Finally Powering Down my Steem. Enough is Enough!

in #steem2 years ago (edited)

I Just Can't Anymore.

It's with great sadness (and disgust) that I have finally decided that it's time to power my Steem down.

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I've never powered down a single time since I joined in July 2017, but I can no longer keep watching my investment as it whittles down to nothing. (Currently at a 93% loss even though I've consistently grown my account for 2 years)

I'm not saying that I'm full out quitting, but I'm not leaving what little value I have left locked up. Of course, by the time I'm done powering down it will likely have lost another 50% in value.

Don't Piss in the Wind and Tell Me It's Raining

The the top witnesses and the owners of Steemit continue to sell off massive amounts every week for whatever the current market price is, while they do nothing to improve the platform as a whole. Where the hell are SMTs? Just more broken promises. Well, I suppose you did give us banner ads and a down-vote button. Way to go!

Who the fuck runs a business like this? I'll tell you who. Someone who gets paid regardless of whether or not it succeeds. If it fails, who cares? I made a ton of money in the meantime.

I think that the last straw for me was seeing that post by @aggroed where he basically explains to us why Steem is so resilient, because you know, the top witnesses are making about $36k per year even at this low price.

We should all be so happy, you see, because the witnesses are profitable. As long as witnesses are making so much profit, they'll keep their servers online because they'll be able to keep selling and driving the price down.

Well guess what? The rest of us are not earning shit. That $36,000 per year is being paid for by people like me who have poured $1000s of dollars worth of real money into this platform. I can't even look my wife in the face and explain to her why I traded my bitcoins for Steem. How do I even explain that?

I am so fed up with the bot runners, circle jerking early-adopting whales who write 2 line meme posts which they upvote to oblivion, and free-riding top 20 witnesses who act like they do such tough job while giving people a hard time for spreading 'FUD' about what a shit show this is. I am not witness bashing, I'm just reminding you of how lucky you are to be in the top 20. It's not because you are so damn amazing and altruistic. Admit that it's easy money and stop pretending like like you're doing some kind of full time job running a block producing node. It's really easy to spin up a witness node with basic skills on a linux command-line. You can go from nothing to syncing the blockchain in just a few minutes. The rest is a popularity contest.

Stay positive, you say! HODL!

Whatever hypocrites. You guys are constantly cashing out, don't give me that shit. We wouldn't be on our way back to 20 cents if you people truly gave a shit about Steem. We've never been so bad against the Bitcoin from what I can tell. Do you think we are all just thick? Well, we kind of are, since we keep buying more while you keep selling it to us. We are like rabbits chasing a dangling carrot that constantly grows smaller and smaller.

I'm truly sorry that it has come to this. By posting this I expect to get one (or more) of three responses:

  1. Flagged for "FUD" (I'm making things worse by complaining)
  2. Condescending rebukes for powering down after 1.5 years of consistent loss (I have weak hands, and will miss out on the great riches to come!)
  3. Ignored (I'm not popular enough to be a threat. Just another loser who doesn't get it. I was only here for the low hanging fruit and the good times - which I never experienced because Steem has been in free fall since I first purchased it.)

I really tried guys. I mean really tried. I was super active, posted almost every day. I was hopelessly optimistic. Only recently I started to do the short daily Actifit posts out of sheer exhaustion from putting in so much work building great travel posts that earned merely a few bucks. I traded well over $50,000 of bitcoin for Steem. I also traded 1.5 million ENJ for steem which would now be worth 1/4 million dollars had I held onto it. And now, I'm stuck with 23K nearly worthless tokens to show for all my faith in this platform. Oh, and I didn't even count the months of $2000 electric bills for mining ETH which I converted to Steem.

If I could just have those Bitcoins and ENJ back now.. Wow. Don't you dare give me shit about weak hands.

I lost everything HODLing this coin.

So yes, I paid a few Witness salaries with all those Steem tokens that I bought at $5-7 apiece. All that time and money down the drain. I met a few great people on here which is awesome. But I've finally realized what all of this is; a source of easy money for witnesses and Stinc, and a big hard kick in the face to the rest of us. It's not exactly a Ponzi scheme, at least not intentionally, but it definitely has some of the characteristics.

I don't hate any of you for trying to make a buck. We all are! I get upset because of the dishonesty and disingenuous optimism for the platform while massively selling off coins every day and knowingly making no progress on promised updates. Don't patronize us by giving us shit for complaining/FUDing when it is well deserved criticism. Does anyone think that any real CEO would be able to keep his job running a company in this manner?

@ned, ruminate on that one while you're inappropriately strumming your guitar during the next important meeting. For fuck's sake dude.

busy_ned.png

I am truly sorry if I've upset anyone with this post. But sadly I just don't see things getting any better; at least not in the near term. The thing is, things may get a lot better someday. Perhaps Steem will fly to the moon! But that will not fix the underlying problems plaguing this system and the indifferent people who are running it. No one should get brownie points because Steem follows BTC on it's meteoric rise. You can't just stop working on your business because it's a slow year - but that's what I see happening. It really just isn't a sustainable strategy.


EDIT: The fact that this post has received $9.48 thus far (31 Steem at current prices), when my usual posts get between 2-$4 leads me to believe that I'm not alone in my frustration. I also thought that I should clarify - I'm not leaving, just powering down about 1/2. I may even end up buying back in after some fancy trading. But letting my coins continually lose value while my piece of the pie gets smaller and smaller is just not wise.

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Those idiots can't do math. While all of them are earning more Steem, they have less and less dollars. Idiots... Since 1.1.2018 steem was falling down 5% - per day! No matter what you were doing your dollars were going down.

Thank you all commy, socialists and anarchists, you managed to screw up virtual economy as well.

As always, finally you made us equal. Equally poor :D

Thank you incompetent, insecure zeros, 100% losers in real life for being so stupid to chase away all quality authors. Now you are back where you shold be. On the very bottom. Back to mediocre jobs fallen students, single moms...

I've pulled up some and bought btc, ltc but I was also too late.

Thank you community gods for your legacy. After pouring 20k per month for 30 months - what is your legacy, morons? You could buy 10 Ferrari cars. That would make more sense.

Damn this was a rant

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It's always great fun to blame socialists for everything, I get that, but in this case, there were quite a few hard-core capitalists fucking up Steemit. Credit where credit is due.

I haven't seen any capitalism here, because there was no product. There was no free market either.

What I have seen was USSR 101

Money is controlled by Stalin
It's redistributed to communities in the form of steem power.
Winners were chosen just because, although there were no plans nor parameters to calculate if the spendings were reasonable
There was no goal, just some narrative

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You lost already 93%. Losing 100% feels exactly the same, believe me. So you basically lost everything and have no risk at all anymore. Why not just leave for a while and come back one year later?

You can thank me in 2020... quitting now is the worst time ever. Yes, steem could crash to 10 cents, but not for more than a week...

Reality check: actually you lost nothing yet because you didn't sell low yet. Paper losses are no losses until you realize them.

Just wait one more year...

.

Pigs can fly.

Once the user base becomes too small - price will be 0.0001 $

The daily userbase is growing. This year we went from 40k to 50k daily active users.

sry but this is not true. The userbase of steemit for example is declining steadily and today we hit another low of 3400 Users

the whole network saw 13k users today. World wide ... Once just steemit was a global top 2000 Website.

Powerdown and migrating to another platform is not equal to sell at a low! Its rational.

And consider the amount of bots and multiple accounts, so the real number of unique users is way under 3400.

  • oh and I forgot a powerdown is a clear NO to abusive assholes with abusive selfvote. Society needs you...

I'll advise you to be rational then ;-) asap.

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I don't know, archange's stats are showing a downward trend, Alexa as well

it just needs to be cleaned. Like the EU needs to be cleaned. Its a mirror of society. Lies and lies to save the establishment which puts money in their pockets without creating value.

Just be aware that this is how a market fundamentally works. It will test your limits, playing on your greed and fear to levels that seem almost metaphysical, as if it is making its moves based on your decisions, alone, and that's because this is a well-oiled-machine that has taken over a century to perfect. The game is moving your wealth into the whales' wallets and the method is to make their move one day or week after most of the participants have given up, making more money on those people later FOMOing back in.

Of course, there will be those assets/ stocks/ cryptos that just go down and down and continue to under-perform until they are essentially worthless, which is why it would be horrible advice to suggest that you should just HODL in any context. But just know that you won't be the first to literally sell it all on the very day that the next big move up starts, because that's a common occurrence for any random market participant, that's the big money game participants (or "smart money") showing how successful they've become at reading the market cues (collective psychology of the majority).

In the top 100 of Alt-coins there are now 20 coins at their all time low against bitcoin. Some of them looked very promising a year ago. 5-10 others are in the red zone. Big shake-out of the Alt-coins has begun? If this is so, how to determine if Steem is not one of those coins that will slowly dissapear?

  • 14 Bitcoin SV
  • 15 IOTA
  • 17 Cosmos
  • 18 Ethereum Classic
  • 24 Zcash
  • 27 VeChain
  • 33 Qtum
  • 43 Bitcoin Diamond
  • 44 ICON
  • 47 Zilliqa
  • 50 Bittorrent
  • 51 Pundi X
  • 62 Steem
  • 72 Status
  • 83 Project Pai
  • 84 Aion
  • 91 aelf
  • 94 Populous
  • 97 Elastos
  • 99 Orbs

Short answer, we don't have any way to know that it won't be one of the losers. More nuanced answer (suggestion), weigh what fundamentals you can gather, compare and contrast what Steem has to its competitors and determine for yourself whether it deserves to be in its current position. Invest or speculate accordingly.

I've always been a diversify your portfolio type of dude (you could even say a conservative speculative investor), so this under-performance of Steem hasn't really been of much concern to me, especially since I've been heavily hedging my position in EOS, which has been performing relatively well.

Very simple. When the Flagship product, Steemit, is not able to create a solid base of users even by paying them - you realize how wrong that is.

It would be the same as to be rejected by a prostitute. Man... There must be something very, very wrong in that case

I totally understand what you're saying and am fully aware of this psychological element.

I'm sure that if everything were mooning right now I'd be a happy camper - oblivious of the underlying failings of the platform and its management. But that is the problem isn't it? When the market is doing well, it's full steam ahead with development. When the market is bearish, they just stop developing. But they don't stop selling. What kind of crap is that? We are losing value at a faster rate than other top 100 alts. Why else are we down to 60 from 50?

I will never FOMO back in, I am confident a new site will come along and destroy this place.

Indeed, if some people get together and find out a product that can offer something extra besides FB, YT, twitter etc. and that is easy and pleasant to come back to and lets you earn a buck or 2 in a transparant matter without giving you the feeling that you're left out or screwed, then such a platform will take off and Steemit will be nothing else than a forgotten dream that turned into a nightmare, while Steem will be just one of these crypto platforms competing with other ones.

Nobody can hate on you for powering down. I admit I'm depressed as fuck. I spent 2 1/2 years blogging on this site every day. Maybe we will go back up, maybe we won't. Maybe you will immediately be frustrated as soon as you pull out. Maybe you won't.
I think there's a good chance that we are going to go all the way down to $0.20 or even lower. I think there's a good chance that the new platform based on EOS is going to give us a run for our money. I think most of the people that are cheerleading and saying everything is fine while covering their eyes are not doing the rest of us any favors.
The real problem is selling at these prices. Do you really want to sell steem at $0.29 when you bought it at 5 to 7 dollars? I know that i don't but at the same time i don't want to lose everything either.

When eos ramps the social layer, I have to believe this place will be very quiet.

All Alts are down Sir and not just STEEM, but they are not actually down, just holding their dollar value against BTC because btc is mooning, soon ALTs will moon too. It is just a cycle and STEEM will rise again. But I get your point and understand your situation but I am got upset by this post.
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Just HODL

I know buddy, sorry I upset you. I do plan to continue posting, but I have got to try doing a little trading and get some of my money back. I have nothing to lose at this point.

If it were just the markets, I'd feel a bit better about it, but it is the whole management of Steem and the things that I mentioned in the post. The worst part is that progress has all but stopped on the development of the platform. I feel like this is why steem is losing value even faster than other alts (it dropped to 60th place)

Yeah same here bro. Been inactive the last 5months mainly because I didn't see any point in investing so much time into Steemit since it won't get a man anywhere in the current state. Again same thing, broken promises such as SMT's.

I have kept my steem at 8k though and just been selling my votes gaining my passive income and been selling a bit here and there and the price swings up and down. I'm using the system to my own advantage now like everyone else because fuck it. :) They made the system based on bots and voteselling so I'm just gonna do that if that's how the witnesses wants it. I cannot just like you be bothered to fight it anymore.

It's nice however, coming back to my wallet from time to time and see I suddenly have a bunch of sbd and steem laying there to be sold. So maybe try that instead? As you say yourself, the value of steem right now is laughable and I think 99% of people of lost a lot by now. so maybe don't go full on quit and just start put your time and energy elsewhere and put your votes to sell on smartsteem and cash out what you sell? Of

Just a suggestion to not make it feel too sour everything. Hopes everything is well otherwise for you though! Cheers mate!

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Hey! @holm my man. How's it going, brother, long time no see.

I don't plan to power down all of my Steem; only about half. I was hoping to try to do some fancy trading and get some of my money back. Yeah, it's great getting that cash passively. My big issue is that although my post says "$5" or something, by the time I cash out it will be more like 2 cents.

And I get it. The alt market is taking a dive. But Steem shouldn't be dropping at a faster rate than a lot of the market. I blame that on shitty management.

I'm still trying to work out in my head what I'd like to do about all of this. I'm just sick of watching my funds drain!

If you have enough fiat left, I'd buy me a few Bitcoins. They will go up anyway. And trade with 10-20% of them. Forget about this time-sink called Steemit and move on.

Damn. It's not my personality to give people shit for what they do with THEIR money, and I can definitely empathize with your frustration. I've never powered down since I've been here a little over a year, but my investment was nowhere near what yours was.

I still feel like it can go either way with Steem. I don't think we're going to see much in the short term though. I think if SMT's came out tomorrow it wouldn't make much difference in the short term. SMT's would be a beginning, not an end. So we just got centralized SMT's, so we'll see how that goes, and now Steemit is about done with MIRA, and says SMTS are next. Who knows whether they can come through.

My opinion is that I'm not really judging Steem on the stuff that's out right now. All this shit is super "beta" and not made for mass consumption, but what I do see are developments in the infrastructure, things like MIRA and the last hardfork that ultimately just make the blockchain stronger and more resilient. I think that resilience is a big strength because there is a lot of opportunity for people to build great things here, and the features that will (hopefully) come soon will expand on that even more. As long as there's opportunity, I think more people will come and take their shot. Like all things, most people will fail, but as long as the system doesn't, you only really need one winner to completely turn everything around. Either way it's a gamble.

Even if you're not heavily staked anymore drop back in and check on the rest of us rabbits chasing that microscopic carrot. :)

Understand your frustration nuthman. yep when vote swapping, using curation bots or self voting to effectively mine the most steem rule, it's more like boofhead of brain. wish you all the best.

Thanks man. It makes me sick that it has come to this. It hurts pretty bad.

Thanks man. It makes me
Sick that it has come to this.
It hurts pretty bad.

                 - nuthman


I'm a bot. I detect haiku.

Omg fuck you haiku bot. Lol!

Lmao that haiku is the pinnacle of artistry

Then join us in https://whaleshares.io/ where using curation bots or self voting (you get only 1/3rd of self-vote) are not allowed.

no never! gunna downvote you for swearing lol

It looks like it could be a good time to buy back some of that bitcoin. Yeah it would have been better to keep the bitcoin originally. No more putting all your eggs in one basket. Keep things diversified, right?

Sorry to hear it man. You are one of my favorite bloggers here 😪

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You are one of mine as well! You are one of the few getting decent support, which is awesome as I feel that you really deserve it. It just isn't working out for me, sadly.

well the good news is that it is gonna take you a long time to power down, maybe some magic will happen in that time and you'll change your mind. fingers crossed :)

That is true!

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I make £30.000 per year cleaning toilets so witnesses make pennies.

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Yeah, but you aren't dumping 30k quidsworth of steem on the market and selling to the lowest bidder. And cleaning toilets is much harder work than running a witness.

Witness logic: I earn 2,500 $ per month, but my server is too expensive, it costs 50 $
If only there could be a solution to use a cheaper server, like 30 $, than it would be 50% more profit for me (*they can't math :D)

Moving the price up, to let's say, a dollar would ruin the amount of Steem I generate by self-voting :(

I know how you are feeling right now buddy. I am too little to give you advice. Just 1 request, you can power down and sell/exchange all your steem but don't leave steem.

If we all leave one after another, it ain't gonna make any difference, neither it will send any message to the witnesses. They are happy as long they are making money and they really don't give a shit about us.

You are my favourite and one of the most talented person in here nuthman.

Plz don't leave 😪

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Don't worry my friend. I am not leaving. I am just making a good bit of my Steem liquid so that I am not a sitting duck anymore.

Good luck....

I hope steem price rise again... We just need to have patience.
😊

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We should be voting one man one vote for wtnesses like @krnel and @arcange and kick all these meme-posting parasites in the top of the list out on the street where they belong.

It's sad to read this. Not just because I find myself agreeing with most of it, but also because I think a large portion of Steemians feel this way. At this point, it is hard to find people here who are not jaded.

It would be difficult to express my view on all the issues that exist in a comment, but the short version is that I think our project has suffered from a tragedy of the commons.

Steemit, Inc. positioned themselves as a majority stakeholder in the ecosystem, and I think because of that - most people have been looking to them to do a majority of the heavy lifting. It is a reasonable view to take - seeing as they have such a large stake, and they have been cashing out so much STEEM over the years. It is easiest to point to them and be upset at the lack of progress that has been made. IMO, those who do have a justified reason to do so.

Witnesses are some of the highest paid users in the ecosystem, and there is a reasonable expectation from the community that they would be adding value to the platform as well. A lot of witnesses (myself included) have done a lot to try and advance the platform. There are others who have done little more than run a node. I do think to myself every day that I am lucky and honored to be a top 20 witness, and I consider it extremely important to keep doing what i can to add value.

Another group that shares a portion of the "blame" are the stakeholders. The premise when Steem was founded was that those who had the most to loose would act in the best interests of increasing the value of their investment. At least my personal view is that in reality - this ended up being quite far from the way things played out. There are likely a lot of stakeholders who did things for valid reasons (I know many just became jaded too - long before you). There are also still several large stakeholders who are doing what they can for the betterment of the platform. The unfortunate reality though is that I think too many of the large stakeholders took a short-term view on how to grow their wealth, and did so at the expense of the community.

But I've finally realized what all of this is; a source of easy money for witnesses and Stinc

There are others in this group as well. Witnesses are only receiving 10% of the inflation. The other 90% is going to existing SP holders as well as the rewards pool. There are also early adopters cashing out stake as well.

I don't blame you for cashing out any/all of your SP. As an investor (or a user, or a witness) you should be able to enter and exit at any time you choose - without feeling any guilt for it. Your tokens are yours to do as you wish with, and if you feel it is in your best interest to sell - then sell.

Personally, I have been selling some and HODLing a lot. Back when STEEM was at around $5 - I could have easily cashed out what I had and paid off my house. In hind sight, maybe I should have. I don't regret my decision though, because I think it is important for me to continue being heavily vested in the project. If we can get STEEM back to $5 - and hopefully beyond that, then it would be a huge pay day for me. Getting there is still my goal, and while I am fairly jaded myself at this point - I do still hold out a tiny shred of hope that we can get there.

@timcliff, let me just start by saying that neither now, nor ever have I thought of you as someone who has had any negative impact on Steem in any way. In fact, I feel quite the opposite. From what I can tell, you are among the few who work hard every day striving to make this experiment work.

I'm not sure if we've ever spoken, but I have read a lot of your posts and comments (such as the Open Letter to Ned/Steemit). It's unfortunate that we meet under these circumstances.

As I added to the end of this post recently, it is my intention to power down about half of my Steem so that I'm not such a sitting duck. Maybe there is a small chance that I can make some good trades and make a small bit of that astounding pile of money that I lost. I mean, I realized that it was always a risk. But I feel like we have fared far worse than need be.

I would love to be able to come back in a year's time to see things going completely the other way. But to be honest, right now I just don't know what to do.

enter and exit at any time you choose - without feeling any guilt for it.

It's such a weird combination of emotions. I've never let myself get so involved in something. It's like Steem has because a part of me. Like a friend or a sibling. Cashing out feels oddly like a break up. A mixture of guilt, fear, regret, and mostly just sadness.

Maybe something amazing will happen before I get a chance to power down. Perhaps the right people will see my post, and 'see the light'. Who knows. Anything can happen I suppose.

I would love to be able to come back in a year's time to see things going completely the other way. But to be honest, right now I just don't know what to do.

Well, if anyone was able to know for sure whether the price was going to go up or down - I suspect they would become quite rich. The best you can do is just make whatever decision you think is best at the time.

Personally, I found the right balance to be selling enough to make all my efforts "worth it", while at the same time keeping enough so that I do really well if we moon. Even if the price were heading in the opposite direction right now (up) I would still say selling some is a good idea for most people.

It's such a weird combination of emotions. I've never let myself get so involved in something. It's like Steem has because a part of me. Like a friend or a sibling

Yeah, I feel you 100%.

Cashing out feels oddly like a break up. A mixture of guilt, fear, regret, and mostly just sadness.

Separate those out. You can still care and be passionate about the project, while at the same time cashing out some of your earnings to use for your benefit (paying the bills, buying something nice, etc.).

Hey Nuthman, I think you have perfect reasons to power down just like many of us.

To be fair based on this analysis by @quochuy witnesses are facing a huge loss covering server costs. So, I would say the downside of STEEM is equally hitting at them.

Also, reading the comments on this post; Would You continue running a witness node even though it is not profitable? by @emrebeyler I bet you would pity some of these witnesses.

In all, I think we should all work and strive for a better Steem.

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Emrebeyler is not a top 20 witness, so it probably isn't profitable for him. The folks in the top 20 are earning a lot more than anyone below them. A top 20 witness produces a block every 63 seconds. Even witness #21 gets much less than that. For each block produced, they get paid 0.194 STEEM for each block produced, so roughly 1371 blocks per day, or 266 STEEM per day.

That comes out to around 8000 Steem per month. At 33c, that is $2633/month. That is a massive profit after paying server costs.

I do agree, for everyone else it is totally not worth it. My complaint is that they dump all of this steem back onto the market at a super cheap price and continually drive it down.

I run 6 STEEM related servers.

  • Primary Witness Server (Dedicated)
  • Secondary Witness Server (Dedicated)
  • Witness monitoring server (VPS)
  • Hivemind server (Dedicated)
  • dPoll application server (VPS)
  • tool/script/bot server for STEEM communities (sndbox, dolphincouncil, etc) (VPS)

I will add STEEM seed node to this setup, soon. And add a full RPC node (public) once I get into the top20.

Talking about profitability, if we talk about it just as money income, I think I can pay all of these with my witness earnings. However, not all witnesses (outside of top50) have that luxury.

Well, then you are profitable. That's awesome. I'm glad that you're using those earnings to put back into the eco-system.

Hmmm yeah, you have a very valid point.

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@akomoajong please note that my stats are showing weekly numbers. So not all witnesses are running their nodes at loss. The top 20 are definitely making good profit. At position 100 you can make a tiny profit if you choose the right server hosting service but to the price of a slower replay as cheaper servers means lower specs.

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Oh! I see . . . thanks for the clarification.

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The situation is very difficult specially for alt. But some coins or tokens don't lose a value specially BNB because they don't sell BNB at lower price but here we steemians continuously powering down and selling steem at the price of toilet tissues but we don't get nothing to sell steem at this price. Better we hold and wait for good price. Maybe be take more than a year but our community should be strong.

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I know it hurts.
😕

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I hope you find your way back to steem by the time you earned back the money that you think you loose today.

I've been absent for a couple of days and now finally looked what you were up to, Rick.
I respect your opinion and think you put your finger on a sore point. The "enthusiasm" for the platform has waned among my friends - hardly anyone posts anything anymore, when they used to be daily contributors. I talked with a good friend about this in person just yesterday, and what you write dovetails with our conversation.
I shall henceforth concentrate more on what I am doing in "real life" and visit occasionally. Not giving up, just stepping back. For me, it was never much about the money - my investments are in stocks that have not skyrocketed, but are blue chip and not prone to such fluctuations as we see on the crypto market. Nevertheless, in about 15 years, my stock rose 10x in value, but most of the increase in the last 5 years. Why is that? Because major shareholders forced a change in management, and the "new guy" on the helm knew what he was doing and brought the company from mediocrity to being the top in their branch in North America. In lockstep, Dividends increased as well.
This Steem story sort of reminds me of the rise and fall of BRE-X: something I watched from the front-row as it unfolded (I lived in Alberta at the time, and the headquarters of my company were across from the big gold-letters BRE-X tower in Calgary).

We all have our breaking points and after reading your situation I don't blame you for getting out. pretty sure if you consolidate into BTC it would be a better investment for you all things considered. I personally don't take much what I invest in steem seriously Its just a place I have fun online and post my ramblings.

We all have our own uses for the site I suppose! Hope you can recoup and profit on the next run though!

Thanks so much for your post @nuthman. The main point is that STEEM USD price means nothing compared, as you said, to the STEEM satoshi value. STEEM has performing awfully against BTC and the USD price is remaining the same cause of the BTC rise.
We never been close to 4K satoshi per steem, which is crazy low compared to 35K, 25K and stably over 10K.

Circle voting, people spamming and draining the reward pool and mostly of all new user (mostly bots or copypasta accounts) powering down and crashing every single bit of steem are huge problems.

It's crazy to see user with 80 SP always in power down. those are the ones that make the price fall. There is a constant downward pressure to the buy orders given that there are individuals cashing out every reward.

I feel your post, a lot. My goal is to 10K sp, but sometimes I really think why I try to reach that goal. It seems it won't matter @nuthman.

Meanwhile @ned is desaparesidos in the most important time for us.

I suggest we could have curation distributed accordingly the owned SP, to incentivize people to hold and grow the account to fight inflation. Like giving bonus curation rewards to 500 SP + account, than extra bonus to 1K+, than to 5K+ and so on. Bonus curation will mature only with upvoting other peoples' posts.
@yabapmatt @aggroed @timcliff

You’re picking the absolute worst time to power down and get out of this market. Sure, Steem has its share of problems. But just based on the 4 year halving cycle of bitcoin and the subsequent rebound effect it has on almost all alts, it’s just the worst option ever. You are 1 year away from the halving. Look at the price Steem reached in the last bull run. Even if you want to get out because long term you think Steem will fail due to whatever decisions and circumstances, 2020-2021 is the time to do that. At least then you won’t be at your 93% loss. Most likely you’ll be in profit.

Posted using Partiko iOS

I don't understand the decision, especially now that the bear market is over and the potential growth is much higher than losing anything else.

For what I can see, your mistake was buying too high, but I can only wish you luck, and hopefully when you end powering down you will be selling at $10 :D

With investment like that you have every right to be mad at the top players .... witnesses and STINC.....

LTC is up about 180% so far this year, that is where my powered down Steem has been going every week. It's a matter of public record. Did I get lucky to make back most of what I lost? Maybe, but I'd rather day trade and be lucky than HODL like a fool.

Good luck in the crypto market, I think you'll do better there than you did here. Cheers!

Sorry to hear things haven’t worked out man.
I can’t imagine watching such a huge investment swingle frustratingly away.

By the sounds of it you will be missed. Take care and do what you need to do to keep your life and sanity!

Posted using Partiko iOS

take a !BEER and stay calm 😉

Posted using Partiko iOS

Feel your pain, but perhaps I am not as smart as you. I am still invested.
Let's see if anything changes, if Steem leadership makes some tough decisions, and if users can be engaged to drive growth and interaction. I hope so.

If I had been smart I wouldn't be in this mess! I don't see Steem going away anytime soon, but if I at least unstake my coins, I can trade them around and try to get some of the value back. Perhaps I can buy back in later.

I don't plan on liquidating all of it; just about half.

In my personal opinion, I don't think this is a good time to cut your losses and sell. Why? Because we seem to be getting out of a bear market right now. The satoshi value of alts tends to peak shortly after BTC peaks in dollar value. Remember what happened in December 2017 and January 2018? The last BTC ATH was on the 18th day after which it crashed in short order. After that happened, speculator money that had been chasing BTC started pouring into alts. STEEM peaked on January 3 2018, which was almost exactly two weeks after.

Of course, I can't say for sure, but I have a strong feeling that you can get better satoshi value for your STEEM when it has rallied parabolically following BTC. If you sell out now, you will only salvage 10% of your investment but are 100% sure not to win back any more.

I think what you're saying about Steemit Inc and most of the top 20 witnesses doing too little in the last 2-3 years is spot on. But I don't think that's quite true any longer. You should look into what's happening with Steem-Engine. The creators and developers of that project richly deserve every single cent they make as top 20 witnesses. Steemit Inc has been able get MIRA done. You think its only good for fattening the wallets of Steemit Inc and the top 20 selling out as it slashes costs? I don't think that's correct. There are other good projects being rolled out constantly here. This doesn't look like a time to sell to me.

I think you were caught up in FOMO when you bought in at a high price and now you're in the grip of FUD and you want the community to provide you with a more balanced view. I guess that's why you wrote this piece instead of just quietly selling - what good is it for a influencer like you to broadcast your intention to sell if you want the best price?

So many peoples like you feeling frustrated included me with the current scenario of market. But i have just a little hope that better time will come soon.

buddy you deserve a 100 dollars for this post
very well said and i couldnt agree more
have a great evening

I surely understand the frustration as someone who has been a huge cheerleader for Steem, I am also frustrated.

All I can say is do what is best for you, just make sure you didn't fomo in at the worst time and now fomo out.

I could argue with a few of your points, but I will not. I can also agree with some of them also.

The fact that Steem is now at 61 kind of proves my point. It is one of the top losers against bitcoin dominance (in the top 100 coins). I'm not judging by the US dollar, because that one is irrelevant, and no one's fault.

There is really no getting out at the worst time. If I had $8k to spend right now, I could buy all of my steem from scratch, as if I'd never been here before. Having my coins locked up is just foolish. At least if they are liquid, I can act. This whole HODL mentality is what got me to where I am today.

If I had just left everything alone in Bitcoin, never did a single trade, I'd be a very rich man right now. Instead, my coins sit locked up. Each day they lose a bit more value on two fronts - Every day new coins are emitted, continually eroding the percentage of the company that I own, and two, large stakeholders who got free coins early on, or continue to earn massive daily rewards from block production who sell at market price. We are at an all time low against the satoshi. Only 10 other coins in the top 100 are failing worse than steem.

There is no reason that Steem should be moving down in the ranks other than opportunistic sell offs at the expense of all our wallets. There's just no way around it.

The aggroed article was a slap in the face for us small witnesses.

Totally. I have posted every day. I have brought people onto the site. Thankfully I never invested cash only time. I feel for you and am finally doing the same. I believe Dan will have a good social layer up and running soon on eos. Tbh, I can't wait!

I hear your frustration and can understand it.. I think there is a lot of it going on and what I’ve found is those individuals who have been the “big believers” are hitting burn out... and it has nothing to do with the price. It has to do with the fact that those who should care, and should be busting their ass to improve the place (as we keep slipping in rank even with the improvements lately) seem to not get it. Maybe it’s because it’s just a paycheck to them, who knows.

I haven’t lost faith in Steem, the community and the chain itself.. but it’s hard to keep faith in some of the “leadership” here, as I feel they are holding the community back at this point.

So, we either take our losses and leave (which quite frankly seems quite dumb to me.. even though I am moving my SP around my accounts right now), keep fighting until we can’t anymore, or find a way to do with without them.. or around them.. as I am not sure they will get the big picture anytime soon. I don’t know the solution at this point.

I hate to read things like this, and honestly have been trying to encourage others who feel the same, but I would be lying if I said I’m not sure if I can do that anymore, as I’m starting to feel the same.

So, I’m here to say I understand and I don’t think anyone would question you for cashing some out (hell it seems everyone else does).. but I hope your faith in this place is regained, as well as many of us who feel the same. I guess only time will tell. Sending positive vibes your way.

Thank you for your thoughtful response. I'll tell you what I won't do, though. I won't just put in an order to 'sell at market price'. I am just sick of having my investment completely locked up where I can't do anything about it. I feel like a sitting duck.

Believe me, it almost brings me to tears thinking about how much money I lost believing so much in this blockchain. I may be one of the largest investors ever in Steem, with the lowest number of tokens.

I am like you, though. I believe in the community and the people. So many great folks. But the leadership is proverbially laughing in our faces while they continue to pay their own salaries at our expense. Price of steem down? No problem, we'll just dump some more at the going rate.

I do still have a glimmer of hope, though. My plan is to try some clever trading and see if I can multiply my holdings. I just cannot sit here any longer and do nothing. I just hurts, you know?

The community is what makes Steem so unique and adds the value. If only the world knew about it 🙂

Here is what I will say, there are witnesses here who are building and there are improvements coming from the Steemit Inc. development team now that they are lean and strong.. I know it’s hard to see that as so much was promised and not delivered, but I see an improvement in that aspect in the last few months and I believe it will continue.. but there are other issues that need to be addressed as well, and I don’t see those as a focus currently.

Anyways, I think Timcliff said it well below.. and we all play a part in this ecosystem as we all have ownership in this chain.. but it is hard when it feels like many are just holding it all back. I don’t even think they are laughing in our faces, I just think they don’t get it .. as they are completely detached.

I haven’t lost faith in the community and therefore I’m still here, but I get the hurt..

but hey it’s not over until we say it is 😉 the value is in the people.

nice try .
thousands of people lost their money here thanks to actions taken by YOU and few of your buddies .

Hey idiot, I control nothing and have made no money 😄

I just have tried to improve the ecosystem so everyone’s investment grows.. what have you done for the Steem ecosystem lately? Nothing? Yeah, that’s what I thought.

Go away.

justine.png

just one example how you bring value and improvement to this place

😂😂😂 oh my! You mean I said I wanted to flag people in a discord server when talking joking with people 😱😱😱

Call the authorities Smidge, I love flags. You can check my account for how often I use them to “chase people off”

Flags or “downvotes” are an essential part of the ecosystem, even if they are abused sometimes by a few. I’m sorry your aren’t intelligent enough to understand that.. feel free to forward my information to the fbi with the others you have to ensure I “answer for it.”

Btw, scot bot is live.. feel free to gather your friends and go make a community where flags aren’t allowed so you all feel safe with your hypocrisy.

Have a fabulous day!

haha , cute joke .
those flags are main reason users are leaving this place and driving price of steem down .
If you flag or bot-flag you are directly responsible for destruction of this platform PERIOD

I also lost several thousand $$ in steem price alone and I want someone to go to jail

I also lost several thousand $$ in steem price alone and I want someone to go in jail

I guess that should be the person who forced you at gun point to buy it in the first place...

you did not force me to purchase steem but you are certainly working very hard to lower the value of my holding .
I want to see you and the rest of the cabal behind bars .

This comment is supported by $1.44 @tipU upvote funded by @lauch3d :)
@tipU voting service: instant upvotes + profit sharing tokens | For investors.

to improve ecosystem by kicking users out ?
you are in the process of destroying @drugwars as we speak

you will be held accountable

I forgot I’m not suppose to feed the trolls... my bad.

You poured in thousands of dollars? Poor you. But also - and you should be honest about that - not the best move ever. Rule #1: Diversify your assets. No further rules exist for investors.

Fair enough, but the other investment rule is: No risk, no reward.

Steem is by far not my only investment. But it is one of my dumbest.


You've got DRAMA. You are going to be a Whale!

To view or trade DRAMA go to steem-engine.com.

lol.. @dramatoken. That's pretty funny.

It is.. they trade on Steem-Engine.com if you haven't checked it out.

Man, I haven't read your post before, but I can see you pain and anger from this post alone. I basically feel the same.

Posted using Partiko Android

!dramatoken

To view or trade BEER go to steem-engine.com.

Hey @nuthman, here is your BEER token. Enjoy it!

I am new to the platform and more excited for journey here. But after reading this, I am relating to all my 4 months experience. This is very sad and disheartening to listen how much you lost. Hope at your power down ending, the steem raising happen as all the optimistic big people saying here..
I don't know what's else to do.

Posted using Partiko Android

stream_78209034-.gif steem price!

Hey man I feel your frustration and anger and sorry you feel this way, here is my two cents. Many of us have been around in Crypto since 2017 and bought at the mid-top, we are all bitter in some way shape or form with whatever we purchased because lets face it, no matter what crypto and what project regardless of who is running it and what they are doing dropped 90% odd. I personally feel selling now will be a very bad idea and even worse timing. Bitcoin has been on a tear the last week and historically the alts follow. At the very least hang on another 6 months I feel the over all landscape will be greatly different than what it is now. The general market sentiment is just more positive and I really feel Steem with all other decent alt coins will see greater high's than before. Cheer$;) PS: imagine how angry she will be for not holding another six months and steem hits $10? ;)

Yeah power it all down. You know else powered down, all of it? The guy who made the site. When Ned decided to stop communicating with community in December dan powered down all his steem. The guy who founded the site is running.

https://steemitwallet.com/@dantheman/transfers

There is no future here,people with SP are going to milk it dry. Don't buy steem let the price go to one cent. Buying it is giving money to ned and other greedy whales.

that link was really revealing!

You got rmsfitness token as well

Posted using Partiko Android

Hi @nuthman!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 3.459 which ranks you at #6510 across all Steem accounts.
Your rank has improved 164 places in the last three days (old rank 6674).

In our last Algorithmic Curation Round, consisting of 158 contributions, your post is ranked at #35.

Evaluation of your UA score:
  • You're on the right track, try to gather more followers.
  • The readers like your work!
  • Great user engagement! You rock!

Feel free to join our @steem-ua Discord server

I understand your Point.
For early adopter Steem looks like not Good these Day´s.
I think this Year is the Year of Altcoins... But it is your Money and your Wife should not be angry. :-) Have a good Time. Salve from Alucian

Hi, @nuthman!

You just got a 4.09% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.

Very beautifully written and heartfelt.
I, like many investors on here, share your frustrations for sure. I'd be a little more frustrated than I currently am if my dollar cost average was near yours (I assume around the $6 dollar mark. That's a massive investment!

I wish you the best.

You are not alone, literally they have killed this place But I don't have gut to cash out as this low :(. Sad Story

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Sorry arsed fuck up isn't it? - sold almost all of mine and just looking now out of morbid curiosity...

I wanted to read all the replies but... lol Anyways man, there hasn't been a lot of big developments lately with the projects on Steem and it makes things eerie. Things like @steemmonsters and @partiko are great. They are still developing but there is only a small amount of workers getting things done. We can always vote for new witnesses if we need to. The crypto space is still in its infancy stage so we have to expect major turbulence. Investing in Steem was always at high risk and you should have accepted that beforehand.

Posted using Partiko Android

Its because of @steemflagrewards group tbh.

They go around downvoting people while upvoting one another.

Posted using Partiko Android

Weird, someone greyed out my reply, why should they do that?

Here it is again:

"The only reason I can think of for the Collapse of Steemit, is that is intentionally sabotaged from the inside by those who feel threatened by a possible mass adoption of Steemit:

  • its immediate competitors Facebook, Twitter, Youtube
  • the intelligence agencies of the big geopolitical players that hate to see pop up another whistle blowing free speech news chammel conglomerate

It is very easy for these big players to influence, twist arms (as Obama liked to call it) or just buy enough of the top-witnesses who in turn are expected to bully content creators through bullying, posting silly memes in stead of intelligent arguments, or just make post invisible by downvoting with their bot armies."

The only reason I can think of for the Collapse of Steemit, is that is intentionally sabotaged from the inside by those who feel threatened by a possible mass adoption of Steemit:

  • its immediate competitors Facebook, Twitter, Youtube
  • the intelligence agencies of the big geopolitical players that hate to see pop up another whistle blowing free speech news chammel conglomerate

It is very easy for these big players to influence, twist arms (as Obama liked to call it) or just buy enough of the top-witnesses who in turn are expected to bully content creators through bullying, posting silly memes in stead of intelligent arguments, or just make post invisible by downvoting with their bot armies.