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RE: Was the Launch of Steem a Scam or the Only Legal Way? - Thoughts on Steem by Charlie Shrem a Week Later
If they held onto their steem how would they pay their developers and do things to grow the network. They are hiring like crazy, Devs can cost 120k+ per year. They need easily a million dollar a year developer budget.
In the case of Dan this is a reason I am aware of and which I respect, but out of 30 whales 28 were powering down, the last time I looked... many of whom are not going to pay any developers.
This is a reply to mexbit's comment below (the system wont let me reply to it). I'm not sure what their motives are, but powering down doesn't necessarily mean they are getting out long term. Perhaps they think the current price downtrend will continue for a bit and want to buy back in and power up even more. Or maybe they want to pay off their debts. I dont think powering down gives a clear indication of motives.
Good point here, can't rely forever on angel investors and volunteer hours - if the developers know the founders have been successful, they'll want to get paid!
Read the disclaimer, Steemitco has a disclamier that they have to do NOTHING!
Nothing zero, and are cashing out every week.