The discussion of late is about the potential to fork the Steem blockchain to get rid of the accounts that ninjamined the tokens. Well, actually, I do not know if that is true. The idea is to fork the blockchain to get rid of Steemit's accounts that are holding tokens which were ninjamined. I cannot speak for other accounts that acquired their stake in a similar fashion. If anyone knows the answer to that, please let us know in the comments.
I saw a couple of posts that supported this idea although the overwhelming number of witnesses are against it. One of the reasons mentioned by those supporting this move is the fact that Steemit Inc is continually selling their stake, thus having an impact on the price of STEEM. This makes sense since that does create a lot of selling pressure.
I understand how this does impact the ecosystem Developers often require these funds to get things done on their applications. With STEEM so low, it is hard to entice coders to take payment in STEEM. If they do, the amount is so high because of the low price that one can go through their stake quickly.
A couple things that come into play with this. To start, we cannot ignore the tremendous bear market that we were subject to. The FUD was excessive and consistent. There were many real life Whales who decided they wanted the price of cryptocurrency lower. They accomplished that.
The other point is even more important. While the selling of STEEM by Steemit Inc might have negatively affected some developers, it was a good thing for the ecosystem. Isn't one of the biggest complaints on here the fact that the Whales have too much power? Do we not want a more equal distribution of the tokens? When the STEEM sold by Steemit Inc hits the open market, aren't we seeing a number of other people buy up those tokens?
Judging by the statistics, that is exactly what we are seeing.
The reward pool is a wonderful way to distribute new tokens. Over time, we are seeing a positive impact here. That said, it is a very slow process. Smaller accounts do not have enough of a stake to get a significant amount of the reward pool. I do not feel there is anything wrong with this because the model does payout over time. I see a lot of accounts working their way into larger categories. It is painstaking though.
A shortcut is to buy STEEM. This is, of course, a lot easier when the price of STEEM is down. Those who took advantage of the low price over the last 3-4 months were able to add a nice position without spending a fortune. Sadly, we did not see more smaller accounts taking advantage of this.
I personally was fortunate enough to take advantage of the situation and add to my stake. I am a believer in the Steem blockchain and what is being created on here. I am glad for whatever drove the price of STEEM down, including Steemit Inc selling off part of their stake to pay the bills.
This activity takes on added meaning if one feels the "ethics" behind the accumulation of those tokens is questionable. Getting them on the open market to be bought by others who believe in the ecosystem is a healthy thing.
I maintain that the difference between cryptocurrency and the fiat system is the direction the currency is flowing. Under the fiat world we live in, a larger percentage is going into fewer hands. Cryptocurrency, while new, is the exact opposite. Less than 3 years ago, the all the tokens were in the hands of a few accounts.
For over a year, I put up a monthly report that followed the breakdown of MVests by category. During that time, we saw a major shift in the number that each category is holding. The non-whale categories all saw their numbers grow.
Since the end of November, I also am monitoring the number of accounts that reach different levels of SP from 5,000 on down. In that time, we saw each interval grow in number.
Certainly, the best resolution for the entire ecosystem is for Steemit Inc and the community to work in harmony to grow the entire platform. That said, I do not think it negative that they sell a part of their stake to get it in the hands of others. This is a natural process and one that should take place over time.
Down prices hurt in many ways. One area that it does help is it allows smaller players to increase their stake without investing an astronomical amount of money.
To me, a large account selling out is not necessarily a bad thing. Over time, it enhances the health of the ecosystem even if it does hurt a bit in the short term.
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