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RE: Your stake in Steem on centralized exchanges was just used to take over the Steem Blockchain
How does shortening the powerdown cycle equate to a bad move? The retarded power down deal never protected the price from dropping like a guillotine anyways so what does it matter. I have been saying it should be 3 days for a long time just so if it is initiated the person can opt to get an email notifying them for security reasons but other than that the power up power down did nothing but scare people away. Scorum has a 1 year power down cycle. it is dumb..... no one wants that
Steem had it at 2 years to start with and a smart guy like Dan must have had a good reason. With a short power down people will not bother to keep Steem powered up and so just a few will have total control. Who is going to keep SP when the price shoots up? I know that has been much the case, but we were building up a 'middle class' who could influence things.
It was an experiment. First having a power down of over a year which didn't work and allowed those with comparatively large funds to draw enough out each week and keep the middle class and poor people from being able to dump as fast.
Why do people keep Bitcoin, Litecoin, or ETH when the price goes up? Because they think it is going to go higher.
The power down helped nothing and hurt everything. Kept investors away because it was too risky to lock capital up.
The long power down time is actually a disincentive to keep Steem powered up if all you're doing is speculating on price. With only 3 days to power down, you get the best of both worlds. It's long enough to prevent panic selling and short enough that speculative players may be interested in powering up when they weren't before. This should serve to increase the value of Steem. That is, if Steem is still around for much longer. It should be interesting to see what Mr. Tron does now.
I agree completely. It will be interesting. I can pretty much bet that the token swap to the TRON blockchain will likely be the next move.
Shortening the power down time is a clear bail-out of the exchanges who misused customer funds to centralize control of the Steem blockchain.
Well that is part of the reason they are changing it to that but I'm saying in general. I was saying that the power down needed to be changed many many months ago. Also I agreed with what DTube was doing in getting rid of the power down all together. It was just confusing people and keeping investors away because they didn't want their money stuck in the system for no actual benefit.
It is like a Bank saying you have to tell them you want to take your money out 3 months in advance. It is stupid.
Just another group of rich people in control. The current witnesses didn't please Ned and so Ned left them and fed them to the sharks that could give him what he wanted.
Ned fed them to the sharks. LOL It is kind of a funny thought.
