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RE: Moving to hive
Yep. What company would feel safe having millions vested here and having this happen. Then they're told "don't worry, your funds are safe!" Ummm... except for the thousands of dollars in revenue that were lost by 1) downtime 2)resetting VP to 20%. It's a joke.
That's the obvious reason that a complete power down needs 13 weeks...it's like a prison
Serious investors would have moved their funds asap after this mess (at least those who would also be active in Steemit too and not only steem)...and one more reason serious investors won't power up...meaning steem's price will need way more than we think to climb high...
Just saying...
It takes every ounce of self-control for me to be rational on this, because I essentially lost six figures by believing in STEEM and not powering down in December. Whales lost MUCH more. Prison, for sure: though one of our own accepting, and it does provide the useful safeguard against people dumping STEEM when things like just happened occur.
I can imagine....
Reduction of that 13 week period would be a huge step to steem's success if you ask me. Because lot's of steem holders are also Steemit users... There are cases that you feel that you just don't have control over your funds...
did you know that the power down was originally 104 weeks? legit 2 years
I'm just going to chip in here. As you mentioned @ssjsasha the original powerdown was 104 weeks.
The thinking behind it is that it works as a delegated proof of stake. In other words, other investors gain confidence knowing that Steem cannot be dumped uber quickly.
Don't forget that Steemit arose right in the midst of the pump-n-dump ICOs. Investors come in, buy up loads of ICO coins. Devs and their friends dump coins and leave all the new investors (bag holders) high and dry.
So 104 weeks was considered a great way to show investors that this wouldn't happen with Steem.
It was later forked to 13 weeks, along with other changes to SP that gave holders of less than 100,000 SP a vote that would register over $0.01.
Imagine if you could just take out all your Steem at once. Can you imagine what the price would be doing right now?
13 weeks is not a prison. You go into it with your eyes wide open and it is not that long. Obviously it leaves you vulnerable to downward price fluctuations. However I think they'd be far greater if everyone was trying to take their money out all at once.
That is neither shady nor unique. There are plenty of legit coins that you can only buy with other crypto. In fact most of them fall under this category, and it is very much the decision of the exchange where the Steem is held.
Ho hum, anyway, I agree with the both of you that HF20 was a disaster. Plus not being able to sell was particularly annoying. Hopefully in another few days it will be like nothing ever happened. 🤞😉
Cg
I was one of the people who sadly invested at around 600000 satoshis... almost 2 bitcoin worth... I was originally going to put every paycheck into steem power until I reached 10,000SP...that goal is still in my mind but instead I am waiting a bit longer before I start
Minus food and rent money hopefully! 😁
Cg
You've hit one of two nails on the head as to why I've not invested into Steemit. The other is that it's not exactly easy to directly invest into, having to buy bitcoin, dogecoin, lightcoin or dash first then invest that coin into Steem is another. Looks exceptionally shady to not be able to directly invest.
Shadier still not being able to withdraw my investments earned quickly.
Even shadier still with the development being shite like that. A crash a week prior, then the HF20 fork screwing things up further, it's a trainwreck. It's why I'm going to automate my posting after today. Setting up all the automation now.
ahh dude.. it's not just STEEM it's bitcoin in general. Just being "fair"
still waiting.
Yeah, I would have lost it in any crypto. And I was being stubborn to sell like "Why should I hold it in USD? I don't believe in fiat!" but I didn't realized how dominated I was by emotion on that. Because I could have bought back 5 to 10x what I had in crypto.
same when I bought gold back in 2009. Fiat games are the standard. Just have some insurance in both crypto, gold/silver/metals, and even CASH. If Japan can do it for 20+ years, the USA can do it as well. I have written numerous 0.20 cents articles on steemit about if I cannot go int a grocery store and pay with crypto.. then it's strictly insurance/speculation/asset whatever. Sure it could go up +++ but that's the speculation part.. and I ALWAYS have to cash into local fiat currency to eat.