This is interesting and much needed info for morale on the steem blockchain Eli! I want to commend you for understanding steemit incs most valuable asset imo (steemit.com) and returning focus here.
In all your spare time, can I draw your attention to @aggroed ‘s recent post regarding a proposal to burn steem for SMT creation? https://steemit.com/smt/@aggroed/hardfork-22-smts-let-s-burn-steem
This or another way to shrink the total supply of steem could potentially drive up the price of steem and create a virtuous circle benefiting all stakeholders.
Thinking in terms of a sort of share buy back if you will, which is what many companies implement when their share price is undervalued.
Thanks for your consideration Eli! Im sure aggroed would be happy to expand on this topic.
Great work in starting to turn the ship around :)
I dont think thats a good idea to burn Steem. I think Stacking them for creating a SMT over a long Time is better ( and Benefit SMT Token holders with RC from Stack).
So Users without Steem can post by holding a SMT and a lot of Steem is Stacked up and inliquid.
Perhaps.
I probably could have gone into more detail regarding the virtuous circle... the idea is that by burning steem and allowing the price of steem to rise Steemit inc would require less programmatic selling to achieve their same expense objectives and alleviate downward pressure.
A higher steem price would benefit nearly everyone on this platform no?
While im at it, lets get rid of the 3 month power down period. This is going to drive most serious investors away and we are far beyond the days and reasons stated in the whitepaper for this
Agreed on the 3 months power down. It is to much. From a personal experience convincing friends about Steem, they are turned off by the 3 months power down.
It was a 2 year powerdown in the beginning, which I think was recognized as a significant problem. Still, especially in the crypto world, 3 months is a very long time considering the volatility. Imo this is a long outdated and massive problem for any potential investor.
Yes you are 100% right. the 3 months sucks.
The 3 month is the only reason we did not die in the bearmarket. People could not sell fast enough, that's a good thing. It secures a kinda stable price and is mandatory.
Sell to whom? It should be 3 days.
If it is true that the 3 month lock up period is the only thing preventing us from hitting 0 (which I dont agree with), then we don’t have a token worth any value anyway
I think 4 weeks should be enough for a power down.
What it really prevents is panic selling. Probably slows down buying as well though.
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