Huge Powering Down Proves SteemIt Lacks Transparency. Can We Still Trust SteemIt?
Apparently the main SteemIt account has been powering down millions of SBD and nobody knows why. Where's the promised platform transparency?
The Importance Of Transparency
One of the pillars of Blockchain is transparency, since it's the most important element when it comes to gaining en maintaining trust. Trust is the main key if you ask people to invest the money they've worked so hard for. After all, nobody wants to be ripped off. If you invest money, time and effort in something, you want to be sure that it will not be going to waste.
The Current Situation
These last few days, I've been reading SteemIt articles that are revealing that SteemIt's main account , @steemit, has been powering down massively. We're talking about millions of SBD here.
It's obvious something is going on, but up until now it remains unknown whether it's something good or bad.
I'm referring to a number of posts, which include:
Did Someone Say 'Hold It'? || @steemit Is Powering Down - What Would You Do With $71.4 Mio Steem? by @surfermarly
Something BIG About to Happen With Steemit?
and
More About the HUGE @steemit Power Down by @preparedwombat
@steemit Powering Down 71 Million Steem Power. What's Going On?
and
Further Investigation on @steemit Powering Down 71 Million Steem Power by @kp138
If I didn't see these articles, I wouldn't be aware of the phenomenon.
And that's exactly what is worrying me...
Questioning The SteemIt Platform
Just the other day, I bumped into an article written in september 2016, when SteemIt was still fairly new.
inside the article, I found the following information:
Another promising characteristic of Steemit is the transparency of the developers with respect to how the platform works and the direction the platform will be going in the future. The creators of Steemit regularly post longform updates explaining the ongoing development process and appear to be receptive and responsive to feedback from users about updates, suggested features, and the mechanisms of the site.
Source
Apparently, things aren't what they used to be, and I regret that.
As a SteemIt user, i've been putting a lot of time, effort and money in the platform. If something is about to happen - big ór small - I think
I have the right to know!
The fact that this powering down has been going on for more than a week, and everybody is still in the dark about the reason for it, is simply unacceptable to me. There has been plenty of time to notify users, still this hasn't happened.
Why is it so hard to send out a message to the users of the SteemIt platform, simply telling them about the fact that @steemit is powering down. I would settle for such a simple, informative message.
I can understand that there could be a reason for not being able to reveal WHY this is happening, but at least have the courtesy to let people know. The way things are happening now, I have the feeling they're sneaking around behind my back and to be honest, that has kind of a big effect on my feelings about the SteemIt platform.
Although it's a very interesting time to buy some extra Steem now the price has gone down, I'm hesitating. Can I trust SteemIt? I'm not sure anymore. My gut tells me that if such major events are kept a secret, something must be off.
I really like to hear your point of view on this.
Does this secret powering down affects your trust in SteemIt?
Are you still willing to invest before you know what's going on?
Do you think this has a negative effect on SteemIt's credibility?
Do you think I'm suffering from paranoia?
Please Let me Know!
Image Source: Pixabay
If you like this post, feel free to follow @mike314-0005, upvote or re-steem it :-)
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I been asking myself the same type of questions from the very beginning. Though I’ve only been here for two weeks and have not completely fully digested how this platform works or what it is that makes it tick I’ve used plenty of other platforms and it seems to be that the way its algorithm works is not so different from other social network and relational sites. The way i see it Steemit except for a few features like the power voting has done nothing extraordinary. The way the algorithm puts people incontact to one another based on points of common interest using wording from the comments and profile description and just any other data from the users profile is nothing new. What i am trying to say is that what they are selling is not so innovative as they would like one to think, just like apple trying to sell a new phone every year when it is the exact same one with a different screen saver. But one thing is for sure, there is a selected few making a killing and still they are not satisfied . It is very unnerving to read a post from someone who can hardly write make more than others who actually have talent and intelligence. It might be the law of market demand, meaning; the market demands garbage and cosumnes garbage and if you give it anything other then it will just through it on your face and then ask for more GARBAGE. That in essence I think is the root problem, and it'll be hard to fix, cause you can fix the pleb.
What you say is true.
I'm here for 4 months, and I'm still trying to figure out how some posts that are just plain crap make 10x more than post written by people that have very innovative ideas, and write brilliant articles. It really bothers me, so i'm working on some kind of a campaign to get people to stop upvoting crap. (The problem is that crap often gets a lot of upvotes, so it is profitable to upvote in terms of curation rewards)
The big innovation is the monetary rewards for posting and curating.
The rest is fairly standard, but that's a big draw when compared to other "social media" platforms.
(That said, I hate when people compare it to social media... it's a blogging platform plain and simple. It's much closer to Medium than it is to Facebook, but for some reason everyone likes to say this will kill Facebook...)
True. The monetization sets it apart from the rest. Lets hope it won’t kill Facebook. There is enough low-quality content already. I’m not very familiar with Medium, so I can’t Really compare. I think people consider it to be ‘social media’ because commenting and Connecticut with other people is such an important part of the entire ‘SteemIt experience’.
Maybe we should call it a social blogging platform :-)
Seeing crap post earn huge upvotes is disheartening; ugh! There are whales that are trying to up the quality of post by hosting contest. I hope the community will start appreciating post that deserve attention.
@telos, is right.
I've made more money in 2 weeks on Steemit, than I have on Youtube in 12 years. With @steemit powering down, I do feel sketchy. Could be that they are raising capital for a project, but why wouldn't they inform us. I'll still debating whether or not to buy steem at the moment.There's a big chance it's got something to do with the Social Media Token. I'm pretty sure they're not abandoning the ship. I bought some more Steem myself yesterday, after reading the SMT whitepaper (https://smt.steem.io/).
It just bothers me that there is no communication at all
They do own a blogging platform so almost zero reason not to write a post talking about things from time to time. Maybe they need capital for future developments. Could post some things about it. I would love to see weekly posts with updates from the dev team.
I think a lot of people would appreciate that (including me)
no its no big deal
What does "powering down" mean? Exit Scam? Are they selling their Steem I suppose? Thanks. I'm new.
Powering down means changing "Steem Power"into "Steem.
So, if a whale is powering down, this means there will be a huge amount of liquid Steem back on the market. Liquid steem can be easily converted back into other cryptocurrencies or fiat.
When a 'regular' user is powering down, it often means that he's cashing out the profits he made on SteemIt.
I personally believe it's not such a big deal. At least for the moment. The platform is still working, moving on and further towards the future of social medias and technology. Let's trust the team that enabled us, more than 1/2 a million users, to share, discuss and discover on a platform that pays us for it. A lot of other platforms and teams have done weirder stuff than this. Let's wait and see how it goes. But it does seem like they might be powering down to power up their second account called @steemit2, who's been transferring to other accounts such as @misterdelegation or @alpha...
But I do follow OP, @mike314-0005, when he says that full transparency is a requirement, especially for platforms and markets where trust IS the foundation to ALL value created and distributed.
Liquid steem can also be sold/traded to others, so it could be an attempt to decentralize voting power a bit more right?
Or maybe they just want a Tesla Roadster and need to pay for it. :)
lol
Awwww gotcha thanks buddy. Steem Power is the "influence" aspect.
I might be crazy, but who is behind all things important to internet? Who is behind all security software in the world, behind palantir and stuxnet? And what are their motives? The good of mankind? Free internet? Why would steemit participate in the orchestrated global take down of crypto? I would not be surprised to find out that something very powerful has its tentacles even in steemit...
Heard of this? https://smt.steem.io ,
it might be the reason..
Personally I do think that might indeed be the main reason.
Still, it's just an assumption. I'm really curious why they don't put a stop to all the rumors by simply telling...
I think they are trying to reduce the flow of money on the platform and I don't know why, maybe this is to increase the price of the steem in the market, but I can't see any sense. It could also be that they are diminishing the voting power so that it is not profitable to use the voting bots
There are so many possible explanations... I just wonder why they don't communicate
Thank you for providing the answer to the very question I was asking myself. #steemthat supporter
I may have not invested money from it but I do with my time and effort. I hate reading this just before sleeping! Lol
Sorry for that ;-)
We probably don’t have to worry. There is a big chance it has something to do with the Smart Media tokens (https://smt.steem.io/).
I just wonder why they don’t say so...
That's a relief! Was just kidding btw! Hahaha
For whatever reason, steemit is powering down, I for some reason do not care personally. Because as long as we make something out of nothing I am happy with that. I guess I haven't put in any fiat money whatsoever in steem so I don't feel as obliged to know what is going on. But I agree it doesn't hurt to do a post to inform others about this massive power down excercise. Perhaps someone is planning a big trip of lifetime around the world..lol. Who knows @ned, @dan anyone? So I can personally wish them a safe trip. Cheers and full steem ahead.
True. They could at least give us a chance to wish them a safe trip :-)