Dear Ned & Steemit Inc.
Dear @ned & Steemit Inc.,
I'm trying to keep patience. I really do. But seeing this?
Watching your company, Steemit Inc. powering down nearly all of their stake - I don't feel comfortable with it at all. Especially considering that you've already powered down 95% of your own stake and send it to exchanges, with the reasoning to hide it from the public eye.
Now, with your own stake you can do however you please, even though it doesn't show confidence in your own product.
However, seeing Steemit Incs. initially mined stake being powered down ; 34 Million SP to be concise - which would be 2 Million SP per week. That's dangerous.
And a simple "memo" message, telling outside viewers that you're just doing this to send it to secure wallets. There are two options:
1.) The @steemit account isn't secure enough - maybe due to the recent layoffs there were intern problems - I don't know. But even then, @backup-bittrex doesn't even have multi-sig and why is it being vested to exchanges?
2.) It's a blatant lie to keep us ignorant.
I honestly hope it's the first or another good reason.
But trusting some written words is not enough without any official statement. This is not child's play. We're talking about millions of dollars worth of investment for thousands of people.
And 34 Million SP to the market, could very well drop the price immensely.
That's why I'm writing this message - not to attack you, not at all, but for the safety of stakeholders funds.
With that said, as a witness & stakeholder in this blockchain, I'm not able to patiently wait this out. I believe in Steem, but the amount of centralisation and single point of failure is way too high. I'm still hoping (or at least partially believing) that you, @ned, only want the best for Steem and have good reasons for this move - but simply believing it at this point in time is not good enough.
Now, and I'm saying this with good intentions, I expect an official statement about the power-down and how we, as stake/tokenholders, can make sure that this stake isn't just sold off to the exchanges, with the risk of crashing the price.
Thank you,
@therealwolf
IMPORTANT
This is not a FUD post! There is enough time to clear this up and since power-downs take 13 weeks, there should be enough time for solutions.
This blockchain is decentralised and while it currently has a small centralisation problem, this doesn't mean we're out of options. However, please let me clarify one thing: the first goal should be to find a cooperative method of working together, between the stakeholder/tokenholders & Steemit Inc.
I'm not asuming that Steemit Inc. have bad intentions with this power-down, actually I'm trying to assume nothing, but it simply requires clarification!
I heard, via @pennsif, that they have also withdrawn some big delegations from projects. I appreciate that they have to secure some income, but a simple statement to the community that's not hidden in a memo would be appreciated. STINC losing the trust of Steemians is likely to be bad for all of us. Despite the lack of activity from them things had been looking fairly good with all the dapps, but for now we still need that core team to work on the blockchain.
Right, forgot to add that:
https://steemd.com/@misterdelegation
This is actually great news to me. STINC had no business delegating millions of SP that they said would not be used for voting. All it did was massively dilute all other user/investor influence on the platform.
I hope they pull back every bit of delegation they’ve given out. That might actually restore some trust/confidence for some people.
I know that more than 500 artists. producers and musicians were posting regularly through @dsound , so it's gonna probably discourage a lot of people to post. It will have a very negative effect in the long run too. It all depends what you enjoy doing on Steemit, but for me it's essentially a way to show my music, and connect with listeners and other artists...
Dsound should find a better way to reward their users that doesn’t depend on a horribly mismanaged central entity footing the bill at the expense of the people invested in this blockchain.
All app developers need to assume their own risk and not continue socializing it for their own benefit. They’re going to realize that it won’t actually help anyone due to the disincentives for investors...which is already pretty obvious to most of us who comprehend economics.
Just take a look around and you’ll see the effects of supply without demand and rewards without risk.
We were chatting on DIscord about ideas to reward the users/listeners, it was quite interesting to see how everyone came up with good stuffs, I think at the end of the day the next few weeks will determine if a big chunk of the musicians will stay on Steemit or migrate...
I saw it at Steemfest, there's very little demand for music on Steemit, that's quite deplorable
I love DSound as well-there is a lot of drama here on Steemit, let’s hope for the best. ✌🏾
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You have to support projects since the 1.That stake is premined and they have no business holding so much STEEM and 2. Most platforms have a hard time competing since STEEMIT has no beneficiary fees.
If they burned a part of the stake or added beneficiaries to STEEMIT so others can compete for users then id be ok with the canceled delegation. They seem to still be uninterested in making any smart moves.
It wasn't "premined." But it was mined for a specific purpose and has so far mostly not been used for those purposes. It was specifically stated that the stake would NOT be used for voting on the platform. So, they get around that by delegating it to other projects of their choice to be used for voting on the platform? The effect on users/investors is the same and contributes negatively to demand for STEEM and SP.
Well, that sucks for the other platforms. Maybe they ought to figure out different revenue models and create interfaces that are actually appealing to users that aren't already in the Steem bubble and mostly just looking for more ways to acquire and dump tokens. Because other interface developers aren't good at meeting demand and creating appealing products isn't a good reason to go back on your word and dilute actual investor influence.
They'll never do that. I've been banging that drum for a couple of years now. They don't care and most of the platform has the same failed mentality of "Delegate to projects, guys!" You know...the stuff that consistently makes STINC look terrible/incompetent (because they suck at making good decisions with their stake) and drives away good investment.
I think it's more than being "uninterested." They're just wholly incapable. I would support protocol changes that fork all official STINC accounts out of Steem.
That's the fork I would be glad to see!!
Well, it kind of was. But lets say it was ninja mined unfairly.
The fork would be a huge risk.
it would work and dont see much risk for whoever implements,
also i think it would be very popular due to
this would have to happen before steemit inc accounts have powered down moved and sold so within 3 months
here's what they did exploiting system with stake to farm millions of SP god knows how much they've taken through upvote bots and various anon accounts farming
for a fork to remove steemit incs influence to succeed would need to remove all steemit inc farming accounts also as a significant amount exists with them
I am 100% agree with you Dear @therealwolf ,If @Ned has something positive for the steem and having some possible proper reason for withdraw he must reply to there millions of question bu i am sure He has Something wrong in his Mind that why He is silent at all, I am not sure why he is not responding to All question , he created this community So he should take care of every person How we will promote this community if we are in Doubt?
And do not need to flag my comment any one i am just saying what are doubts are in people minds , I saw most of the steemians bought steem at a price of 4 USD 5 USD what about those people ?
Its Not a game its a real life matter :(
That's going to hit those guys bad. I wonder if there was any communication about it. I hope they keep supporting the anti-abuse projects.
They are still supporting a lot of other projects:
Does spaminator really need ~3 mill SP?
Do we have that much spam around? Just curious
Yes
hey bernie , are you getting ready for slammer ? tik tok baby
You’ve been saying that for months you half baked retard.
Take your empty threats and shove them up your dads asshole with your tongue.
You have been flagged for posting ignorant trash on our blockchain.
Kindly piss off and GFY.
!popcorn
Oh there is plenty. I can see they are constantly flagging, but they are still at 100% VP, so maybe they can manage with less. Steem Flag Rewards could use some more SP to support flagging of other abuse. Do bittrex really need any? They have 30 million Steem!
bittrex is like 10k, i don't think it even qualifies but they may need the RCs for transactions or something. dunno.
But why steem supports private company? They want to trade steem and get profits from fee? They should invest something.
Haha. Definitely not. Not even close to that. At this point its just stake that does nothing so it doesnt bother me much. But they could probably do with 1/10 of those 3 mil.
Or even fund 3 - 4 other projects too....
I thought it is way too much in the first place, that's why I asked..
Sure.... But funding another project that uses the stake drains the reward pool. The delegation sitting in spaminator account is the same thing as it sitting in one of the steemit accounts. It does nothing.
Double Yes !
There is a fair bit of Spam around, thankfully much less than pre-HF20 though.
Ffs isn’t there a way to remove their (delegated)sp so that their RC’s are not enough even for a vote...?
I guess I am lucky I have no visits from them😂
Not quite sure I understand the question. We talking about Steem or Spaminator, or spammers?
All delegation can be removed but whoever delegated it, but I am not quite sure what you are asking.
I think @themarkymark can give a proper answer to @mindtrap's question.
How else would it centralize so much power in the hands of corrupt few?
https://steemd.com/tx/3c0d9693a3a7577725957b37a8a3cf4c100e8156
Merry Christmas to you. I hope you found happiness somewhere other than Steem..
Still not daring to post. Suck up to Justin and you may get a vote :)
How tempting to vote up this comment beyond what you can zero out. If you dare to post then I won't :)
need to add actifit to list
I hope they keep most of those going. They should be delegating to those who are short of SP. Not sure bittrex needs it when they have 30 million they could power up :)
I think steemit shoudn't suport private exchange. They get enough money from fee. But That 30 milion os steem is mostly other ppl steem.
I guess, start panicking if you see more of them lose delegations?
Panic? why?
For fun.
lol
seriously not sure how to feel about all this.
Doesn't seem that musing knew about it.
@jonching seems to be very surprised about this!
I hope @ned @steemit or @misterdelegation redelegates to @musing.
I love @musing and think they can build a profitable business, and the delegation can give them a head start!
Well said @steevc I have been very busy as if late, so haven’t been blogging as much. It seems every time I log on there is new drama 😊
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Steemit are doing stuff, but Ned needs to show his face a bit more.
Here are my 2 cents...
https://steemit.com/dsound/@prc/dsound-is-this-the-end
Yeah this is pretty bad. Ninjad stake getting taken out without any feedback, that could potentially be sold on the open market. If the STEEM really was to be used for development, then it should be sent to a separate account where funds would be used transparently.
As scary as this is what theyre doing, i dont think Ned is that big of an idiot to dump all the unfairly acquired premine STEEM on a exchange. Im not one to endorse violence but if he did do such a idiotic thing and hurt the livelihood of so many people, im sure someone would get so pissed off to find him and beat his ass to a pulp.
Being seen as incompetent is one thing. Being malicious is another thing completely.
Or contact some letter agencies like SEC and AG
Hi @lordbutterfly
I just don't understand the point of selling any resources at it's lowest price. It just doesn't make sense. Price is awful and there is almost no demand.
That would end his career in any project related to crypto.
If Steemit would really dump all those STEEM then Ned would be more famous than guys from Bitconnect are. Seriously it would be end for him and his team.
Cheers
Piotr
Good luck then, bye bye.
Ned moved the company’s stake because certain witnesses were threatening a HF to remove his access. He simply did what any smart person would do when his company was being threatened.
He then also pulled his support for the apps being run by the same people threatening him. I mean, what the fuck would they expect him to do?
Any references to back that up?
Yeah, I would be interested in any concrete proof of these claims about the projects involved.
I think same ... I see lot say Ned bad ... but also lot not say that is there some one who make him to do this :)
But soon we see ... I know we have some users here who want own all.
This makes the most amount of sense. If what you're saying that the people threatening for this HF were running those platforms, then it all makes perfect sense. I'd do the same thing if I were him.
Please give me a source for this info!
Ten months of inactivity? What brought ya back?
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It would be great if this were the case because everyone would understand that, but how hard is it to just come out and say that? Doing this with no official communication is shady AF.
Dear @crystalandbones, @foxkoit
Thank you for your great comment and sharing your knowledge with us.
I wish there would be more communication happening between Ned and Steemit community.
And @personz, @seo-boss, midlet and @ats-david have a point. Some evidence would be useful.
Yours
Piotr
What's your relationship to @justinw, by the way? It seems odd that you would make these claims and provide zero evidence, considering the relationship of you/your account with a STINC employee.
Only time will tell what’s happening with the Steem.
I’m afraid that this will create a lot more powering down from the community.
The price will drop along with bitcoin and the rest of the altcoins
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True believers shouldn't power down.
True believers worship Gods, not a business with a flaky leader
Who said anything about Stink?
A "True Believer" in what? A blockchain? A project?
In business, it is best to rely on evidence and stats and facts.
If you want to move forward with "faith", maybe define what it is you have faith in.
In Steem. In the protocol. In the community.
In what distinguishes us from most other coins on CMC.
Even if Steemit abandons us, those things remain.
And I think they have more value than Steemit's oversized stake.
Well i powered up a bit more after i heard the news. I always swim upstream. haha
If you had waited a bit till the FUD takes full effect, you'd have had a lot more steem off the market. ;-p
Time eventually runs out.
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For the little Steemians, such as us who try to survive in Venezuela, Steemit is a hope for some profits and at the same time make our points of view and our creativity known. I guess for @ned and many other whales Steemit is just a cold transaction, an anonymous financial operation, which is understandable because it is a private initiative... But I think it's important to find a balance between profitability and solidarity if they want to make this platform sustainable over time.
This could as well be a reaction to the idea of HF21? Are there any established forms of mediation within Steem world? It seems recommendable that Steemit Inc. and witnesses meet physically on some topics @ned @threalwolf?
Thanks, this convinces me. No need to worry, sell or power down.
Steemit INC is securing its wallet from the community itself. That's it.
In a nutshell, the only way to remove the Steemit INC stake is to complete this hardfork which is now just a proposition, i.e., no code has really been written.
Timing of events:
End of story. Let's move on and continue building on this most elegant blockchain.
Thanks @jonmaim and I hope you are right.
That would make sense, and in order to make it impossible to track, they'd need to transfer it to an exchange before transferring it back to private accounts.
It still creates a lot of fear, uncertainty and doubt since it's impossible to know if that's the true story, but I think that is generally what happens during bear markets, especially with struggling startups like @steemit.
P.S. @therealwolf is right though... We probably need a public statement.
That’s exactly what happened. Certain people in the community including witnesses decided they would pretend to blackmail Steemit and threaten their stake with a HF. So Ned did what any smart person would do and secured the company’s assets.
If I were him, I would have voted them all out. How dare they threaten Steemit and then expect to continue representing the community?
@crystalandbones But where is the official statement?
I must not be following those writing it, can you share this please?
https://github.com/steemdev/steem/pull/1
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Sorry I wasn't clear, I did see that but no on Steen chain discussion. Was there any?
Thank you. This is what I assumed and hoped to here. Do they talk at the moment? Would be great to know that there is some ongoing conversation on the situation at the moment. Do you know @wehmoen ?
This was my thought as well. Maybe that's what they meant by wallets not being secure 'cause theirs got threatened via the proposed hardfork.
These big sell offs already started in August 2018 when the steem price was 3 times higher than now. And long before the lay off announcements... sounds like unfair insider knowledge based trades to me.
Hmm, If it is insider, is there the possibility of legal action against stinc.? Either from sec or another agency? I'll admit I know little of finance laws and agencies, other than basic stuff like insider trading is unlawful.
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This is why crypto is called the wild west....it is not regulated (yet)...
These are not good news. I am surprised that currently Steem and SBD rise. Whatever the true reason, it creates a bad feeling for me. Thanx for inform us.
First of all, I hope you had a great start into 2019, and here's my belated but still enthusiastic Happy New Year for you :-)
Honestly I wouldn't even have seen that memo without you, so thanks for directing our attention to it. I wonder how tiny an announcement can even get...
Some people say that Steemit, Inc selling off their stake may lead to a price drop on a short term but help us to gain more decentralization in the long term. Would you second that view, and could that be the other (positive) side of the coin?
Rebuying their tokens at 10 Cents could be fun for the middle class shareholders.
Happy Sunday, and again thanks for the research! Resteemed
And do what? A person would still have to spend hundreds of thousands of fiat money to actually do anything here. No one is going to over power the freedom account votes for the sham witness situation.
Then would someone want to put tens of thousands or hundereds of thousands into a blockchain with so many problems where everyone has pretty much lost hope and it keeps slipping down CoinMarketCap further and further?
Why not invest in coins in the top 10 that show promise and not deal with all the non communication and BS?
Well I can only speak as a content creator, time investor and socializer here. Other coins are simply not that attractive to someone who's built their brand and network on Steem over years. Yes, the performance is weak and we've lost many users, but those who attended Steemfest in Krákow know that the project is anything but dead.
Now having more Steem Power means having more influence within the Steem community, and that'd be my reason to buy more Steem at its bottom, even though I realize that you couldn't sell it like this to an investor :)
However, if more of us rebought Steemit Inc's stake and gained more influence within the network, we could direct the ship into a different and probably more promising direction. Is that naive?
When Dan Larimer left this project we were in a similar situation: many people started their power down since they thought this was the end. But it was not.
So I don't think it'd make much sense to do anything right now, since we don't know what's actually going on. Holding and constantly increasing one's stake through content creation is surely not a bad idea if you still believe in the silverlight - and I do :-)
Congrats on that monster car btw - Audi is my favorite brand of all :-)
Have a good Monday, Brian!
You have a great positive attitude. Most of what I read on this thread is just speculation. Maybe Steem Inc are selling off some or all of their Steem or they could just be moving it around.
I think a big positive is the performance of our DApps. Check out this screenshot I just took from State of the DApps.
Six Steem DApps in the top 10 despite all the chaos.
I hope Steemians give @ned/Steemit Inc a chance to explain a little more about what's happening before selling off Steem and buying pitchforks.
Well most of the time crypto is just speculation :-) But Steem has a big asset only few others have: Proof of Brain!
And that gets perfectly reflected in the screenshot you published - great adding, thanks for that!
If we can perform like this at our worst moments, imagine the stats when we’re full speed ahead again 🙌
Positivity rulezzz :)
Have a nice Monday!
I must say @surfermarly your optimism is highly contagious, you have given me another reason to stay in here no matter what!
I love you :)
Haha, I hadn’t been expecting to receive a love confession today - but thanks 😄
Am always happy to spread the positivity around the Globe 🤩🙌
You are welcome, saying I love you is a habit that rubbed off on me from my mother, it's what she says before she says goodbye on phone call irrespective of who she's talking to...
Thanks for the reply!
I don't want to sound overly negative but the attrition rate is terrible here for a reason. I'm one of the stubborn fools who have stuck around. There was so much potential for this to actually be something a lot greater but almost everyone can agree with me that hope has been lost here.
The witness voting situation has and always will be a sham and for a supposed content creation platform not one content creator in a first would country could really support themselves off this platform.
The need for additional revenue sources was obvious long ago but there is so much misdirection from Steemit INC it isn't even funny.
Things aren't good here at all and it isn't just about the price of STEEM.
The majority of people don't have the money to to make any sort of tangable impact on their influence here and even if they do put in $1000, or $5,000, or $10,000 then they are more likely to hog their vote in an attempt to recoup their investment.
It is just a game of don't get dumped on.
Well I don't think that you sound too negative, you're just pointing out some facts.
I'll be staying since the network still works for me and there are still many enthusiastic people pushing their developments forward. Also it looks as if Hivemind was just around the corner, and that could really bring some new opportunities for man different target groups.
Let's see what the future holds.
I'm going to buy at least 2,000,000 coins if price drops to 0.01$.
The time has come for some power redistribution on Steem.
Very interesting answer.
I was thinking the same thing.
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You're welcome.
There's usually a positive side, but that doesn't mean they should be able to sell stake which hasn't really been acquired in an absolutely fair way. Actually, Steemit Inc. always said that they would use their stake mostly for the development and improvement of Steem. But without any transparency, how much of that is believable if they do sell it?
Sorry, but no. I'm not staking hundreds of thousands of Steem, just for it to drop significantly in price, because the entitiy who created this blockchain and mined 100+ million Steempower, decided to sell it all. Now, I'm not saying that more decentralisation is bad, but those funds should be in a fund, which is only being used for development and improvement of Steem & it's ecosystem.
happy sunday :)
I think considering all the early miners who got in, was any of the start well thought out?
Hence @whatsup's idea for a decentralized Steem Development Fund. Because currently a centralized one failed to work as intended.
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Positive Side??? Did you got an answer from @ned or @steemit spokes person? on your post?
#enoughsaid
Looking forward to do exactly this!
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