Steem is currently fraught (unfortunately) with fear of lack of appreciation of steem price (however this is good for those who want to buy more steem) leading to large number of whales powering down either to reinvest in an ICO (most of which are scams) , altcoins or for personal use. Moreover, there is nothing wrong with an investor taking out some of his/her investment if there are legit needs.
However my concern lies in purporting that steem price will never rise up to the moon. This action, however, has led to disparity between deposit and withdrawal as indicated in @lukestokes recent Exchange Transfer Report: 8/20/2017 to 8/26/2017 - with over $2.2M heading out the door this week- I wonder what will happen to the price of steem if this trend reverse ie more deposit than withdrawal? (you know the answer)
Another issue is with regard to excessive supply which negatively affects crypto currencies prices -please see my former post for detailed analysis .Conversely, however, there is no need to worry with regard to steem because the future is very bright.
Why you should stop powering down and rather buy more steem now :
The upcoming Hard fork 0.20.0 which is known as velocity has 3 main priorities : Communities, Easy Onboarding, and a Mobile Application.
Easy Onboarding: the focus is on improving account creation and reducing the friction involved in signing up millions of new users and thus bring in millions of users and developers to the steem ecosystem. This will certainly drive steem price to the moon due to demand will be too much leading to price increases. The strategy include:
- Burning STEEM for Account Creation to Prevent Abuse: presently new accounts are funded with initial steem power in order for new account holders to have the minimum steem power needed to transact in the blockchain. However this has led to automated abuse of the sign up process to yield free steem to attackers concomitantly with spammers creating multiple accounts in order to acquire free steem (some have 4000+ accounts used for up voting scams –see my former blog posts for details)- this also increases the cost of sustaining the protocol. Furthermore, another limitation is that when a member power down fully he/she will be locked out and thus be at risk of losing access to his/her account which is a disadvantage. Therefore, burning STEEM on each new account (terminating the token and getting rid of them from the total supply ) and crediting the account with permanent minimum bandwidth will take care of all these limitations. Moreover, this will also take care of the issue of excessive supply –( Please see my former post) which negatively affects steem price.
Moreover the update will include other new new changes:
- Discounted Account Creation.
- Remove Account Creation with Delegated Steem Power.
- Remove Vote Dust Threshold
- End User Impact
Pls see @steemitblog for full details including technical notes
Community Building : the new update will encourage more community building just like @teamaustralia : steemit fastest growing community -which will lead to more networking .
Mobile Applications: Ability to continue steeming whilst you are on the move. Even though we have a great mobile app : eSteem , steemit android app which is in its final testing phase as indicated by @sneak will be a game changer .
Conclusion: in this article, I outlined the reasons why some members are powering down their steem and indicated why it is a bad idea. Furthermore, I discussed about the upcoming .20 velocity Hardfork which will lead to improve user experience plus open the flood gates for millions of new users leading to increase in steem price. Imagine what the price of steem will be if steemit reaches 500+ million members in few years’ time and each account creation burns steem? It therefore, makes better sense not to power down your steem rather now is the time to buy more steem and power up.
What do you guys think?
• Good point, I will buy more steem and power up
• I agree with your analysis but will add the following poin / points
• @charles1 Stop writing nonsense; I do not agree with your analysis-in fact, I am done with steem and steemit and will power down!!!!
Send in your comment, Please resteem this for others to join and up vote to send your support.
Read my former blog post : the issue of scam and spam and how steemit can save you from being ruined
For those who want to be an investor in Bitcoin wallet see X coins link: https://xcoins.io/investors?r=v93e2z
Upvoted and re-steemed. Great news!
#payitforward
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welcome, thanks and keep steeming
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Good points here, but none of those things will have an much of an impact as bots on Steemit. As long as bots can sell their votes, curate, and other things that bots do, too big a percentage of author and curation rewards will go to bots. And as long as those bot creators are selling that Steem, price will struggle to recover.
I love Steem the platform, but I don't see the value in investing in powering up. And you don't have to be powered up with a lot of money to use Steem.
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Good point @financialcritic however steemit is the best social media platform outthere with regard to rewarding contents and it is still improving -far from perfect. Bots are a problem however gradually there will be solution to it-not perfect but am sure that something will be done especially spammy bots. This is one of the disadvantage of technological innovation. I am , however , optimistic about the future of steem after the updates and am sure that your steem power will make you very rich if steem reached 1K in few years time. Thanks for your comment bud and more success to you.
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When is the update scheduled? Interesting information I had no idea about thanks.
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Great feel free to resteem in order to motivate others. There will be an official announcement-. Thanks a lot for checking out my posts and commenting.
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I love the platform as well. However, I am surprised, speaking anecdotally, how hard it is to get folks to try Steemit. Then out of those that do try it, very few stay. I brough people over that made over $100 on posts...then they worried about it being a tax scam or some crap lol. I dont know what Zukerberg puts in the water supply, but you cant get people to give up FB no matter what.
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Great points, this thing has no indication it is going anywhere soon, so better to stay powered u
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Good point, I agree
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Ah good read! Cleared quite some things up for me! :)
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I have been fully invested in Steemit since the beginning.
I have never once powered down in over a year!
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Wow, you are the master of power up..I will not power down too because an planning for long term
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Yes I am probably one of the ONLY accounts that has never powered down ur spent/used any of my $steem or SBD.
I believe and invest in the future success of this community!
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Good move that will pay off hugely
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I totally agree!
I didn't start with much but little by little I am building. Once the value goes up then I wil be doing very well!
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Same here, I am building up gradually hence why I prefer the cheap price for now. Next year will see hike in price
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Yes well unless you are actually BUYING $steem then its better it goes high asap because what you have and earn will be worth more. If you are buying it though then being cheep is good.
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Good point however the earned SBD will buy less steem ie post payout will earn us less steem if steem is too expensive. However account will worth more.
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Awesomeness !! I fully agree I only power down a/small amount as I need it for emergency purposes ! Then I stop the power down , im also back to 100% power up of my posts , as I needed some Steem dollars ! And will only be doing 50/50 for my contest font the prize payout ! I soooooo wish I could afford to buy some steem before it goes up to high !!! Great post keep up the great work !!Upped and resteemed!👍👍👍💕✌❤
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Thanks I agree with you my yummy lady. I wish that price remains low till we buy a lot of steem . I am sure that price will shoot up from next year , so we should gradually stock up out steem before its too late. With too many steem power, you will have good daily payouts-a win win strategy
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I sure hope so !! Sounds good!👍👍👍💕
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welcome
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Hi charles1! I plan to but steem each month and I have absolutely no doubts about steemit and steem future. Thank you for your post as this is the way we can cumulative new fresh users and stimulate the existing one to invest more
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you are welcome, more success to you
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Very interesting post @charles1
Steem is sure to rise in the long term.
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Absolutely, try to gradually increase your steem power
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Great post and I also think you shouldn't power down. Steem is staying constant at the moment but eventually it will rise. So now is a great time to buy or to earn ;)
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you are correct, thanks for your comment
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Powering...UP!
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Good move, more success.
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@blueorgy what is your take about this issue?
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Hi @charles1, I see you have mentioned me.
This is automatic response so that I may respond to your mention later.
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welcome
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Easy. Stay Strong & Never Power Down!
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Amen my buddy @blueorgy I always appreciate your comment and support hence why you always get my upvote
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Nice analysis mate
Keep it up...
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welcome and keep piling up your steem
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Thanks
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welcome
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👍
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stop spamming my post with signs....if you do not have any thing to add then pass
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I like the part about millions of new people getting into this very cool concept cant wait too see what happens!
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Haha, the same here
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Thank for share @charles1
Thats good post for us
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Thanks for your comment
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This post received a 3% upvote from @randowhale thanks to @charles1! For more information, click here!
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Thanks bot
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meep
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Interesting post Dear. Upvoted ,,,,,,,,, Do follow me and Upvote mine. Thank you.
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Upvoted, Tweeted and re-steemed!
https://twitter.com/substance596/status/902843308396994565
Namaste
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welcome and thanks...see my older posts for more tips. I wish you success
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Disclaimer: I am just a bot trying to be helpful.
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I think we're all here with same goal, make money and create Uber mega great community. If we all work toward same goal we should be fine. So let's do this and get this visionary project on feet. Good luck all
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Good point, I agree.
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Great post, fortunately my mentors advised me from the beginning to stop powering down. I also put all my earnings in steem power. Thanks for the confirmation!! Resteeming
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welcome and thanks
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You are most welcome @charles1
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same here
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Good post. Supportive communities stick together for the greater good, not short-term gain. Imparting information and building a true social network for the benefit of the many is the aim surely?
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Good points, thanks for your comment
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Makes tons of sense to me, powerup time 💪🏼🙌🏼💯
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Hahaha steem master himself..thanks for your comment
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No doubt steem is going to rise
Thanks for sharing
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you are welcome
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I am sure we haven't seen the best of Steem yet. The changes that are planned surely will bring a better platform. Why would someone power down if they don't need the money, I don't understand. More power gives you more income, so no matter what the price is, powering up it is!
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Good point, I agree with you.
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Mobile app? I've only accessed Steemit on mobile, though the esteem app has never worked for me, I use it in browser.
I hope they add the same in app video support as they have for photos.
I'm interested to see what communities does, but can't figure out if it will start pigeonholing everyone or simply simplify finding common thinkers?
Definitely think now is the time for minnows to grow, whales are cashing out to drive the price down for the next buy. A low steem keeps the leeches off the field, reserving it for people who would be here without dollar incentive, then when the next bull run comes, those people will succeed the most.
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Good point, time for us to grow asap before its too late
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the points are correct and steemit has a long run and in near future we are gonna enjoy it .
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You are welcome, thanks for your comment
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I believe your analysis is correct, I believe your solution is way way incorrect.
Serious investors are only going to keep money in a project as long as they can see genuine project growth. Steemit is an awesome platform with a great idea. However people are only going to buy so much to be able to utilize the platform. You rely on bigger investors and earners holding their coins. That won't happen. Everyone is always going to cash out until the money is depleted... 100% of the time. You will not in the long term bring in more than you pay out.
This is why serious investors will eventually drop the coin. I am saying this in hopes that you guys fix some of these things. You need things outside the sale of the coins themselves to bring in money.
A MASS call to action to encourage people to signup anonymously as I did is would be a great start, as they spend money to create the account itself and it isn't so much the "freebe".
I would also suggest creating some features like they have on medium and offer people the ability to create more of a "publication" where they can organize their own posts by categories, chose from a few layout templates for their blog pages, and add a link offsite (would be great to encourage project owners to publish whitepapers and such here) - all for a fee of course.
Further an option allowing them to register domains and properly point them at their blog pages (last I knew there was a 1 time $300 fee on medium for the domain feature).
These are just a few suggestions on ways to bring in money outside the sale of the coins themselves. If you genuinely want to keep big dollars in your coins, you need to give reasons to keep money in your coins - and growing from outside sales is the best way to do that.
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Also great to get outside revenue, your points are valid. Thanks for sharing
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P.S When I say "you" I refer to the steem team. I'm to new here to know who they are :P
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These explanations are very good and very interesting. It's much better to do as you say
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welcome, thanks for your comment
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I think I will buy steem and power up!! 👍🏻
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welcome and more success
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Thanks for this. I'm still learning about this platform and all things crypto. I'll check out your other posts to learn more. I upvoted :)
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welcome and I wish you success. Stay in touch
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right on -- you got my upvote as i found the post nice and early this time -- glad your publicly asking people to stop powering down -------rock on
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Thanks for your comment bud, you are always welcome
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This post has received a 2.95 % upvote from @booster thanks to: @charles1.
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Thanks!
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This is the reason why you better ask via personal chat before comming into false conclusion. I exlained this issue before to a member via steem chat. My transfer to blocktrades was for whaleshares which I reinvested in steem to boost my posts just like @booster etc..so ask first before writing what you dont know. My strategy is and remain to invest all I get here in steem or steem power and boosting my posts is one of them.
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My apologies if that's the case. I didn't know about personal chats, so I'll do that in the future. Best of luck.
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Welcome and do a better analysis including private conversation before posting or commenting in a blockchain because of false accusation...it is very bad
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I'm just a beginner, seeing reality as you describe it, still a question mark for me!
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welcome to steemit. Also see my former posts for more tips
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☺👍👍
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stop spamming my post with signs....if you do not have any thing to add then pass
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when is the next hard fork or update
and your analysis is right up to the mark
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Before year end however we will get the official update..
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by charles1 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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Thanks bud
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@charles1 got you a $1.27 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
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Thanks bot
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Lots of smart money is buying into crypto right now. Couple their investment with the growing sign ups on Steemit, and we could see Steem at $4-$5 quickly.
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I agree bud...we will certainly grow our steem before its too late
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Upvoted and resteemed. I am a tiny minnow, but trying hard to scrape together as much SP as possible because steem is going to go off like a rocket in the next few years. Thanks for the write up @charles1
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Thanks a lot. That is the plan bud...now is the time to gradually grow before its too late.
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Yes, cannot wait for HF20! After being on here over a year I finally did a power down, mainly because I needed $ for new tech to do the MSP Radio show. I'm still holding plenty of SP strong though!
Keep doing whatever you are doing man, 3 months in and your posts crush mine. Apparently I'm hanging with the wrong people LOL ;-)
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Lol you are sooooooooooooooooooo funny bud. Dont look at my post payout rather see that am still a poor struggling minnow trying to grow like his cousin and buddy @scaredycatguide .
Hopefully my strategy of powering up will help me chase you behind
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LMAO...that gif is unreal.
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Its real...am chassing you now!!!!!!! hahahahaha lets stay in touch
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Hi @charles1, Though there are no several photos in this post yet it's simple, to the point and very well written post. Above all, it's very encouraging for the Steemians who don't understand why it's important to hold the steem. I tried to convey the same message through a recent post. I hope you can spare a minute to skim through it: The Simplest Maths How I Earn $69000 at Steemit in One Year. RESTEEMED!
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Good point, just upvoted the post and your latest post-more success to you and see my older posts for more tips.
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I can't wait for the native android app!!
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Same here bud...hopefully steem will reach £1000+ in few years time and I will pay for your ticket to come for a cold beer and bradwurst
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Can you imagine. Even if it went to 100 we would be laughing!
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Absolutely ..and it can easily move to 100 by next year...cold beer for ya my bud
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I would happily extend that offer right back atcha too :O)
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Hahaha, amen to that
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Of course there are thousands accounts being created to scam others. That is what has hurt so many of us here and in life in general. People want to game things instead of working for it.
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Good point @miriamslozberg I agree with you. Lets hope that the update will help eliminate the issue-see my former blog post on scam for solutions.
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what do you think of the abuse that one can find of people taking everything out.
Just today I saw an account that has rep 25, no posts and has taken a half a million steem out through bittrex in a couple months.
https://steemit.com/@alot/transfers
and you can see the rest of the accounts alot, alittle, aheap, and so on
There is blatent robbery going on and nobody seems to know what to do about it.
Can't be good for steem this, certainly doesn't seem good to me
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The person powered down and is taking out his / her money as indicated in my post...you cant do any thing about it
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powered down what?
where did half a million steem come from for an account with 0 posts?
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Big invetors dont care about posts plus comment or posts rewards...just investing on steem and waiting for a price hike or even pump and dump strategy to move price in their favor
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oh ok, maybe that is it then.
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Maybe I really dont know..just maybe
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Brand new to cryptocurrency trading and using a recommended portfolio which includes STEEM. Good to see positive articles, and hopefully the recommendation was on the mark. Buying some STEEM shortly. Thanks for the info.
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welcome and see my older posts for more tips
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I'm just getting to know Steemit but will definately buy more STEEM, re-steemed!
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welcome, see my older posts for more tips. Success
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Thanks, will do!
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welcome and more success
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ya ya ya! I agree, that's why I keep on writing... well I also find it really fun. It's my way of of powering up hehe :) Good thoughts!
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Good point, keep steeming babe
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are you on chat by any chance?
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Ok steem chat ..have only 5 minutes
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Upvote and resteem....👍🏼😍
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wow, thanks lady @julee
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Excellent work dear friend @ charles1, I think that the one who has saving power, now is the time to turn on, with the new changes to come, will start to grow, now is the time to make the move.
Have a great day
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welcome, I agree and thanks for the support
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It would take some earth shattering craziness for me to power down. Usually I'm powering up actually lol. :)
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Good point, I agree
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That's great news! Looking forward to the mobile app.
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The same here...steem on my dear Amy and more success
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I am in it to win it, no turning back!!
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Good point, I wish you success
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My goal is to get to 1000 Steem Power. Once I get there I'm going to take out my Steem to pay myself back for money I've put in, and once I get my initial investment back I'm going to go back to powering up 100% of the time.
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Good strategy, I wish you success
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Good point, I will buy more steem and power up
Thanks for sharing
Great Content as always
Keep the good work
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welcome and thanks for your post
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You are welcome mate
By the way Today I reached a new milestone – 1200 followers!
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saw it and upvoted, congrats
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I like the point where STEEMIT will improve in community building. I think that what and where it should be. Organic and authentic growth. Im from Davao City, Philippines and there aren't a lot of steemians here...YET! But encouraging people here to do steemit and contribute to such a great platform is both rewarding and fulfilling! I have a goal of educating 200 people about steemit and the updates listed above are exciting! Thanks for writing this post!
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Good point, feel free to resteem / share this post with them so that they will see that we are moving positively..my older posts are filled with tips too. Success
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Love it!!! I totally agree!!!! That's the reason that I started, because Steem in the long term will become on of the most expensive Crypto currencies!!! And the reason is because, therre are social media actions, behind the currency!!!
This is totally genius!!! I loved your post @charles1 !!!! Upvoted and followed you!!!
You can also follow me for daily motivation, inspirations, advices, and tips in business and life! :)
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Thanks , I agree with you. Steemit will certainly grow...follwoing you too
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Your posts are always informative, thank you for keeping us updated :)
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you are welome and thanks for your comment
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When is HF 20?
And yes Steem Price could go up exponentially when Steemit goes viral...
Also when is the Official Steemit App launch?
Thank You :)
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Management will send official updates...
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Ok
Thank You :)
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welcome
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Great post and tanks for sharing...
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Welcome and thanks for your comment
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You're welcome.
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same here
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👍
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👍
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👍
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Congratulations @charles1!
Your post was mentioned in the hit parade in the following category:
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Thanks
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great news. i just bought some more steem! upvoted
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welcome and thanks for your comment. Good move indeed.
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A happy happy news. Thanks for sharing
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You are welcome
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Good points you make. Upvoted and resteemed :)
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As a new members, read my older article and the article in this link for tips to help you success here
https://steemit.com/steemit/@charles1/stop-whining-here-are-way-to-improve-your-earnings-on-steemit
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Everyone is talking about upcoming HF-20. No one tells the date:(
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There will be an official update...I will post it if I hear about it...
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Great post. I recently started powering down not to sell my Steem as I will hold it in liquid Steem just in case the behavior that I have been seeing on the platform lately continues.
What caused me to power down in the first place was the fact that I have seen a few members within the Steemit community with a lot of Steem Power abuse that power by downvoting someone's content because they simply did not like the person who also invested in the platform.
My thought process is this if it can happen to that person it can happen to any of us. I like the Steemit platform but I do not like the type of activity that I have been seeing from those at the top that control a lot of Steem Power.
I'm hopeful this type of nonsense doesn't continue as if it should I will then be forced to just cash out as this is a recipe for disaster and it will not sit well with those that do not have a lot of Steem in the long run.
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I agree with you @mrwalt and wrote about it in my blog post about Downvoting . However I tend to concentrate on my mission here : gradually and prudently accumulating steem before it goes crazy in price hike . I will not let anything or person demotivate me in my mission . When steemit opens the flood gates (as indicated in this post ) there will be millions of members and where there is big money to be made, there will then be a lot of greed, scams, spams and people with steem power (a lot of steem power ) will rule and some will use their power to intiminate others ( unfortunately, human nature just like in politics and industries).Now is the time to seal your power and gang (lol) in order to be on the same side.
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I agree with everything you said, but my hope is that a few do not ruin the platform for the herd as it can easily happen. Once Steem gets a real competitor and people have other options if this culture is still taking place it will not be good for the platform.
Trust me I believe in the platform else I would not have invested in it, but at the same time I will not allow my money to be squandered away be the actions of a few if I see that their actions are effecting how people perceive the overall platform.
I'm still very high on Steemit but until this gets fixed or should it not get fixed and if the inmates continue to run the asylum without any boundaries I will hold my Steem liquid. This is just in case they do something that the platform will not be able to recover from.
Believe me I like Steemit and I feel that it will be successful especially when people are able to join in the mass, but as an investor I still need to keep both eyes wide open.
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Hahaha I like your comment and its the right thing to do ie keep your eyes wide open. Lets hope that all will go well
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Believe me I'm very hopeful for the future of the platform but the things I mentioned can definitely tear down the platform.
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Good point however that will not be the case. Steem on bro...we are safe here
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Let's just hope that a few do not ruin it for everyone as I do see it being an issue if it is not checked at some point.
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Good point, I agree.
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I am stacking that STEEM we are in for some good things.
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Good point, I agree.
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excellent points! I do see a great future in Steem as it goes mainstream and more users sign up, I potentially see it as direct competition for facebook and twitter along with a sort of stock/bank (storage of wealth)as a way out of the "system" as corruption of banksters and government continue to come to light around the world and to fight dollar devaluation, not enough ppl are awake to that scenario yet . It offers a good deal of versatility even in it's early stage. I do want to buy some in the near future, I am not rich, so it will be a slow buy along with being prudent with my purchases of it for now. Anything I gain from posting , Iwant to keep within the platform for the longhaul. The draw back, all the plagiarism, bots and spam problems will get much worse as the platform grows to millions of users unless there is a way to manage deceitful behaviors beforehand.
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Good point you raised here, I agree. I also outlined issues with regard to plagiarism , bots, scams and spams plus solutions in my former posts-pls see them for tips including tips on how to be successful here. Success to you.
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thank you, I will!! Much success to you as well!!
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You are welcome my dear @ladybug146 always.
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Good information. It is sad to see. Apparently there is a lack of confidence in either Steem or Steem Inc or both. Just like in fiat banking, confidence is everything. Remember the 2008 collapse of Lehman, Merrill, AIG.
Just think of all the new accounts and activity it would take to replace one weeks worth of sells. I hope the HF helps. Personally I power up half my earnings and take out half as a hedge. Followed :)
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Good point @old-guy-photos 50/50 strategy is great in order for you to be able to use the other gains as you please. Those who leave steemit now will regret it by next year ..never underestimate the power of crowd!!! when steemit open its gate to crowd, price of steem will go waco way high and you will be very rich when steem reaches 1000USD in few years time. Call me crazy but I know how viral a good social media can go especially one where people can actually earn something.
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Steemit has a great platform and a great community. The most importantly, it has a great future. I am not planning to power down. Upvoted and resteemed it. Thanks for sharing!
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welcome, wish you more success
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I need your help
Thanks @charles1
https://steemit.com/introducemyself/@auliaramadhn/hello-steemit-201792t20323487z
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stop spamming my posts with the same copy and past because it will lead to you being flagged...learn how to comment
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I don't know if I'll buy steem (unless with my SBD which I'm already doing)... but this update seems interesting....
So, if I understood correctly... you can't create account unless someone spent their STEEM to invite you?! if it only was 0.5 to 1 SBD then I'll be glad for this decision!!
Here's a meme by @allfabeta, which somewhat describes me these days:
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Hahaha good Meme . I agree, now is the time to get enough steem and power up
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https://steemit.com/cryptocurrency/@nature.art/looking-for-some-help-i-m-thinking-about-investing-in-steem
This is my post I was trying to get some answers...
But you encouraged me enough :) thank you🌼
Enjoy @nature.art
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Check it, also read my latest post and the 2nd latest one.. loads of info for you . Feel free to resteem in order to teach others
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@banjo any suggestion about steem power?
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Thanks for your comment, see my older posts for more tips
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