What does that mean in layman's terms? That it's become tradeable in USD? And by whom?
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What does that mean in layman's terms? That it's become tradeable in USD? And by whom?
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For now it is still in the account, for as far as I know. I think the only one who has a clue about what is going to happen next is Ned himself. If he dumps it on the market, I assume the price will fall again. But I don't want to make any statements, because I know very little about the underlying mechanics.
I've added some links to the post with a lot of information and different opinions.
Thank you. I see a few other folk are expressing concern, too. I will check out the links. So glad I'm not alone in not understanding the mechanics! Lol
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Only SP gets inflation and has voting power, so having SP automatically qualifies you for this. Steem is tradable (liquid), SP is on lockdown for around 3.5 months. SP cannot be moved to exchanges to be sold, Steem can. You can trade Steem on several exchanges for other coins like BTC which you can sell for USD on other exchanges. You can even stell Steem directly to currencies on certain exchanges like Bithumb.
The official reason Steemit INC converted their SP to Steem is to hide it on the exchange for security purposes. There was talk from a couple prominent witnesses of creating a forked version of Steem which would remove Steemit INC's very large share that they got from mining when Steem was minable. This is controversial because it is stealing their share. Also, it is unlikely enough witnesses will get behind this to make it happen without a catastrophic effect on the price of new-Steem.
Let's be clear, anyone that doesn't think it's stealing their coins by forking them out of ownership is a complete and total idiot IMO. Taking something away from someone which they own without their consent can only be called theft.
This would be the single worst move anyone could make in terms of destroying all trust in steem.
If this had been done I would have powered down all my coins, closed PIFC, closed the MinnowBuilder project and be done with steem forever. My stake may not be huge, but lets be very clear I would be 1 of many doing this exact same thing.
Steemit Inc and @ned own their coins and they are free to do with them as they see fit. I would love for them to stop the powerdown but if they don't I have no issue with their current actions.
Thanks for providing a little more information, understandable information, lol.
I've been reading for the last few hours, but to be honest, I still couldn't find any answer to the question 'Why?'. Well, that's not entirely true, I found a lot of answers, all different and all very confusing. Your comment above about 'hiding it' on an exchange makes all the pieces of the puzzle fit a little better
Yes @bitcoinskeptic I agree with @simplymike this is helpful. And logical
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Yes @bitcoinskeptic I agree with @simplymike this is helpful. And logical. I have also been reading and finding the arguments contradictory and confusing.
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