What's Going on With Steemit- Should We Be Worried?
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@berniesanders posted this yesterday that shown that @ned is dumping fairly large quantities of Steem...
and I, for one, have a few concerns... Chief among them is that Steemit is where I earn my living and any drop in the price is a drop in my income.
As far as explanations go, we can only speculate. One possible explanation would be profit-taking, which on the surface doesn't make a lot of sense. Steem is trading at around $1.40 USD, not a good time to be taking a profit except in perhaps dire circumstances. If Steem, however, was trading at between $3 - $5 it might be a plausible reason. Unless, $1.40 is all we can expect from Steem in the future. Another possibility is the impending kickoff of Steem 2.0, the brainchild of Steemit and EOS creator Dan Larimer. In an article done 8 months ago, @aggroed, points out some of the frustrations Steemit users have...
"Seems like investors don't really trust Steem. If I had to guess the reasons are they don't like us I'd start with the "ninja mine" at the beginning. They don't like the distribution, and they don't like that this platform has occasionally had network issues. They also don't like that it isn't ever really worth more, has a hard time getting worth more, and when it is worth more there are a lot of whales putting downward pressure on price. It's too hard to time an investment with a 13 week window to get out. Hard to pull out in this case also means hard to put in."
The whales control Steemit... at least financially. They "circle-jerk" each other thus manipulating who gets what. From what I understand this is why Dan got out and also why he wants to create a more democratic platform. Another thing that @aggroed addressed is the community aspect, or as it seems to have happened, the lack of community aspect. Except in a few instances real communities have failed to gel in the overall Steemit platform.
"Communities: You can form your own personalized community and simultaneously allow people in your group to post to the block, and also not post in the feed of your community. This let's you highly tune your feed and allow multiple posters to a single thread. The Minnow Support Project has had some success doing this, but it's been a challenge and we've had to build tools to make it sorta work. When communities are launched it's just baked into the platform. Should be really exciting!"
This will be the draw of Steemit 2.0. On the EOS blockchain communities can create their own smart tokens... a platform within a platform if you will. But who knows when, or even if, this will happen. Having read this... https://steemit.com/steem/@tanishqyeverma/dan-announced-steem-2-0 I suspect it will happen soon.
Now I'm just speculating here- I suggest that you do your own research. Does @ned sense the end and is abandoning his own ship? One thing I do think- I don't think we're going to see the prices we did last December when Steem topped $10.00 again. The more @ned pulls large chunks of Steem out of the game, the lower prices will be held. How long before the other whales follow suit? Frankly, I'm more than just a little bit worried about the future of Steemit.
Something is not right!
And I agree with @mammasitta, I was at the last steemfest and I remember all the promises, that so far have not materialised.
@mammasitta is an old friend here on Steemit and if anyone has their finger on the pulse of what's going on, it's her! I fear that the rats are abandoning a sinking ship... it's been a good ride though!
I love @mammasitta !
I agree with @mammasitta. Sure, I'm always a woman who loves to think positive, but what we are seeing is not so different from before the Steemfest. As you know, I was there and I remember what I heard, but I'm still waiting to see something.... It's a bit sad. Sure, I'm an optimistic woman and I want to think everything will be ok ;)
I am the same and always would like to believe All will be ok but it doesn’t look like
No it doesn't! Nice to see you again Bella!
Yeah had a hard time those past weeks !
I wrote about a couple of days ago
It looks like things are going to turn out for you- thank God! If I can help you know you only have to ask!
I am super great again. so sweet of you to ask. Hugs your way!
I'm happy to hear... I'm not doing so good. I don't think I'm going to be around much longer.
Oh nooooo! Don’t say this Rich!!! A few weeks ago I thought the same being diagnosed badly but now I am free of “shit” and can move on
I don't think it will be ok here... I do think Dan will come up with another platform!
I hear the same things about this idea/project of Dan about another platform, but I need to hope for a grow up of steemit too, also because I met many wonderful people here (for example, I met you here) and so I need to think this community has a long future.
I figure that if 2.0 works better everybody will just head over there.
As another Steemit old timer, here is my 2 cents worth:
There has always been some total bullshit going on around here.
Worrying never helps anything.
Steemit is bigger than names like Ned or Dan
When Dan left everyone freaked out.
Everything is going to be the next big thing - but never is.
EOS... LOL.
It seldom works to try and replace a platform - even gooble failed to usurp fakebook.
We have come through far lower lows than this.
@ned is powering down and selling steem. Price of every other cryptocurrencies are going up but price of steem is not going up as it should have gone. A few months ago when the price of steem was around 4USD, the voting value of my vote was 0.2 but it is now 0.1 even after I powered up with 100 steem. I have posted about this problem many times but nobody is listening to. Some spammers are creating bot accounts that are downvoting other sincere users. Good quality post are getting nothing if they are written by someone who don't have whale friends or enough sbd to feed bidbots. Nothing is going in right direction.
Powerful people are grinding their own axes and will leave this platform when they don't see any profit scope here.
I wish I could give you some better news. When I started I was making around $0.08 a post, but over time as I gained more followers it began to go up. Now there are so many new people that it's difficult- I would say to be patient, but I don't think it will work anymore.
You stated everything clearly. Thank you!
In the Smart Media Tokens (SMTs) Collaboration and Discussions Group on Telegram which you can join here, @ned stated that he is not leaving steemit. Sure enough, there are speculations to the reason he is powering down. Some say it may be to avoid speculation anytime he powers down or sells to do something, others are of the opinion he is powering down to finance the SMT project.
I guess time will tell
That's true.
@richq11
Things like this are so demotivating for new users like me.
I am dedicating a whole lot of time on this platform to do good.
Hope nothing bad happens.
And steemit touches all the heights.
I feel bad for people that joined recently. I got in early enough that I could grow along with the platform. I do think that a more democratic place is in the works!
There does seem a 'lull' in the enthusiasm with users at the moment, I think.
(I said 'think', it's just a feeling...)
It does look bad when the CEO starts pulling his money out!
Thought provoking post... Thanks
goodgreat for the platform?Maybe, but the whales are what holds the value up.
I agree. Something just is not right here. I smells and has the appearance of manipulation. Whoever at the top who truly knows what gives is not speaking. Thanks @richq11
And not doing anything to fix any of the problems... and now the CEO looks like he's bailing!
I think creating a non circle jerk community would be very hard. It is, after all, modeled on what we see in real life every day...Hard to change.
I don't know why Ned is taking his funds out, but like you, I really hope it's not what we're worried it is.
I think it is! If 2.0 works the way I think it will, funds will be more focused in different communities... so it will be more democratic.