I was seriously considering buying some steem power, but I am hodling my bitcoins until this exploit gets fixed. I think traders should be charged a transaction fee to discourage this kind of abuse, or at least make it riskier. The fees could be distributed to those holding steem power and providing content.
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transaction fee wont be enough. it doesnt take that many transactions to max out the current point system. Since it is liquid steem that is being awarded, it can lead directly to tens of thousands dumped on the market every day. granted without any such downward pressure, the 1% actual supply due to SP would make the price go artificially high.
I guess the good news is that so far the daily awards are not really slowing the price down, the biasing of the inwallet purchases toward higher prices is enough of a boost due to the continual buyside pressure from all the bloggers. As long as new users are pouring in, all is well
I'm not trying to play a rigged game on a tilted table here. My bitcoins could double in value before the end of the year. If this guy really is sucking that much liquid steem out of the market, this thing could collapse to pennies when he finally decides to cash out.
well 30,000 steem is a fair amount, but keep in mind that the system is designed to lock up the vast majority in SP, so without this added liquidity the market price could go much higher due to supply/demand imbalance. but if this isnt fixed and he hoards it all for one massive dump, he could flood the market with 1% of total inventory. Bad, but not anything that hasnt happend to all cryptos, including BTC
Also the amount of new coins generated this way is significant but not the majority. So I'm not sure if this is a valid reason to wait depending on how many new users join....