Steemit,Inc just announced they would be halting the programmatic selling of steem
While this is just a suspension of the selling program for the month and not an outright termination of the program, it is very interesting never the less.
More about the announcement can be seen here:
https://steemit.com/steemdao/@steemitblog/steem-dao-ui-and-pausing-steem-sales
Why is this so interesting?
Well, on the surface it is interesting because it likely means less supply flooding the exchanges over the next several weeks.
Which, may help steem come up for air a bit.
Digging a bit deeper, it may have much further reaching implications.
Back in July when @elipowell of the Steemit Team put out this financial update...
https://steemit.com/steemit/@elipowell/steemit-inc-financial-update
Many looked at that Ad Revenue generated in June (of close to $100k) as most likely a one-off event.
Meaning they didn't think it was a number that they could continually generate month after month.
And who knows, maybe they were/are right...
However, the fact that they are able to halt the programmatic selling right now likely means they are continuing to generate very healthy revenue.
Which in the long run is very good for steem.
Steem and Steemit appear to be turning a significant corner
If Steemit,Inc can be completely self funding without selling off their stake, they can perhaps save that stake for something else more useful down the road.
Say, something like a partnership with a large company looking to get set up on steem, or any other number of potentially value adding initiatives.
Either way, this is great news for steem and great news for steemit.com.
Looking forward to see what can happen to the price of steem as new things continue to get built on it and the selling from steemit,inc continues to slow down.
Stay informed my friends.
Image Source:
https://en.bitcoinwiki.org/wiki/Steemit
-Doc
the good news should actually be just normal stuff
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Perhaps, though if they were able to fund operations primarily through advertising revenue, they would be one of only a few crypto related companies that are able to fund operations without selling tokens.
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This is Great NEWS ! If we are Turning the Corner Then STEEM Tokens won't Stay Cheap for Long............
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Agreed. There are not many projects in crypto that are self funding... in fact I am not sure I can name one at the moment outside of perhaps the Binance coin. They mostly all depends on ICO and token funding.
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Woohoo! Love it!
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This is a great news ! Could definitely be a bottom at least in the short term.
Community is more engaged and optimist than for the past year, no more selling pressure !
Great 👍
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Yes, it does seem that way for sure. We still need to do something about increasing the demand for steem, but slowing down the selling is certainly a plus.
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1st step. Then if BTC was willing to help by going up, it would be great !
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800,000 a month not being sold is a solid move from steem inc. Keep it up.
If the ad rev keeps up then we have to thank the content creators for making that happen by bringing those eyeballs into the website.
No content means no revenue other than selling steem. Which as we know is not helping.
If steem is truly valuable then why would the main company behind it be selling it?
It makes no sense to any investors.
This is a welcome sign that Steemit might finally be 'getting it'?
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Yep exactly. Plus it is a huge drain on prices which destroys the confidence of investors. Not to mention equity financing (which is basically what it is) is the most expensive form of financing. Selling off their stake to make payroll is not sustainable or preferable.
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Agreed, selling off their stake is sending the wrong signals to the markets.
It shows a lack of vision and is pretty dumb economics.
Content creators need more support from everyone right now.
Steem is cheap as chips but it can go lower. Then the only thing generating money will be the ads.
Stinc should take that huge stake and start curating creators like the rest of us are doing.
Lead by example!
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Right, This is a great news... thanks a lot
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What a great News at this point in time, steemit Inc really took bold step!
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Thank you friend for this great information, greetings from Venezuela
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Thank you friend for this
Great information, greetings
From Venezuela
- denissemata
I'm a bot. I detect haiku.
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Howdy sir jrcornel! Very interesting news indeed, thanks for letting us know about this!
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I keep giving them more ideas how to generate a lot more income but they don’t seem very interested.
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Let's turn this corner and never look back!!
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Looks like we Have good news and maybe some thing to look ahead.
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Yep, if they can be self sustaining, without having to dump steem on a weekly basis, I think that would be great news for steem and steemit going forward.
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You can always get something interesting in the world of blockchains, your article is very explicit, pleased to read and keep me well informed.
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It would be great to see an updated revenue chart with July and August.
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Yes it most certainly would. I am curious what those numbers look like.
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That is really great!
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what if they want to pump the price and start selling again, profit yeah?
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I think we all would take a nice pump in steem's price. Even if they do eventually have to resume the selling at higher levels, it would mean more revenue from less steem at that point.
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What if they want to
Pump the price and start selling
Again, profit yeah?
- katteasis
I'm a bot. I detect haiku.
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There are so many great things happening here that it is hard to keep up!
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It's a good problem to have!
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It certainly is! Times are changing!
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Great news for the steemit world, hopefully this is mostly positive for all this crypto community .. Greetings from Venezuela
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This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
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Thanks for sharing this helpful information.
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Yes that would be the ultimate. If they could generate enough ad revenue to start buying back and burning steem. That would be ideal and probably what Voice is going to try and do.
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