I’m still fairly new to steemit, what does powering down mean and why is that a good thing? I’m not sure exactly what all this means.
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I’m still fairly new to steemit, what does powering down mean and why is that a good thing? I’m not sure exactly what all this means.
Powering down used to take over 100 weeks to prevent dumping, but after a change powering down takes 13 weeks. Basically you're "cashing out" your steem power. You can't sell steem power on the markets but you can certainly sell or buy steem or sbd. They're implying that one of many things could be happening, and they are hoping that the powering down that's taking place for such a large sum of money means that whatever steem they sell is going to be converted to cash (or other coins) that will be used to fund further development of things related to SMTs. Smart media tokens are all of the token-based projects and apps you see talked about sometimes elsewhere on steemit.
Thanks for providing such a detailed answer :-)