RE: GOPAX Insight: Steem (STEEM, SBD, SP, SMT)
Great report. I really like the explanations of how the various tokens work and how bandwidth is involved. I do have some questions though:
Steem Foundation completed a premine prior to listing STEEM and SBD on exchanges.
Is that accurate? My understanding is the code was available for everyone (though it was launched on April 1st so some saw it as a joke and there were some issues getting the code to work for a wide array of users). I wasn't involved then, but my understanding is there was an issue with one of the miners, and the chain had to be restarted at one point, but it was still an open mining process (as some early miners then are still whales now). My understanding is the launch attempted to follow this process and avoid a pre-mine.
Dan Larimer is listed as part of the STEEM team, but is no longer involved. Is this more about who the initial launch teem is/was or about who is involved now? I think Steemit, inc has a lot more people than what is shown here.
Fixing the broken SBD peg is still an ongoing discussion between witnesses and the community. There is no consensus yet on what steps should be taken, but ideas such as enabling a reverse conversion from STEEM to SBD have been considered.
Also, as far as I know, the upvotes don't count in the last 12 hours before payout. During that window, downvotes still impact the potential payout.
Thanks again for this great summary report on STEEM.
I didn't know that about the 12 hour no upvote window.
It would be nice to see a 24-48 hour no upvote window even!
It can also be abused though. I once had a whale consistently flag me because they just didn't like me and do so in those last 12 hours just because they knew others wouldn't be able to counter the flags during that time.
That's rotten.
Ultimately, there may be a need for an elected judiciary of some kind... curious how this whole experiment will play out.
Thanks for the feedback. The team information is primarily about the founding or core members of the team, as there are often too many to list all of the members.
According to CoinMarketCap, approximately 17 million STEEM are not in circulation, which suggest at least some form of premine to provide the foundation. If you have any information on the ownership of those tokens then please provide a source and the information in the report will be updated.
I wonder if that 17M beijg locked in Steem Power is considered not circulating? Those are locked in a 13 week smart contract before that would all be liquid again. We’d have to ask CoinMarketCap for details, I guess. The blockchain doesn’t have a mechanism for having tokens out of circulation by some premine mechanism that I know of.
Interesting, apparently you get the error message: "Cannot increase payout within last twelve hours before payout." Obviously I never tried to upvote a post in the last 12 hours then.