Steem is currently fraught (unfortunately) with fear of lack of appreciation of steem price (however this is good for those who want to buy more steem) leading to large number of whales powering down either to reinvest in an ICO (most of which are scams) , altcoins or for personal use. Moreover, there is nothing wrong with an investor taking out some of his/her investment if there are legit needs.
However my concern lies in purporting that steem price will never rise up to the moon. This action, however, has led to disparity between deposit and withdrawal as indicated in @lukestokes recent Exchange Transfer Report: 8/20/2017 to 8/26/2017 - with over $2.2M heading out the door this week- I wonder what will happen to the price of steem if this trend reverse ie more deposit than withdrawal? (you know the answer)
Another issue is with regard to excessive supply which negatively affects crypto currencies prices -please see my former post for detailed analysis .Conversely, however, there is no need to worry with regard to steem because the future is very bright.
Why you should stop powering down and rather buy more steem now :
The upcoming Hard fork 0.20.0 which is known as velocity has 3 main priorities : Communities, Easy Onboarding, and a Mobile Application.
Easy Onboarding: the focus is on improving account creation and reducing the friction involved in signing up millions of new users and thus bring in millions of users and developers to the steem ecosystem. This will certainly drive steem price to the moon due to demand will be too much leading to price increases. The strategy include:
- Burning STEEM for Account Creation to Prevent Abuse: presently new accounts are funded with initial steem power in order for new account holders to have the minimum steem power needed to transact in the blockchain. However this has led to automated abuse of the sign up process to yield free steem to attackers concomitantly with spammers creating multiple accounts in order to acquire free steem (some have 4000+ accounts used for up voting scams –see my former blog posts for details)- this also increases the cost of sustaining the protocol. Furthermore, another limitation is that when a member power down fully he/she will be locked out and thus be at risk of losing access to his/her account which is a disadvantage. Therefore, burning STEEM on each new account (terminating the token and getting rid of them from the total supply ) and crediting the account with permanent minimum bandwidth will take care of all these limitations. Moreover, this will also take care of the issue of excessive supply –( Please see my former post) which negatively affects steem price.
Moreover the update will include other new new changes:
- Discounted Account Creation.
- Remove Account Creation with Delegated Steem Power.
- Remove Vote Dust Threshold
- End User Impact
Pls see @steemitblog for full details including technical notes
Community Building : the new update will encourage more community building just like @teamaustralia : steemit fastest growing community -which will lead to more networking .
Mobile Applications: Ability to continue steeming whilst you are on the move. Even though we have a great mobile app : eSteem , steemit android app which is in its final testing phase as indicated by @sneak will be a game changer .
Conclusion: in this article, I outlined the reasons why some members are powering down their steem and indicated why it is a bad idea. Furthermore, I discussed about the upcoming .20 velocity Hardfork which will lead to improve user experience plus open the flood gates for millions of new users leading to increase in steem price. Imagine what the price of steem will be if steemit reaches 500+ million members in few years’ time and each account creation burns steem? It therefore, makes better sense not to power down your steem rather now is the time to buy more steem and power up.
What do you guys think?
• Good point, I will buy more steem and power up
• I agree with your analysis but will add the following poin / points
• @charles1 Stop writing nonsense; I do not agree with your analysis-in fact, I am done with steem and steemit and will power down!!!!
Send in your comment, Please resteem this for others to join and up vote to send your support.
Read my former blog post : the issue of scam and spam and how steemit can save you from being ruined
For those who want to be an investor in Bitcoin wallet see X coins link: https://xcoins.io/investors?r=v93e2z
Upvoted and re-steemed. Great news!
#payitforward
welcome, thanks and keep steeming
Good points here, but none of those things will have an much of an impact as bots on Steemit. As long as bots can sell their votes, curate, and other things that bots do, too big a percentage of author and curation rewards will go to bots. And as long as those bot creators are selling that Steem, price will struggle to recover.
I love Steem the platform, but I don't see the value in investing in powering up. And you don't have to be powered up with a lot of money to use Steem.
Good point @financialcritic however steemit is the best social media platform outthere with regard to rewarding contents and it is still improving -far from perfect. Bots are a problem however gradually there will be solution to it-not perfect but am sure that something will be done especially spammy bots. This is one of the disadvantage of technological innovation. I am , however , optimistic about the future of steem after the updates and am sure that your steem power will make you very rich if steem reached 1K in few years time. Thanks for your comment bud and more success to you.
When is the update scheduled? Interesting information I had no idea about thanks.
Great feel free to resteem in order to motivate others. There will be an official announcement-. Thanks a lot for checking out my posts and commenting.
I love the platform as well. However, I am surprised, speaking anecdotally, how hard it is to get folks to try Steemit. Then out of those that do try it, very few stay. I brough people over that made over $100 on posts...then they worried about it being a tax scam or some crap lol. I dont know what Zukerberg puts in the water supply, but you cant get people to give up FB no matter what.
Great points, this thing has no indication it is going anywhere soon, so better to stay powered u
Good point, I agree
Ah good read! Cleared quite some things up for me! :)
I have been fully invested in Steemit since the beginning.
I have never once powered down in over a year!
Wow, you are the master of power up..I will not power down too because an planning for long term
Yes I am probably one of the ONLY accounts that has never powered down ur spent/used any of my $steem or SBD.
I believe and invest in the future success of this community!
Good move that will pay off hugely
I totally agree!
I didn't start with much but little by little I am building. Once the value goes up then I wil be doing very well!
Same here, I am building up gradually hence why I prefer the cheap price for now. Next year will see hike in price
Yes well unless you are actually BUYING $steem then its better it goes high asap because what you have and earn will be worth more. If you are buying it though then being cheep is good.
Awesomeness !! I fully agree I only power down a/small amount as I need it for emergency purposes ! Then I stop the power down , im also back to 100% power up of my posts , as I needed some Steem dollars ! And will only be doing 50/50 for my contest font the prize payout ! I soooooo wish I could afford to buy some steem before it goes up to high !!! Great post keep up the great work !!Upped and resteemed!👍👍👍💕✌❤
Thanks I agree with you my yummy lady. I wish that price remains low till we buy a lot of steem . I am sure that price will shoot up from next year , so we should gradually stock up out steem before its too late. With too many steem power, you will have good daily payouts-a win win strategy
I sure hope so !! Sounds good!👍👍👍💕
welcome
Hi charles1! I plan to but steem each month and I have absolutely no doubts about steemit and steem future. Thank you for your post as this is the way we can cumulative new fresh users and stimulate the existing one to invest more
you are welcome, more success to you
Very interesting post @charles1
Steem is sure to rise in the long term.
Absolutely, try to gradually increase your steem power
Great post and I also think you shouldn't power down. Steem is staying constant at the moment but eventually it will rise. So now is a great time to buy or to earn ;)
you are correct, thanks for your comment
Powering...UP!
Good move, more success.
@blueorgy what is your take about this issue?
Hi @charles1, I see you have mentioned me.
This is automatic response so that I may respond to your mention later.
welcome
Easy. Stay Strong & Never Power Down!
Amen my buddy @blueorgy I always appreciate your comment and support hence why you always get my upvote
Nice analysis mate
Keep it up...
welcome and keep piling up your steem
Thanks
welcome
👍
stop spamming my post with signs....if you do not have any thing to add then pass
I like the part about millions of new people getting into this very cool concept cant wait too see what happens!
Haha, the same here
Thank for share @charles1
Thats good post for us
Thanks for your comment
This post received a 3% upvote from @randowhale thanks to @charles1! For more information, click here!
Thanks bot
meep
Interesting post Dear. Upvoted ,,,,,,,,, Do follow me and Upvote mine. Thank you.
Upvoted, Tweeted and re-steemed!
Namaste
welcome and thanks...see my older posts for more tips. I wish you success
Disclaimer: I am just a bot trying to be helpful.
I think we're all here with same goal, make money and create Uber mega great community. If we all work toward same goal we should be fine. So let's do this and get this visionary project on feet. Good luck all
Good point, I agree.
Great post, fortunately my mentors advised me from the beginning to stop powering down. I also put all my earnings in steem power. Thanks for the confirmation!! Resteeming
welcome and thanks
You are most welcome @charles1
same here
Good post. Supportive communities stick together for the greater good, not short-term gain. Imparting information and building a true social network for the benefit of the many is the aim surely?
Good points, thanks for your comment
when is the next hard fork or update
and your analysis is right up to the mark
Before year end however we will get the official update..
@charles1 got you a $1.27 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
Thanks bot
When is HF 20?
And yes Steem Price could go up exponentially when Steemit goes viral...
Also when is the Official Steemit App launch?
Thank You :)
Management will send official updates...
Ok
Thank You :)
welcome
I am in it to win it, no turning back!!
Good point, I wish you success
My goal is to get to 1000 Steem Power. Once I get there I'm going to take out my Steem to pay myself back for money I've put in, and once I get my initial investment back I'm going to go back to powering up 100% of the time.
Good strategy, I wish you success
A happy happy news. Thanks for sharing
You are welcome
right on -- you got my upvote as i found the post nice and early this time -- glad your publicly asking people to stop powering down -------rock on
Thanks for your comment bud, you are always welcome
Thanks!
This is the reason why you better ask via personal chat before comming into false conclusion. I exlained this issue before to a member via steem chat. My transfer to blocktrades was for whaleshares which I reinvested in steem to boost my posts just like @booster etc..so ask first before writing what you dont know. My strategy is and remain to invest all I get here in steem or steem power and boosting my posts is one of them.
My apologies if that's the case. I didn't know about personal chats, so I'll do that in the future. Best of luck.
Welcome and do a better analysis including private conversation before posting or commenting in a blockchain because of false accusation...it is very bad
I'm just a beginner, seeing reality as you describe it, still a question mark for me!
welcome to steemit. Also see my former posts for more tips
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by charles1 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Thanks bud
Hi @charles1, Though there are no several photos in this post yet it's simple, to the point and very well written post. Above all, it's very encouraging for the Steemians who don't understand why it's important to hold the steem. I tried to convey the same message through a recent post. I hope you can spare a minute to skim through it: The Simplest Maths How I Earn $69000 at Steemit in One Year. RESTEEMED!
Good point, just upvoted the post and your latest post-more success to you and see my older posts for more tips.
Love it!!! I totally agree!!!! That's the reason that I started, because Steem in the long term will become on of the most expensive Crypto currencies!!! And the reason is because, therre are social media actions, behind the currency!!!
This is totally genius!!! I loved your post @charles1 !!!! Upvoted and followed you!!!
You can also follow me for daily motivation, inspirations, advices, and tips in business and life! :)
Thanks , I agree with you. Steemit will certainly grow...follwoing you too
great news. i just bought some more steem! upvoted
welcome and thanks for your comment. Good move indeed.
Makes tons of sense to me, powerup time 💪🏼🙌🏼💯
Hahaha steem master himself..thanks for your comment
No doubt steem is going to rise
Thanks for sharing
you are welcome
I am sure we haven't seen the best of Steem yet. The changes that are planned surely will bring a better platform. Why would someone power down if they don't need the money, I don't understand. More power gives you more income, so no matter what the price is, powering up it is!
Good point, I agree with you.
Mobile app? I've only accessed Steemit on mobile, though the esteem app has never worked for me, I use it in browser.
I hope they add the same in app video support as they have for photos.
I'm interested to see what communities does, but can't figure out if it will start pigeonholing everyone or simply simplify finding common thinkers?
Definitely think now is the time for minnows to grow, whales are cashing out to drive the price down for the next buy. A low steem keeps the leeches off the field, reserving it for people who would be here without dollar incentive, then when the next bull run comes, those people will succeed the most.
Good point, time for us to grow asap before its too late
the points are correct and steemit has a long run and in near future we are gonna enjoy it .
You are welcome, thanks for your comment
I believe your analysis is correct, I believe your solution is way way incorrect.
Serious investors are only going to keep money in a project as long as they can see genuine project growth. Steemit is an awesome platform with a great idea. However people are only going to buy so much to be able to utilize the platform. You rely on bigger investors and earners holding their coins. That won't happen. Everyone is always going to cash out until the money is depleted... 100% of the time. You will not in the long term bring in more than you pay out.
This is why serious investors will eventually drop the coin. I am saying this in hopes that you guys fix some of these things. You need things outside the sale of the coins themselves to bring in money.
A MASS call to action to encourage people to signup anonymously as I did is would be a great start, as they spend money to create the account itself and it isn't so much the "freebe".
I would also suggest creating some features like they have on medium and offer people the ability to create more of a "publication" where they can organize their own posts by categories, chose from a few layout templates for their blog pages, and add a link offsite (would be great to encourage project owners to publish whitepapers and such here) - all for a fee of course.
Further an option allowing them to register domains and properly point them at their blog pages (last I knew there was a 1 time $300 fee on medium for the domain feature).
These are just a few suggestions on ways to bring in money outside the sale of the coins themselves. If you genuinely want to keep big dollars in your coins, you need to give reasons to keep money in your coins - and growing from outside sales is the best way to do that.
Also great to get outside revenue, your points are valid. Thanks for sharing
P.S When I say "you" I refer to the steem team. I'm to new here to know who they are :P
These explanations are very good and very interesting. It's much better to do as you say
welcome, thanks for your comment
I think I will buy steem and power up!! 👍🏻
welcome and more success
Thanks for this. I'm still learning about this platform and all things crypto. I'll check out your other posts to learn more. I upvoted :)
welcome and I wish you success. Stay in touch
This post has received a 2.95 % upvote from @booster thanks to: @charles1.
☺👍👍
stop spamming my post with signs....if you do not have any thing to add then pass
@banjo any suggestion about steem power?
Lots of smart money is buying into crypto right now. Couple their investment with the growing sign ups on Steemit, and we could see Steem at $4-$5 quickly.
I agree bud...we will certainly grow our steem before its too late
Upvoted and resteemed. I am a tiny minnow, but trying hard to scrape together as much SP as possible because steem is going to go off like a rocket in the next few years. Thanks for the write up @charles1
Thanks a lot. That is the plan bud...now is the time to gradually grow before its too late.
Yes, cannot wait for HF20! After being on here over a year I finally did a power down, mainly because I needed $ for new tech to do the MSP Radio show. I'm still holding plenty of SP strong though!
Keep doing whatever you are doing man, 3 months in and your posts crush mine. Apparently I'm hanging with the wrong people LOL ;-)
Lol you are sooooooooooooooooooo funny bud. Dont look at my post payout rather see that am still a poor struggling minnow trying to grow like his cousin and buddy @scaredycatguide .
Hopefully my strategy of powering up will help me chase you behind
LMAO...that gif is unreal.
Its real...am chassing you now!!!!!!! hahahahaha lets stay in touch