@Steemit is Powering Down...Everything...Longterm GREAT THING $STEEM #crypto
Well folks, I believe the time of Make it or Break It may not be upon us in the Steem ecosystem. @Steemit has decided to start its' power down of 34 Million Steem Power as you can see below.
They then send a memo to say they are moving the Steem to "secure wallets". I call absolute bullshit on this reasoning. They are powering down to pay for the company and expenses, and likely also for some more research and expenditures. I presently have some mixed feelings about this situation...
Normally when The Majority stake holder starts selling LARGE amounts (it is not only when prices are near tops) it is usually a bearish thing. Considering they did not power down when Steem was at $9, and chose to power down when Steem is at $0.30; it tells me that they are in need of CASH and have no idea what they are doing. Even Ned powering down when steem was at $2 was not smart, considering he should have done it at $8, or $6, or even $4. This would have given them up to 4x as much capital as they got (but they OBVIOUSLY do not understand markets).
See crypto moves on a logarithmic time frame due to the technology factor and how it evolves at an exponential pace. Where we are now is likely much closer to where the bottom is going to be of Steem is going to $0. If it is a bottom I expect Steem to rise 10x more than its prior peak in the coming years. It is one of those two. Either we are close to a bottom, or it is going to $0.
I believe that we are close to a bottom. Granted, we may go sideways for months but I believe that Steem survives. The reason I am torn in this decision is because this is likely a GIGANTIC WIN for the STEEM ECOSYSTEM. Once @steemit is OUT OF THE WAY, the blockchain can evolve and can take off. @steemit IS NOT STEEM, PERIOD.
I have always said that the quicker that @steemit either moves on, fails, or actually does something productive, THE BETTER. Well we might have our first cascade of dominoes within the final chapter that will allow the blockchain to evolve into something that is MUCH BIGGER than just... @steemit ....
Published by Hey I'm Snuffles
on
Congratulations @heyimsnuffles! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Do not miss the last post from @steemitboard:
So who has the code for steem, how will it function longer term or is it a matter of just building dapps now?
Hi, @heyimsnuffles!
You just got a 10.74% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.
What a soap opera this platform is!
I love the fact you can see what is going on and have to mine the truth out of the why. I haven't seen STEEMIT do anything to support me personally despite the huge stake. Not that I counted on it but I am not too broken up about it.
Maybe that steem will be bought at a nice discount and powered into a host of accounts who will actively support the blockchain and residents here.