Glorious!
For today is the day that my liquid balance is higher than my powered up balance.
As I'm sure many of us are feeling the urgency: we can't exit fast enough!
The 13 week powerdown period couldn't be any slower!
That being said...
I think the 13 week powerdown has proven itself absolutely necessary time and time again. If we were ever thinking about changing it, I think the change should be dynamic. There should be a vote that happens every month to raise or lower the number of weeks to powerdown by 1 week. Personally, I might even consider raising it, but I'm sure that wouldn't be the popular decision.
13 weeks is not a long time
Unless of course you're fighting for your life because the chain is under constant attack by a madman. Barring that scenario, I've been consistently cashing out $500 a week for the last 10 weeks. We all know that the biggest expenses come on a month to month basis. $500 a week is more than enough to pay for anything I need. A three month limit on a full cash out is not asking too much. As long as four powerdowns is enough to pay bills for that month, you're good.
Exchanges are still closed
Honestly, I find it embarrassing that there isn't an easier way to trade Steem for Hive/Bitcoin at the moment. Apparently you can do it through Huobi Global, but American IP addresses are banned. I suppose I could spoof my IP address using a VPN because they apparently don't require KYC, but that also seems risky and not really worth it.
We can use SteemEngine to do it, but that's a 1% in 1% out fee plus the slippage on bad liquidity and a poor peg to the actual market.
After doing a little research on Escrow smart contracts, it seems obvious that we already could of had a system set up to do pseudo atomic-swaps to exchange Steem for Hive and vice versa. Set up an escrow transaction sending Steem from account X to account Y. Set up an escrow transaction (or even a normal transaction) sending Hive from account Y to account X.
Anyone could be the escrow account. In effect, anyone can be their own exchange. It baffles me that @blocktrades hasn't implemented something like this, especially considering how they've been locked out of the system. By using escrow, the "exchange" is never even directly in control of the money; they can only send it to one of two accounts. Such a simple and valuable contract and no one seems to be using it. Chalk it up to everyone having way too much on their plate at the moment (and for the last 4 years). We need more devs, that much is obvious.
I hope my account doesn't get frozen!
It's a bit nerve-wracking having this much liquid Steem and having no where to put it. Two other accounts on the Steem blockchain are relying on me to make the swap as well. I hope I don't let them down.
Use huobi with a VPN for a small amount. Test it out and then do 20% of what's left 5 times.
I sold 1500 steemy yesterday after just opening the account yesterday. But I'm in Vancouver so don't have the us problem you did. No kyc for me needed
I was thinking about it... but how much longer until Binance and Bittrex open back up? I guess by that time the price will drop and I'll have lost money? Gah.
My guess would be bittrex won't allow deposits or withdrawals until they know what they are doing with the HF23 money. I expect they might prudently do nothing until a court decides what will happen. Steemit Inc if it claims ownership of community321 account could file for the funds to be transferred back to them or a class action suit could be filed or individual stakeholders lawsuit.
No matter how much expertise lawyers have this sounds like new territory.
I hope bittrex allows deposits and withdrawals soon. And I obviously hope that the steemit users impacted by the fork get made whole soon.
Don't know what binance will do or when. Have they said anything publicly about disagreeing with the fork?
Stop your powerdown and start a new one. New ones are 4 weeks.
I was writing the same LOL
I only have 2 weeks left, guy :D
If I stop the powerdown now I'll get less coins per week.
However, if I reset the powerdown I can cash out the 1500 coins I've earned so far.
I already decided right when the HF hit that I was going to wait for this powerdown to complete. I'm committed to that path now.
Powerdown now only 4 weeks on Steem, no? So...you can get liquid even faster and move on. :D
Lol! Glad I'm in Europe with sufficient exchange options, I wouldn't love having that much liquid STEEM in my wallet :-/ Hope you'll find your way out!
By the way: you can use @steemfinex to get your STEEM to/from SteemEngine with lower fees, around 0.15%.
You can also use bitshares to trade out of STEEM.
But i took quite a bite in loss from the gulf between buy and sell.
Now on the weeks to power down.
HF-23 changed it to four... and so, if your old power down is still going at 1/13th, maybe you might want to cancel and start again.
i really do not know what the best amount of weeks to power down is.
If you have a great eco system, with people coming in and people leaving, then anything is no big deal.
So, anything longer than the vote payout time is fine.
On the other end, you want people leaving the sinking ship to exit in an orderly fashion.
In the middle, you would like people to not capsize the boat by all rushing one way or the other.
Yeah depends on how much you trust that chain to keep your steem liquid. As I have 0 trust, there's no way I'm keeping any liquid on there and unfortunately losing a bit here and there on the move through steem-engine but better than nothing! Who knows which accounts are next on the list!
Have had no problem trading STEEM for BTC on poloniex.com. So far putting in 2500 satoshi sell orders and waiting for (what appears to be) a weekly spike has worked nicely.
My guess is that Dan's vindictiveness just won't allow him. Yet keeping with my equal opportunity for assholes policy, @blocktrades is being used to trade my HIVE for XMR. XMR has been performing nicely.
Nice. Hopefully they will open the exchanges again. I still haven't initiated my second powerdown for the 14 Steem I have left after my last one. Haven't been in a hurry since the exchanges aren't open, since it's so little.
I started following someone new a couple weeks ago who was asking how to exchange/sell their Steem. Some told him he could use Steemengine, although not sure how feasible that is for you. Here is that thread. Hope it helps.
https://hive.blog/hive-148441/@robertandrew/can-someone-tell-me-or-point-to-the-right-direction-of-how-to-sell-my-steem-on-steem-engine-to-buy-hive
Hive engine has been working perfectly for me though, which im super grateful for
Meh most buyers of Steem are using Asian exchanges anyway.
I suspect Binance is gonna launch a grand new reopening of the new and much improved Steem just after all us losers cash out and sell.
Bithumb will announce Hive at the same time.
We are headed to the moon either way, the only question is which rocket do tou wanna ride?
I think you can also use MXC Exchange. https://steempeak.com/steem/@steemitblog/steem-usdt-now-on-mxc-exchange
I actually analyzed the available options too for my latest powerdown and decided on the 'safer' choice. I bought some Splinterlands cards.
Well, maybe you feel ugly after doing it... But you can use Poloniex 😗
I tried last week and worked well. First 1 small transaction to test, and then everything else (just in case).
Yeap, pretty good sight to see all your Steem ready to be sold or converted in something better like HIVE. You can still use the Steem/Hive engine to exchange them, even if the prices might not be as good as on other exchanges.