I'm not saying I understand the reasons why @ned is powering down, but at the same time there is a part of the conversation many are failing to see. There is a possible silver lining to this whole thing, a positive side to his unannounced move.
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What am I talking about?
Many people who complain about Steem (even though they can't seem to leave) do so, because they believe that Steemit Inc has too much SP on their wallets. The idea being that this fact makes Steem a bit too centralized for it to be a real decentralized crypto.
The critique makes sense, there is even some evidence that the distribution was manipulated to be the way it is today. It's a researchable fact that in the days of the pre-mine, Steemit Inc's miners went down one night, and they simply restarted the whole blockchain as to secure more stake for themselves.
I'm sure there are logical reasons behind that move, but we can't argue against the fact that this alone made the community of cryptocurrencies look at Steem with a lot of skepticism. I won't name the biggest names out there who like to call Steem a scam, but google won't disappoint anyone on this subject.
Steemit Inc should become smaller
If Steem the blockchain is to survive. The more the Stake distribution evens out, the more it leaves those wallets and gets spread to more of its users, the healthier the whole ecosystem will be.
Does this mean that I'm arguing against the existence of whales? - Of course not. The idea is that the whales who run the tides, sort of speak, are not employees of Steemit Inc, but independent investors and developers. This would allow for a system that is governed by the people who participate of it and not by a centralized power, in this case a company.
Regarding Ned's Powerdown
I don't know exactly what to make of it. Honestly, I don't think he is getting ready to dump it all into bittrex. I don't say this because I know @ned or I think he's a good person. I don't know him. I'm simply being logical about the situation. Since he is the CEO of Steemit he would be fully aware of the panic he would cause if he starts dumping his Steem like crazy on to the exchanges.
The important question becomes. Why would @ned kill his cash cow? - I'm serious, if this blockchain, if this ecosystem has given him the liquidity to run the company, travel the world, take a selfie on a plane. Why would kill the cow? - You see, this is not about me thinking he is an altruistic mother thereso or something of the sort, quite the opposite. This is me thinking that even in his own selfish self interest, he simply would not make that move.
Here is my prediction...
Once Ned powers down enough, he is going to send liquid Steem to some weird account names no one has ever heard of. Those accounts will probably power up, some of it I'm sure will be sold too. And then... Nothing will change about anything.
I'm actually a little upset I don't have some fiat at the moment to snatch some cheap Steem. But, that's OK, I'm sure there are some out there that can, and that possibility is a good thing.
Until next time my friends
Honestly I have a feeling he is powering it down to inject it into a side SMT project. Since you have to assign "steem" to a SMT to give it value I honestly feel like this is why and we will see SMT launch in 3-6 months
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that's a good speculation, it could be the good person token SMT steemit inc is working on. That would make perfect sense.
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Pretty sure you've dun gone and nailed it dude....... It will either crash and burn or nothing will change. but that could be said about most ventures such as steemit. Is his power down the beginning of something or nothing at all. It is also his money.... Which he can do with as he pleases.... Maybe he's upgrading something - buying a house - property - A small island - Investing his own money back into steemit .inc so it can finally expand and update stuff like not being able to comment on something while i resteem it / allow added curation to resteeming by having the resteem being its own post / with a separate vote option....... just some thoughts.
no doubt this move will send chills down spines of some on the platform - "What does he know" - "Is there now a ticking clock" "who else is going to powerdown" "Should I?" "Maybe I'll do it just to be safe" "Maybe once i do it changes will happen" "I'll just hodl" " Maybe its the time to buy" "Just a grand" "What could go wrong".
I'm here for the long haul. So long as there is access to the chain/ platform ill be posting - Even if the price tanks - Posted for long time before I started seeing earnings - Will continue to post even if the earnings dry up. Because this is fun for me.
The only way I would ever worry is if he continued to power down and dumped everything........ But thats never going to happen...... Right?
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that is the healthiest attitude you can have!
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If steem were traded in the way equities are traded, more information would be needed about reasons for powering down or selling.
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wont disagree with that, but in the world of cryptos I'm not aware of any CEO's that disclose such information.
Its partially what we get for wanting self governance and a system were the government can't tell us what to do.
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Almost Everyone is powering down,let's keep our fingers crossed and see the end result.I hope steem won't crash.Hope to hear from you soon my friend @meno.
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Just thinking out of the box here. Maybe he is powering down so as to short the upcoming stock market crash. He will make a fortune. Another theory I have is that with the new internet censorship laws coming maybe steemit will be forced to shut down and he is abandoning ship. Also @marketreport who recommended steemit to me has also just powered down and he was very pro steemit. I am definitely concerned.
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Well, all alts follow BTC, so the dump we see in alts is nothing but the coins following the Boss. However, steem did drop 5% under BTC today, that's not a horrible dump, not by crypto standards.
I guess, we are going to find out... what else is there to do but hustle!
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I am not sure what he's doing, but it does seem on the surface to be a bad move. But what would you do if the value of what you were doing was dropping?
Maybe he's got some bills to pay. I can afford to buy more Steem, but I've lost hundreds of dollars so far so I am reluctant to buy more until I see a little bit more confidence in the platform.
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I guess I have a bit of a different perspective on the matter... When I jumped into Steem, the token was 88 cents.
So, as much as it feels a bit like a kick in the guts, I've lived through a lower valuation.
Now, I get your position on this... @ned could judo this and speak out, will he? i doubt it
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Interesting discussion for sure, I’m quite sure this is not the end and we are just on the verge of many big things to come.
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I'm of the same mindset
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Second the motion @meno! And great post.
I wrote my own post yesterday to our fellow HODLers to do my small part to put in a word of encouragement.
Need to have a long-term perspective and "keep on keepin' on" ...
Steemin’ along and on the move ... Posted using Partiko Android
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Given the current bear trend all cryptos suffer from it is way better for any corporation that is in crypto to payout and keep the money in a fiat asset. I´d rather see @ned cashout and protect the money than steemit to fail, because STEEM is about to fall to 0.25-0.5 USD.
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oh friend,... i hope you are wrong about this... but, everything is possible
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I think his powering down has nothing to do with him abandoning ship or converting into fiat. If it was then for sure he wouldnt be doing it when Steem is almost at 1USD lowest it has been in 12 months. Something else is at play here.
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where have you been my friend?
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Some RL issues but im recording tomorrow so ill be back soon. 😇
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The emotional trigger...
Reminded me to snatch a bit more lol. Someone should pay you commission milk. Dooot!
The real question... Is it whole milk?
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2% is fakenews... never forget!
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he knows what he is doing, let's think positive :)
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