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RE: Introducing the Steem Defender Bot. Designed to Protect Steem From Economic Collapse and Support Minnow Growth (Article)

in #steemit • 7 years ago

Let me share where I see the flaw.

For this example let’s assume the Hedge-Fund originally buys 100M Steem with 84M USD worth of Cryptocurrency. They then place another 50M into Buy Order for more Steem. When the Price of Steem goes from 0.84 to 7 dollars per Steem because of this move, that 100M worth of Steem is now worth 700M. The Hedge Fund then uses this 700M worth of Steem to POWER UP.

While temporarily that 100 M Steem would be worth $700 M, it does not mean that the hedge fund has 700 M Steem Power.

For general understanding, here's one simple equation we are forgetting may be.

  • 1 Steem Power = 1 Steem frozen until powered down.
  • So, 100 M Steem = 100 M SP

The whole argument is based on the assumption that the fund has 700 M SP, which it does not have.

Secondly, Steem is a blockchain and nothing of that magnitude can stay hidden. Anyone with programming, coding knowledge can retrieve data from the blockchain (it's open source) and display. I know a friend who used to list self-voters as per number of self votes, their worth, frequency etc.

Thirdly, who are you kidding? A bot upvotes your post and then the comment from that bot is upvoted by the same bot sponsored by another account named similar to the bot that upvoted in the first place. Seems like someone has a farm in place.

image

STEEMIANS, HELP MY COMMENT RISE ABOVE THE BOT COMMENT

WHICH I THINK IS BEING PROMOTED THROUGH THIS POST IN DISGUISE OF STEEMIT's BETTERMENT.

7 years ago in #steemit by
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     7 years ago  

    Hi @ilyastarar. Our understanding is that when steem is converted into steem power, its converted at the rate at which steem is worth.

    Meaning, 1 steem turns into .84 steem power if steem is worth 84 cents.

    Also meaning, 1 steem turns into 7 steem power if steem is worth 7 dollars.

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       7 years ago  

      Hi @earthnation,

      Then please be informed that your understanding flawed as I pointed out. SP is basically frozen Steem and its value is same as that of Steem because it is Steem.

      image

      If you look at the image above, you will see that I bought 5.960 Steem by paying 6 Steem Dollars. Then, the amount of Steem I received was immediately powered up. Exact same amount of SP I got.

      Hope you understand. I am a minnow but I did put in a lot of effort to learn about Steemit.

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