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Source
“13 Ways to Promote Your Next Steemit Post [Infographic]” by SteemRocket https://link.medium.com/4G7WIoqJCT
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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I don't think they are going to crash the price. Stealing Steem from Steemit INC is the wrong way to address any issues.
I find it hard to believe they would just drop it on the market and crash the price. They've just announced new developments, so I don't see why they would.
Don't see steemit inc selling more then they already do which is around 800,000 coins per month from what I read today. They cut overhead, reduced costs for servers, and added a revenue stream with ads. They are running lean and mean with a real income stream. If they are smart they cut selling to as little as possible allowing the price to rise creating some FOMO getting others to buy in more which will rise the price further. Then start selling again, but less each month then before raising the same amount of cash to build up their reserves.
And yes less SP voting will increase the rewards for everyone.
Need to reread the code on the inflation rate, can't remember if the rate is applied on the total steem in circulation spread over the SP, or only applied to the powered up SP. Either way it's a good thing for the masses. Either less steem will be printed each month or the same amount will and more will go to those who are powered up.
We are discussing a fork and taking away someone’s steem because we are afraid that the price of steem is going to go down.
This is what I get out of all the talk. Maybe someone can give me a better answer.
This is awesome! Very clever. I've just started using Medium.. it does make your post look sweet! Plus, I work harder at it as more people 'May' see it.
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Do you cross-post, or write different articles?
A bit of both.... and now I'm rewriting old posts for Medium.
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