of that! I'd love to be able to get more SP. When I tried to post this comment I got the bandwidth limit exceeded message which supports my point! I've only made 1 post today and about 10 comments. It's very frustrating for minnows.
That will help...
"but as well let to a better public appearance towards potential new investors."
Maybe an OTC sell to a hedge fund or institution? We will never get crypto-heads to accept STEEM as legitimate investment, but hedge funds, institutions, and large companies don't have 9 years of POW dogma holding them back.
It would be amazing to see a huge transaction happening towards an outside investor. If that should be the case it might actually as well make sense not to announce anything as this could be declared as market manipulation...
The Powers That Be certainly have the right not to tell us what they’re doing, but I hope they realize that being transparent about fund allocation is in their interests. Markets & communities have an aversion to uncertainty. Keeping things out in the open promotes a more stable environment.
I choose to trust that the funds will be used for the betterment of the platform unless & until proven otherwise.
I think there´s nothing to add! Especially in such a volatile market it´s crucial to keep things as transparent as possible. I think we all know how fast FUD could go viral otherwise...
Anyways just like you I trust into Steemit Inc. and that the funds will be used in favor of the platform. So it won´t hold me back from powering up and accumulating more steem ;)
I totally agree and would see it even as an absolute necessity that Steemit has to do better and more transparent communication! In a market, where 90%+ of price movements is dictated by communication and information (or lack thereof) this is crucial! If Steem should grow in the future, they have to find a way to communicate at least every week. If I´d have a crypto startup, I would even communicate daily!
I think daily communication isn´t good either. People will get bored or annoyed and just stop reading it as important news are not clearly visible anymore. News about bigger actions or happenings are what I´d like to see more.
You are right. After the bad experience I had yesterday at the Q&A with a crypto startup that issues daily updates, but essentially to hype people without really saying anything valid, I also think it´s better to have lesser but more meaningful updates. Instant lesson learned! ;)
@steembusiness transparency is a good thing but since we are in such a young stage of Crypto at this point I would not sweat it..............
I was honestly mostly interested to hear the opinions of others ;) I´m still bullish and keep powering up anyways ;)
They should keep everyone informed. things like huge accounts powering down without reason or at least a shared reason is scary.
It´s at least making people think but I so far there have been no wrong doings by them so I further trust the platform fully :)
Good point. We can all power down whenever we want.
There is a strong reason behind this crypto chilling. I was expecting even deeper downs than what we see now.
That strong reason is the crypto exchanges and their capacity issues. Exchanges can't handle the tsunamy of new investors and closed doors for new registraions. It is impossible to open a trading acc on a major exchange that accepts fiat money. And it has been like that for weeks. Even those who are in and tading face serious issues, long processiong times and dropped transaction orders.
You can read more about it on my yesterday's post.
That´s exactly the reason why we are really just at the very beginning of the crypto growth. As long as this market is closed up to a few just like now it´ll not become anywhere close to the peak of a bubble.
Woah. They're powering down, it's already two days into the process and them being the biggest stakeholder, I think a short post is justly expected from them.
If they dump even 1/3rd of what they've got, it will surely lead to everyone losing their marbles and Steem price will reach exactly where it was a few months ago.
Mmh to be honest I´d love to see Steem going back to a Dollar so that I could buy a bunch more :D