Maybe Steemit Inc Should Time Lock Their Steem
Steemit Inc owns 24%+ of all existing Steem. If they are in for the long run, then it shouldn't be an issue to concretize their commitment. This move could help reassure investors in regard to Steemit Inc long term commitment. Steemit Inc has been capital in the development of the Steem software so far and thus the importance of such a move would carry a lot of weight.
Maybe Steemit Inc could lock their current undelegated Steem in a smart contract that would allow them to power down only 10% of them every year over the next 10 years. This should be more than enough to allow them to cover the cost of their operations and if the price of Steem were to go up more than 10% a year this means their overall capital would increase over time. 10% is only a recommendation.
I don't know how complex such a feature would be to add but I definitely think it should be discussed.
Source:
https://steemd.com
https://percentagecalculator.net/
https://steemitboard.com/ranking/index.php?p=0&s=vests
https://www.maxpixel.net/Steam-Steam-I-Virtual-Currency-Coin-Cryptocurrency-2996781
Hey, buddy I am not sure I like what you are doing. Did someone from Steemit hurt your feelings or something, or are you paid to attack Steemit Inc and @ned every day?
Mark Zuckerberg owns 28% of Facebook (still), why do you assume Steemit Inc. and @Ned Scott even want to sell their stake in the network they develop for?
Please tell me what your true purpose is with these non constructive articles, they reek of anger, spite and jealousy IMO.
Sincerely,
@fyrstikken & @fyrst-witness
Fyrstikken INC.
(No, Our stake is not for sale also)
I'm sorry you're taking it this way. It's only a suggestion. If they accept fine everyone is better but if they don't, that's fine too. They are free to do what they wish for sure and I wouldn't want it otherwise.
Edit: My intentions are noble and because I respect you a lot, your comments and the comments from other people from SteemSpeak have made me reflect on the way I should go about trying to change things in the future. So I thank you for the comment as I think it helped me get better at what I'm trying to achieve. Sincerely. I stand behind the posts I wrote but I'll do things very differently from that point on. Thanks again!
Asking for witness vote decay is attacking Steemit Inc every day. Who's really paid here.
Why do you feel that asking for witness vote decay means "attacking Steemit" ? There are other people (including myself) who think that "witness vote decay" is an interesting feature that could potentially help the system: it would "stimulate" witnesses to not "sleep on their laurels" but rather go out and continuously engage with the community. Like in politics: if politicians were assured of your vote forever, they would make even less efforts than they make today, don't you think ?
https://steemit.com/steem/@inventor16/fyrstikken-believes-that-bringing-up-suggestions-to-the-steem-community-is-the-same-as-attacking-ned-and-steemit-inc
Yes
Bizarre comment. Witness vote decay is something that Steemit Inc themselves have suggested in the past.
https://steemit.com/steem/@steemitblog/proposed-changes-to-steem-economy
https://steemit.com/steem/@inventor16/fyrstikken-believes-that-bringing-up-suggestions-to-the-steem-community-is-the-same-as-attacking-ned-and-steemit-inc
If several persons misunderstood you, maybe, just maybe, you could have found a better way to express your thoughts? :-)
Then again, it could also be that we are all stupid, it happens! :-)
And believe me, I'm the first guy to deplore not having enough time to read more articles on Steemit!
Ah ok, now I see what you mean.
Questioning witness power != Attacking Steemit Inc
creo que no debe sugeri eso amigos
My calculation says it is 26.3~ percent. If ned's stake is included than it is 26.91% of all Steem. I calculated these accounts: misterdelegation, steemit, steem and ned.
To be fair @Ned has been consistently selling his share for months.
Ned says the account he transferred the money to is not his. I wonder whose account it is.
finally someone sees the double standards of going at @teamsteem 's jugular and avoiding a pink elephant in the room. It is both Ned and Teamsteem's stake to do with as they see fit and people bitching about it are probably not going to want to be told how to spend their own money or stake. Thanks for possessing something besides groupthink and being logical.
I don't see this as an attack, just due diligence by the community to improve things.
Why do you cover your hair with that helmet? Surely it is as glorious as your beard.
@fyrstikken, Facebook has sustainable revenue model such as Ads. What is the sustainable revenue model of Steemit inc? If there is no sustainable revenue model for the company, the easy answer is leave with money when they can. I have been searching exhaustively to find the business model (sustainable revenue) , but there were no clear answer. May be I missed it , but not on witepaper, bluepaper, or other existing posts. A person claim that the company make money when people do power up, which can be the sustainable source of revenue (a good thing), but NOT CLEAR. If I were a savvy, shark business man, I would leave with the last cash out at the right time. I have not think through of the aftermath...well.. if this happens, I think this online community will survive after the Steem value in the market hit to zero. In fact, it have already happened once, ay? If you see the statistic, someone cashed out A LOT when the fruit was well ripen.
sorry i have some noobie questions like if i power down all my steem can i not then upvote? also how do i become a witness? thanks a lot =]
es un anal plus
Teamsteem enjoyed a nice delegation for a long period of time, he also managed to amass over 65k steem at some point. He also was a top 20 witness for at least a little while.
Currently, he has around 11k SP. He now holds a #34 witness position on a platform he has powered down 55k or so, and he wants to give advice on how SteemIt Inc should manage their stake?
Edited as my original numbers were incorrect, as pointed out by the OP.
I've never been over 65k. Many factors have influenced me to powerdown some of my Steem, in particular them owning around 40% of the Steem at some point and them powering down at 100% rate of what they own or at least a huge rate. I've also bought back many thousand worths of Stem when Steem was worth 10 cents.
Wait a second, you bought and came up on a lot of coins? What effect does this have on you @teamsteem if they lock 10% ? And I feel you are asking them to lock into something you have to offer, or are affiliated with
Okay, 65k Steem. I stand corrected.
It isn't necessarily a bad idea in my opinion but I feel like there are 20 things that Steemit INC needs to do or needed to do for this place to not be so messed up.
There is no reason why STEEM should participate in the bear market like the rest of crypto considering it has a legitimate platform and functioning product. Yet it ends up falling just as hard if not harder than other cryptos which are 95% speculation.
Well there has to be other funding models like advertisements that will be paid to content creators in vested STEEM. So that Steemit INC is always using outside money to purchase STEEM and providing buy support on the exchanges.
In the end Steemit Inc doesn't need to do anything. They are rich and @ned , the founders, and early investors successfully made a lot of money. Now it is a platform that probably 50 or so make decent money on and the rest fight for scraps and chase the carrot.
They get free hosting though for their thoughts. Could it be better? Sure..... But it worked out fine for those who set it up. They got rich. End of story.
4 posts on the trending page at the same time. Impressive....
You'd think someone with your amount of followers and age of account wouldn't need to boost each post onto trending to get responses. Seems like you have an ulterior motive here with these, team power downey junior.
Most of the witnesses don't follow me. Most of the witnesses haven't answered even if the posts were on trending so I would have even less reactions if I hadn't put them on trending.
I still very much want to see Steem succeed. I have all the incentives to.
I'll have to take your word for it I guess, not much else to back that up with.
What do you mean? I can't short Steem. I own some Steem so I have all the incentives to see it go up. I don't know how it could be otherwise. It's not like I could make the price go down either.
You're not that stupid that you can't see how filling trending with your negative and controversial posts wouldn't effect the price.
Requesting features that are much needed are a negative thing?
It seems like I've failed miserably if I tried to influence the price.
https://coinmarketcap.com/currencies/steem/#markets
Requesting features that have been discussed to death without bringing any new solutions to the table.
People trade currencies for a lot more reasons than to invest in the platform, short term price proves nothing.
My intentions are good. If Steem goes up then I'm making money. If it goes down then I'm loosing. I'm sorry if that appeared otherwise. I mean this.
True but you've implied that I might have been trying to influence the price.
Anyone can (be) short steem. It doesn't have to be a formal structure on an exchange. I'm not suggesting anything like that is going on here though.
Yeah you're right. I'm not denying this. I know you're not mentioning this to corner me but I mean, to me the number of Steem that I own is a lot of money...
You're a witness yourself, it's not like there are no existing places where witnesses could discuss things among each other. I don't see many other backup witnesses raising questions and concern and feeling the need for attention as much as you do by buying votes as if there's no tomorrow.
The direction Steem is taking isn't the sole thing of witnesses. I prefer it being discussed in public for the most part and on a decentralized platform.
I approve this comment
So right!
hi
plz giv me upvote
you ar amazing! thanx
They should do whatever they want to
I wouldn't say this is a good idea, they could really hurt Steem if they were allowed to do whatever they wanted.
Ten percent is good amount, 25 % is just a loot!
I guess we need to take this article seriously.
Pretty dumb idea IMO. This is supposed to be a decentralized and free platform. People should do what they want with their stake instead of having rules imposed on them. If people truly care about freedom and decentralization, then they must be willing to take the associated risks instead of treating them like a centralized authority that is obligated to behave a certain way.
I've asked or suggested. Thank you for your kind words.
Fair enough, thank you for sharing.
That's true, in the spirit of libertarianism, people should be able to do what they want. However, when you have so much wealth and power to significantly affect others, you need to watch what you do...
I hope they do this, it would practically guarantee a successful future for STEEM tokens!
Ripple for instance locked up their 55 billion XRP in an escrow account last year, for more or less the same reasons @teamsteem suggests here. I don't know whether that did any good for them, it needs to be analysed. But it doesn't seem like an outrageous idea nor like an "attack on Steemit". It's a suggestion to be discussed ... at least this is how I see it
yes, it does sound like more of a suggestion than an attack.