We should focus on how we will drag more people here, to invest in Steem, to see firsthand the potential of this blockchain, and not the other way around...

in steem •  3 years ago 

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We often talk about the necessity of reducing the liquid Steem supply there is on the exchanges ~95 million Steem tokens, hence to increase the demand, either by trying to motivate our existing users to buy some, so that they can place themselves better in the future, but also because it is a way, the only way, to gain more influence on the platform, therefor to earn but also to distribute more Steem, to the hands of those who deserve it most.

The fact that those of us who are active here on daily basis makes us the hardcore Steemians who don't give a shit about the price at the moment and such... doesn't necessarily mean that outsiders feel the same way we do about Steem when it comes to investing. Because we are investors too in case you forgot...

First and foremost, a decent investor wants to not lose money.

Would you keep pushing, buying, trying to improve your writings, expand your network, promote Steem through other social media apps, if you knew that one day Steem is going to die? No you wouldn't. You probably wouldn't be here in the first place. The reason why we are all here is because we think that one day, all the progress and the latest developments that are taking place and shape will be reflected in the price too at some point. Right? Right.

Nobody ever said it will...

And that's what makes our journey so unique and unpredictable. I myself, am a hardcore Steemian. Exactly like many of you too. And while there are still way too many flaws that need to be fixed, and also because this is a community driven chain, people need to talk when they see/feel that something is dragging us back. Remember when @trafalgar and @kevinwong kept saying that the previous economic model was shit and that there were way too many exploits? So post after post and hours after hours of talking that took place in discord channels etc...here we are. The economic model under HF21 is better. Period. Is there anyone who disagrees with that? Anyone? NO? Good!

makes us the hardcore Steemians who don't give a shit about the price at the moment and such... doesn't necessarily mean that outsiders feel the same way we do about Steem when it comes to investing.

Have you ever thought that those 13 weeks required for a full powerdown might be one of the main reasons why those big investors haven't been invested in Steem till now? I mean let's be honest shall we? Only the thought of not having complete access to your funds for 3.5 months in market where everything can change in a blink of an eye is crazy by default.

Let me give you an example to see for yourselves what I am talking about. Do you remember that glorious bull run that took place from December 2017 till the very early days of January 2018? Do you know how long it lasted? More or less 30 days. I am talking about Steem...not BTC. So even if you knew exactly what was about to happen and start a full powerdown on December the 15th(?) 2017, so that you can take advantage of the high prices, by the end of January, when the whole thing was over, you wouldn't even have access to half of your stake. And that only if you had started the powerdown with precision...

Now does that mean that I would have sold my Steem when the price was at its peak? Probably not, because I was really noob at the time. But I think I could have made some good profits when the price was back at 4$ only to reinvest all of it to steem again later on.

Does the fact that I would have sold my stake back then if I had the chance, so that I can 10 / 20 fold it later on make me a traitor maybe? A bad Steemian? Someone who doesn't care about the ecosystem? Or most likely if my stake was 20x what it is now, I would be able to contribute more to everyone around here and help in even better distribution?

Maybe if people had the chance to trade their Steem back then so that they can be in better position right now...maybe...just maybe...there wouldn't be 95 million Steem tokens on the exchanges right now but way less...and maybe...just maybe the demand for Steem would have been way higher...

13 weeks of not having complete access to our funds is an eternity. Really. Out of curiosity, is there any other project out there with a similar lock down period?

In my opinion it should be reduced to 2 weeks max. Some people I've discussed with, think that 2 weeks are still too much...I know that many of you feel the same way about the powerdown thing like I do. Who knows? Maybe if we keep talking about this, those that have a say on the code will rethink what is good and what is not for this blockchain...After all, we all want to see Steem thrive some day, don't we? Could this be a solution or at least a part of a solution that would bring in new investors/users...?

No matter how hard we may promote Steem via other social apps, I have a feeling that those who will dig deeper, they'll think twice before they decide to power up any amount of Steem because of those...13 weeks. They are not us...yet...

We should focus on how we will drag more people here, to invest in Steem, to see firsthand the potential of this blockchain, and not the other way around...

Let's talk about it in the comment section below.

Have a great one!

Cheers!

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I agree that the current period of 13 weeks is too long.
On the other hand I think that if it's too short there's always the risk that the price of Steem can easily be influenced (and even rigged) if you know what I mean?

On the other hand I think that if it's too short there's always the risk that the price of Steem can easily be influenced (and even rigged) if you know what I mean?

I do know what you mean mate. But let’s look at the facts shall we? What about allll the rest of the crypto. Is every single project manipulated?

What about those who hold ETH LTC BTC...this is the right way. To have immediate access to your funds so that you can escape a disaster and be benefited from a spark

Due to the fact that everything from everyone is visible here (on Steemworld etc.), the power down of several big accounts here could cause a snowball-effect, making a lot of others doing the same. Which can make the price plummet like a rock.
Later on they buy back at a lower price.
But this means at the same time that it's always the smaller accounts (who did exactly the same as the bigger ones) are always one step behind. Meaning they get a lower price for their sell and have to pay a higher price when buying back.
In fact exactly like in the stockmarket; The big players always win the most and getting bigger and bigger.

Which can make the price plummet like a rock.

While the price now...?

At the end of the day what we should ask ourselves is: Is this attractive for future users/investors?

I agree. With the current price it's not an issue yet.
But with a price of (for example) 5$ this could be very well the case.

Don't get me wrong, I'm for a shorter period as well, but the conditions and how it should take shape should be well thought of.

I just have a feeling that price won't be affected from internal sell off if we reduce the powerdown period. As a matter of fact we allow outsiders and those who aren't invested in steem to trade steem and either pump it or dump it while we have no say...

Thank you for posting from the https://steemleo.com interface 🦁

Steem-engine is 4 weeks the power down. Maybe this improvement in the next hard fork. ;)

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Not for every Tribe. Some require much much longer than that.

Who knows...maybe

There are projects that have staking lockups as well. For instance, LOOM has 2 weeks, 3 months, 6 months and 1 year lockups, each yielding a different ROI. So a 13 week lockup isn't really a problem. It will be nice to allow variable duration lockup but that will only make sense if there is variable ROI. Perhaps, we can make it such that the longer you lockup, the greater the share of curation rewards you get. Just my 2 cents

I don’t even know what LOOM is tbh. Any other projects maybe? If not, the fact that there are only a couple out of the 1.5K means something...

  ·  3 years ago Reveal Comment