If you didn't already know about it allow me to inform you that there was a major announcement / proposal today published by @steemitblog Proposed Changes to Steem Economy. I suggest you head on over and read it and leave your thoughts in the comments there as @ned & @dantheman are seeking community feedback on the proposal.
Even if you have already read the proposal what you may have completely missed is that just minutes prior to this big announcement the @ned account transferred over 100K in liquid STEEM to @poloniex. This transfer was quickly noticed by members of Steemspeak on Discord.
I'm not making any judgments here (I'm still not sure how I even feel about it), I'm just reporting the statements that were made by @ned on Steemspeak in regards to that 100K in STEEM transferred to Poloniex just prior to the announcement and asking a few questions out loud.
Here are the screenshots from Discord of people noticing the transfer and @ned promptly responding in regards to it:
So you can see that @ned says he hasn't sold any of it on the market and that the purpose of the transfer was so there would be no mixing and confusion over his and Dan's "SP commitment". I wasn't sure of what he meant by that but @inertia was nice enough to point me to this comment Ned & Dan's SP commitment
So Steemians what do you think of that big six figure transfer to @poloniex just prior to a major price changing announcement? Should @ned be believed on face value that he never sold any? If he did sell any is there anything wrong with that?
Personally I think the timing of this transfer and where it was sent to could have been handled a lot better if none of it was in fact being sold. Why not use the savings account feature or transfer to another account? If he was indeed selling that Steem on the market I'm really mixed. This could easily be construed as insider trading or a pump and dump with ramifications if it took place on a regulated market but are insider trading laws a good thing? What do you think? Leave a comment below.
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I do not see this as a big deal and I've been very critical of some of their action, so I'm hardly a spokesperson on their behalf. I dont even understand the theory. How would selling ahead of this announcement (if he did, which we can't really tell other than taking his word on it), be a problem? The announcement pretty clearly made the price go up (not surprising).
And besides which, they voluntarily said they won't power down during the transition period, which I think is quite reasonable (and I volunteered to do the same) but not even essential. That has nothing to do with selling what they already powered down.
tldr. No big deal.
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thanks for that @smooth
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I agree with this!
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Its his steem to do with as he pleases... If he sold some good on him. We cant go after him for selling some when lots of others will take advantage of the higher prices and sell. As for insider trading I don't think that applies to crypto. I wouldn't sell... Not high enough.
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Whether or not the law applies to crypto is there not a morale or ethical dilemma behind a founder selling at the same moment he is directly impacting the market? Other users and major stakeholders are still not founders with ability to control news and by extension price.
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There is no moral or ethical dilemma.... Watching it go is just bad for morale :)
For all we know the goal is to keep it under a certain price.... Like the ripple guys do with XRP.
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Hahaha good catch ;)
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Morals? Its a crypto currency.. An unregulated financial instrument. I knew he was making an announcement - I knew they were going to announce enhancements.. I could have bought or sold Steem too. If this were a public corporation -obviously there would be transparency and he would need to announce the trade. But he converted the equivalent of 10k USD? He was probably paying his bar tab- thats' nothing to get excited about!
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"Its a crypto currency.. An unregulated financial instrument. "
That's a legal defense that doesn't address the moral aspect at all.
"If this were a public corporation -obviously there would be transparency and he would need to announce the trade."
That's my point. Had he sold, those same actions taking place elsewhere could amount to a crime.
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Keeping it in savings would instill more trust as the blockchain is transparent. That and keeping funds in an exchange is a bad idea. Poloniex got hacked in the past and I was one to get Cryptsy'ed.
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"That and keeping funds in an exchange is a bad idea."
Yeah, I feel nervous when I leave my bitcoin on Poloniex over the weekend to be lent out.
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I do think the exchanges make a good multi-wallet, especially for smaller altcoins where the network might even be dead or close to it. Having to sync and manage a ton of local wallets is a pain. If Poloniex and other exchanges let you backup your own private keys, the cryptoworld would be way better off. But then, maybe some exchanges are doing fractional reserve and offchain operations so this won't be possible. Still.
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just so you know he is now dumping.
i have been waiting for him to do so to post about it :) (my profile)
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Just vote him out
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timing. telling.
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He will be not powering down for 3 months... I think everybody here have to live and do things, pay bills, etc, etc could be fair (think about Witnesses getting a lot of Steem every day too, I would put Ned on the same level or a bit above)... I only hope he manage to sell all this in an intelligent way if that was the motive to send the Steems to Poloniex, honestly I do not see other motive for that action ;)
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from where are those dark screenshots? Is is yet another communicator?
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Steemspeak on Discord https://discord.gg/mDu9HeM
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nothing personal, just business...
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Interesting how we are becoming quite the cast of regulars.
i don't know if this is a big deal or not. To some it might seem a bit unethical. But this is an unregulated business. So no rules apply.
In the end. I guess it comes down to consensus. Does the community feel that it was the wrong thing to do?
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I don't agree. even if it is not regulated founders should not sell huge amounts of their shares/ STEEM. If NED and DAN never powered down and communicated better with the community the price might have not taken such a hit going down to 9 cents...
For every action there is a re-action and the founders powering down sent out a very bad signal to all other users. and investors. why should a user not sell their STEEM if the founders are selling everything they can as there was no tomorrow.
Committing to a 3month non-powering-down period is a great thing, but that should have been done from the beginning. So the 3month non-powering-down period is proof that they know/knew that they were one big reason for the falling STEEM price.
I like the way it is going now, I know it is still BETA so hopefully we can reach a healthy market price which won't go up or down too fast.
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I dont think it matters. Not breaking any rules. Things like this happen all the time in the markets. It really could go either way but I doubt this transaction alone would be game killer.
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This is not about rules, there are no rules.
This is about how it looks, and it looks like the CEO is cashing out.
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Yeah this really isn't a big deal at all. Good to know to understand how the market has changed though.
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FFS can we get another pic of @dan I'm sick of seeing this same one over and over.
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If he did sell, that was his choice.
But if he did sell and lied about it, I'd say bad choice.
Either way, I believe him.
Thanks for sharing and for your honesty.
That's a great comment to make.
Good question to raise as well.
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Advanced Steem Metrics Report for 5th November 2016 by @ontofractal
The Daily Tribune: Most Undervalued Posts of Nov 05 - Part I by @screenname
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