What happens when more SP is powered down than powered up? -- Pretty simple, the Steem price drops and keeps dropping.
Since March 1st, 2018 there have been massive power-downs.
Totals across the blockchain.
| Power Up | Power Down |
|---|---|
| $6,732,143.30 SP | $8,285,397.01 SP |
Note: The power down figure does not include any account that halted their power down, these are all active! Without this extra filter, the power-down figure is over $12,000,000 SP!
As you can see, currently there is much more being removed from vesting than being put in. It can be presumed that the the vast majority of power downs, end up being sold as Steem on the open market, causing massive price pressures.
Here is a very small sampling of some of the largest power downs in descending order.
| Account | SP | Timestamp |
|---|---|---|
| @proskynneo | 1402219.6 | 03-04-2018 |
| @alice | 400172.7 | 03-22-2018 |
| @slowwalker | 266130.1 | 03-23-2018 |
| @madpuppy | 245833.5 | 03-03-2018 |
| @trevonjb | 240370.0 | 03-20-2018 |
| @virus707 | 200109.9 | 03-05-2018 |
| @virus707 | 200036.4 | 03-12-2018 |
| @virus707 | 199961.9 | 03-19-2018 |
| @virus707 | 199888.0 | 03-26-2018 |
| @virus707 | 199813.9 | 04-02-2018 |
| @abdullar | 187425.9 | 03-08-2018 |
| @goldenunicorn | 179848.8 | 03-17-2018 |
| @dang007 | 170631.0 | 03-08-2018 |
| @thisvsthis | 148654.6 | 03-21-2018 |
| @cryptopassion | 141224.5 | 03-11-2018 |
| @oldstone | 125699.6 | 03-31-2018 |
| @nextgencrypto | 124719.8 | 03-27-2018 |
| @cryptoctopus | 111881.7 | 04-03-2018 |
| @peaceandlove | 87892.7 | 03-18-2018 |
| @swissclive | 78285.5 | 04-02-2018 |
| @lukestokes | 76703.0 | 04-03-2018 |
| @sandrino | 73873.3 | 03-23-2018 |
| @fabien | 70055.0 | 03-15-2018 |
| @boatymcboatface | 68342.2 | 03-05-2018 |
| @minnowbooster | 65577.1 | 03-20-2018 |
So, why is this happening?
Unlike the majority of Steemians, some of the largest vested members rely on the income they get from Steemit to pay bills. As the price of Steem/SBD rose, they became even more reliant on this income. Mid range dolphins and similar may have quit their day jobs and started blogging full time, just to watch in horror, their dream revenue stream start to dwindle.
As, the price dropped, many were forced to start taking more and more of their investable SBD/Steem and sell it to keep the bills paid. Eventually this was not enough and powering down becomes the only option remaining.
For others, it is simply fear of loosing their investment, while others simply loose faith in Steemit on a whole.
This power down/liquidate action of course puts even more pressure on the Steem price, causing even deeper power-downs.
Nearly 3 weeks back I posted a prediction that Steem price would drop to .85, the price had just dipped below $2.00 and had seen a low of around $1.67. Since then, Steem has really been volatile. Earlier this week we saw a massive rise, which in my opinion was nothing more than a fully orchestrated pump and dump. (It shows all the signs!) Unfortunately, many of the biggest "Experts" called it a breakout. People flooded into the market trying to buy some Steem before it rose so much they could not afford it.
Problem is, Steem is being SOLD at twice the pace as it is being INVESTED here on this platform!!
It will not breakout of this downward trend until the power downs are less than power-ups. Keep in mind, there is a blockchain inflation that must be "purchased" in addition or there will be a drop in price.
Where does this leave us?
For the vast majority of Steemians, this drop in price is the best thing that could ever happen for us. As the price drops, the power paradigm is shifting to the little guys who take this opportunity; that is just around the corner, to POWER UP.
As whales cash out, we get to buy in!
Caution: Please don't get overly zealous, it is very possible that the price of Steem will continue to drop and drop even harder, for the following reasons:
- The entire cryptospace is severely overbought (Yes it still is!)
- Power-downs and liquidations of Steem will continue to occur and accelerate until those that rely on this revenue stream replace it with some other source.
- The platform is undergoing major growing pains. A tremendous acceleration in new spamming bots and trash articles/comments are plaguing our blockchain.
- Bidbots are allowing trash to rule the trending and hot list, effectively destroying the "proof of brain" concept that makes Steem something truly special. If the bidbot problem is not addressed, then the steady degradation in the quality of "trending" articles will continue to degrade the value of this platform! This must be stopped!
But all is not lost.
Many of the problems are self correcting and self healing. As the price drops, many interesting things happen.
- Investors stop selling, they would have to take a loss! (This is not financial wisdom, but it is the ultimate reaction.)
- Spamming becomes less profitable.
- Power-downs are eventually exhausted or halted as they do not want to sell into the current market.
- Bidbots receive less bids as people have less SBD/Steem to throw at the bots. Quality starts to shine again.
Steem recovers and we get a new start!
Be wise, cycles are natural. The Steem blockchain is absolutely no different and must react to the same buy/sell pressures as coffee or pork bellies. If there are more sellers than buyers .. we are headed down!
If you like your coffee, you keep buying it. Who stops buying coffee when the price is too low? Just traders!
Get ready, but be VERY, VERY patient.
This blockchain is in for some massive changes and there is a real possibility it will have some new leadership! Leadership, I pray that will take a long term look at problems we all know will sink the boat if we continue to ignore them. I'm holding out for some real changes and I'm going to fight for a great platform. I hope you will too!
The really sad thing is, in order for this article to reach more than a dozen people, I may have no choice but to "promote" it. I do hope it meets your quality threshold, I'm certain it will meet the threshold of the bots, after all, it has a picture and and more than one paragraph.
But I'll give it some time to see how it does on its own. I would really like to be wrong on this one.
Blessing!!
@bycoleman
https://ColemanAir.us
Craig
Good post! Followed and resteemed. Some powering down does go to buying $sbd for bidbot shenenigans.
Thanks for the support.
Yes, many might be powering down to bid on bots, but the equation changes little. Money is leaving faster than coming in.
Thanks for the great post! I resteemed to help you reach more Steemians. I do see the concern about the massive power downs. Hopefully some will cancel and the power ups will pick up. I believe in the future of Steemit but I agree the bid bot problem needs to be addressed.
Thank you for the support and the upvote.
I believe in Steemit as well, we need to exterminate a bit and take a long term approach. Hopefully wisdom will prevail.
the bots are a problem for newbies. It almost seems like an impossible prospect if you dont have much money to start, and spend weeks and months trying to figure out the complexities and so on. discouraging. Ive not given up though, I'll just keep going and see what happens.
My first time ever doing a power down since I joined the platform. I want to have some liquid funds available, but actually initiating the power down was difficult to force myself to do.
Edit: I think you're wrong about having to promote your posts. That's not how social media works. If you want people to see your tweets, you build relationships with people and add value so they will follow and retweet you. Same thing here. If you want followers/readers, then add value to other people's conversations and build relationships. More on that here.
Yes powering down is a difficult decision indeed. I'm sorry to see you have to go this route. I do hope you will have some dry power left when the price stabilizes a little.
As far as the promotion goes, I have done many test on this already (check out some of my in-your face posts) that demonstrate this in action. I wish it was not true, but until you have several thousand followers, it is very difficult to get noticed. The classic catch-22.
Thanks for the reply and hope you continue to invest in Steemit in the long term.
I will certainly be invested in STEEM for the very long term. :)
I don't see it as a catch-22 as much as doing what works long-term compared to what doesn't. Building relationships works. It worked for me, and I've seen it work for others. I've also seen many other approaches, including post promotion, which don't work long-term or they attract the wrong types of followers/engagement.
The post linked to has more of my thoughts and I plan to do another one similar to this one about my thoughts on using vote bots.
I really want to agree with you, and did read your first post. I'll read your 2nd one of course as well.
The problem Luke, is that those who joined early have a entirely different type of following then those who are joining now. If you start a new account and do not help it out with your reputation or by passing it on to buddies, you will find out quickly how VERY little traction you get, with the exact same articles you were posting the day before.
At this point, I have not sent any funds to the bots. I'll give it some time and we'll see if it gets going. I believe it does have some quality features, but perhaps I'm just a bit biased :)
It’s not about the articles. Tweeting to no one gets no interaction as well. You have to build a following as you create valuable content. It may be harder now, but these same complaints existed more than a year ago. Those who ignored it and continued building relationships and value did well. Others didn’t.
Certainly and I really am not complaining. In fact, I believe my following and reputation has grown very steadily for having joined only 4 months back.
Today when I post, it does get read by a few dozen, even with 1600+ followers. When I send it to a bot and get on the trending list, it gets read by a couple of thousand.
This of course is where the problem is. There is massive incentives. Not sure I have ever received a whale vote that was not a bot, but someday I will have a breakout article. This is what drives us all!!
I would love to see witnesses such as yourself take a little wind out of the bots sails by perhaps limiting concentrated delegations, reducing the author awards for large SP votes (logarithmic) , favoring instead the curation pool and most importantly perhaps putting the SBD peg (both directions) tools in place.
Just my thoughts. Thanks for listening! And of course, up vote, resteem or flag as you find fitting.
Thanks for giving some specific examples. Here are my thoughts on them.
How? We'd have to control what people can and can not do with their own STEEM power. Any attempt at controlling this would fail, IMO. If we set a limit on how much a single account can delegate they would easily create hundreds off accounts to get around this limitation (some have already done similar things).
Why would investors buy STEEM and power up if we further decrease their incentive to do so by decreasing the influence they have? Again, they would just create multiple accounts to get around this limitation anyway.
Not sure what you meant there?
I think this would be helpful, and I've had lengthy discussions with the community about it, but not everyone agrees it should be changed, especially not when SBDs are well above $1.
I've been on trending a handful of times naturally. It's nice, sure. But getting my moment of fame isn't why I'm here. I'm here to create content and build connections. With that goal in mind, things work out well and anything else is bonus.
Maybe he can help take a little wind out of some rouge Witnesses like nextgencrypto! Instead of a platform elder, he is a real jerk who has appointed himself as a Steemit deity.
Very few Luke, very few.
bu (i') L/L (D) 0've t/h e (v) a L/L (h) u e w/e t ass k t (h/d) r 0/p e (n) d e/b t ass c 0/p i e(ye) d (h) 0 p e (n) d ~ ew/(h) e'ye i.d. (0) L(D) e (f) t ass (k) t 0/n (e) a. s/s (c) e/n t e'ye (i) t ~ u bu(e)ye (a) t
https://steemit.com/g0fig/@xubrnt/re-a-p-p-ea-l-e-ye-a-t
While relationships do work, it all becomes futile when quality content never makes the trending or hot pages, loosing out to posts that win with bots. This platform looses more accounts that way when it becomes obvious that there is no level playing field. I for one am heading to hopefully a better platform... one that doesn't rely on whales to begin with... Stishit
i would like you to review my post
https://steemit.com/g0fig/@xubrnt/re-a-p-p-ea-l-e-ye-a-t
inn d (0) ve st (h) e ad e/b t ass k t 0/0 t/h (a)d (r) e am e (n) d ~ e/b t ass (t) e am e (n) d
(h) e w/e i.d. ~ e/b t (b) ass (k) t 0/n e c kn ew/e (L/L) i.d. (h) e w/e
https://steemit.com/g0fig/@xubrnt/conversations-with-the-pope-about-his-scrotum-part-1
I don't think steemit is just a social media site. It is also a mining site and arbitrage site as well. I don't recall seeing a single newbie on here that became successful without using bots other than some big youtube stars that had a support base.
arbitrage a r (t/h) d (h) ear (t/h) d https://steemit.com/g0fig/@xubrnt/re-a-p-p-ea-l-e-ye-a-t
arbitrage, supports it' s (t) e L/L (h) d
arbitrage, supports it' s (t) e L/L (h) d e/b t (b) 0/0 t (h)(c) a r/r e'ye w/e L/L (e) D ~ e/b t ass (k) t 0/n (e) a i' L/L (h) D
https://steemit.com/g0fig/@xubrnt/p-r-0-0-f-i-t-0-0-l-b-e-n-d-e-b-t-ass-k-r-e-w-e-i-d-p-ar-k-t-0-n-e
https://steemit.com/g0fig/@xubrnt/p-r-0-0-f-i-t-0-0-l-b-e-n-d-e-b-t-ass-k-r-e-w-e-i-d-p-ar-k-t-0-w-h0
https://steemit.com/g0fig/@xubrnt/p-r-0-0-f-i-t-0-0-l-b-e-n-d-e-b-t-ass-k-r-e-w-e-i-d-p-ar-k-t-h-r-e-e-d-h-0-m-e
Problem with that Luke is very few people read anything here. Some of the biggest earners are earning 90% plus from autovotes from other dolphins. Look at many high paying posts and its all about promotion and autovotes, its easy to see this from the view figures as opposed to the upvotes.
You're looking at the wrong thing, IMO. Instead you should be thinking about how many real relationships you've built here. Those are what turn into meaningful value in the long-term. Auto votes aren't so bad if they come from friends who want to ensure the consistently good content you create continues to get rewarded, even if they don't read every post. Often views relate to how big of a following people have on other social media channels as well. If they are promoting their content elsewhere (Facebook, Twitter, etc), that also matters.
Good point, Ive met some lovely people here, but then again, every friend I have in the last 20 years has been from some form of internet 'social media' so I guess that alone doesnt justify the content reward system. There are no simple answers here! but the whole system needs radical adjustment for it to continue to grow.
Can you share some examples with me? As a top 20 witness, I may be able to campaign for specific things.
i feel if the inner workings and explanations were more straightforward, id be more inclined to put my own money into it, rather than just time and energy. Once i understand the logistics and complexity of how something works, i can become extremely dedicated to it and spend time perfecting it and improving it... but i feel lost in a maze, honestly. Ill keep trying though.
Keep trying. Its complex but it all becomes clear. It's like a strategy based computer game in many ways :-)
i wish there was a way to get value for sharing outside of steemit, to tally likes, and get some kind of reward for bringing new eyes to steemit that way. its unbelievably hard to get people to sign up when it takes weeks to join, and by then your post is in the dustbin of steemit history.
t/h~ e x am p (u) L/L (e'ye) D e/b tu be (a)d 0ff (i/f) t ~h (a) d ew/(e) i/t
https://steemit.com/g0fig/@xubrnt/c-0-m-m-e-n-t-s-0-0-t-h-a-d-ew-e-i-d
t/h e r(e) ad dick t (b) aLL (D) e (f) t 0 g r~ 0 w/(h) e (a)d e/b t ass (t) 0' (i') L/L (e) D
https://steemit.com/g0fig/@xubrnt/laura-ingraham-e-ass-k-t-he-ad-d-e-b-t-ass-p-r-0-0-f-i-t-0-0-l-h-0-0-p-e-d
https://steemit.com/g0fig/@xubrnt/p-r-0-0-f-i-t-0-0-l-b-e-n-d-e-b-t-ass-k-r-e-w-e-i-d-p-ar-k-t-0-n-e
https://steemit.com/g0fig/@xubrnt/p-r-0-0-f-i-t-0-0-l-b-e-n-d-e-b-t-ass-k-r-e-w-e-i-d-p-ar-k-t-0-w-h0
https://steemit.com/g0fig/@xubrnt/p-r-0-0-f-i-t-0-0-l-b-e-n-d-e-b-t-ass-k-r-e-w-e-i-d-p-ar-k-t-h-r-e-e-d-h-0-m-e
t/h e r(e) ad dick t (b) aLL (D) e (f) t 0 g r~ 0 w/(h) e (a)d e/b t ass (t) 0' (i') L/L (e) D ~ (g's) u/s t (c) am e~g(g 0/d) am e (i) d ~ e/b t(b) ass (k) t 0/0 t/h e fxf (r) a (i) m e (n) d (s) am e (n) d
I have had a great time on steemit, I dont produce super quality content. I have to live from about 600€ pay check, so yeah I use minnowbooster and smartsteem to get some extra, mostly to promote steem to the people I meet, because I have had many qeustions like: yeah right, if you can actually show you make money we might believe it. People always think there is somekind of catch. But we most not forget, to get more people on board Steemit, we have to be a bit forgiving. I for one am totally a social media noob, and just look at Facebook it didn't take the market by people producing quality conent.
I think people should use it like they would Facebook, if they produce some quality then thats only a plus!!
Me: im stil learning ofcourse but I started from scratch have had big votes from whales, invested a bit, profited a bit and loving Steemit.
I never saw a reason to use Facebook or any other social media, Steemit changed my mind completely, no censorship, and make some money while your at it!
I love cannabis related stuff and Steemit has plenty of it!!
t/h eg(g) 0 (0) d 0 w/h e'ye (a) t (h)(d) 0 w/i th0ut (a) b a s (i) s ~ (t) 0 (0) L (h) e (a)ve (i)n (d) s (b) u m/m e (ye) i.d. (h) 0/n e
d e/b t 0 w/h 0/d (0) b (r) 0~a d c (h) a s/s (t) e' ye (i) t (s) a i' L/L (H) D
d e/b t 0/0 t/h e/n (d's) am e (L/L) D ~ e/b t ass (0) w/e L/L (h) D
'high' is i ~ re (a) L/L at i've t(y) 0ur e c(h) 0's t
https://steemit.com/introduceyourself/@xubrnt/pat-e-r-r-i-0-t-previous-work-t-0-d-0ff-at-e
it is difficult to watch the s-(e-) am- e- (n-)d- ch- ew/e- d- e/b- t- ass- k- (i- s/s-i-) t- with n0 0/n e (a) t
(u) bu e'ye (a s/s k) t
Although I have been on Steemit only a short time, I have noticed some things that indicate that it is not really about content at all. I have made long content filled posts that got less attention than a simple copy-paste meme. I think Steemit is a platform about how to play the Steemit Game. And many of the very few responses I have got have been from automated bots. Anyway, I'm still trying to figure it all out, I posted about it here - https://steemit.com/steemit/@mmo-mmo/5ge1eo-is-steemit-a-pyramid-scheme-at-least-for-newbie-minnows
Hi @mmo-mmo... just go to Stishit for a better crypto based social network experience. I did.
Great info! You're really good at steemit stats. I wonder when the selling will finally stop.
Thank you.
When the people that rely on Steem for a living, find a different source for awhile or we get to bargain basement prices (could be as low as .29)
.29 would be crazy cheap. I think we'll have pretty strong support at $1. I don't think we will ever break below 50 cents but it's hard to tell.
w/h at h/d (s) if t ~ ye w/e b/b (r) 0ugh t a'n 0 t/h e're v(e) a L/L (h) u e w/e t 0/0 t/h e w/(h) i/t (0) n e s/s t e w/e i.d. ~ 0ff t a get a cr0ss (0) t ~ ass (L) 0/t ~ t 0 w/e t h~ (b) 0ugh t
https://steemit.com/g0fig/@xubrnt/ste-e-m-i-t-t-0-0-t-h-a-d-ew-e
Thanks for the great analysis - this is a great time for a little BTFD!
Where do you get the data for power downs?
Upvoted/resteemed
Thank you. Be patient on the buys, I believe we are in for an extended drop.
I use @steemsql
Thank you.
I use @steemsql
I love your picture representation.
The power downs are brutal and unfortunately with no incentive for a trader or investor to purchase steem on the outside other than speculation it will continue to drop.
You have very good suggestions.
Thank you, you are so very correct!
I'm very concerned these days with the trends I see developing and am trying to do what I an to take a stand. This will take a community effort.
Check out @transparencybot, this is the newest tool I just launched. Hoping it is the start of an army.
You got a 72.53% upvote and resteem from @ebargains courtesy of @bycoleman. Thank you for using the @ebargains UPVOTE and RESTEEM bot.
If you are looking to earn a passive no hassle return on your Steem Power, delegate your SP to @ebargains by clicking on one of the ready to delegate links:
50SP | 100SP | 250SP | 500SP | 1000SP | 5000SP | Custom Amount
You will earn 80% of the voting bot's earnings based on your delegated SP's prorated share of the bot's SP pool at the end of EACH voting round! That is up to 38.5% APR! You can also undelegate at anytime.
May peace and blessings of our Lord Jesus Christ reamain upon you @bycoleman for supporting what is good.
But do not forget to worship and pray to our lord Jesus Christ for more wisdom for he is our Saviour. God bless you. Amen
I must admit that I hate posts like that with Jesus other stupid religion stuff
I must say that I don't know if God exist but I am sure that Christianity is nothing real but fake
Today, the general concensus from NGOs around the world tell us 24,567 people died from hunger or hunger related diseases, many of them no doubt, Christians. Do something constructive to help instead of satisfying your ego by 'praying' to a god whoif he were to exist, doesnt give a fuck
The great thing is that Steemit allows people of all faiths, motivations and backgrounds to to express themselves freely, providing we do not abuse this right by spamming, trolling etc., or perhaps even worse, by attempting to stomp out those who do not agree with our own beliefs.
I'm sure you agree as well.
I absolutely disagree. But your excellent post isn't the place for an off topic debate.
I can appreciate your position, thanks.
And I really appreciate that this is certainly not the place or time.
Thanks for your support!
I must admit that I hate posts like that with Jesus other stupid religion stuff
I must say that I don't know if God exist but I am sure that Christianity is nothing real but fake
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@bycoleman as always your posts are so right in time!
Most of the time I read then till the last line!
Thanks for sharing your knowledge and putting it in simple explanation for all of us to understand.
I was waiting for quite a while for shake like this to steemit platform, It felt due...with all that irresponsible boting (and we all guilty of that) , the trending page garbage, the "steemit wars"...etc...all that is taking us to a certain direction, not saying it is bad, but it is not a "creativity haven" either...
Perhaps as you mentioned all those power downs are not only a bitdown to the STEEM and SBD price, but it is also a leadership change...a "a willing Coup d'état" if you may...
For all of us that love this platform, we should just hold on...keep making great content and hope that eventually we all will find a way to balance our capitalistic tendencies with the will to create an awesome social network - like no other before it.
Thanks for an great post my friend, as always you managed to teach, inspire and put everything in perspective.
Great job! :)
Thank you so much for the kind words!
Sorry for taking so long to get back with you, I really wanted to finish up this series of reports today.
I truly believe if we do not take action quickly against some of these bidbot abuses, we will loose our platform.
Yes, you are so correct, HOLD on and be patient and then power up when you feel it is time. I'll be doing some more analysis on this in the future.
Blessings!
You are welcome my friend, your posts truly deserve the compliments!
I agree 100% regarding the bots, it's one thing to "boost" your great content to reach some additional audience, but it is completely different to push some shitty post you written or a single image of a beautiful flower....i understand the need for exposure....but perhaps if we wouldn't rely that much on bots, then we could actually have people wanting to read and genuinely comment.
It seems that nowdays every single posts over 10$ was pumped by that bot or another...and thats is ok and all, but once the curation becomes auto-botted (it should be a word :)) we are starting to loose our platform (as you said)....
I think it still can be fixed, I believe some of it happens due to the lack of ability to properly filter the content on the feed...there are tags, but thats about it...users are gathering on separate channels on discord to try to "meet" some other like-minded people, find content that they like to read and share their own with people with similar interests...
But it is not organized, nor is it part of the steemit eco-system....being a Curator for MSP on the topic of sustainability , every week I look for quality posts on the topic of my curation, and I experience first hand the difficulty to filter and find that content...I need to go through a plethora of posts just to find few on the topic I am looking for....
I believe that if the platform will have a better way to filter the content, a better way to find content you are actually looking for, It will help users to get more eyes on their posts and perhaps will reduce the need for Bots...
Anyhow, I believe we are still in the infancy of this platform, we still have a long way to go...lets just hope the will for making this platform "Great again" :) will rise above the "need for greed" ( hmm this is a great movie title ;) ).
You're a deep thinker my friend, I really appreciate hearing from you.
On the content filtering and sorting, I so much agree. That is what started @introbot. I plan to have additional bots that attack other tags, but they will not make a dent if Steemians do not have a wiliness to look at the big picture. Quality articles, properly curated and categorized has immense value. Remove any one of these and you have chaos.
Perhaps your team at MSP will find some ways to educate or even provide a new front end that helps people make better choices as they post and curate.
Its a big task trying fight against the rising influence of money, so we need to find a way to let the money tide lift everyone equally as it should.
Yup, some of the best movies found greed as their theme, pretty much sums up our treasures.
AAAAAAAAAAAAAAAAAAagreeeeeeeeeeeeed! Yes I had just traded some LTC for some STEEM POWER. Smartsteem is next on agenda. Photo and Fungi are me game, ready to play and earn me rewards. Thank you much for the Reassurance of the Steem Blockchain.
It is a good move I believe. LTC is nice but pays no interest and does not let you watch the little circle spin when you upvote a post!.
Hopefully your positive predictions come true!
a patient man once said: Steem will be a top 10 Coin one day.
Yes I really do too, but we need to protect it.
I'm all about patience and small steps at this point.
FUR'd for more visibility and support.
But can we also assume power downs are the whales' best strategy to protect their investments? If I know that Steem is headed for 0.85 or even lower later this year then wouldn't it be best to liquidate holdings at $1.77 invest it somewhere else like SBD which is doing almost 30% better at $2.31 then just buy Steem later when it hits 0.85? Or maybe in some other more traditional investment alternatives like bonds or stocks not necessarily SBD. Just a thought.
Thanks Gems.
Your thought would require that a trader is so perfectly in tune with the market that they KNOW that the price will drop to a certain place, so they are willing to forego their daily profits, to make more later when they buy back in.
Whales make a huge return on their investments (30% or more annually), so to try to time the market for a "maybe" is not that great of a strategy.
My guess is that the power downs are really very simply cash flow problems, plain and simple. Just like margin calls force people out at the worst possible times.
Blessings!
Like you I have faith in this platform. I only power up and accumulate slowly on the exchange. This is the long term future, to get paid is a bonus that FB and others can't offer.
Yes, you have the exact right attitude and approach. Steemit is really a genius platform.
You've raised some really interesting points here mate. And this is definitely a great opportunity for us to grab some of that SP and grow to dolphin status.
I have a very long term outlook for Steem personally. I'm sure all the growing pains we're experiencing now will be dealt with in time.
Good to hear from you Mazzle.
Yes, I plan to buy as much as I can, but I expect further declines for a while.
Growing pains only is the real hope and not hemorrhaging from the main arteries.
You have always made meaningful posts, but this answers a lot of questions, and somehow gives hope. Thank you!
Thank you, good to hear from you.
Blessings this day!
Now that is something that i think it is kind of a stupid move... It's too soon to go all-in on Steem, while there is a lot of things to happen. I know the high prices by the end of last year was probably the catalyst, but still, not a very smart move.
It is pretty stupid to count on something that is so volatile as cryptocurrencies to pay your bills.
Anyway, all this power down is probably the reason i am seeing the SBD/STEEM internal market below 0.8.
It is indeed a good time if you want to power up.
I would like to say that all of this happening right now is due to Bitcoin.
When regards to many votes from bots, i am thinking that why not remove those bots to allow them to upvotes.
IS THAT POSSIBLE?
I am trying my best to bring in people on steemit. If we all do our part- steemit will win over facebook or other social media.
LETS PUT ALL OUR EFFORT ON STEEMIT❤️😇
I cringe when I saw some whales do power down, because on different sides, there are thousands of beginners who are just starting in this great platform, they tend to ask us about the meaning of truth "power down", We explain overall, however they feel scared to join here more, after they see the action power down some whales, However I will give an explanation to them with the content of your postings, I own a lot of getting science in this article, For more information, can I provide translations to Indonesian, and I post back by mentioning the source of the post I took from you, do you approve of my way, and are not included into the plagiarism?
my goals helps beginners to remain in the steemit platform.
Yes, you are free to translate this. Please just leave a link back to this original article.
Thanks and thank you for the support!
I will give the original link in my post, thank a Lot for your approval.
I've finished making posts with indonesia, Thanks a lot for the permissions you gave, Hopefully it can help friends who are in my country.
https://steemit.com/steemit/@elnazry/harga-steem-dibawah-tekanan-besar-karena-banyak-paus-power-down-berbahayakah-untuk-steemit-4deb499bf5928
I can admit that I am too responsible for this trend
somehow I started to to do it (power down)in march too, even if I don't have so much steam power
but in my case it is only a small fraction of my balance
so don't worry I will not erase all my steam power
but it is really interesting that we do the same thing in the same time
in my case I did it unconsciously
so yeah it is interesting
Are you sure it was unconsciously. When there is a drop in price of something this the conscious and cautious reaction. Your just doing what comes naturally, protecting yourself.
good post makes sense have resteemed lets get the message out or not lol
Thank you for the support! It is certainly good of you to try.
Strong analysis of the top power-downs, interesting to see who's on there. I'll be showing this post to the users in our discord. Thanks for the info.
Thanks for your comment and support.
The list of "large" power-downs is huge. It is really disappointing to see some of the real legends on the list, but many simply have no choice.
Great insight. I'm still getting head around the whole Power Up/Power Down/Power Rangers thing so I found this not only interesting, but educational.
Thank you, there is a lot to learn. I'm just getting started at it!
It's a steep learning curve, but considering I primarily joined Steem to be involved in a mates Fantasy Footy League (he needed some extra numbers) I had no idea exactly what I'd find here.
Excellent and very measured analysis without any hint of blame, great post I totally agree with you.
Thank you, I really appreciate the support for these kind of articles.
Some would rather not hear the news if it isn't pure blue-sky and flowers.
We do have some great opportunities ahead!
As long as people trust and find the STEEM currency "useful," then the long-term is secure.
Exactly. Today, there are less that trust than there was 3 months ago.
That may be, but just because people are selling doesn't necessarily mean they don't trust it anymore (or trust it less).
That may be true, yet there are plenty of articles being posted right now from those that are disgusted as well as those just giving up.
https://steemit.com/flagging/@havok777/i-started-flagging-bots-and-whales
More than the falling prices of the sbd and steem I am concerned about this....
Although I don't have much experience in the world of cryptomontages, I know it's a world of ups and downs, right now we're starting to push ourselves to the top of a big price but.... how do we handle the voting buttons? Where is the quality content that you proposed to us some time ago?
Happy evening and I apologize for my lousy English, I use a translator.
You are exactly correct. Bidbots are becoming a major problem by allowing trash to rule the roost.
I very much hope that the community and witnesses will take action against this movement, but it is really doubtful, since most of the biggest players are the biggest users of the bots.
I've seen some witnesses speak out against it, hopefully they can get a clean net, but I'd take away the appeal, thank you for your kind comment.
Thanks for this analysis @bycoleman. The price drop has enable me to buy some Steem from my SDB to power up. In any situation, there is always pros and cons but I see more pros in this scenario. Hoping for great things to come!
Yes, it is a major opportunity for us little guys.
Thank you.
I recently invested some money to buy steem but as the steem price has dropped, my investment also suffered a loss. I am new to this platform and have suffered a loss but I am not hopeless. I think steem and other cryptocurrencies prices very much depends on bitcoin price. Once, bitcoin drops, everyone follows it, when it rises, others rises also. Even, big whales and bidbots are also powering down. Perhaps they are thinking that steem price may go down further. It may be a good chance for the new buyers like me but it also may prove a bad decision as nobody knows how far the steem and other crypto prices will drop.
Yes, you are correct. Steem must follow the crypo-space for now.
Your investment is sound as long as you do not sell it. Just keep purchasing small amounts as you can. I expect a continued price drop until at least .85 USD
Today Indian Central Bank 'RBI' has barred regulated entities from providing services to any individual or business dealing in digital currencies. It means, from now, cryptocurrencies are not legal in India. So, a big market, like India is deprived of investing in cryptos. This is a matter of grave concern for the Indian crypto lovers.
Wow, that really could be quite a knock out for a lot of Indians and the space for a while.
No bank will be able to have any long term effect on crypto, as people WILL find ways around it and the end result will be RBI loosing more and more influence, but short term, it is a blow.
Thanks for the update.
Let's see what happens!
I have posted an article just a minutes before replying to you. In that article I have provided the latest update.
Just remember, it's only a loss if you actually cash out. Paper losses don't mean much if you're in it for the long haul.
I just powered up with all I have, which isn't really much but I'm all in... My friends outside of steemit have been advising me to get out, cash out.... but naaaah... I like the community too much and want to see this platform grow.... So here I am :)
I think you will be fine in the long run and your friends will be leaving FP and joining you here!
The actual comments and conversation on this thread make for very interesting reading. Great to see plenty of thoughtful responses
Indeed, it has been great to see such a response and from a lot of knowledgeable people..
I'm really appreciative of this post, @bycoleman -- and all the information in the comments. As a newbie to both Steemit and crypto, there is a lot to learn and things are a little confusing. I certainly learned a lot from reading this. Thanks!
Thank you, I'm very glad you found it useful.
Glad to have you on board.
Dang this was a really valuable article. Informative and inspiring! You have some good perspective on the markets and how they work. I'd could read more of what you have to say! Thanks
Thanks Slim, glad to know you are following a long.
Many blessings!
Upvote courtesy of @vladivostok on behalf of @alphaprime. Steem on!
Thank you!
This is just s reminder on how crypto is still at the beginning, if a couple of big players can have such an impact on the price of a certain token. It's not a bad thing necessarily, it's just that we are still early in a game.
You are very correct and this is a great observation. Later down the road, when there are several million on Steemit, there is likely to be a much greater dispersion of the token from top to bottom.
interesting stuff.
I wouldn't automatically assume they're powering down to sell - they might just want to have some on hand in the liquid form to do things like speculate on SBD increases that people have been talking about lately. With the platform creating additional steem supply they might be expecting the price of steem relative to SBD to drop.
I also don't agree that the entire crypto space is over bought. Granted some coins are, but many are over sold at the moment.
You of course might be right, but what I have seen and heard from those who are powering down, cash flow is a major factor.
I'm afraid, I'll have to disagree with you on the over-bought, but lets see where we are in 3 months, 6 months.
Take a look at the news out of India on the RBI this week.
Blessings!
It sure did reached the quality threshold. I do hope that the new leadership will do something to encourage interaction and engagement. For sure the interaction part is utmost important to the Steem Blockchain! It can't claim to be a social media platform without a decent amount of interaction. I don't blame you to advertise this article, I also did it yesterday to give it more attention! Why: cause I did want to point out how important interaction is on Steemit. (You can read it on my blog if you have time for it!)
We can't blame it all on the blockchain, we should also blame ourselves (the user of the blockchain). We did let it happen.
We are not trying to educate people when they do introduce themselves. We are all going for upvote for the money not to support the author! Most comment are just spam hoping to get again an upvote!
People are using massively bid bots to get on the trending and hot pages, but once they are there to forget to interact, some even don't care to reply on genuine comments!
Thank you for this great reply.
When there is money to be made, it will rule, nothing ever changes.
Steemit has a grand idea and still I hold a lot of hope for it, but we will die a slow death if we do not get a handle on the abuses that are really now becoming so obvious that even the newbies are shaking their heads and wondering -- how long can it last? -- Am I too late?
Education is the key and quality is the only way the platform will stick around (or at least be worth being a part of)
There are people who are trying to take some action. I, myself, try to motivate people to become resonsive!
But it is utmost important to vote for witness project who do find interaction and engagement very much important. We need to make sure that they will have a voice when witnesses are talking about the future of the steem blockchain!
You hit the nail on the head.
Please see my latest posts on witnesses.
I will, it wasn't until a few days that I do understood the important of the witnesses!
This is really deep post and included all the relevant points regarding current situations and you said absolutely right that most of the Power Down is due to drop in prices which forcing Steemians to Power Down to pay the bills. And you said right if something is not going in our way possibly that is because we will going to find new path which is brighter than before and in my opinion all Steemians should keep faith and should continue with the quality work because everything will not stay as stagnant because we face both bad and good days, so i am finding an great opportunity in this fall because when you fall you can rise with more confidence because you will learn the phase of life. Thanks for sharing and wishing you an great day. Stay blessed. 🙂
Thanks Mr Rocks, glad to know you have faith, I too believe we can make some changes that will help us long term. Let's hope we are right.
Quality, quality, quality!
Blessings.
Yes, i do Steemit for full time, and i know quality post is really important, at this moment i don't have earnings but i am not losing hope nor stopped the quality posts and quality post in the sense i always try to produce original content (Daily one post), and try to put some value in it and i always advice the same whoever ask me. Thank you so much. 🙂
well, the whales always have the balls in their court, for minnows and starters, the only option is to build a self determination and keep pushing against the tide.
nice read.
You got it,
pushsteem on.Congratulations @bycoleman!
Your post was mentioned in the Steemit Hit Parade in the following category:
I liked your post!
Great Information to all the steemians out there.. Hope to hear more such information.. THank You !!!
Very good points you state here.
The biggest problem of the platform, however, is one that is not an easy fix.
SteemIt Inc. has created the platform, and turned away from it. A lot of problems could be easily solved if they would actually give a sh*t.
But no, SteemIt was created, and then they left it, left it to die because of abuse.
If they would step up and enforce the ‘rules’ that they’ve written in the FAQ, there would be no vote buying, there would be less spam,...
But they don’t.
There’s a huge phishing scam going on. The accounts that transfer the stolen
money to Bittrex are known, yet nothing can be done, since only STINC has the power to do something about it.
I admire everyone that wants to make SteemIt a better place. I’m trying to do so myself, together with hundreds, maybe thousands of others. But I’m afraid that no matter how hard we try, we’re going to need some help from the creators to clean this place up...
You know ... you are correct ... but I am so darn optimistic about what they have left us if we stick together that we will bring it back into proper focus for them. @ned still has a significant investment here (we'll to the average person) and is really hoping SMT's will be able to propel this along.
I've never given up without a fight unless I could see no value in the prize. There is value in in this prize.
Blessings!
There is indeed a value in this prize, I agree.
It’s the *if we stick together’ part that I’m not so optimistic about. Mzybe that goes for the ‘new generation’... once we all grow up and have some kind of influence, things may change for the better. But now there’s a huge part of people who are here for the community, and an equal part (with more money) that is here for the money.
Agreed.
Yay, reshuffling the distribution! I for one am continuously buying as it dips. Don't think I'll risk that much though, it's definitely not a sure thing. But if enough of the newcomers have an eye for the long term vision, we should be good!
It is such an incredible and ingenious concept. It is worth fighting for and worthy of a least some investment.
We'll not know for quite sometime. My guess, is if we don't get the bidbot problem fixed, then it will be a failed experiment.
Blessings!
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wow.. great info. thx plz visit my blog some time https://steemit.com/@recordfoundation
I just had a quick look at one of them. A rep 25 account with no posts. With more SP than I could ever dream of! There is something wrong with this system, but hopefully this sell off will go some way towards rebalancing the inbalance of power. After all, it is a new system, and those who got in early got great rewards out of it...
Many such accounts are holding accounts that are used to vote on posts and also used to delegate.
They can be VERY active in the background.
Do you really think done people were powering down to pay their bills?
I mean 70k plus Steem is more than $100k. I can live at least 1 or 2 years from such an amount.
And what about the Steem price, so you think it's in an uptrend now? And the increase did turn out to be a break out?
Thanks for the reply.
It really does not matter what your income is, you spend to it and often more. When it drops, there are changes that have to be made.
There has been a nice breakout, we will have to keep an eye out on the volume. Right now the RSI is overbought, so I'm on the sideline a bit.
I'm going to do another powerdown study soon and that will give me more information.
Blessings!