Dear Top 20 Steem Witnesses, Why are you powering down ?
Hey all, Like what the title said, I've been going thru the witness list and adjusting my votes then I started to realize that MOST of the top 20 witnesses are powering down.
Is there something which you know that we don't?
As part of the community, I felt that its pretty concerning that most of the 20 top witnesses are dropping their stake if it's for a good reason like keeping up with costs of server maintenance and all then we totally understand.
Is it because that you have lost confidence in Steem and the new owners of Steemit Inc?
I'd love to know your thoughts and if it really is because of the new acquisition which is causing the mass power-downs.
Cheers guys and I hope to hear from you. Tagging top 20 to hope to hear your views.
@yabapmatt
@timcliff
@someguy123
@themarkymark
@gtg
@blocktrades
@roelandp
@lukestokes.mhth
@smooth.witness
@cervantes
@good-karma
@thecryptodrive
@steempeak
@anyx
@aggroed
@ocd-witness
@ausbitbank
@therealwolf
@emrebeyler
@clayop
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lolz ... yez bossman !
Hahaha man that is funny and sad at the same time 😅
Haha can’t I just make one token that can surf them all ? Steem, Eos, tron Eth , btc ( hmmm maybe in few years)
First, It really needs to be understood that Witnesses are rewarded in SP for producing blocks. Most need to power down a small amount consistently to pay for servers and expense of actually running a witness node.
You should know this as you ran one, so to not at least explain this in the post I find a bit frustrating.
Most of the witnesses you mentioned have done this consistently and attempting to alude it’s the sky falling a concerning.
Also, It’s not shocking that many investors (which many witnesses are) would respond to an announcement like Tron put out in a defensive way. The communication coming out was not at all reassuring for anyone holding STEEM imo.
While communication has opened up, many of those mixed messages are still out there. Perhaps they just want to protect their investment if it comes to that.
Hopefully the consensus witnesses will put out a statement in the future, but I think communication has been pretty good from their end on the acquisition matters so far.
thanks for stating your views on this, i guess having a clear communication is best and as part of the community, i really wanted to know and not just assume however it would really strengthen the consensus witness position they do put out a statement for future communication like what you've suggested. I do know some are already doing it, however there are a few which does not engage with the community. Cheers and have a great day
I think posts as this made by @bitrocker2020 is important at least to gather such informative comments like yours. It is well educating.
Posted via Steemleo
I suspect they are trying to sell some Steem at the higher prices to pay for running nodes. By powering down a lot of Steem they get some Steem to sell in a week.
Interesting. Yesterday, I urged my followers to cast their witness votes, saying that pretty much anyone from the top 30 should be a safe choice but I didn´t think of this... I wonder if/what they reply. Thanks for bringing this to our attention.
I’ve never powered down my main account (lukestokes) but I usually power down my witness account to pay for servers. Nothing was changed based on the Tron news.
Thanks for the reply Luke... And noted. BTW.. Liked ur tweet on getting #TronArmy to show up.
Thanks and yeah, that was fun to see that tweet go viral.
I'm powering down to get some liquid Steem so that I could react better to an unpredictable situation with TRON. I started the powerdown after the Steemit/TRON announcement.
On the one hand, if done properly, TRON's acquisition of Steemit Inc could cause the price of Steem to soar because of better funding/marketing, in which case it might make sense to sell some I've been acquiring over time at a profit (as you know, I have a lot of Steem). On the other hand, if they followed thru with their original attention to try to get the token moved to TRON, this would be a disaster, IMO, because I don't think it's technically feasible (fortunately, they seem to have backtracked on this idea).
So, in either case, I decided it was prudent to have some liquid Steem. Now I'm waiting to see what happens next.
It's also worth mentioning that whatever happens with TRON, I intend to continue to support the Steem community itself (here I mean the real people that use the Steem blockchain regularly).
This response is also very soothing to hear. We still have hope with steem.
Posted via Steemleo
The ones that matter a lot and quite often overlooked. It's people that gave value to Steem through our activity. One thing Justin Sun should not mess with is community and I hope he's smart enough to see that we don't want a Steem Tron or any transition.
really appreciate your reply on this @blocktrades and i'm relief by reading your comments. cheers and have a good one.
I'm sure hoping you go with us if we have to fork.
I gave up on the other exchanges when their fees went up.
Damned if I was gonna pay more for risking losing it all in a 'hack'.
I think with you and steemengine we do just fine even if we have to rebrand and rebuild over a couple years.
Open source and central control are mutually exclusive if we make that the rule.
Good to hear this. It is so sad that both its founders decided not to do so.
Good forward thinking. Appreciate your candor. Think you will be one to trust in whatever is coming. I am likewise doing the same w the power down. As a matter of fact, my first power down to date on this chain.
Trying to keep my expectations realistic and not be one to convey false enthusiasm considering the behavior that been exhibited both here and on the Tron. Not exactly the substance of warm and fuzzies. If a storm is coming, hope Steem can make it through. Great opportunity to show the world the substance of the community behind our chain.
Thanks for your transparency, @blocktrades. Adding you to our witness votes.
You're really frank with this response. Thank you. It's not out of place to get prepared for the worst scenario at most from a huge investor like you.
Posted via Steemleo
Posted using Partiko Android
Thank you for sharing your reasons for powering down @blocktrades. For little people like myself, it's quite reassuring.
I'm not powering down, I never did.
Witnesses are paid in SP for the blocks they are signing so the only way to use block production rewards to pay for operating cost is to power down.
As for changing account recovery partner - please note that such account (in vast majority of cases it is
steem) doesn't have any special privilege except for account recovery, but even then, they can't change your account keys, all recovery partner does is to "tell the blockchain" if your account recovery attempt is legitimate or not to their knowledge (and Steemit Inc does that basing on details that people provided during singup, such as their e-mail address)This post is a bit misleading!
First of all, I can only speak for myself, but the amount of STEEM I've powered down, vs what I've earned is extremely small.
I've recently started to powerdown roughly what I make as a witness (30k /13 weeks => 2500 per week).
Mostly, because I don't want to be in a situation where the STEEM price is so low, that I have problems keeping up with server-costs, but also because waiting for a good time to sell is a bad strategy and creating a habit of selling or at least having it as liquid form is important, as the earned SP isn't directly an investment, they're income from real work and should be treated as such. (my PoV)
With this said; I don't think it's good to shame people for powering down.
All Steempower that is given out to people, especially to witnesses as they come with real costs, should be expected to be sold sooner or later.
My guess is that you're worrying whether or not witnesses are selling because of TRON news.
Well, I'm not!
But again: the selling of STEEM inflation should be expected. This includes author rewards, curation rewards, witness rewards etc.
You would expect Bitcoin miners to sell their mining rewards to keep up with costs, right? Some might only sell part of it to cover the costs and keep the rest as investment & speculation. But the halvening of Bitcoin is so anticipated, because miners selling rewards is also calculated into the price and those rewards being cut in half, was historically a good thing for the price.
I posted the question is not to mislead anyone nor to shame anyone, it's just to ask a very direct question which you've explained clearly and I'm sure the community appreciates the reply.
Thanks for your continued support for this blockchain and I guess a lot of people here don't really know what really happens behind the scene and the costs incurred as a top witness. I feel that witnesses are sometimes taken for granted as some are unaware on how much time and effort are put in to keep the chain stable and functional. Cheers and thanks for your reply.
Thank you very much for your detailed response. I actually learnt from this part of your submission:
I think as those representing us, having to hear such explanations as this soothes a lot.
Posted via Steemleo
Well said! Thanks for this. People are made to feel like pariahs for selling a bit of Steem and not hodling all.
This year, by hook of by crook I am determined to give Steem some real use and earn enough to buy a couple of beers and a very modest meal out for the wife each week.
Please consider writing a full post on the subject!
Best wishes.
Posted using Partiko Android
Hey there,
I power down a little bit to cover some server costs. Running 5 servers for my witness infra & steem related projects. Sometimes I power down a couple of weeks and cover for them.
Thanks for this brave quest. It is a call to accountability as a set representing the masses. Thank you!
Posted via Steemleo