Steem Blockchain PowerDown 1 WeeksteemCreated with Sketch.

Hi Steemians.

Since the last hard-fork, Steem blockchain lowered the power-down period from 13 to 4 weeks. We like to discuss this topic and love to hear your opinion.

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Steem Power Down 7 Days.

We had a 13-week power-down, but in these times of fast and easy, 13 weeks is absolutely horrible. So 4 is a step in the right direction, but it can be even better.

Benefits of 1-week power-down.

  1. It will attract investors who are looking for a high yield asset. STEEM can be attractive to those who want to get a high APR on their token investments.
  2. I think it incentivizes users to power up their earned rewards entirely
  3. It can absolutely have a positive impact on the price of the token (see all Defi projects like Just Defi $JUST)
  4. With all the lending options available and more importantly those to come, I see some huge potential in lending STEEM and use another crypto as collateral.

Let's make STEEM sexy again.

Negatives.

  1. If your account gets hacked you got nearly no option to recover. Therefore you should not store your master password online or on your computer. Same as your keys for your Ledger or any other vault that stores keys, keep it offline and encrypted. In case you see an odd power-down that you didn't initiate you can immediately change all the keys.
  2. When fud is in the building, a mass sell of can occurs. To me, this is a great opportunity to scoop up some cheap STEEM of the market.

Please share your thoughts!

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Do we attract more investors with a 1 WEEK to turn off? Both yes and no.

Yes, if they are just investors who think quickly and quickly with a profit. Such investors will probably earn more just by trading on the stock exchange.
I am not against a week, but we must have more to offer those who want to think profit over time so that they see that the profit is profitable from investing over a longer period of time. If an investor can see that, the funds will also stay here longer. It also means that our coin is stable on the stock exchange and is not dumped and then goes up again. If we do not have a stable coin value, we can never give a calculation to an investor. Investors need to see a whole and not just profitability. I do not mean that we should give any guarantees, but with package solutions that tell the possibilities and the future of our platform. Proper marketing is needed if we are to attract large investors in the future.
I would think most investors will be the ones who are already in the crypto business and the marketing should first be aimed at them

I like the way to 1 week power down. It should be there. I am waiting if this happens.
I 100% agree with one week power down.

Thanks sir for your participation in the discussion. Happy that you like the idea

Hi dear @ciska, it is an interesting topic, reading your post I agree with your explanation . 13 weeks was real really too long, 4 weeks is Ok, but having the opportunity of 1 week is very attractable.

When we talk about bigger investors, we have to make it attractive:

First Steem blockchain is attractive as it allows the investment to grow even with simple upvotes using autobots, manual upvotes that will let them to earn without much work.

The time when they need urgently some of the invested Steem or maybe everything then knowing that it is only one week time make Steem attractive too.

At the moment there are Steem, Hive and Blurt are similar platforms, but one of the attractive difference for Steem is short Power Down.

As to hackers, there is always a risk of it, while people have invested something in Steem they must be aware at least every two days to check it. Another option while logging into Steemworld there is a warning if Power Down started. Maybe our developer could create a notification email that will let the users know that there is PD started on their account.

Cheers, @stef1

 2 months ago (edited)

Hey hunny! Thank you so much for coming here and taking the time to reply!

You are absolutely right. Steem has a unique feature and is one of the highest yield tokens since 2016. In this space, we are like Bitcoin. There is a reason Steem once was third in the world based on market cap.

Investors, traders, yield farmers, but also the regular johnandjanedoe wants to be able to access their funds quickly.

They are copies of us, so they are similar indeed :) I really feel that all decisions and code changes done in the past need to be looked at with new eyes. We can make it attractive again, and differentiate ourself from our copycats.

I know that @justyy has a tool that sends him emails in case there is something with his witness node. Maybe he or @steemchiller know a way we can automatically notify our users if a powerdown is initiated? I see the big red bar on steemworld.org which is very nice!

Thanks Stef! XXX

Thanks and appreciated your effort.

This is a great idea. The 13 week power down was primarily a thought process that emanated from a defeatist mindset. The entire objective being to prevent a run on the token in case of FUD.

But to my mind it always back fired. Maybe some whales like to powerup but as a normal person the idea that my money would be stuck for 13 weeks And the fact that i would never be able to take advantage of Bull and Bear cycles on the market made sure i never powered up too much. But now I powered up in August Spud4Steem cuz i know if the markets start soaring or if i have a personal emergency i have the option of using my funds.

This will also ensure liquidity. That may lower a price a bit temporarily. But it will also encourage trade volumes and in time it will start going up.

But before we do that i think we should mend ties with some of the exchanges who may be a little miffed with us as a result of the sequence of events related to the hard fork. Binance has significantly pulled back many of the trades options on Steem. We need exchanges to be ok with us again. Without that in the long term powder down and power options won't really help.

Lastly keeping tokens powered up with long duration such as 13 weeks only helps to keep the price of a token artificially high. It is not reflective of the actual price of the token. Today steem and hive almost trade at the same rates. This is despite one token having a 13 week power down and one having only a 4 week power down. Not mention all the flooding that happened with many Steem whales dumping on the market during the hard fork. Yet Steem continues to hold its own ! Now that's reflective of the actual power and promise of the token !

Hi! Thank you so much for your time to reply and your valuable contribution to the discussion!

The 13 week power down was primarily a thought process that emanated from a defeatist mindset

100%. If you make changes to the code to prevent users from leaving, you already make the dumbest decision and that is starting with the mindset of a potential defeat. In that case you already lost before you even start.

An incredible great point you bring up here!

but as a normal person the idea that my money would be stuck for 13 weeks And the fact that i would never be able to take advantage of Bull and Bear cycles on the market made sure i never powered up too much.

That is also what the average person wants. Flexibility and easy access to all funds, at all times. If we want global adoption, we need to do what the 90% of the public wants. We can not make decisions out of tribalism. We need to be innovative, and be pro active, not reactive.

Not mention all the flooding that happened with many Steem whales dumping on the market during the hard fork. Yet Steem continues to hold its own

It does, the price held very well which indicates the market is still bullish on STEEM, despite the "sell-off". I even think many held their STEEM cause they see the future value of it.

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Thank you so much!!

I read all arguments in the comments too. Everything has advantages and disadvantages, but with four weeks powerdown period I feel quite comfortable.
Of course we need investors, of course they want to get their money quickly, at the latest when things get tight. But I don't believe that such considerations should be our first step. How can we show investors that Steemit is worth investing in? And for that we (and especially Steemit Inc. with its voting power) have to deal much more with abuse in my opinion. Take a look at the trending page. What is being communicated there? How you can make money very quickly with little effort if you ignore any community-building approach without a guilty conscience. I don't want investors who think that's great, I'd rather wait thirteen weeks for my little money...
Four weeks are fine, that's enough to realize financial plans.
Best regards,
Chriddi

 2 months ago 

Thanks Christiane for you time to reply!

All valid points and I completely understand that frustration. We can make Steemit attractive by providing a decent income for its users. Therefore we need to find solutions that can increase the value of the token. Lowering the supply of it is 1 thing, raising the demand for it another.

To tackle the trending problem, we can change the code so the curation window and increased curation for early voters is removed. Manually voting will be encouraged this way. I do not like the "how faster you vote, the more you earn" rule. This has messed up the trending as curation hunters go for those high payout posts. Remove the timeframe of curation, and it is (almost) fixed. (this will be a post on itself, today ;))

Of course, people can self-vote the hell out of it, or create voting circles as before. But that is Proof of Stake, that part can not be changed as it is our core blockchain model.

KR

You are welcome. Besides I like the exchange with witnesses because I believe that you witnesses are the closest you can lead discussion results to where they belong...

I would not call it "frustration". I've been on the Steem for too long to let disappointments guide me. Maybe I'm just tired. Very tired.

Remove the timeframe of curation

In my eyes this would be a great step in the right direction!

that is Proof of Stake

For example, were you looking for @upvu? What if we all delegated there? I can tell you: With my SP it would be worthwhile to publish two or three flower pictures every day... No! The entire SP would be lost to the curation for users with honest work! This is not allowed! And this abuse has been reported many times before, but nobody cares. Is this our Blockchain? The Proof of Stake, the Proof of Brain...?!

Dear @ciska, don't mind! I appreciate your work. It's not you, of course not your foult. Maybe it's just me getting tired...

Love,
Christiane

 2 months ago 

Thanks again dear!

You are doing well, and I am super happy that greed doesn't hit everyone. We are witness, but our voice is not that big as I would want it to be :D

To me, this (upvote services) can be solved as well, partially, and with the help of the community and common sense.

The voting time and curation model is something that needs to be addressed too.
The problem now is, that people with a big stake use that service to get a high upvote. Curators notice this and also vote on these posts so these people now earn even more.

If we want positive behavior, we need to structure it that positive behavior is rewarded. Just like you learned Max that if he is a good boy, he gets a treat. Now he keeps doing that because he knows he gets the nice reward.

We can create that on Steem too. I am making a post about this topic that addresses this!

XXX

I see that @upvu votes a lot and it seems like it's some kind of bot, but I can't figure out how to get up from it.

I'm sorry, you have to figure out yourself how this abuse system works. I won't teach anyone how to - in my eyes in the worst way I've seen on the Steem for almost three years - overly enrich yourself and a greedy bot operator. When you have figured it out, please consider carefully whether you want to sell social dignity on a "social" platform.

If the power down is 1 week, I think there will be more movement in the market and great for traders. We want steem price to increase in value so maybe this will helps? Also, those who prefer slow and steady earning on steem, they can just stake/power up and earn curation rewards, or lease them out. As in the outside real world, not all big investors interested in community building. They want nice ROI and the thought of 1-week power down sure attracts them more I guess. Last time I even heard of 3days power down 😄

Hi dear and thank you so much for joining the discussion!

not all big investors interested in community building

This is such a great quote and absolutely how I feel too. If we want to be attractive to both investors and the mass public, we have to give both what they want!

Lol 3 is not an option, only if we reduce the payout window to 3 days but that also implies we are having a way too high inflation

Thanks X

I still like 13 weeks as i think it shows a commitment to the community, However going to a 4 week power down has not changed much since it was brought in.

4 weeks is fine

 2 months ago 

Yeah, but I am not sure if we get loyal followers by intentionally lock up funds for so long. Users who want to leave, do it anyway. Not sure if anybody thinks: "oh it takes 3 months to leave, thats too long, I stay".
The intention with a reduced power-down is to attract money and users with money that feeds the ecosystem.

Thanks for your input!

 2 months ago 

lol

@steemingcurators. I believe that 4 weeks is healthy for the long run. A true investor will not shy away because their investment will incur a 4 weeks ROI. The bigger worry should be: What will happen to he value of Steem in FUD? A rushed and massive sale by everyone will crash the price. So for the future and sustenability of Steem, I rather go with 4 weeks.

 2 months ago 

Thanks for sharing your thoughts!

Investors do not like it when their capital is frozen. Massive dumps are part of the game, and as I said an opportunity for others.

Nothing is wrong by attracting flash investors as this surges the prize and benefits all token holders, you just got to be on the right side of the trade. We need a hight STEEM prize to get noticed, I think we can get there by doing this.

Thanks for your thoughts!

@ciska. I would love it to work out this way. If this will attract more investors, improve the value of Steem without any adverse effects on the longer run, am in for it. Makes a lot of sense from the investors point of view and can make it a marketing advantage.

Before I setup @steemalive community, I attracted an investor that decided to start small because I proposed that the capital will be frozen for 3 months. I added the extra 2 months to allow enough time to generate more ROI. Her Investment of 200,000 Naira in local currency is around 2000 Steem then, which I bought and powered up in our community.

If powerdown is reduced to one week, then I can get more investors because like you said, they hate their capital to get stuck a long time. Was just worried if it won't encourage pump and dump and aftect the value of Steem in the longer run

 2 months ago 

Hi thanks for your answer.

Except for making the code as attractive as possible, we obviously need a thunderstorm of marketing.

In the long run it has a positive effect on the prize, as more investors and people will know about it. If the returns are high enough, there is less possibility of flash dumps because we have increased demand.

I see this a massive opportunity and one that needs to be thought about.

@ciska. Let's do it. I believe it will be a huge success. Steem to the moon!!!

1 week power down will gives us this benefits:

  • just think someone got financial emergency , he/she has good amount of sp hold in the account. This stored sp will help them in the time of need.
  • An investor will be interested when he/she will see this opportunity of getting the investment back in short period .
  • More steemit user will be power up in their wallet.

Limitations:

If your account gets hacked you got nearly no option to recover. Therefore you should not store your master password online or on your computer. Same as your keys for your Ledger or any other vault that stores keys, keep it offline and encrypted. In case you see an odd power-down that you didn't initiate you can immediately change all the keys.

We all need to take proper precautions about password. If we keep it securely in offline , then I don't think so it will be a big problem.

Let's make it Instant!
Then...

When fud is in the building, a mass sell of can occurs. To me, this is a great opportunity to scoop up some cheap STEEM of the market.

I think 4 weeks is better... and then at the end of the day... why not to Buy some Expensive Steem of the market!

 2 months ago (edited)

Thanks for your input! Instant is not possible due to 7 day payout window. Or that also has to go too.

Yeah, not a bad idea to buy "expensive" STEEM. But what is defined expensive?

Thanks for your input!!

I haven't seen any indication that the switch from 13 weeks to 4 weeks made any difference at all to investors, so I have no reason to believe that further reducing it to 1 week would do anything except make our accounts less safe from hackers. I'd prefer to see that setting remain at 4 weeks.

 2 months ago 

No we didn't see anything because it is still way too long to have a serious impact. And let's be honest, the market is changing rapidly to different needs. I might have too high expectations but I genuinely believe that Defi will change the market even more.

I think we stay behind if all other projects have a nearly instant stake and unstaking of their tokens while ours are locked up.

Hacking or phishing is only a problem if your master pass is compromised, otherwise, you would have 7 days to spot wierd stuff. (if people check their accounts regularly anyway.

Thanks for joining the discussion, stay tuned cause I got more bombs to drop :P

I agree about Defi. I am eager to see what they have up their sleeves with that.

I am guessing that the recent github wallet and condenser activity, the steemit powerdown, and the Defi ramp-up are all somehow related, although I can only speculate about how/if the pieces fit together.

Me too! I guess the same about the things you mentioned. I see no reason to not integrate all your products together and for what I hear and see they are Just doing that (Pun intended)

I listened to JS his speech about the launch of Justswap and at the very end he mentioned that they are building oracles. Interoperability is key and the absolute path to walk on if we want to succeed.

That is why I think that it can be great to reduce the barrier for entry, and exit. With the goal to have more people stay than leave.

Thanks for your reply!

Let's make STEEM sexy again.

Totally agree with that phrase.

  • The benefits are great and very attractive, both for users and investors. It in turn allows more new users to venture onto the platform.

  • The disadvantages are (in my opinion) something that we must always take into account, since we entered Steemit a few years ago. Security always begins with ourselves and being cautious is a virtue when surfing in the cyber world!

Greetings and happy Friday PowerUp to all🔺

 2 months ago 
  1. I see those potentials too!
  2. I see the same, you can not blame others if you didn't take the necessary precautions.

Thanks for joining the discussion!

In my personal opinion it's a great idea 5o reduce it to 1 week becauase it will provide more liquidity and it will definitely attract more investors because reducing the power down period will downgrade the risks as well.

 2 months ago 

Thanks for sharing your thoughts! I got the same feeling about that. There is no point anymore for 4 a week power down. All the big blockchains do not have this kind of lock up and are thriving.

Thanks for your input!

Thank you for creating this post!

I go for the 7 days power down. This is going to enhance flexibility and also attract huge investments and will also help to increase the value of STEEM in the market due to its high demand

#onepercent #cameroon

 2 months ago 

From that perspective, I totally think the same! It can, and in my opinion, will have an impact.

Thanks for sharing!

I think we already discussed that. Those who didn't agree with it left to Give. Those who are fine with it are still here. If you cannot find the time to be hereince in 4 weeks time I doubt there's much to hack. Most of us have nothing anyway, peanuts and it's earned, not payed for. The real investors you won't find here yet but they might come now the period became shorter.

 2 months ago 

Hi Kitty thanks for joining the topic.

At the moment we have 4 weeks, but I would like to raise awareness to lower it to 1 week. People are likely to earn more as more people will be interested in staking it. Providing it to an upcoming liquidity pool and lend it out to people like you or me that want to have more STEEMPOWER.

I see so many benefits in 1 week for all of us.

KR

One week is fine with me. That discussion we had before the hardfork too. Four weeks was asked by the former witnesses which was accepted still the hardfork came and I was surprised it turned into 4 weeks after all. Active investors will not be interested in investing if you need to wait that long. It could be tried with 2 weeks as well first. How many investors are there and two weeks means a holiday of being sick is possible.

Great ideas @steemingcurators, really the market inflow is always active when there is balance between the powering down and up. In case we only Powers up without powering down, the market transaction would be one formulate and it will a point that there would be no trade barriers. Thanks very much!!!

 2 months ago 

Thanks for your thoughts sir!

I always thought 13 weeks was too long. Some may say 1 week is too short , but it could bring investors in that need that ability to make the investment liquid. I also anticipate the crypto market market getting more activity maybe in a year or two. This may also drive up the price of Steem. Anyway, I’m trying to be optimistic.

Yes I feel you, the market is gaining traction and is also changing rapidly. It is so exciting to be around.

You need to stay optimistic as this is the way you should see life :) Thanks for joining the discussion!

I prefer two weeks because let you recover your keys in a prudencial period of time.
Consider as a great oportunity and the time is razonable.

Thanks for joining the discussion!

@steemingcurators, in my opinion, 4weeks is a good length of days for a power down...
Any good investor should be patient enough to wait for the period of time.

Thanks for joining the discussion!

Good initiative and thought. If steem can become like those Defi $ just project,then steem will be in moon.

Thanks for participating in the discussion!

I think the potential negatives outweigh the potential benefits. Regarding Defi, let the defi projects be defi projects and the blogging aspect be separate. No one has to power up anything and it sounds like there will be staking options for investors if they want to earn a return without having to power up.

Hi thanks for your comments. Yes we are 2 different models, but not that different as people think. Long before Defi was a popular, we implemented some core principles of Defi in Steem. Stable coins (well kinda SBD), staking, earning APR%, you can lend Steem (lease in our case) etc.

We are one of the blockchains that would highly benefit from a better global financial system. People have a misconception about Steem being a social blockchain only.

I gave Defi as example of how we as an ecosystem can benefit from the "hype", and why it would make sense to have some interoperability with other chains.

You can 'just' blog literally everywhere, and I think we can differentiate us from our competitors with a flexible entry and exit of our chain as most people are looking for that. I want to do want 95% of normal people want.

I just express my thoughts and excuse me if I come across a pushing my narrative to you or others. It's mainly because I want to be challenged and get the juices of me and others flowing.

Any idea why Justin Sun hasn't been mentioning STEEM when he mentions other coins in the Tron ecosystem lately, and also hasn't mentioned STEEM at all since the initial announcement regarding the defi partnership?

https://steemit.com/hive-101145/@jondoe/any-idea-why-justin-sun-keeps-failing-to-mention-steem

Hi @steemingcurator Thank you very much. For details about power down.I am very happy to know that.Because I'm a new user. I had no idea before about power down.I found out through your beautiful post

@steemingcurators
One week power down is nice because will attract more investors to steemit
Most people might be in emergency need of the token but because of delay for 4 weeks power down
They may be discouraged .

This was a great hard fork. Thank you very much :)

Buenas noches.

Es un tema bastante interesante.

La idea que tengo yo sobre esto es la siguiente:

Se supone que la idea principal es hacer Power Up así uno invierte en la plataforma y va obteniendo mayor fuerza dentro de ella.

Lamentablemente hay momentos donde debes utilizar tu inversión por algún motivo que lo amerita. generalmente este motivo es de carácter urgente. Al ser así la necesidad de disponibilidad de los recursos en menos tiempo es lo ideal.

Esto quizás no se la mejor manera de mantenerse como miembro de steem pero como mencione antes generalmente el power dowm se da por una necesidad y esa necesidad va acompañada por la urgencia.

El reducir el tiempo de recuperacion de la inversion es una excelente idea.

Entendiendo los riesgos de piratería de la cuentas que seria una responsabilidad mas que individual que grupal.

Esta es mi opinion. Gracias pot rl apoyo.

Hasta la proxima...

#steemitconnection

4 weeks is perfect. 1 week powerdown is a bad idea.

 2 months ago 

Explain?

1 week power down has many problems like security issues, quick price dump as 4 week is perfect. And 4 week isn't long time. We can get 25% in every week. Anyway its my personal opinion and you have right to be not agreed with me.

True .. 1 week power down will attract more investors .. specially traders will use this as a opportunity .. so steemit investors will get the chance to get the advantage of the market variation. This is a positive move..

I agree with the you!

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