Lets get this straight. All the people who worked hard on your platform, diligently collecting tokens are having them locked into a scheme that only allows them to withdraw 1/91 st of the total amount per day, and only to a maximum of 10,000 per day.....but anyone who simply bought them in the last few weeks, this rule does not apply?
Is this correct?
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It is not uncommon for early investors/adopters to be under "hold" periods that differ from those who buy on the open market.
This is to prevent those people from cashing out on the frenzy essentially creating a pump and dump.
IPOs also have a hold period for the early investors to prevent them from dumping at any level (which will is a profit) hence screwing the ones who bought it.
As we addressed in the post, the most important mission for ALL token holders at this moment is to protect the IEO price point until we are ready to launch Reviewhunt and further large exchange listing. If we fail that price point, all the upcoming milestones will have huge risk, which will end up all token holders get damaged together.
IEO participants has a low limit reference price point which is appox 0.02 usd per HUNT. But the bounty holders have a variety of different price point. If these are mixing together too much in the initial stage, the beginning price will be in danger.
The maximum limit may be revised when the market momentum is changed. We think this is highly necessary set up for all the HUNT holders to protect their value.
@ nathen007
As we worked hard to earn these hunt tokens, so we are happy with the 91-day lockup strategy. Steemhunt is not a pump and dump scheme but a decent project with bright future.
Everyone is free to buy the tokens and trade on exchange.
We're protecting the value in the beginning not only because we want to protect our investors, but also our genuine users who share our vision. On the other hand, we don't need to protect people who just want to dump all their tokens straight away.
Why shouldn't all the people here who worked hard to amass tokens sell them straight away? They earned them fairly and squarely and are the people who got you into the position you're happily in today.
So many small users were hoping their hard work came to fruition and you have locked up their tokens.
I think its a bit of a shit trick to be honest. If you want open markets, let the market be open. This is manipulation!
It also protects them.
Much more even. Most IEO participants will be looking for gains and place higher sell orders.
How would all those bounty participants feel if on Monday everyone — including those who just claimed their 1:1SP Airdrop but never participate to Steemhunt — just dumps all their HUNT and there’s no market demand for it because no resistance levels yet.
The token value will crash, the psychology in a market driven by massive down pressure will cause a bearish channel and recovery may take months.
At the same time, those active on the platform and who worked hard for it may prefer to keep a majority of their HUNT because it plays a big role in their user level (and thus also how much STU and HUNT they may earn). They will definitely appreciate it when the token doesn’t just drop to 1/5 because everyone could dump and did dump.
Is this disappointing? Maybe. Is this sensible? Yes, for everyone involved. And if markets support the daily limit may even be lifted. In 91 days, 87 after listing, it is all over and no restrictions.
That’s only when IEO participants get their bonuses. They also have to wait 90 days for those.
What about the manipulation of the largest holders of HUNT tokens, the founders, for example, dumping their tokens immediately as soon as they go on sale and cashing out? What do you think that does to those buying the tokens? They would be part of a pump and dump scheme then.
The founders have 2 years vesting. This time is not your usual ICO team. No offense to all honest ICO teams, I just have seen too many teams without vesting terms.
Its a possibilty, but at the end of the day, the rank and file Steemians who earned their tokens over a long period of time should be given the same opportunity to trade them if they desire as the people who boght theirs last week.
You dont think these 'investors' won't be dumping their holdings if the token price increases? That is also pump and dump and the result is that the token earners miss out when the dump happens and the price drops.
As I said, it should be their chance to take, and not be excluded by last minute rule changes by @steemhunt
Sometimes decisions need to be made for the best of the business. That is not to benefit the team, that is to protect everyone.
Often, the behavior displayed on Steem can also be a deterrent to attract more businesses. Have you noticed how often it is a “can’t win” attitude which is always displayed?
This is what currently happened and you complain about: dApp decides to protect the token value. User decides it’s manipulation and it’s better if everyone can just earn less because system favors total dump even before market creation. ¯\_(ツ)_/¯
Last minute rule change? The “rank and file” benefit most from it because most don’t even know the need to first create markets.
You understand that those who bought them last week(s) and their activity will be are market making, right? Without them... no demand for a token and thus the rank and file could dump all they want for zero market.
Of course, you would have been right if so far nobody had earned on Steemhunt, but that isn’t true. Everyone already earned STU too.
All those tokens, even the community member roles like mods, are airdrop tokens. If Steemhunt had decided airdrop tokens will be available only after 90 days, because “bonus tokens” then that would also have been a fair system.
The “rank and file” needs to start using its brain slightly more often rather than being an entitled own goal scorer. A deterrent to new businesses joining due to its attitude.
The problem is that investors are not going to invest if there suddenly millions of tokens are dumped on the market. That would affect Steemhunts ability to trade in the future and every other Steem based token that follows.
Yes buyers will sell once they see the price go up...that is why they are buying in. Steemhunt has a responsibility (as do all token project) to protect the price of the token and leave the platform open for liquidity.
Again put yourself on the other side. You decide you like the Hunt project and buy in when the tokens go live. It is 2 cents but then, suddenly, another 150M worth of tokens show up on the sell board because the founders and other large holders decide to immediately cash out. How would you react seeing that the insiders were just profiteering off the backs of newer buyers? I am sure you would accuse them of manipulation and running a con (which would not be totally inaccurate).
We're not interested in an open market, our best interest and goal is our project's succeed.
If a user who takes our lock up strategy in that way, we don't need them to stay in our community.I'm sure they wouldn't want to stay too! Sadly they can't leave though...not with their tokens anyway.....
Quality reply!! lol...your community? and seriously, feeding this news in at the bottom of a long article with no mention of it in the headline of joyous giveaways....sneaky, no?
@nathen007 if you want to know about the sh community for agree or not agree with the team decision you must ask for each others here.. I've some Friends who's here almost in their start join steemit and almost of us agree and feel comfort with team decision cz we know the value of the platform and the community not just for rewards and also we believe the team is doing this to maintain the value of tokens as well as the value of the platform being qualified not from users who only want to get tokens and discard to destroy the platform. I've join in many platform in EOS and almost platform doing like this for maintain their token and their platform.
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