Should Steemians Get Worried: @steemit Account is Powering Down
For many of us, fans of the Crypto-world keeping an eye on the Cryptocurrency market, it is finally a good sign and a pleasure to see that many Cryptocurrencies are going up, like Bitcoin, Etherium, Tron but also less known such as Chainlink or Dogecoin.
At the same time, we take a look at the twin blockchains: Steem and Hive, which, to our disappointment, are not following the trend and are staying the way they are. Why it is so and if there will be any better future, nobody knows and it is difficult to say if anyone can influence it.
Since the split and creation of Hive, we were happy to have an information blog @steemitblog that became the place that many Steemians refer to in order to get fresh news and updates. Many of you know that lately everything is concentrated on creating more activities via Diary and Shopping games. That is something that brought many new and some old users to the platform.
It is now:
- Advised to change the setting of payout to 100% power up instead of the previous 50% Power up/50 Steem/SBD.
It is quite understandable that the Steemit Team would like Steem to be converted into Steem Power and Steemians get stronger, but on the other hand if we have to look at those who are taking part in those “Games”; there are people from Venezuela, Africa, Asia, and the majority of those people are Steeming in order to earn some Steem that they can convert into their local currencies for their daily life. I can understand that they need Steem and they would be happy to have 50/50 Payout scheme, rather 100% Power Up, but I also know that many of those Stemeians will change the settings for the sake of Upvotes but then might Power Down at a later stage.
- Discouraged to Power Down: there are different reason why people will Power Down now:
Once again, those from countries that are financially not doing well, or where unemployment rate is high, Steem might be the only source of their financial existence that could help them in their daily life to support their families, children; they will be Powering Down and I can’t blame them.
The other ones who after seeing how other Cryptocurrencies are climbing up want to jump on the bandwagon and are selling Steem in order to buy other Cryptos.
Therefore seeing all those things as well as how the Steemit Team is supporting SPUD (Steem Power Up Day) day, I was very surprised to see that @Steemit itself, the largest account with 29 Mio, is powering down.
The @Steemit account that has 29 Mio Steem, and where there was nothing happening for at least last 2 years, has started 100% Power Down 3 days ago.
For the simple user these are some things that they might start to worry about:
Why we do not hear anything from the first source from @steemitblog?
Steemians are asked to Power Up and themselves they are Powering Down.
What is the reason behind this, and what is going to happen with Steem?
Theory One – Justin Sun Gave Up Steem and Wants to buy Other Cryptos
- We know now that Power Down is reduced to 4 weeks instead of 13, and having 29 Mio with 100% Power Down in now 4 days, the first 7 Mio. will be transferred to Steem that could be thrown into the Market. If that will be the case, it will only dump the price for Steem. That is very bad for everyone who invested into Steem and own Steem.
The Better Theory – to Create further Curator Accounts
- Maybe the Steemit Team wants to finally to expand the number of Curator Accounts as part of a new recruitment scheme to be able to support more Steemians. That is the best way to make Steem more popular. That may attract more new and old users, and for the Steem price to finally go up and to make Hive users jealous.
Nobody knows for sure, but we will be able to witness it now in only 4 days what is going to happen. Until then, look around, keep an eye on the Cryptocharts, and hope that everything has a happy end, and that there is a good plan behind that massive Power Down action.
Litecoin : LUpfhNEjsfCXfjX21zo3hW3jYsdNAPgf2c
Ethereum : 0x1f3D5b5F315C97b7cb3b3d852a4a6CA9473A4DdD
Dogecoin : DRpuNZmjZbrkSzRKFeyKVza2DSvUks1Hpi
Dash : XejGN8iip9XtZotX3xThF1pnwCjU4xZhVD
TRON : TSUjtkDrSVpnighYXe48W6mZPUexdYxaR9
Perhaps he needs some cold hard cash ASAP, even though I am not sure that anybody can sell 7 million Steem on the market, hell I am trying to sell 400 and there is no buyer. In any case he bought over 70 million Steem so 29 million is not even half.
Who knows what is in the heads of such businessmen, we never know what the management of any companies think and if in other enterprises the decision making has been with or without reasonable sense. But I am thankful for your thoughts sharing here :)
It is interesting as the other main accounts owned by Justin and the Steemit,Inc team are not powering down. It's just the main @steemit one.
Though, if they were powering it down to use for curation accounts, couldn't they just delegate it from the main account to curation accounts like they do with misterdelegation?
Hi @jondoe, actually that would be reasonable to delegate from misterdelegation if there would be a wish to support curation projects. That is why I can't understand the reason behind it and what we should expect from it. Thank you for your opinion, @stef1
Yea so that has me wondering if it's really for a curation account. Does anyone have a way of contacting them? Any of the top witnesses?
I think it was a considerable mistake not to support the Steemit engine, most of us know that this is art (photography, drawing, painting, etc.). I don't know what the goal is as they want everyone to post about the same thing which greatly decreases the quality and variety of topics to find on this platform as long as you trade Steem for local wholesale currencies the price It will never go up, if it only provides support and great profits to all those people who are only dedicated to exchange steem for their local currency, the price will never increase.
Recently, I have seen a certain decline in the art community for steem. The entire broadcast is packed with diary games and shopping posts. The photo community has noticeably weakened. All serious photographers are gone.
In the past, large stack holders encouraged the creation of original content. Now... the monotonous dull content is encouraged. This is a sad phenomenon :(
Thank you @lourdeshd6 for your participation, it was very interesting to hear your opinion.
There should be investors from outside and buying significant amount then we will fill it on Price or it should be a positive news with Steem that would increase an interest of people and automatically bring new people singing in.
Dear @stef1
yeah, I've noticed that many people worry
I also wonder what's happening
part of me hopes that they simply want to have liquid steem, to organize some solid pump and dump
there is no way they could currently sell 7mln steem without crashing the price. so hopefully Justin is planning to promote STEEM and bring new money and trade part of those tokens
yours, Piotr
Dear Piotr, thank you for your feedback, it is nice to get the opinions of active Steemians in regards to such important topic. For many of us Steem became home and of course we would like to know if there any drastic changes going to take place and how that may affect any of us.
Like an optimistic person we hope for best and see what will come.
Cheers, stef1
Dear @stef1
I just posted my opinion on current power down done by @steemit. Check it out and share your view. I'm personally not very concerned and I explained why in this post: https://steemit.com/hive-175254/@crypto.piotr/do-we-have-a-real-reason-to-be-worried-with-recent-steemit-account-7mln-sp-powerdown
Cheers
Piotr
Hi @crypto.piotr
I will check out this post.
I am actually worried, but there is nothing I can do but hope...
What they are doing to do with that STEEM I have no idea, but the same time, there are bunch of other communities and people relying on STEEM and blockchain so hopefully it won't be bad.
hi @tomoyan
I just posted my opinion on current power down done by @steemit. Check it out and share your view. I'm personally not very concerned and I explained why in this post: https://steemit.com/hive-175254/@crypto.piotr/do-we-have-a-real-reason-to-be-worried-with-recent-steemit-account-7mln-sp-powerdown
cheers, Piotr
While there may be cause for concern, we cannot yet say that there's very much to worry about. There are various reasons that the @steemit account is powering down this massively. We'll have to wait and see, and hope for the best.
Anyway, it's great to see you remaining optimistic, and realistic at the same time.
Hi @stef1 I hope you're doing great. I'm hoping that they sell steem for BTC then sell that BTC back to STEEM when BTC is in the bull run like it did back then in 2017. Remember steemit has the largest steem stake than any of us here, I believe they are doing something good for steem as a whole. Maybe some big investors will be coming into steem and we should have enough steem liquid on the market so they get to hold steem and join us here. Might be a preparation for the mass adoption that will be coming soon with easier onboarding we have now and better system and support for recruit and retention. Just hoping for the best and keep steeming! 😊
Hi @cryptokannon, your version sounds too good to be reality but who know let us wait and see. The only hope that people will not follow the example of @steemit, if such account is powering down people may just follow their example thinking that they know something like in the quote about "rats leaving the sinking ship". That is why the lack of information is the worst thing in any enterprise.
@stef1 I understand your concern, maybe you should raise this concern to @steemitblog @steemcurator01 so they could explain their action? As we all know spreading uncertainty, doubt and fear is not good for the enterprise too 😊
This is the post where we are discussing our concerns and this is the place where the people behind the Steemit team can see what we all think and also they are welcome to come and discuss. I have nothing to hide and I also would be happy that other users would be able to read it.
Hello appreciared @stef1.
This really doesn't worry me much.
What does raise my suspicion is the fact that @steemitblog has not made any related announcements.
I have a hypothesis about it:
Remember that this account must have been managed by some person(s) who are not currently the best friends of Steemit or in any case, of STINC.
Surely those resources will be transferred to another account.
Your hypothesis about creating community accounts looks very reasonable (hopefully that is).
As you say, we will have to wait 4 more days to find out, unless Steemit makes an official announcement about it.
Hi @juanmolina, I thank you for taking part in this brainstorming and sharing your opinion. Even if none of the expressed thought is right I hope that the people behind the Steemit Team will see these comment chain and will decide to announce what is there behind the scene. In my opinion, we all deserve to know what is going to happen with our "home" Steem.
Cheers, Stef1
There are people who have the opinion that:
"Steemit can do whatever he wants with its stake and is not obliged to report every action taken".
I do not think the same.
When you are an important public figure, you have an obligation to the people you represent or in this case to the people who identify with you.
Especially when some action you take can directly affect the future of that mass of followers.
Hello, Stef,
thank you for sharing your thoughts on the PD of @steemit.
I just trust that your second, better, theory is correct.
Why should Steemit Inc. ruin what they have built so hard through @steemitblog? In the first 100 days, the team has done (and certainly still does) a great job, for the first time we have seen the "authorities" taking care of their community.
The diary game and its shopping variant were useful to gain many new users. But even Steemit will notice that the masses participate because they are promised good rewards. The masses of interested readers and investors don't come like this because it's boring to read the same kind of articles all the time. The Steem needs individuality, creativity, uniqueness to convince. With the distribution of the curator accounts to users who are concerned with tracking down exactly this good content (art, music, literature, science ...), Steemit was in my opinion on a very good path. I think (and hope) the team realizes that it won't work without the Steem's individual pearls and will do everything to keep them from migrating.
Warm regards,
Christiane
Thank you Christiane for sharing your thoughts about the situation. Like you, every thinking person may come to such conclusion because it is something that sounds reasonable as result of hard work that is done until now with the aim of retain people. But like everything is this life we are often get disappointed with some crazy and not rational decision of those who are at in charge, as example Brexit, Trump, management of Corona. I am just get used to be wrong and that is so frustrating.
Nevertheless I am glad you have shared your thoughts here and I only people not only simple users like us but also whales with bigger stakes will read and see how many people are still here on Steemit, having trust and loyalty. Wishing nice week, Stef1
hi @chriddi
I just posted my opinion on current power down done by @steemit. Check it out and share your view. I'm personally not very concerned and I explained why in this post: https://steemit.com/hive-175254/@crypto.piotr/do-we-have-a-real-reason-to-be-worried-with-recent-steemit-account-7mln-sp-powerdown
cheers, Piotr
If I'm completely honest, I don't feel like any more speculation - why, why, why - until Steemit does not express itself. If they say nothing? Then I guess it's none of our business and we'll see what happens. That money belongs to Steemit, they can do what they want with it.
That's true.
However, if anybody does anything with such a huge stake, that can have an impact on the value of your or my stake, as well.
Combined with the lack of any official information about the purpose of the power down, that means everybody must decide themselves how and if to react.
I cannot give you any advice, because whatever I think or conclude isn't based on knowledge but only pure speculation.
Perhaps my comment is a little misleading due to its brevity. It's clear to me that what's happening around the steemit stake also affects our stakes, I'm not naive about that. But I don't want to act based on pure speculation (there are already many theories) and certainly not panic. So instead of thinking a lot or reading a lot in advance, I will wait for a statement from Steemit or watch what might happen to the liquid Steem coins already today. I do not hope that my possible reaction is already too late by then.
Did you also read my comment to Stef1? It might tell you what my first thought impulse was. I just don't believe that the owners of Stinc want to ruin themselves and us on purpose.
Dear @chriddi
I actually agree with you. If I were running Steemit Inc, then I would probably power down myself and transfer funds to exchanges and then from those exchanges to several previously created Steemit accounts. That would allow me to process without people commenting every little action I do.
Yours, Piotr
Steemit screwed itself and all the creators a long time ago. At one point my STEEM wallet was worth over 100K USD and then before I could power down and get that value Ned and Dan screwed the platform, and took all the $ they could get. I had over 15K STEEM and I have since powered down to 6900 STEEM and I am considering cashing it all out.
This platform has DONE NOTHING to support content creators like myself that could bring lots of new people to this platform. Instead the whales here are upvoting content that NO ONE is GOING to read except people already on here. I barely get .07 cents per post on this crap platform anymore.
Steemit never addressed the real problems with this platform.
I was one of the biggest advocates for Steemit on the internet a long time ago, now I think this platform blows and has shown 0 improvement for over a year. Justin Sun buying this platform only made it worse and drove everyone to hive.blog.
In that case, you should be happy already with what Justin Sun has done. He seemingly got rid of a bunch of alt-chains of criminals that were literally running around threatening lives and doxing (There is legitimate proof on the blockchain of this, these aren't wild accusations either.)... while simultaneously making it so that payouts only take 4 weeks as opposed to 13 fucking weeks (A retarded number to have ever been picked, a good change imo.) and to me that's great, in addition, the signup process is now Easy, Instant, and Uncomplicated. I've had friends sign up and be accepted right away and be able to interact. No waiting. Everyone who has internet should have a phone too and an email, so there's nothing complicated about the shit anymore. If you think this is complicated then the entire internet must be hard for you. LMFAO. (Not saying you specifically, just anyone who thinks like that. Well, maybe you, who knows. LMFAO. It wasn't directed at you originally tho. Just saying.)
What is a bit concerning is that Binance claims to have had no hand in the "takeover" that happened. (I'd hardly call someone using the dpos system as it was intended, just "promised" that it never would be, a "takeover" or even illegal. Tbh. It was Justin's ability to leverage people and delegation and his own bought stake, so I saw no real issue, was just concerned as to why.) Now, it seems that 2.5million of that steemit powered down stake, has gone to "@deepcrypto8" which is a definitely known binance deposit wallet. That would imply that Binance was directly implicit in this "takeover" as they call it, while denying they were, assuming it's a payoff. What would be concerning is that they wouldn't just admit they thought action was necessary. Assuming it's not, that means 2.5million steem just went on to Binance that could crash the entire market down to nothing, at any given moment.
Though that would be tragic for many.... I see it as a positive. If we could crash steem by having them sell it all off to us, we could offer less for more and maybe it could benefit more people in the long run, than in the short-term, as it would distribute that massive stake out at a more affordable cost (Assuming people are willing to continue to buy. I am... So no one can say that no one will buy. :P) or maybe they have some ideas for projects with partial and they just paid off binance for their "help" or "assistance" in removing what was ultimately a seeming "cancer" on this blockchain. You can't honestly say that people like @berniesanders were some great asset to this chain... More of a tyrannical socio-path of sorts. Fun to watch, for people like me, and I have no issues with those people being around, but when they've got the money and power to push around anyone they want to the degree they can destroy entire roi streams (Let's face it, most of us came here for money, not because it was some new social media concept. Pfft. Half of you are fucking bullshitters and the other half in denial. I digress...) and put out public information on a chain that won't allow you to privatize it without some major core code changes which would require consensus and ultimately destroy anything left of what is to be considered "decentralized.".. It's just not cool to let that behavior slide. The vast majority of the accounts on that list were his anyway. An extremely large portion.... You can also see that he pretended to actually be different people and still is over on hive, just soaking up more rewards that way. It's not a good look for a criminal to be operating that freely on a blockchain. Means the people are accepting of the behavior and I'm not, so good riddance.
What's most funny to me in all of this is that anyone honestly thought that anything online could be fucking "decentralized" when you can make multiple accounts as one person, through whatever means you need to. That means you have the option to be "multiple" people and act as a collective. It's just baffling so many people are so fucking stupid they didn't consider the whole premise of what they were joining in the first place. A place where you can make many accounts, pretend to be different people, act as one, and no one could potentially know any better, and thus, support you while you support only your self-serving desires. If you walked into this place investing, expecting it to be truly controlled by the community and not just those with the fattest pockets.... You're the same person who downloads online game apps with micropays and expects them not to be "P2W" (Pay-To-Win, for non-gamers. lol.) and that's just honestly not sound logic. The whitepaper, the ToS, all of it... it's all been up there and was since day one and anyone who didn't read it carefully enough to understand what it truly meant (That centralization isn't actually even that hard to achieve, given enough capital, through delegations and just sheer human nature of greed or need.) should only be mad at themselves for not being more careful in going over the fine print and details about this place and how it operates. It should have only ever been looked at as a small to minimal investment, not something to put a life savings into. Those who did, were just idiots and that's on them. If you came here to earn, you should have never put a dime in, because since conception, you've been able to earn here just by sharing, never having to put a dime in. You could even self vote and give yourself value and over time, that would rise too. The only people here who are mad, are the people who are stupid. The only ones concerned about what's going to happen with all this stake, are the ones who got too invested into something they simply did NOT understand in the first place.
This was all very foreseeable and people like me are looking forward to either a crash in price (To finally buy it "cheap" again. "Cheap" is relative to one's self as well. To some people on here, steem is already dirt cheap to them because they were dumb enough to buy in when it was exponentially more costly.) or a change in regime, so that we can see at least something different than before, because under the old regime, all we saw was retards drooling on their chins, making empty promises they either couldn't or wouldn't deliver on. At least we can cash out within a month now, if we decide we aren't feeling it. Better than waiting over 1/4 of a fucking year, while tards drool on their chins and cash out. Good riddance to the old regime and to the majority of who was cut out of this "new steem" as so many choose to coin it.
Lowering cashout time alone makes this better than hive, imo. With hive I've had so many issues connecting to the network that I just honestly stopped bothering to try altogether. It's just being held up with capital from those who split and will eventually fall, the new "development" is more blockchain shit that (as you stated was a concern of yours or something that didn't help...) the every day person who is new here, won't understand or give a fuck about. Most new people will barely understand the concept of the levels of authority that go along with the various keys and fuck up and enter their master passwords on sketchy dapps and sites and lose the shit they do manage to get, and call it a "scam" because they were simple and didn't read the "blockchain instructions" or look into things further before getting financially involved. Most people are just fucking stupid, let's face it. Stupid means things need to be simpler. Society has always and will always cater to the least common denominator and unless we dumb it way the fuck down, there won't be any massive influx of new people wanting to join any social media blockchain. All these developer-made progressions, that provide information or tools requiring developer-or-at-least-blockchain-tech-level-understanding, are going to be given absolutely 0 fucks by some instagram, tik tok, or facebook user. They're only going to give a fuck about the social media aspect and maybe gaming. The other shit is shit no one except those of us who (As you said, again.) have been here, will give 2 fucks about.
So far, I see positive changes on the steem chain, despite feeling a bit concerned about the big powerdown of stake. (Even a worse case for me tho is that shit gets really cheap and doesn't recover, something I don't see happening even if it does completely crash. The value is still there. Just is.) All I see on hive is people sheltering people who've done extremely shady things, in the name of "decentralization" while developing more blockchain-related bullshit and nothing to help onboarding and ease of use. It's honestly a toss-up still, but seeing what's being done on both chains, I'd rather stick with steem in the long-run. If the degree of centralization only goes to the depth of people threatening lives and doxing and other shit, then I can fucking live with it. If I see a fork I don't care for, I can choose not to support it and if it goes thru, then it is what it is at this point. The ability to earn will never be stopped on here, not to any measurable degree, because that would kill either platform, so that's something that shouldn't be of concern to anyone. You may earn less because they are worth less, but the fact that you can earn anything at all, should be good enough for anyone and if not then they're ungrateful as fuck and should just shut the fuck up. LOL.
I find it a bit worrying that's it's a full power down, we'll have to wait and see.
Hi Ian, it is strange to see after couple of years of nothing that this is first that is happening especially now when the power down process is significantly reduced.
I am really curious what is going to happen and hope that we will hear from the Steemit Team something in near future :)
I'm trying to save Justin Sun, so I think I'm ready to reward users who have stolen Hive tokens. I believe so.
스팀의 활력을 불어넣기위하여 저스틴 선을 돕다가 하이브를 강탈당한 사람들에게 보상을 하려는것이라고 나는 믿습니다. 다음은 스팀 활성화를 위한 프로젝트를 재단 차원에서 구상하여 실천단계에 들어선것이라 생각합니다. 그래야 된다고 나는 생각합니다. 만약에 시장에 매도를 하기위하여 파워다운을 한다면 한번 더 생각을 해봐야 합니다. 아직 부정적인 생각은 안하는것이 좋다고 생각합니다. 나는 재단을 믿습니다. @cjsdns
What do you mean @cjsdns?
Haha... It sounds a bit like he's saying he'll reward people who steal hive... but if you translate it, he's saying he thinks he should reward people who had hive stolen from them by not being included in the fork. :P @crypto.piotr
He probably used a translation program that didn't conjugate anything properly. Most don't, so there's a bit of a dialect issue between translations.
Thank you for taking time and reading my post, hearing your opinion and your vision is very reassuring.