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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
The only thing which is a pity is that they seem not to believe too much in the current valuation and are powering down, then dumping the received tokens each week. It seems that the consensus of the development team and whales is that a 150 mil. valuation is too high... Many people would like to see them not selling their tokens, even though it furthers the distribution of the SP's. It just shows a lack of faith that a 50 bil. valuation can be reached or existing social media be replaced. (This obviously does not change the fact that they are free to do what they want with their property for sure).
Many whales have to much of their wealth concentrated on steem !!! So even if they are bullish they are not comfortable to have for example 90% of their wealth on a single project... It is for them like a "one point of failure" ... I assume many of them want only to put some of their eggs on other baskets just in case the project fails...It is just a proper bankroll management, poker players out there can understand me ;)
PS BTW steemit whales could be good poker players ...
moved up ...
Not just this -- i know some "users" with larger stake and they starting to transfer to new users, friends - business partners - on the other side:
I was reading many complaints about the centralization on this game here - now look at the "POWER downs" - This also means - Whales won't have so much influence - From what i can observe - slowly but steady we will see by far more new larger stakeholders and it will get much more fairer "holding" distribution - not that i'm thinking the current distribution is "unfair".
Even u may should take into consideration, that on STEEM u are able to see all the "wealth" a user is [HODL] – ( Hold On for Dear Life ) not like facebook & Co. !
Is this essentially good or bad?
I can just speak for myself but i love the transparent way
of how things are going here ;) - my 2 SBD
Maybe the miserable negative trolls should just be recognized for who and what they are (not you @cass; you are pointing out the inconsistency, and rightly so).
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.