The whales are powering down, and this is good for everybody.
The whales have a lot of power around here, and the fact that they are powering down is very good for the rest of us.
Let me explain you why.
Only 1.76% of all the people on the platform have a significant voting power.
The fact that they mostly are powering down will induce 3 things:
Reduce the gap between the whales and the dolphins
The gap between a Whale and a Dolphin is huge. But with the Whale powering down, this gap will decrease and allow Dolphins to have more power over Steemit. We will go from a leading minority of users of 1.76%, to a leading minority of 6.43%. A lot of people will be able to upvote you with a significant voting power.
Reduce the voting power of the top users
The payout is calculated on a pourcentage of a daily prizepool. The Whales that have a lot of power influence largely the distribution of this prizepool thanks to their votes.
The fact that the Whales are powering down will lead to a fairer distribution of the pool, because the impact of their votes will be reduced and therefor will let Dolphines have more impact with their own votes.
We will progressively go to a model where posts was rewarded thanks to the power of the votes that it gets, to a model where posts will be rewarded thanks to the number of votes that it gets.
Reduce the price of Steem
People that are powering down creates fear and uncertainty about the futur of Steemit, since we are only on the early days of the currency and the platform. This drive the price of Steem down, and it is a good thing.
Indeed, it will allow newcomers to invests in Steem and Steem Power for cheap. The inquety is reduced between the members of the platform.
Bonus fact
It gives real value to Steemit, and show that you will be rewarded if you work hard for it. Steemit gives you money, and you can actually cash it out, even the top players out there are able to do it.
I can tell you that these whales are powering down not for themselves but for Steem. Most of them are actually powering down to fund new interesting projects related to Steem which will drive us to the Moon!
Insider sources? What is this project? :D
Yeah, people are getting scared with this steem dump and whales power down. but that's actually a good thing. more powers to the smaller fishs!
Excellent post. Im experiencing a few of these issues as well
some good thoughts. i've seen a few people panicking about those at the top powering down already but have been thinking along these lines myself.
I just talked about it on the chat, and some don't agree with me.
But I'm confident in my sayings, and I will keep in mind that the powering down is good.
Powering down it won't keep the price down for long, if more people will join and buy more steem what do you think will happen? The price goes up no matter what. Remember with that coin when they tried to mainten around $20? The people start selling that coin and the price ... you know, the price went down too. Here is the same thing and time will speak.
Yes but in the meantime people are able to purchase cheap Steem to Power Up;
It was cheap one month ago $0.37 but people didn't buy it.
People wasn't aware of Steemit. I wasn't even here one month ago...
I also have missed, but think about those people who joined that period! What a nice chance we missed, but we must look forward, the good things will come!
That is right, it is a good thing for the wealth distribution and it is fair for the very early users and the founders
Yes, everybody is happy! Early adopters get money, newcomers get power!
people talk about wealth distribution like these people stole the wealth and now need to give it back. they WORKED harder than everyone.
Which people? Nobody here said that razvanelulmarin
"people" :))
(happy birthday by the way ;-) )
This site is very, very cool. It will only get even better. One of the most awesome parts is the potential to make some money. I am sure that the awesome feeling that comes with getting a payout feels just as awesome to a whale as a minnow. The whales worked very hard and took risks to arrive at this point. Making a site like this is a titanic effort. Lets all have fun and lets all get excited when a payday comes. Yes, this site is risky. Is not most anything worth ones while, temporary, fleeting and therefore risky?
You know this experience is so worthwhile to have for me I can't justify taking a pass.
Hi! This post has a Flesch-Kincaid grade level of 6.7 and reading ease of 82%. This puts the writing level on par with Stephen King and Dan Brown.