Is this SPinvest's last ever STEEM blockchain post? - Here is SPinvest's hardfork timeline plan
Hello, SPinvest Club members and token holders. We are all aware of the pending STEEM fork to take place at 14.00 GMT on Friday the 20th, tomorrow. There are 1 million things to be looked at, thought about and considered as we head into this as a club. This for us as a club, this fork is actually a really good thing as it gives us a project to work on together. Lots of members are pumped and everyone has idea's, let's take advantage of this to build a stronger connected club.
The content of today's post is split into times. I am as unaware as everyone else and only know what has been posted on steempeak are discord. I have spent maybe 10-14 hours between both over the past day trying to suck up much information as i can. There is a lot of uncertainty and things can play out in many different ways.
Things i can say is i do think that SPinvest can not be a 2 chain project, we pick one and stick with it. That does not mean a switchover on Friday are dumping 1 of the tokens because we need to remember about our tribes, steemleo and neoxian.city that are built on SE's Scot bot code. SPinvest is not in any hurry to do anything as we are sitting pretty. There is no need to panic are worry about your STEEM that you have invested into SPI tokens for long term HODLing. SPinvest will receive a big airdrop but the club members own the Hive tokens. Here's a rundown of some numbers to show were SPinvest STEEM value comes from. Most steem-engine tokens are worth what people are willing to buy and sell them for, SPI tokens are 100% backed by sellable assets so if you see SPI tokens selling for 0.90 are under, buy them because you're getting a big discount. Here @metzli wrote a post about it, check it out. I personally own over 12k SPI tokens that i paid for with my own STEEM, no special pre-mine are airdrop for me. Im not worried one bit about this, SPinvest will receive 86,000 Hive tokens. This would normally be a huge blow to true value price but i think the price of STEEM could tank on Friday-Saturday so not need to worry about that. If STEEM went to 2-3 cents, each SPI token would be worth over 1.50 STEEM because if it's off-platform investments.
- STEEM Wallets is the total of all STEEM, SP, SBD and Saving's held by the 6 SPinvest sub-accounts we have. There represents 91.55% of SPinvests holdings.
- Steem-engine Wallets is total STEEM value of all tribe and SE tokens hold by the same 6 sub-accounts. This represents 1.39% of SPinvest's holdings
- Off-platform Investments are off-platform investments off the STEEM blockchain. This represents 7.04% of SPinvests holdings and will provide a good hedge for the pending hard fork should things go south.
Someone said something funny to me last night
Im sorry, i can not remember who i was talking too as i bounce between chats quickly but they told me that STEEM could become SPinvest's largest off-platform investment and it's very funny because it's true. If SPinvest moves over to Hive and we still hold 83,000 SP then it would be considered an off-platform investment, LMFAO!!
Hive hard fork timeline for SPinvest
- Right now, SPinvest is in limbo waiting to see what happens. We have no idea what price the Hive token will be launched at, if we will require a rebranding, how to run both chains for a while until we decide on which one we fellow and a bunch of other unknowns. The best plan is to take the passive approach and hung back.
- Well, thing another thing. With the recent spike in STEEM price up to 35 cents, i have cashed out 400 STEEM and bought 2.2% of a BTC. The opportunity of STEEM ever seeing a plus 140% day again are unlucky and this could be STEEM's final bull run before it dies. 400 lose of Hive tokens is with the risk for 2.2% of a BTC at today's ratios. If Bitcoin ever moons and hits $100k, that's $2200 for 400 STEEM are $5.5 per STEEM converted. Im an optimist but i think it's more likely for Bitcoin to hit $100k before Hive hits $5.50 assuming STEEM goes to pennies.
- SPinvest will take no further actions and will be waiting on the Hard fork to take place in 26 hours. This could possibly be the last post on the STEEM blockchain so hit that upvote 100% and drain your SP voting power because tomorrow is could be worthless.
Hard fork day (tomorrow)
- 11.00 GMT time, i will take a pre screenshot of the SPI token holder list.
- 13.50 GMT time, i will take a final screenshot of the SPI token holder list from the Steem-engine explorer site assuming it's operating as normal.
- 14.30 GMT time, i will log into all the sub-accounts to ensure i can log in and balances are what they should be
- 15.00 GMT time - Absurb the information coming out. Dont sell everything, hold all STEEM and Hive. We are not panic sellers here and we are playing the long game. We have no idea what Sun can do if everything.
- 16-17.00 GMT time, i will upload a quick post from the new Hive platform within the SPinvest communities page. The post will be to hopefully confirm we have our Hive Power and everything is cool.
- Rest of the day - Interact with members on comments and discord, watch the price of STEEM tank as people rush to sell and reflect on new information that comes out.
Post hard fork
Now, this is the mystery as we have no idea how this will play out. I am 90% sure that most club members and token holders will want to switch over to the new Hive blockchain so a lot of things that need to be done are things we do not know about yet. We can't assume everything other than we'll receive Hive tokens so the plan is very simple.
- All SPI token sells will be suspended for 24 hours from 13.50 GMT tomorrow. Any STEEM are Hive received will be refunded. This is to give me a day to design a new spreadsheet for tracking everything SPinvest. It will for a short time need to maybe accommodate both chains.
- Lots of chat on discord and within posts to decide how to best take SPinvest forward. Im off work cause of Carona and will have the time to part in hours over the next few weeks. I don't have Carona but my workplace is affected by it.
That's what the plan is.
That is the lot folks. Im sorry that im not able to provide you with more information but we just need to wait and see. If Hive performs as expected, it'll be the first fork token to ever outperform the original to the best of my knowledge. That would be a huge step for decentralization in the crypto space and could drive a lot of new people to Hive.
My personal views are, im the head of an investment club working with others to add as much value to our token as we can be it an SPI are HPI token. I personally dont take it personally and im really only interested in the bottom line and which token will bring us more value and wealth. I don't like Justin Sun anymore but if STEEM pumps to $5 over the coming months, I'll fly to China and blowjob him myself with a smile on my face.
At the end of the day both of these chains will be used. Sun has some supporters and others will post on both chains just to get the double payments. It'll be easy as it only requires you to write one post and copy/paste onto both chains. For this reason, both chains will survive and i still think STEEM will have some value in 6 months time even it is only a few cents. We have no idea if Sun is just gonna dump his STEEM are what his plans are. I say SPinvest could play it safe and hold onto both tokens.
As far as Steem engine holdings and tribe token go, im, not 100% but i think there be a snapshot taken and then each account will need to decide on which chain to run their account on. I might be wrong on that, it might mirror the STEEM hard fork and we'll have both steem-engine and hive-engine tokens. We'll have to wait and see.
The wrap-up and a few FYI's
- It's look like SPinvest is headed to the new Hive blockchain
- All tokens holders STEEM investments are safe - No need to panic
- The 1st ever Royalty token payment to take place tomorrow is cancelled (great timing, lol)
- Beneficiary payments that come on Friday's will be cancelled this week. All payments will be owed by @spinvest. As @spi-payments holds the beneficiary payments in SP the next payment can i think can be in HPI tokens in theory?
- All projects being worked on are put on hold until after the fork
- SPinvest will cancel token sales for 24 hours starting 13.50 GMT. I will be refunding any STEEM are Hive received.
As things happen, i will be updating club and token holders on our Discord server. This could be the fresh start we all need and im hoping in 6 months we are all happy with the things that are will take place over the next few days and weeks.
Stay Strong, know your funds are safe with SPinvest and let's get through this as a club of smart(ish) people and make the best of it that we can.