Show Posts
31
General Discussion / Re: [ANN] [STEEM] Introducing Steem, Looking for Witnesses / Miners
« on: April 02, 2016, 03:41:11 pm »We have secured ~80% of the initial STEEM via mining. Our plan is to keep 20%, sell 20% to raise money, and give away 40% to attract users / referrers.
One would think that is instamining as well as ICO, exactly the opposite of the announced on Bitcointalk
Definitions:
pre-mine: mining tokens without publicly announcing the network or pre-allocate tokens
ico: directly selling pre-mined coins, often selling coins before the network exists
instamine: having the majority of tokens mined in the first day
People like to get loose with definitions of words (like scam) but also the above words are thrown out.
pre-mine: implies "pre-*SOMETHING* mine", the question is what is *SOMETHING*? I take it to mean "before public announcement" which
is the only objective measure. There are degrees of public announcement, but announcing on BItcointalk in the announcement section seems like it was announced where people look for such announcements and not someplace where people are not looking.
ico: reselling a mined coin is not an ICO any more than reselling a new car after driving it off the lot is considered selling a new car.
instamine: the vast majority of tokens within STEEM will be created in the future. The introduction of vesting makes it harder to directly compare to other coins. They did lock up a 56.3% stake in the network that is more or less protected from dilution. On the other hand, to lock up that STEEM means they cannot sell most of it for years.
Then factor in their intent to give away much of what they did mine, and it can be interpreted as a move to make sure that new users can get into STEEM long into the future. Giving it away to new users does not create sell pressure if they give the new users VESTS.
The conclusion I gather from this is that STEEM will end up in the hands of more people by having Steemit, Inc distribute VESTS to unique users than it would have ended up in if only miners and botnets could mine.
So how much has Steemit, Inc acquired:
2,998,914.000 STEEM Supply
2,417,426.000 VESTING STEEM (80.6%)
373,870.665560 VESTS Supply
261,585.400566 VESTS held by account steemit (69.9%)
STEEM held by steemit .699 * .806 => 56.3%
Perhaps Steemit should have called it H20... you can then condense your STEEM into H20 and it takes time to boil it back into STEEM.