I’m now all in on Steemit, but I wasn’t before. What has changed?
What would happen If Everyone Powered Down?
This won’t happen of course, but what I’m really asking is, what if everyone followed my lead and ‘Powered Down’.
If everyone was to ‘Power Down’ tomorrow there would be a massive increase in ‘Liquid Steem’ in the market. To be more accurate;
@8:30pm Sunday 31st GMT
Current Total Steem: 117,511,654 Steem and SteemPower
Total Steem Power: 114,269,843 SteemPower
Total Liquid Steem: 3,241,811 Steem
If everyone Powered Down Tomorrow, each account holder would receive 1/104th of there Steem Power balance in Liquid Steem per week;
Power Down Weekly Amount: 1,098,748 Steem
So, this would result in Liquid Steem doubling in supply by week 3 of the Power Down. This would put massive pressure in the price of Steem in the short term, and could result in many users leaving the platform, and the projects viability been called into question.
This could kill the Steemit Project, or at least set the project back…
Why?
Steem(it)’s success is purely an adoption game. The bigger the user numbers get, the more viable the vision for Steem becomes. If the price of Steem gets crushed, Rewards (which are a function of the price of Steem, 10% of Market Cap) get crushed too.
Generally, sentiment would turn bad, and users would lose confidence. As we all know, confidence is EVERYTHING for an economic system.
But I'm powered down?!
I consider myself a principled person, and knowing that, if everyone followed my actions it ‘could’ result in this project dying, doesn't sit right with me. I initially ‘Powered Down’ during the hack when @dan and @ned account’s were Powered Down by the hacker. I intended to ‘Power Up’ when they did (which they did so before receiving any payout), but after receiving a $250 payout, I got greedy..
Powered Down no more!
This doesn't work unless users commit to the platform. I was amongst some of the first wave of users, and have been compensated very nicely because of that. It’s time to commit to Steem(it) for the long haul. Every Steem I cash in now, is being purchased by someone who is buying into the platform,
I also believe this will make me a better contributor to the platform. Committing to posts like this (https://steemit.com/steemit/@hisnameisolllie/steemit-statistics-new-and-improved-weekly-edition) weekly, and not contributing to get a fast buck, should see me contribute more original, useful content, which can only be a good thing…
So, in Summary.