Announcement: Beneficiaries are updated to 10%.

Will You Powerdown ASAP Or Wait For Selling Pressure To End?

Asked by vimukthi Promote - View in - Audit

STEEM is down from the highs of pre-hard fork levels. But we are still trading above the $0.15 - $0.17 we were trading at for a long while. As part of the gloriously failed asset forfeiture that has not been fully resolved yet, we had another bonus update. The powerdowns are 4 weeks instead of 13. That is almost a 70% reduction in the staking time.

Things to Consider

  • The trust in Steemit Inc is further eroded
  • Incompetance of Steemit Inc has been further highlighted
  • STEEM as a blockchain has become quasi decentralized (we still have few independent witnesses
  • Even if Bittrex send the STEEM back to owner accounts, Steemit has enough influence to seize the funds again or at least blacklist those accounts
  • @steemmonsters @splinterlands is making the switch to HIVE
  • The Tx volume of STEEM is falling behind
  • The infrastructure has been much worse than HIVE in terms of user experience (although not by a huge margin)
  • The claim for being censorship resistant is now lost on STEEM
  • STEEM only has 1 RPC node compared to 4 from HIVE (soruce: Keychain extension)
  • The powerdowns are going to be massive
  • Bittrex might have to sell STEEM for HIVE to give the funds back to the rightful owners (this is a purely hypothetical scenario)

Current Trading Volume

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I Will Powerdown ASAP (52.63%) 10 / 19
52.63% Complete (success)
I Will Wait And Take It Slow (36.84%) 7 / 19
36.84% Complete (success)
I Will HODL STEEM (10.53%) 2 / 19
10.53% Complete (success)

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