So a cursory look through the wallets of some of our most esteemed and loved Steemians reveals that the great steem exodus is upon us.
The powerdowns have begun...
I am not going to name names (you can look for yourself) but there are some who it is quite surprising to see hitting that button (one runs the monthly powerdown stats so that should be interesting!).
Even some of main witnesses are in on the act. So much for mobilising SP to fight back (per the post AMA)...!
It might be that they want liquid steem to hand, just in case, or there may be other reasons.
But it looks like the tron deal is a thumbs down from the steem faithful.
In full disclosure, seeing this, I felt I would have to press the button too (it's never good to be the one left holding the bags...!) but it's a sad time for steem.
What are your thoughts? Am I missing something?
Lots of people are emotionally attached to steem and there is nothing wrong with that, everyone gets to pick their own motivations. What has served me well in life is never doing what everyone is doing, which is why I'm in crypto. I knew I would ride this steem thing to the moon or to zero with ned and nothing has changed with Justin.
This is just one mans opinion and what I am doing but for me to power down in 3 months to get what? $1000 bucks doesn't seem like any sort of upside to me, sure there are people with much larger stakes and they should do what they feel is right but my level of risk here is not much so I'll ride it out
My feelings too..
First off---I am not a crypto investor in any way shape or manner. I am just someone who likes to post sometimes and comment.
From what I have read, yes a lot of people are powering down some as a just-in-case scenario. Will they liquidate? it will be entirely up to them. Many people powered down and cashed out when things started going south with the price to try and re-coup some losses. A lot of people did that the first time the price plummeted. Granted I was not here for that event, but when the price came back up those that stayed seemed to kind of shun and avoid some that panic sold and then tried to come back. Human Nature I guess.
Right now all we know is Justin bought Steemit. Not the block chain Steem. Tron has a lot of dApps but the one thing missing from their line up of Apps is a social media style app like steem block chain. Are the steemit developers under a no-compete contract? I don't know. Does Justin want steem block chain? I don't think so, he has his own. Does he want a team of developers that know how to socialize the block chain providing the backbone for developing a social app for Tron Block chain? Perhaps this was the only way he could poach the steemit development team.
A power down can be stopped pretty easily or so I have been led to believe, but it still takes 13 weeks to fully power down. It is a crap shoot. If the price continues to rebound some, then you miss out on the increased rewards by however much you power down.
One could look at a combo of power down and then a lease option so that you do not lose out on the potential vote value growth, but if the leasers are also in a power down, that may not be a viable option.
At the end of the thirteen weeks, I will still, if steem block chain is here, be here with no power down at all, and hopefully a little more SP and a higher vote value.
Hard to say what is the best thing to do now. Power down and cash out in the chance that steem crashes in coming months. Or stay invested and ride the upcoming bull market up to higher highs. The way crypto is pumping now, it looks like the bull market is back. Bitcoin halving will dictate as alts follow BTC mostly, but I'm willing to risk staying on board, though I keep my current steem accumulation half in power up, as obliged by the 50/50 option, but the other half I leave as is, ready to bale in three days max out of savings. One foot in each camp hedging my bets, though the liquid camp is much smaller that the vested SP, so we hope the steemship keeps an even keel under the new captain, who would only lose if he instigated a mutiny or desertion.
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