Moving to hive
Fuck you Justin, we're moving to Hive.
5 years ago in #crypto by practicalthought (65)
$4.20
- Past Payouts $4.20
- - Author $2.10
- - Curators $2.10
Moving to hive
Fuck you Justin, we're moving to Hive.
I actually think the power down waiting time imposed on steem has saved it's value. It may have been a lot worse if everyone was allowed to pump and dump as they pleased
I agree that it keeps markets from being flooded when people decide they are done here and want out. They must spread out their sell off over 13 weeks, diluting the impact leaving has. I can also see how it is a deterrent to many who refuse to lock up their investments for that length of time. When bulls and bears take the market over (by those of wealth foisting it upon us) the rise and fall can happen in the blink of an eye.
One has to love the blogging platform to want such a lock down on their investment. It's a large risk that a project won't go belly up way before a 13 week period would be over. Based on how many have come and left (and spread FUD because they disliked something here) we see the demand for the coin falling.
I reported in my last post how our valuation dropped from a high of over 1.7 billion to around 48 million. It seems fair to assume now that the blogging/social aspect is not strong enough to create demand, as the dwindling number of users is a testament to. It seems logical to broaden the scope of the project to better fit how many understand and utilize crypto. Even many exchanges are now dropping Steem. Binance U.S. has not had one rumor of adding Steem, and read recently of a few other exchanges dropping us. This needs to be turned around. One way might possibly be to restructure staking rules and urge exchanges like Binance to stake our project for their users.
While it seems likely many have stayed powered up, many of those who left bit the bullet and did power down their holdings (while bitching to everyone who would listen I imagine). This feature could be viewed as the mechanics of a weak project that wants to trap investments. If the project is stellar, there will be no need for such an entrapment. Steem has no need for such an entrapment.
I didn't mention it in the post, but there needs to be a way (maybe there is and I'm unaware of it) for investors to make a paper wallet that no one else has access/keys to. I imagine Steemit holding the wallets acts as a deterrent for many as well.
For some reason Dan and his father have mixed sentiment towards them in the crypto world, sometimes referred to as the Larimer gang. Deserved or not, I'm guessing that some investors who hold such a view still view this as Dans brainchild and would be more apt to investing if they held the wallets for their coins that could be withdrawn at any time without losing value (to inflation) by being held hostage to a 13 week power down cycle.
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