Is anyone else tired?
I am.
I finally got a chance to listen into the Steem Witness discussions with Tron. I did it at 1.75x speed as I didn't really have the energy and patience to listen for all that time. Lucky it wasn't a negotiation... too many emotions .... and the price feeds of the new witnesses still haven't been updated.
One thing does look pretty clear though... There is going to be 65+ million STEEM hiting the exchanges at the nearest ROI point.
Perhaps that is the best thing for it, even though it would decimate the price of STEEM for some time to come - at least it would be distributed to people who are willing to pay for it. How much penny-coin STEEM would you be willing to buy?
100,000 STEEM for $1000 dollars?
I would buy what I could. The reason is that once that STEEM is changing hands freely in the market place, it will slowly pool into locations that would sink or apply it through, Steem Power, games, applications and all kinds of places.
Sure, it would create a mass of downward pressure on the price now, but maybe it will mean that from then on, the price can build in a more sustainable way as the majority of STEEM owners will have bought it and nearly all of the pre-mine will have been "laundered" through the exchanges to be indistinguishable.
As I said the the other day, Steem is fungible and interchangeable - but the accounts where it resides are essentially non-fungible tokens. Currently we know where the Steemit Inc mined STEEM is held, once it hits the exchanges, it is no longer marked.
Yeah, I know, there are promises made on that STEEM, but I am not sure how those promises would or could be enforced. Perhaps it is better to take the economic hit and the learning experience and let bygones be bygones. Many won't like this option of course and it would be far, far better if instead of getting dumped on the market at least some of it would be used to actually build the chain, community and support sustainability, but sometimes the best option is to take the loss.
Justin Sun was talking about "just getting out"and I wonder if there would be an option that would allow his exit and can be some kind of benefit to the community. For example, What if the first option to buy that STEEM was given to the community at cost price.
Let's say he paid 5 million to Nob Ned...Ned Nob... for 65 million Steem. That would put the price per STEEM at ~7.5 cents. There could be a sale in rounds with limits on the buys that would allow for it to be distributed across the Steem community. After the buying rounds are complete, it would of course get dumped by many onto the market and tank price anyway, but at least it would be us as the community doing the tanking and, there will be some who buy and power up, then buy more off the exchanges.
This would mean that anyone who bought that STEEM would be a true Steem investor with their hard earned fiat and will take some of the responsibility for the future of the platform with their purchase. While some people won't like the idea of buying ninja-mined stake, remember that 2/3rds of all the Steem in existence is from the mining period. Anyone who has bought has likely bought some from the mine - like the molecules of water probably went through a dinosaur once upon a time.
That might be a stupid idea. But at the same time, at least we as a community could design a way that would see that STEEM in the hands of the majority of the community who can then decide how it will be used in a truly decentralized manner.
Whatever seems to be the upcoming scenario though, noe of it is going to be pretty and it does look like a dump on the market is inevitable. But as said, maybe that the long-term condition of Steem will be better for it rather than at the next highs, that Steem being sold in dribs and drabs, while still remaining a large economic and emotional burden on the community.
This way, Justin Sun gets out of his investment relatively cleanly and the community gets the opportunity that it always wanted, seven cent STEEM. what we do with it once it is in our hands is then up to us. I know a few hodlers - I know many sodlers. It would be a race to the price bottom, but once there... it might all look upward.
How low can it go, and how high would you buy?
Some want to escape. Some want to keep building.
Taraz
[ a Steem original ]
