So I was over in the shitpost section of one of my new favorite discord servers with the @steemflagreward guys and we got in an interesting conversation about what is going to happen in about 21 weeks from now, by my shitty calculations.
https://steemit.com/steem/@dickdeepdog/10-1-reverse-split-does-what-exactly-to-our-account-balance
In this post by @dickdeepdog (interesting name) you can see here in the whitepapers of steemit:
The reverse split from Steemit Whitepapers (page 39)
"In order to compensate for the ever increasing precision, the STEEM network performs a 10:1 “reverse split” every 32,000,000 blocks (about 3 years). At this point in time, all balances of STEEM are divided by 10 and all prices are multiplied by 10. Cryptocurrency exchanges will have to suspend trading around this time and update the account balances and price history to reflect the “reverse split” before resuming trading."
What does that mean?
Well in my ongoing fuckup that I call my life I have made some bad choices on a few stocks (Greek banks) lol. Thinking they would rebound but instead, they do a 100:1 reverse split.
So lets put this into steemit terms. we all know I want penny steem. While that is a huge possibility at our current rate of freefall. Upon the reverse split, my existing 1500 steem power would be divided by 10 and the current price of steem would be multiplied by 10 is the most base way I can put it so instead of 1500 SP at a penny I would have 150 SP worth 10 cents each.
So in roughly 21 weeks if we stick to this plan in the white papers all your steem power will be 1/10th of what you had the day before.
How do we get steem above a dollar again?
Easy, just make sure it is worth 10 cents when we get to block 32,000,000 and the next day it will be worth $1.00
This really makes me want to power down and put money in something else because in my experience when something is already declining and then reverse splits shit really hits the fan and prices drop fast. Though that does bring in a good buy in opportunity to help level the playing field with whales that are not watching what is going on and get hit with the reverse split while they are not looking.
Imagine the complete anarchy that will be unleashed when people that do not understand stock splits go to bed with 10 million shares and wake up with 1 million. Lol.
Mark your calenders
Somewhere Between late April and early June we should hit the magic block the stops the steem world.
Steem whale exit plan right here.
This is assuming that this is still the plan. the newest white pages are only 32 pages and no longer mention it so it may be a surprise that is going to happen without any notice now.
This might no longer be in effect.
https://steemit.com/steem/@mysearchisover/90-of-steem-will-disappear-343#@mightypanda/re-mysearchisover-90-of-steem-will-disappear-343-20181217t051626513z
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Wow!
This is in the white paper? So will Steem Power be divided by 10?
I don't see a page 39.
https://steem.com/SteemWhitePaper.pdf
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It has been revised.
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I linked to your post in my article today. I didn't see your post until last night.
I assume this is still in the code but I didn't see in in the updated whitepaper which is fishy.
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The reverse split was removed pre hard fork 16.
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Lol. Damn. I think I vaguely remember hearing about this before, but forgot about it or assumed they changed it.
Seems kind of dumb. Like, it's just sliding the decimal place around and doesn't change anything, sure. So then it's like, why bother?
If there's any risk at all of technical issues.. or even just the confusion it may cause.. I don't get why we need to play around with it like that.
Actually feels kind of scammy. Like trying to obfuscate how much inflation there is, or something like that, seems like the only point there could possibly be to doing this.
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I think I am going to roll my steem that I can into a couple different coins and diversify a bit. Once the split happens I foresee a pretty fast decline in price from say if it is the new price of $1 or $2.00 USD. So if i cash out a bit now it can turn into a lot more then.
Just think of it all. all these people that have 1 million steem power right now are going to have 100,000 after the 10:1 reverse split.
Dolphins that are at 10k steem power will have 1000 sp the next day. It will be one hell of a show to watch.
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Sure bud, you go right ahead and do exactly that as that'll be wholly ignorant. That's why people like you stay poor.
We'll go zooming past you while you unload your STEEM to our imaginary doomsday reverse split (pun intended).
Fact:
[Reverse Split is a deleted option for Steemit]
It's the old inflation model. With 9.5% creation limit and with 75% of steem allocated to Reward Fund, etc etc...reverse split has been divested as an option.
See you on the other side....NOT!
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I am aware it is suposed to be deleted. I put that at the end. It doesn't mean they wont screw it up like the last hardfork debacle. I don'tput anything past steemit. They don't seem very through on a lot of things.
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You talked me into it. I will buy in more when it gets to around a penny.
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Ok, I get the message. You can zero me out. You are no fun. lol.
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Thanks for the early tip
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It is my understanding of economics that if you keep the inflation rates in check there is no need for a reverse split. Not printing SBDs keeps the inflation rates in check. Currently, there is no evidence that a reverse split is necessary.
I know didlesquat about investing in crypto. But it is generally a good idea to take into account that something can just die.
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Thank you for sharing this useful information with us!
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It was more of a shit post really just to kinda stir the pot really but thanks for stoping in. I have been meaning to give your app a try if I decide to stick around. I honestly do not know what I am doing minute to minute most days anyways. lol
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Thank you for letting us know! Let us know how your experience with Partiko is like! We are always here to help!
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Hi @doomsdaychassis!
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