INTRODUCTION
Several of our community members contacted me. Clearly being quite concerned with news, which went viral like a "wildfire" about @Steemit recent power down. Just yesterday, user @stef1 wrote really interesting publication on that issue, which I totally recommend to read (link below).
It seems to be clear to me, that many PH community members are concerned with this issue and approached me asking about my opinion on that subject. To avoid going through similar conversations several times, I decided to share my thoughts here. If you're not interested in what's my opinion, then simply skip this post.
Otherwise, continue reading ...
LET ME GET STRAIGHT TO THE POINT
I personally do not see strong reasons to be particularly concerned.
We can say many good or bad things about Justin Sun (major Steem stakeholder/investor), however, none of us should assume that he doesn't know how to run business. He wouldn't be where he is today if he wasn't good at his job. Right?
Well. I've been managing my own business for a few years already. I've also been involved with few start-ups and passionate about topics related to finances for a very long time. Long enough to understand, that Justing Sun has simply ... too much to lose. And too little to gain.
What do I mean by that? Let me explain how do I see that.
TOO MUCH TO LOSE, TOO LITTLE TO GAIN
Let's start with learning what could Justin / STINC gain if that powered down stake would be dumped on the market: some pocket funds. Hardly anything of any value.
Truth is - the moment those funds would be transferred to any exchange, PANIC MODE on Steemit would be triggered. Full mode. I don't see many users willing to invest more in STEEM for the time being. Demand would vanish right away. And dumping 7mln steem would collapse it's the price, completely crashing Justin investment and allowing him only to withdraw some "pennies".
That is as simple as that. Right? List of things he would lose would go on and on and on ...
I could carry on with that list for the next few minutes. However, I would like to focus on one major factor: it would have an enormous and devastating impact on TRON Foundation. Which is obviously his major asset. It would also "weaponize" many Justin haters - especially those who moved away from STEEM to HIVE blockchain.
I think it obvious, that businesses like TRON and STEEM are supported by investors from all over the world. Bad publicity is one of the worst thing that may happen. The financial impact could be (and most likely would be) enormous and negative.
Many "hivers" would claim total victory within the conflict, which started so many months ago and social media would go wild with that news. It's very difficult for me to imagine, that this wouldn't hit mass media and wouldn't have long term devastating results for Steemit and TRON.
Wouldn't you agree with me?
BRANDING AND COMMUNITY BUILDING
I've witnessed a few businesses shutting down in the past. I also have been part of a company, which went bankrupt - and I consider it to be a very valuable experience.
One thing I've learned is that businesses that struggle financially do not throw resources (time, effort, money) to pursue branding and community building. This simply is never happening. Those costs are being reduced and no one cares about any of it.
Why am I bringing it up? Well, just have a look at the tremendous amount of effort and work done by @steemitblog within past months. I honestly admire the person, who is managing this account. And it's obvious to me, that none of that engagement with communities would be taking place if "someone on top" would not support it financially. Someone, who knows that building community is a long-term game - one that brings long-term results.
Am I making sense?
LIQUIDITY
So why is @Steemit powering down? Surely we need to wait to find out.
I would like to underline, that every successful business and project always needs LIQUIDITY. Even project.hope does power down most of the time, to cover different needs. So did witnesses, blocktrades and many other projects and communities.
Lack of liquidity is always a huge problem. One that can cripple any business. So if I were behind Steemit - I would probably power down part of SP a long time ago.
But .. maybe that's just me?
PUMP AND DUMP
This also seems to be quite common belief, that we may witness a PUMP AND DUMP.
I see it as a strong possibility. It wouldn't be the first time, when the main stakeholder carries on with this strategy. Selling part of "inventory" while demand for the token is being boosted and re-purchasing it later (once price will fall to initial levels) is something to be expected.
So pump and dump is a real possibility, for which I'm preparing myself.
Resteem and SHARE YOUR VIEW
I would love to hear your view on this particular topic. I read and appreciate every valuable comment.
Obviously I would be glad if you would consider RESTEEMing this publication.
Yours, @crypto.piotr
@project.hope founder
"Should Steemians Get Worried: @steemit Account is Powering Down" by @stef1:
https://steemit.com/hive-185836/@stef1/should-steemians-get-worried-steemit-account-is-powering-down
Visit our partner www.steemscan.com/convert if you're looking for easy and fast way of converting STEEM to other major cryptocurrencies.
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Dear @crypto.piotr:
Your vision of this situation is very encouraging. I also share it.
I have closely followed @steemitblog's activity and I truly consider the effects of their actions to be totally positive and necessary.
They are doing titanic work to regain the low trust of Steemit users and have been highly successful.
I had not thought of this strategy. It really makes sense.
My personal opinion is that that STEEM will be redirected to powering up cummunity curation accounts like @steemcurator02, 03, 04 ...
On the other hand, I was reviewing Steem's Market Cap. It currently stands at $74,285,221 ≈ 359,663,316 STEEM.
Coingecko
So those 7,382,640 STEEM corresponding to the @steemit powerdown would represent 2% of Market Cap.
Will this 2% be enough to affect the STEEM price?
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We may just need to be cautious, no one can know the reason behind their action except of course they speak out, the judgement is not in our hands but we must stay prepared for anything.
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I'm waiting on a Steemit and Tron bridge. If I hear this is in jeopardy then I'll be concerned. Actually when I first heard of the power down, I thought maybe that the assets would be converted into Tron to help support any new project.
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Hi @crypto.piotr
This was a needed post from you. I have gone through the post and few points are very helpful.
True and I completely agree with you on this. JS is a businessman and he would never do anything that can affect his tron this will not just ruin his tron and steem too.
I think that we should keep an eye but no need to panic at all. Thanks
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Im glad to hear that you found this post helpful @alokkumar121
Thanks for dropping by,
Piotr
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I agree with you, I don't think Justin invested that much money to break up the business.
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Dear eliorrios I also agree with you
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Thanks Piotr for sharing us your point of view about the powering down of steemit. I agree that projects need liquidity to thrive, I'm powering up and down continuosly to cover delegations. We need to be prepared for a pump on the Steem Price in the coming weeks.
Solid read. Cheers!
Ritch
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You have amazing engagement in this post. Do you have any more news or insight about this issue.
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So for nothing @shortsegments
And thanks for noticing that there has been many comments in this post. I'm quite amazed :)
Cheers,
Piotr
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Thank you for your insight on the matter. I agree with you there can be many factors for his action, but I'm sure he wouldn't want to negatively impact himself and Steemit.
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You've made many good points here, although I'll advise everyone to be awake with keen eyes. Cheers!
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Very wise advice @gandhibaba.
We surely shouldn't panic, however being aware and cautious is a way to go.
Yours, Piotr
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The “reason for worry” should’ve been apparent back when Sun proved this place a centralized farce with a new standard of kicking out the community’s elected representatives and introducing censorship.
Anyone who didn’t see the red flags and begin their own power downs at that point was either blind Or weren’t the most savvy of investors...
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Thanks for making valid point by this post. As users, we have to know about it. And we can think this in positive way too. may be they have some plan to use that fund for steem blockchain development. everything is possible .
this is also possible. and @steemitblog doing tremendous work and i really liked the way they are encouraging users. But in this case we just have to wait for announcement or upcoming effect/affect.
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Who knows .... I am only earning a few pennies on my posts these days. No matter what I post. No matter how much effort I put into my posts.... Everywhere. I’m just happy I converted most of my Steem to Bitcoin, Ethereum, LINK, Dogecoin, TRX, etc.... it looks like Steem and Hive are going down while everything else is going up.
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Maybe people are just expecting too much from steemit ever since authority on the chain has changed hands, it is very usual to power down sometimes if I have some money somewhere and I urgently need finance to support business surely I will do that since a money working is better than one that is idle, just my honest opinion have a great day.
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I agree they are not going let ruin a business in which have inverted Lot of money.
So i am quiet, they are doing their business.
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Greeting @crypto.piotr, thank you for socializing a topic of great interest to all users of steemit, in a particular way I think that makes sense everything you argue in your writing, an entrepreneur always makes the necessary moves to keep your company well positioned, many people perform off of their voting power with the intention of making certain investments.
It is up to us to wait and be very attentive to such movements, sometimes you must risk to double the profits, we will continue with our work that will undoubtedly be in the benefit of the communidas. I trust in your words for the experience you have in the area, thank you for the information and I hope you are as always ready to communicate about any eventuality.
So long, my friend!
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Dear @crypto.piotr
I very much agree with you, nedie invests to lose and somehow this platform is still very solid to lose what was invested to buy it. When the conflict began, where many of us were very worried about everything that was going to happen, and especially the smallest fish in SP, I always thought and made it known that no economic power is invested to lose.
So we must also expect the behavior of the market and how it can affect us and not in the short term, on the contrary, if something negative happens, it will definitely be affecting our economy in the long term.
The best gains are always in the long term.
Your point of view is very valid and clarifies many doubts.
Yours
Lanz José.
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Hello @crypto.piotr.
I think those who make negative and alarmist publicity about this powerdown see it as a weapon of smear without doing the analyses that your friend @crypto.piotr very well do in this post.
Certainly the reasons why this power down was made will be known exactly in the near future, however it is logical to think that part of the liquid income for that power down is intended to cover gastas of all kinds, which is why I think we should all be calm and continue to have an entrepreneurial view of the steem.
Special greetings for you, because as the leader of the project community hope you give a lot of peace of mind with the explanation that you explained very well in this post.
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The truth is your words are encouraging, the concern is massive, particularly I was alarmed yesterday when I heard the news. But I also thought that it would be illogical to end a project to which so much time has been invested, since months ago steemit has gained strength and it did not seem reasonable to me to turn it off. It can also be a strategy, anything can happen. It's also up to us to keep an eye on possible changes and what happens after these three days. Greetings!
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Thanks for your post @crypto.piotr,
As we can easily understand, Justin Sun would win only some peanuts if the plan is to sell all the steem of the steemit account right now. In fact he would have a lot more to lose such as his credibility in managing a project of this magnitude.
In my opinion, there is no need to worry and we will receive information very soon on the purpose of the maneuver.
Wish you all the best!
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In my opinion, the platform and the technology is more important than any price actions, yes, investors should be worried by this kind of moves, but I believe a man doesn't set his own house on fire. Justin has been in the crypto space for a while and knows how these things works and he is currently the highest stake holder on the platform. So, there's every reason to stay optimistic, such moves are made regularly by whales to shake up dolphins and planktons before some good price actions.
Personally I'm not worried about this and I'm optimistic, but I understand if anyone is worried.
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Greetings @crypto.piotr. I agree very much in what you say that we should not create panic in the users about the recent shutdown of @Steemit since they are people who make grow the panic and alarm in the users, we only have to wait calmly and call us to the calm that only are going to make rumors without doing the analysis that your friend @ crypto.piotr which does it very well in this publication.
Special greetings to @crypto.piotr as the community leader of project hope. Thank you very much for keeping us informed and with the explanation that I explain I hope that any doubt that may arise is clear to you.
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Very interesting I think there is another mechanism and strategy that influences the business of involving this platform, with the sense of psychological effect on the price of steem.
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I understand your point and you seem like a nice person and reasonable business man. What do I know about Justin Sun? That is my concern... he is a business man who loves to make money but is he reasonable like you? I have no idea. He could dump everything and done with it who knows... I just hope for the best at this point :(
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This is the key to thinking that this is just a momentary thing to obtain liquidity, but only time will tell, hopefully this will bring good things, thank you for sharing your wise reflections. Greetings.
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I see your view perfectly about it. Not even only projecthope members, I think many steemit users might be in a panic mode right now looking at in anticipation what to follows.
Just like you have said, I don't see Justin selling that because obviously that will crash the price and also result into him losing its Investment, his trust and integrity and finally lead to bad effect on its major Investment which is the Tron.
Something in me In me is telling me, it is a positive turn to expect from it. Well nobody is sure of it now and all I can is that time will surely tell. In the next 3 days, there will be eye opener about it.
But before the next three days, I will advise all steemit users who might have been in the panic mode to relax, take a deep breathe, slip some coffee and get a sound sleep. Worry less about it and let's see how it will unfold.
In less than 72 hours, some confusion will be clearer to understand and judge on perfectly than this.
Am still optimistic about steem.
Cheers
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Your post has expanded the varieties of possibilities but If I'm ever to pick sides, I'll definitely focus on positives. I always hope for the best but expect anything. Thank you
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It has a very good point of view estimated @crypto.piotr, perhaps it is too early to be alarmed, let's hope that this is the strategy and has positive effects, as many have commented, nobody invests to lose, let's hope we see results in the medium term. I don't think we need to worry, but we do need to be attentive.
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Hi @crypto.piotr
You make many good points. I agree with the longterm nature of the Steemit promotions and time consuming nature of them also, which are the opposite of what we would expect from a short term investor. I remain positive about the future, and hope additional curators or other promotional uses for this liquidity will be revealed.
@shortsegments
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People who pump and dump usually are for short term gain and they usually only care about their investments and not the branding nor the benefit of the community.
These are usually gamblers, and unfortunately there's a lot of them here who wouldn't find ways to make steem acceptable world wide. Who knows? Maybe he is getting more smaller investors or business to adopt steem?
In business dealings, this can be endless besides drama within. 🤷♀️
As a business owner yourself you would know.
But then again whether is JS playing panic game or not, time will tell.
[WhereIn Android] (http://www.wherein.io)
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All these are valid and reasonable arguments not be worried about the power down. But my strongest point is the amount of investment in Community building. It's simply too massive for a sinking business. No sane person will invest such amount of time and resources in a business he is sure is winding down. Additionally, it's an account with 30m SP and maybe he just will stop after the 7m power down. We just have to calm down and watch as things develop. As far as am concerned, no cause for alarm.
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Dear @crypto.piotr
7 million steem is a large figure for sure however I think the stakes are higher for those who hold the account.
I think :Surely it would be wiser not to speculate on the reasons and rather be watchful of any announcements or other news that may come from their end.
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hello how are you, interest article, I think that all the points are valid, you just have to take into account something, there is definitely a purpose for those 7 m of liquid steem, particularly I think they will try to manipulate the price a bit to be able to sell in stages, previously steemit was no longer profitable and that is why they regularly sold steem and there was also the famous downsizing of the steemit company, it is likely that this new board wants the project to grow but they are looking for liquidity money to finance it, personally I think that those 7 M of steem will undoubtedly go to fiat, although gradually and with a strategy so that the price is not greatly affected.
regards
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You are absolutely correct sir @crypto.piotr we need not panic right now and have patience with our dedication.
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@crypto.piotr first of all I agree to all the points that you have mentioned above.
And for all the other user's I need to say we need to just wait and watch what is the moto behind the power down.
We can expect something big is coming for the steemit community in positive manner.
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This panic didn’t start today it has always been like this even before Sun bought Stinc. People always panicked in the past if blocktrades, steemit or any other large stakeholders were powering down in the past but i do not see anything bad about it. Currently, the steemit account token is owned by justin and the tron foundation and just like everyone has the right to their tokens so does this people have a right to their token. In the real world, executives of large corporations sell their shares for cash and it has never been a problem, so this shouldn’t be a problem at all. We just need investors who will buy into Steemit as a project and as a coin.
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If you wish to see one possible future, just look at what has recently happened at BTT (BitTorrent) ;-)
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It has gone up right?
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The market cap trebled, but not the coin price ;-)
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How does that happen with something like steem? They cant just create more steem.
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Hi, I read the article from @stef1 and there are some valid points in my opinion. The curator accounts seem to be the most probable.
Your point with pump and dump might be also a thing, attract some users/traders with price movements is a typical strategy. But what would you consider to be price high enough (to possible sell 7 mil of Steem)? 0,40? 0,80?
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Very interesting insights you shared. Howbeit, whether now or in the future, Justin will always need to powerdown. He purchased the stake. Liquidating 7million SP cannot break-even his investment. He's a businessman and would ensure he makes his profit and that woundn't be if steem dumps.
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After all the drama in the past few months, nothing surprises me anymore Piotr. I do not know how I feel about this thing but I hope if this thing happens, I will know about this so I can powerdown IMMEDIATELY.
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I agree with the points you raised here. Lack of liquidity can hamper the smooth running of any business. Well, we'll just keep our fingers crossed and see how things turn out
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Yup, I agree this would perhaps be the worst business strategy for Sun and agree with him or not, he's got a successful business going on with Tron so he's not dumb about this kind of stuff.
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Very detailed explained posts. Thank you for sharing this. This has vanished all of my concerns regarding power down from steemit. Thank you so much! Let's just hope for best.
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I am very worried
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@crypto.piotr thanks for this post.. situation is bad... I don't get any more comments on my STEEMIT profile
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From my point of view, Steemit Powerdown doesn't need to worry too much, because Steem won't die. !!
I estimate the selling value of steem in the near future will increase, it looks like the powerdown done by the steemit is a green light
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Yes Exactly.
Similar thoughts here that such an act would definitely not be good for steemit perhaps.
Liquidity is key and yes its good for business and making it available is always a big asset.
Agreed that if it turns out to be a Pump and Dump, this may be beneficial for steemit and tron as well.
Lets hope for the best and wish it comes out as a Pump and Dump.
Resteeming so that most people can read your views and share their views over it too :))
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@tipu curate
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Upvoted 👌 (Mana: 8/20) Passive income with @tipU :)
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I think its not a matter of concern because power down is a normal practice which each and every project is doing for their expenses.
You have nice explained both sides and its helpful for people have a clear insight. I don't see anything to get panic instead just need to be quiet and keep our eyes open on the movement. Thanks for sharing this post Piotr.
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I agree.
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Thanks.
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Definitely, a great post with solid and interesting points of view. Well done, @crypto.piotr.
Personally speaking, I still trust int Steemit’s potential a lot and I see no reason to worry. So, let's keep writing and having fun.
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I agree with your words and I see no reason to worry, we live very interesting moments in the crypto world and much of what JS has stated has been in empowering TRON and how much his role in this environment will be, additionally, he is a businessman And it won't let your best record be affected.
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Actually these call for panic, as most investors expect nothing from a project but success always any unexpected change in a business will cause the integrity and credibility any any company to be questioned if they can continue running their company without much problem, I would advise investors to be patient which could be very hard for most investors to understand now.
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From my view, I don't see a serious reason to be panic, but at the same time, it is a normal thing for everyone who's part of his/her life is steemit, to just be vigilant. The result of the power down might be for the good of the project. No one can tell.
You have already listed good points in the post already. Thanks for sharing your view with us.
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I agree with Juan above, that your observations are encouraging. Let's hope this is not some foolish action that will lead to a massive devaluation of this platform and Steem.
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Wow, love this, I understand the point especially every project need liquidity at one point or the other, users shouldn't be scared when steemit powerdown but they can't just powerdown without a tangible reason and most time to benefit us all. Let us hope for the best
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actually you have stated the main point which is
i personally believe that its for sure that it will largely effect tron and steems reputation.
According to the prices i have seen hive price is going up now and steem is going reverse of it .
But the thing is : when we are earning from any platform we should curse it so we all should pray for both these platforms because many of people earn their livings from here as you said many people, communities do powerdown for their needs
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Hi Piotr, unfortunately I don't know about pump and dump but I believe that steemit has been giving positive signals lately, so much so as to recall many old users who have not used the platform for a long time.
Your words seem like oxygen to me in this chaos of news, thank you because you have managed to get a full picture of the situation. I think the same as you and I can't really understand what the purpose of steemit's top management is to make steem lose value? I think they still believe in Steemit's project.
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There is really nothing to get worried about in my opinion, the team sure knows what is good for them and certainly growing the chain will bring in more profit for them in the future unlike the quick change they will make immediately.
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Dear @crypto.piotr
I am reassured to know your opinion, I was quite worried about this issue I remember 2 years ago when the price of steem fall, I remember how that negatively impacted my life and I am afraid that something similar would happen, knowing your opinion about this topic it's quite comforting so let's hope the best of this situation.
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Following the rumoured news about Sun wanting to quickly sell off his stake and get off steem as quick as he can, the power down might be somehow disturbing but a clarification from the team may put everyone at rest.
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I think there's a likelihood that you're right on track.
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Late thank you for dropping by and sharing your thoughts with me @bitshares101
I've noticed that you do not really post at all on Steemit?
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That is correct. The closest I get to posting is making a comment on a post.
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Thanks for such a prompt reply @bitshares101
You surely got me curious. Would you mind sharing with me what's your goal and reasons to be active in such a way on Steemit?
ps.
do you use discord?
Consider joining our PH community discord server: https://discord.gg/uWMJTaW (I will DM you right away). This would improve our communication (and make it less public :)
Obviously do not feel pressured.
Yours, Piotr
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HI @crypto.piotr
I am particularly careful to follow up on all the information related to the subject, because I am certainly concerned and try to keep myself informed as much as possible, which is why I thank you for the information you give us in this publication.
However, I am sure that in a few days we will have more news and information about the possible expectations with Steemit, hopefully for the benefit of those users who use it without any intention of harming others.
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The points you make in @crypto.piotr are valid, reasonable and logical.
What I find a bit strange is the silence of the main accounts in relation to all this, the rumours are very damaging, more so in what has to do with Cryptomonies, there is a lot of expectation about it.
I have almost three years in this chain of blocks, and I wish I could live a moment like the one years ago when every steem was highly prized. I hope this is what Justin Sun is looking for and that everything they do is geared towards that goal.
But in the end it's up to all of us to wait, time will tell.
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There is no another way to increase the value of steem if the community and steem whales stay not welcome to new users. They don't want give votes to new users. Whales bag is not large enough to create community. Bitcoin at the first launch do airdrop with faucets. Faucets earners are the real community of bitcoin. As in stem voting from whales to minnow will support minnows to stay if not the minnows will leave steem. This make steem loose the basic community. The steem community is not only whales but minnows. Minnows will have no choice if they don't earn on steem,they will not stay.
Anothing thing to increase the value of steem is using steem as the real currency. Real currency is to buy products and services. Dash has very strong community because there are thousands merchants that accept dash. How about steem? What merchants accept steem? That is a big problem for steem and hive, Hive and steem will be left by new users if whales remain keeping and stingy their voting to minnows.
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Wise point of view...
In my opinion, it is Wise to contain your risk..
Although he has little to gain.. the blockchain is too open and it well affect his reputation as an investor.
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Despite the fact that I am not panicking about the power down I also think it will be better if the team tries to say something about it, this will help everyone become even more relaxed.
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I don't know what to believe, but I guess it would be stupidity to dump the tokens on the market. But, just in case, I will place some crazy orders on Steem at half price compared to today and so on, so in case there will be a dump, I will be ready to catch some at discount price!
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Hello my friend @crypto.piotr
I`m sure it is not something to worry, I guess if the power down started, it will be just to cover some expenses, Noboby can let down a huge business... So... Everything will be ok...!!
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