Why would I turn my bitcoin to steem and lock up for 3 months?
For security reasons. To be honest, I prefer to keep it in my Steem wallet more than anywhere else, because I know that then it can't be hacked/stolen, because it is technically impossible (through Steem's inbuild account recovery features).
Why would you think 1 week power down is insane?
How should account recovery work with a 1 week powerdown period, when the whole recovery process is based on a 4 weeks period? Just disable all security on Steem to be able to receive bucks quickly?
Big investors don't make short term decisions. Most of them are in for years and they don't care much about market price fluctuations in between.
The whole idea of cryptocurrency is transfer of power and responsibility to people. If I want full security I may keep my assets in the bank.
If the concern is security we can give a choice for the user/investor to enable/disable lock up time.
Volatility in crypto space is not same as in traditional markets. I would prefer choice of lock up and responsibility of security decided by the user.
Moreover, there can be security measures implemented to avoid theft. You are a developer. I am sure you have some ideas.
Security is not an excuse for 3 months lock up. That is a very long time in crypto space.
p.s. Yes investment is long term. But when investors want to get out, they shouldn’t be forced to wait 3 months.
This gave me a good laugh, thanks... ^^
Changing the powerdown period won't automatically make us do the right decisions in future. According to the following chart (daily candles), we had plenty of time (more than 3 months) to catch a good price last time and even a few months after that it came back into the $5 area.