Why you should stop powering down and rather buy more steem now!!!!!
Steem is currently fraught (unfortunately) with fear of lack of appreciation of steem price (however this is good for those who want to buy more steem) leading to large number of whales powering down either to reinvest in an ICO (most of which are scams) , altcoins or for personal use. Moreover, there is nothing wrong with an investor taking out some of his/her investment if there are legit needs.
However my concern lies in purporting that steem price will never rise up to the moon. This action, however, has led to disparity between deposit and withdrawal as indicated in @lukestokes recent Exchange Transfer Report: 8/20/2017 to 8/26/2017 - with over $2.2M heading out the door this week- I wonder what will happen to the price of steem if this trend reverse ie more deposit than withdrawal? (you know the answer)
Another issue is with regard to excessive supply which negatively affects crypto currencies prices -please see my former post for detailed analysis .Conversely, however, there is no need to worry with regard to steem because the future is very bright.
Why you should stop powering down and rather buy more steem now :
The upcoming Hard fork 0.20.0 which is known as velocity has 3 main priorities : Communities, Easy Onboarding, and a Mobile Application.
Easy Onboarding: the focus is on improving account creation and reducing the friction involved in signing up millions of new users and thus bring in millions of users and developers to the steem ecosystem. This will certainly drive steem price to the moon due to demand will be too much leading to price increases. The strategy include:
- Burning STEEM for Account Creation to Prevent Abuse: presently new accounts are funded with initial steem power in order for new account holders to have the minimum steem power needed to transact in the blockchain. However this has led to automated abuse of the sign up process to yield free steem to attackers concomitantly with spammers creating multiple accounts in order to acquire free steem (some have 4000+ accounts used for up voting scams –see my former blog posts for details)- this also increases the cost of sustaining the protocol. Furthermore, another limitation is that when a member power down fully he/she will be locked out and thus be at risk of losing access to his/her account which is a disadvantage. Therefore, burning STEEM on each new account (terminating the token and getting rid of them from the total supply ) and crediting the account with permanent minimum bandwidth will take care of all these limitations. Moreover, this will also take care of the issue of excessive supply –( Please see my former post) which negatively affects steem price.
Moreover the update will include other new new changes:
- Discounted Account Creation.
- Remove Account Creation with Delegated Steem Power.
- Remove Vote Dust Threshold
- End User Impact
Pls see @steemitblog for full details including technical notes
Community Building : the new update will encourage more community building just like @teamaustralia : steemit fastest growing community -which will lead to more networking .
Mobile Applications: Ability to continue steeming whilst you are on the move. Even though we have a great mobile app : eSteem , steemit android app which is in its final testing phase as indicated by @sneak will be a game changer .
Conclusion: in this article, I outlined the reasons why some members are powering down their steem and indicated why it is a bad idea. Furthermore, I discussed about the upcoming .20 velocity Hardfork which will lead to improve user experience plus open the flood gates for millions of new users leading to increase in steem price. Imagine what the price of steem will be if steemit reaches 500+ million members in few years’ time and each account creation burns steem? It therefore, makes better sense not to power down your steem rather now is the time to buy more steem and power up.
What do you guys think?
• Good point, I will buy more steem and power up
• I agree with your analysis but will add the following poin / points
• @charles1 Stop writing nonsense; I do not agree with your analysis-in fact, I am done with steem and steemit and will power down!!!!
Send in your comment, Please resteem this for others to join and up vote to send your support.
Read my former blog post : the issue of scam and spam and how steemit can save you from being ruined
For those who want to be an investor in Bitcoin wallet see X coins link: https://xcoins.io/investors?r=v93e2z
Upvoted and re-steemed. Great news!
#payitforward
welcome, thanks and keep steeming
Good points here, but none of those things will have an much of an impact as bots on Steemit. As long as bots can sell their votes, curate, and other things that bots do, too big a percentage of author and curation rewards will go to bots. And as long as those bot creators are selling that Steem, price will struggle to recover.
I love Steem the platform, but I don't see the value in investing in powering up. And you don't have to be powered up with a lot of money to use Steem.
Good point @financialcritic however steemit is the best social media platform outthere with regard to rewarding contents and it is still improving -far from perfect. Bots are a problem however gradually there will be solution to it-not perfect but am sure that something will be done especially spammy bots. This is one of the disadvantage of technological innovation. I am , however , optimistic about the future of steem after the updates and am sure that your steem power will make you very rich if steem reached 1K in few years time. Thanks for your comment bud and more success to you.
When is the update scheduled? Interesting information I had no idea about thanks.
Great feel free to resteem in order to motivate others. There will be an official announcement-. Thanks a lot for checking out my posts and commenting.
I love the platform as well. However, I am surprised, speaking anecdotally, how hard it is to get folks to try Steemit. Then out of those that do try it, very few stay. I brough people over that made over $100 on posts...then they worried about it being a tax scam or some crap lol. I dont know what Zukerberg puts in the water supply, but you cant get people to give up FB no matter what.
Great points, this thing has no indication it is going anywhere soon, so better to stay powered u
Good point, I agree
Ah good read! Cleared quite some things up for me! :)
I have been fully invested in Steemit since the beginning.
I have never once powered down in over a year!
Wow, you are the master of power up..I will not power down too because an planning for long term
Yes I am probably one of the ONLY accounts that has never powered down ur spent/used any of my $steem or SBD.
I believe and invest in the future success of this community!
Good move that will pay off hugely
I totally agree!
I didn't start with much but little by little I am building. Once the value goes up then I wil be doing very well!
Same here, I am building up gradually hence why I prefer the cheap price for now. Next year will see hike in price
Yes well unless you are actually BUYING $steem then its better it goes high asap because what you have and earn will be worth more. If you are buying it though then being cheep is good.
Good point however the earned SBD will buy less steem ie post payout will earn us less steem if steem is too expensive. However account will worth more.
Awesomeness !! I fully agree I only power down a/small amount as I need it for emergency purposes ! Then I stop the power down , im also back to 100% power up of my posts , as I needed some Steem dollars ! And will only be doing 50/50 for my contest font the prize payout ! I soooooo wish I could afford to buy some steem before it goes up to high !!! Great post keep up the great work !!Upped and resteemed!👍👍👍💕✌❤
Thanks I agree with you my yummy lady. I wish that price remains low till we buy a lot of steem . I am sure that price will shoot up from next year , so we should gradually stock up out steem before its too late. With too many steem power, you will have good daily payouts-a win win strategy
I sure hope so !! Sounds good!👍👍👍💕
welcome
Hi charles1! I plan to but steem each month and I have absolutely no doubts about steemit and steem future. Thank you for your post as this is the way we can cumulative new fresh users and stimulate the existing one to invest more
you are welcome, more success to you
Very interesting post @charles1
Steem is sure to rise in the long term.
Absolutely, try to gradually increase your steem power
Great post and I also think you shouldn't power down. Steem is staying constant at the moment but eventually it will rise. So now is a great time to buy or to earn ;)
you are correct, thanks for your comment
Powering...UP!
Good move, more success.