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RE: Urgent Community Petition: Steemit Inc. to Stop 34 Mil SP Powerdown!

in #witness5 years ago (edited)

Steemit.inc is a private company and Steem is a public Blockchain, so what should the relation between those two groups be?
Sure, we can wish that Steemit.inc stops the powerdown, but what comes after that?
We as a community want Steemit.inc to work as close as to the user base as possible.
When they sell off most part of there Steem, than it gets transfered to the public...isn't that our goal to reduce the stake of Steemit.inc and increase decentralization?
If they keep the Steempower we have the same problem as before! Like @fyrstikken said a couple of weeks ago, if they really want to get rid of their stake, than they should sell it in an OTC transaction.

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Once it is off the chain we don't know if it will be re-introduced under a myriad of anon accounts with collective undue influence.

@thecryptodrive

That's the reality, the "evil" part of running the business. In every corporation, someone or group control a majority of stake to keep the "power" of decision. The steem blockchain is no different, those whales get a large portion of stake (rewards) compare the rest of us.

I think the point for what it comes down to is. We need " smart money aka smart investors on Steem" who get control over the Steempower that Steemit.inc sits on.
If Steemit.inc can't run a good business than there stake needs to be sold and get into the hands of smarter investors.
The worst case for this situation would be if Steemit.inc sells its Steem to people who don't believe in the future of Steem, and who only come for a short term profit.
Either way Steemit.inc has to become successful or somebody else will in the future, if Steem has the potential and technology that we all believe in.
But don't get me wrong its good that we all express our opinion towards Steemit.inc and if the Powerdown call gets recognized by @ned that could help us to calm the situation and gain more time.

Posted using Partiko Android

Yeah that is another risk, imagine a competing project purchased that stake just to mess with us.

@masterthematrix

Nail in the head.

The powerdown will cause panic in the marketplace but in the long run it will be good to the steem blockchain.

But that doesn't stop other "investors" to buy bulk of steem and become the next "Steem Inc". And we go to the same issue over and over again.

Perhaps a more effective solution is a burn of some of their stake, which will have a positive effect on price and value of the remnant of their stake as well as the stake of all Steem users.

Why should we seek for short term profits over this situation? We need that Steem in the hands of great core developers who are pationed and excited to thrive this Blockchain.
If we burn the stake of Steemit.inc we miss the opportunity for smart investors to take offer the position of Steemit.inc
We all remember the news about the 70% lay off with Steemit.inc...and the Blockchain is still one of the most active and usable out there.
30Million Steem at 0.30cents are 10Mio USD that is joke in the Investment world.

Sure but we don't know the intention is to sell. Also currently the inflation of Steem is 8.5% so maybe at 800K pm the have only been selling the inflation, they can keep dumping forever. This does accelerate it more and if they sell could be a good thing, but again we don't know if they plan to hide it.

Exactly. OTC. This moving to the exchanges panics the market.

"This moving to the exchanges panics the market"
No thats a wrong assumption and actually Steem just jumped over 30% up the last two days.
Steemit.inc can't just dump over 2 Million of Steem into an almost no high volume order book. They have to adjust there sales to the market conditions.
And that attitude that we have to be aware of what the market thinks is totally wrong. We don't have to satisfy the "market" and if you wish to do so you make yourself a slave to the anonymous markets.

there sales

their sales

Da verbreitet wieder mal jemand Panik. Aber ich fürchte mich nicht.

Danke.
Panik und Angst helfen hier nicht weiter alle Beteiligten sollten sich wieder auf die Sache besinnen und miteinander reden und Loesungen finden.

How do you know the jump isn't manipulated? The timing is quite interesting. It's also not just that they can dump but they can also produce a hidden influence over Steem using Steem Power as well.

And I do think we serve others via markets. What do you view as being the ultimate decider if not the market?

I'm not saying that this market jump is anyhow related to the current events here on Steem, and yes most crypto prices on exchanges are manipulated thru wash trading.
If they want to use there Steempower for any other accounts they are free to do so. They choose to be a company and if they think they better of this way, than they have to take the responsebility for this action.
Anyway @ned is at a point where he has to turn Steemit.inc around into a community serving development platform. Otherwise others will be happy to take the opportunity.

Posted using Partiko Android

Of course it's being manipulated. Crypto markets are constantly being manipulated. Just look at the extent of the jumps and the timings. Steem has such a small market cap, it wouldn't take much to bring it to $1+. Then again, it wouldn't take much to bring back to 7c.

I say enjoy the ride. Unless of course you actually need your crpto to pay bills and stuff. In that case, you might be buggered.

All I know is I'm powering down. I have no choice when I have to assume at any moment the price of Steem could go to 1 cent. It might not be logical to crash Steem but the more unlocked Steem there is the less secure we can be in price prediction.

Maybe people got wind of the fork talk and want to double their tokens :).

Very good point. The redistribution of the ninjamined stake is the best thing we could ask for. That would remove the "overlord" effect that Steemit Inc has over the environment that is Steem.

Steemit.inc is a private company and Steem is a public Blockchain, so what should the relation between those two groups be?

it seems it' not that obvious. Not only Steemit Inc do control large amount of steem and the top dapp (steemit) but also they own github repository. Thus steem blockchain is more owned by Steemit Inc than not.

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