With Steemit's official Proposal Changes to Steem Economy released yesterday and the upcoming November 16th hardfork seeing implementation of most of the proposed changes we're already starting to see a reversal in the STEEM / Steem Backed Dollar markets.
Over the course of the last 24 hours we've seen a major influx of new capital flow into STEEM and a raise of nearly 100%. This is in part due to renewed morale among both witnesses and veteran STEEM users but also partly caused in my opinion by the fact we're going to see a massive drop in the STEEM inflation rate on the network. Read that first link for more info.
Stopping the Power Down Cycle
The past month has been uneasy with the steadily declining STEEM price but now with favorable changes have been proposed with what looks like a majority witness vote backing it we're very likely to see more growth here in the near future. One aspect of the upcoming changes that I personally am excited for is that I'll no longer have to power down in order to recoup my infrastructure costs. Currently the operating costs between my witness node, the
steem.global seed node,
streemit.online and it's high performance streeming server total a little over +$250 per month. I was extremely lucky to find community support from various sponsors on the STEEM network, a page on streemit will be created shortly to list donators and their amounts pledged.
I'd like to personally thank @pharesim for sponsoring the next 3 months of server costs for the streemit project! Not only does this significantly decrease the out of pocket costs of myself on the development of the site it also goes to show you that some of the veteran witnesses are using their current power-downs to support STEEM projects.
Many others have donated as well towards the running of streemit. I'll post a link to the sponsors page when completed.
Optimistic Future Outlook
With previous months seeing a steady decline in STEEM value it's refreshing to see changes being proposed and implemented with such speed. As a network STEEM is still very much in it's early stages and we're likely to see more positive changes implemented in the future as the machine is further dialed in to create the perfect platform for immutable content sharing and delivery. STEEM is here to stay, and we're just getting started.
Vote @klye for Witness!
You can vote for me easily by clicking the link above and upvoting klye:
A Proud STEEMbassador of Canada
(News on @steemcanada Campaign Soon!)Thank you for your votes, the opportunity and support!
