Steem - Thecoinrepublic.com couldn't have gotten more things wrong about Steemit/Steem if they tried!
Steemit/Steem needs to continually update the market so things like this don't happen...
An article was put out yesterday that got just about everything wrong as it relates to Steemit and Steem.
The article was put out by thecoinrepublic.com, not a hugely popular crypto site, but a site that gets picked up in search results never the less.
The article talked about how the CEO of Steemit, Ned Scott was suddenly losing faith in his creation, steemit.com and is now cashing out 50% of his long term holdings.
This will put roughly $200k worth of sell pressure on steem every week for the foreseeable future... (according to the article).
A link to the article can be seen here:
https://www.thecoinrepublic.com/has-ned-scott-lost-confidence-in-his-steemit-venture/
The ridiculous article in its entirety can be seen below, and keep in mind that this is the edited and updated version, you should have seen it yesterday.
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Has Ned Scott lost confidence in his Steemit venture?
- Ned Scott, has been cashing out 50% of his steem holdings as reported by ICO Examiner.
- Ned Scott cashed out his 50% long-term Steem holdings. It is visible on his Steem free wallet on the website.
- Many Steemians believed that this is the start of Bull Run, and STEEM has finally entered 2020 with better performance.
CEO of Steemit, Ned Scott, has been cashing out 50% of his steem holdings as reported by ICO Examiner. Steemit is a blockchain-based blogging and social media platform. It rewards its users with cryptocurrency STEEM for publishing and curating content.
Steemit allows users to host communities and reward users for their participation on the platform via a blockchain-based rewarding algorithm that rewards users based on their profile reputation and their content performance.
Ned Scott cashed out his 50% long-term Steem holdings. It is visible on his Steem free wallet on the website. This means that around two hundred thousand dollars equivalent of Steem cryptocurrency predicted to exit from the CEO’s wallet every week over the same period.
This has started a round of rumors on the internet regarding this issue. Some people believe that Scott has lost confidence in his social media platform and, in the future, will cease to work.
Others think that money cashed out because they want to invest in new financial ventures. People believe that he can do whatever he wants with his share. It is his money.
Well, all the above statements are just internet rumors, and the company has not released any official announcement regarding this situation. As of today, Steem cryptocurrency values at around $0.15.
Steem Price Analysis
The recently a lot of price action witnessed in the Cryptocurrency market as a result of which altcoin’s also started moving upwards. The price steem (STEEM) also recorded a spike yesterday.
In the past months, the value of steem was continually crashing down against BTC, with the drastic price action, the platform lost its hodlers. Many Steemians believed that this is the start of Bull Run, and STEEM has finally entered 2020 with better performance, recording a spike in price and raising hopes of investors.
After a day of the surge, the price started falling again, today STEEM price fall by 11%. The overall Cryptocurrency market is witnessing fall, and the prices are bleeding with the top 20 coins recorded losses of close to 10%. As per coinmarketcap, among the top 100 coins, STEEM is showing the most drastic declines due to the bearish market.
(Source: https://www.thecoinrepublic.com/has-ned-scott-lost-confidence-in-his-steemit-venture/)
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And remember, that was the edited and updated version!
Unbelievable.
Much of the article appears to basically be a re-post of something posted about 18 months ago:
https://icoexaminer.com/ico-news/steemits-ceo-appears-to-be-cashing-out-50-of-his-steem-holdings/
This is exactly why steemit/steem needs to continually update the market with happenings, if not news outlets, blogs, and media sources end up printing garbage like this.
Garbage that would-be investors end up reading and thinking is true.
We have a difficult enough time attracting and retaining users without stuff like this running in the media...
Stay informed my friends.
-Doc
Didn’t he memo his first power down saying he was just “moving” his Steem to be safe??
Yep, but when it comes to journalism, apparently facts are sometimes more of a general guideline than actual rules to go by...
Though, who knows what he actually did with that steem.
What does Ned do these days anyways? It lists him as a director on his twitter page. Hopefully he isn't collecting a fat salary still...
To listen to the audio version of this article click on the play image.
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I didn’t even know he was actively part of the project I haven’t seen or heard anything about him in ages! Why would what he does with his stake even matter?
This was basically a re-post of a news article from 18 months ago...
https://icoexaminer.com/ico-news/steemits-ceo-appears-to-be-cashing-out-50-of-his-steem-holdings/
Ned Scott has been in the shadow for a long period of time.
Correct, which is why this article is so absurd. He is listed as a director still on his twitter page, but not sure exactly what that means. He sure doesn't seem to be doing much of anything for steem or steemit at this point...
Ned should sue them for this defamatory piece of bullcrap. They state this as facts, when it is just made up bullshit.
Where is Ned by the way?
?
The original version was even more absurd. It even listed the price of STEEM at $1.50.
Yep it was pretty much a copy and paste from that news article from 18 months ago. I am shocked they haven't taken this down yet...
Did the price pump of STEEM from the other day upset some waters, that they felt it was time for some FUD, however absurd it is to someone informed?
Interesting thought, perhaps there is a way to short steem that I am not aware of? If so, that would make a lot of sense...
Yes, there should be. The problem is if you trust the respective sites. I for one won't even mention the name of the site where I saw it.
Saw what, that ability to short steem?
STEEMBTC pair, leverage trading. The site where I saw it is a scam though.
I see, so not an applicable one... I would assume some hedge funds out there have the ability to short altcoins, which is probably a part of the reason they have all crashed so much. With no cash flows, dividends, or legitimate products in some cases, shorting altcoins seems like a way to print money.
Shouldn´t @ned comment on it and rebut, if it is indeed BS? At least if he would care.
He's been MIA for a long time with anything related to steem. He has no problem commenting random philosophical thoughts on twitter, but steem, it appears he's done nothing for....
so sad...
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This guys a retard.
The article reads like listening to someone black out drunk repeating themselves while trying to explain something. SMH.
/Face palm
Wasn't he cashing out in order to redistribute or something in order to help the steem ecosystem? Or something along those lines?
is ned no more a part of steemit ?