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RE: What Will It Take To Stop The Price Of STEEM From Free Falling?
I am disagreeing in the fact that Steem in steem-engine leaves the blockchain. Steem Engine only creates a virtual blockchain which replicates operations recorded on the Steem one.
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Yeah, the Steem-Engine ecosystem is totally separate from traditional exchanges. No one hops on Steem-Engine in order to buy BTC/LTC/ETH etc. All the Steem that flows into Steem-Engine raises Steem's value by taking it off the market.
I agree, however it is possible to exchange steem for other coins on steem-engine. If that segment of the market grows then it will be like any other exchange.
Technically no amount of steem ever leaves the blockchain. It is just transfered to an account that is controlled by a third party. In that sense steem-engine is just like any other exchange.
That's true, @apofis
@burnpost disagrees with you.
Of course you are correct, that would be one of the exceptions to my statement. The other exception is when the keys for an account are lost, although in theory in this case it is still possible to unlock the account again but in practical terms we can consider the funds in those accounts as burned.