My thoughts about getting decentralization back on Steem
We all know about the situation happening on Steem Blockchain. One week back Justin Sun, founder of Tron blockchain tried to take over Steem Blockchain with the help of the support from the exchanges that include Binance, Huobi, and Tron-owned Poloniex. Justin created 20 puppet witnesses and those witnesses were upvoted by the high stakeholders of the chain including the witnesses as an act of making the top 20 to do a hard fork. Justin bought Steemit Inc along with the stakes that were ninja mined. It is said that the former owner of Steemit Inc promised that Steemit's ninja mined stake will not be used for centralizing the blockchain at any point in time. But the events happening now are not in that direction.
A few days back @justinsunsteemit wrote an open letter to the community in a horrible way with lots of F words in it. He did mention that his intention was not to govern this blockchain or take over this blockchain but to protect the stakes he bought from @ned. In my personal opinion, Justin had no idea what he was buying and he was cheated by @ned. Instead of making noise back to Ned, this brilliant guy tried to go against the community and started shouting in front of the community. The community backfired on him and the collective votes from the community and high stakeholders have made around 10 former witnesses of the community back to top 20. Not the current situation is 50/50 where 50 percent of the witnesses are community voted witnesses and 50 percent of the witnesses are puppet witnesses that were voted and brought to the top by Justin and his alt accounts.
I know that Justin is fully capable of buying people out to his side and I guess he has already started doing that. Lots of purchase is already happening from the other exchanges to power up and vote the puppet witnesses. I'm quite disappointed that some of the witnesses are already backing him. We all started using this blockchain and invested our time and money here because we all loved decentralization and wanted to make money in a way where we are not governed by anyone. One of the biggest advantages of the Steem community is that it was not driven by any individual party and driven only by the community. We have a lot of sensible stakeholders and innovators here who make this community a valuable one. If centralization happens here, the community will break down and we will also end up getting scattered. The main cryptocurrency of this blockchain, STEEM, will lose its value.
Now comes by personal opinion. From what I have observed so far, I'm not very happy about Justin taking control of this blockchain just because he has a huge chunk of Steemit's steem stake in his hand. It is definitely Justin's mistake to be a fool in signing this contract. For getting cheated, he should contact Ned and get back the money he paid him. I agree that Justin might have expressed his intelligence in other projects but when he bought Steemit from Ned, that too without knowing what this is all about, it clearly proves his foolishness. In my personal opinion, I guess he will only destroy this blockchain and not let it grow in anyways. It is a common thing everywhere. When a company tries to acquire another company, in most of cases only the parent company will survive or dominate. The nice words that he is talking about right now are to trick the witnesses and stakeholders so that they can join his side and when everyone is sleeping he will safeguard his investment and run away. This even makes me feel that Tron owner can be a Trojan horse.
We all know that Steemit is not Steem and Justin can purchase only the Steemit company but not the Steem community. If he will have to grab the hearts of the community members, he will have to prove what he is capable of doing instead of just using F words in a public announcement post. This doesn't show any maturity. If he thinks that he can purchase anything with his money, then he is definitely wrong and he will know about it soon. I hope the witnesses and community stays strong in this matter and try to win this whole situation in the right way.
Some people might even argue saying that we have to give Justin a chance to prove his capabilities. I completely agree with that. We cannot judge a book by its cover even though people give bad reviews. We all know that Ned is the only reason for all this mess. In the worst case, Justin will dump those funds and do an exit strategy. Even if that happens, it can be a good thing for the community because we will get rid of the Ned problem for one last time.
Posted via neoxian.city | The City of Neoxian
Consensus witnesses are facing flak too. Anyway, it is interesting to see variations in steem price in different exchanges. For instance, today I sold 1000 steems in Bittrex and used the exact amount of BTC I got from the sale to purchase 1200 steems from Binance! 200 steems profit for doing nothing!
Omg bro you are a born trader. That's awesome 👍
Hedging
Posted using Partiko iOS
Ohh. That's a new term I've learned! Thank you.
The hedging you are doing also means, if @justinsunsteem can buy all the liquid STEEM from Binance, bring back the sock-puppets, vote out all the consensus people.
I will buy all the Steem. ALL THE STEEM WILL BE MINE!
why do you have to buy ? You just command a hard fork saya ?
how much you pay? :)
Hi @bobinson
I've noticed that your topics are quite often aligned with topics published within project.hope community. Perhaps you could consider posting within our hive in the future.
Yours, Piotr
Sure, I will do that :)
Join our discord channel :)
https://discord.gg/F4DUTY
the invite is expired ...
Prices are going up because we lost a lot of liquid steem:
But @justinsunsteemit wins the witness war and reduces the power down to 3 days then the steem price will fall like a stone.
He must have researched more about the way of working of steem blockchain by now. I think he is unlikely to do anything that will potentially place his investment at a risk.
I don't think they will reduce to 3 days - but they will do rather an instant one : ie if they are going via the exchange route. (not sharing the full tech details to avoid giving ideas).
cc: @justinsunsteem
Bro, I'm following your trails. I have move some of my Steem to Bittrex and sold them. I will keep the BTC in the account to purchase Steem back for a good price again.
BTC is plummetting too bro! I had converted all 1200 steems into INR which is staying safe in my bank account. And today I bought USDT through P2P market in wazirx. Surprisingly, in a matter of few minutes the value went high and could make a 5% gain.
After all calculations, 1000 steem I cashed out on day before yesterday now amounts to over 1700 steems!
That's awesome bro. I followed your trails a little bit and made 28 Steem profit for the first time. My first trading experience with flip game. Looks good. I might do it frequently. 😀😉
Cheers! And who is the boy in your new DP? :)
Many people complained that I looked like a old guy in the previous DP. So just wanted to give a young look. 😉😀
I'm planning to retract all my delegations to be more flexible and if @justinsunsteemit wins the witness war. If he does reduce the power down time to 3 days as he has announced I'm pretty sure the big exit will start.
The first thing he has to do to prove his capabilities would be to end the witness war.
Yes, I agree with you. The way he settles this thing would give us some idea and clarity about him. Next, I think now that he understood a little about the Blockchain he won't go with a 3 day powerdown as it will harm the chain and the way the chain works now.
As i said: I go for maximum flexibility but if things don't go down then I return everything to normal.
Yes flexibility is good for the current state. 👍
Who cares if he got "cheated". The matter of fact is that it was his responsibility to investigate to a reasonable extent what he was purchasing, from whom, and even why they were selling. It is established in Contract Law Courts the world over that the buyer is responsible for the purchase. Caveat Emptor.
Till today he is now clear as to what he bought. He is not clear about how the Blockchain works. But at least he is willing to talk.
Yeah think that him buying a stake in our community is going south for him. He really has inflamed the situation by being inept ignorant and an idiot.
Pretty dumb for him to do. But not our problem.
He already made 40x his original investment. And keeps pumping us. Ok nice the crash didn't hit us.
That's a golden thing...
Posted via neoxian.city | The City of Neoxian
His intentions are still not clear. Once he gets the money back, he might even dump them all and walk away. There is a high possibility. Can't believe him fully especially for the number of F words he used in his post.
Well I think Justin is sexually frustrated. And hoping to find love on blockchain as this platform gives him a chubby.
He is quite the princess...
Ha ha ha. Yeah. 😀
Solid read @bala41288
@tipu curate
Upvoted 👌 (Mana: 5/15 - need recharge?)
Thank you so much @creativeblue.
Resteemed and upvoted already :)
Thank you so much ❤️
Dear @bala41288
Thanks for sharing your thoughts with us. There has been so much said about this topic already and I'm trying to be neutral.
However putting blame and pointing fingers only at Justin is kind of wrong. You're saying that he tried to take over steem blockchain - however you seem to forget that witnesses were the ones to throw fist low blow (soft fork) and they also used their resources to promote narrative "us versus him".
And yet, those ninja mined stake has been sold on the market and those who legally purchased it have an opportunity t use it. So it's a bit not right.
Again, disagree. He didn't start. I've spent hours reading posts published by many people here (while Justin was still in "peace mode") and amount of insults, abuses and hostile behaviours coming from steem community towards main investor has been nothing but embarassment.
I'm actually glad that right now some witnesses belong to Justin and for the first time this blockchain is kind of decentralized (not ruled by one party - one group of well connected people, who support themselfs).
Upvoted already,
Yours, Piotr
First of all about the ninja mined stake. It is not right to sell the Ninja mined stake to someone. Ideally it should have been given to the community for some good projects. I don't think it should be assumed as Ned's property. I agree that Steemit Inc was Ned's property. But not the Ninja mined stake and that's one main reason why it is called Ninja mined stake.
But the way it was not put in the market for Justin to buy. It was an under the table dealing. What's the point of decentralization if under the table deal is going to happen.
I would not call Justin a main investor because he had no understanding about this chain and his idea of merging Steem inside Tron was not great and there was no open discussions from him in the begining.
There is definitely some reason why Steemit Inc employees quit their job. We have to understand that and have a deep thought.
I personally don't want someone to govern me without having any knowledge about the steem ecosystem and how it works. I don't want someone to ruin what I built in this platform over the past 3 years.
It shouldn't be like anyone can take control of me and destroy me just because they have enough money to do so.
You said that it all started after the soft fork. I don't think so. It all started from the acquisition of Steemit Inc by Tron. Justin assumed that he bought the entire Steem which was not the case. And, reducing the power down period to 3 days is utter bull shit. Someone who doesn't understand about how Steem works would do that. Even after all these things he is still talking about reducing power down to 3 days in the recent meeting he had in SCT discord channel without understanding the consequences.
Justin is just a kid with his father's credit card in hand.
Thank you for taking the time to write this awesome comment buddy
Thats a terrible thing.
We either get him to cooperate, we chain split and go our own separate way and dump on him or we lose everything.
Seriously?
Why we do not get "US" to cooperate? It's not one person show :/
Ned will never cooperate. He never Cooperated in the last 3 years. And I feel Steem cannot go below a certain value even if heavy dumping happens because the Blockchain running cost will not be met.
We cannot have Ned anymore. He had been the Virus for this chain.
Well "when the river sounds, stones brings".
The best of all these actions is to wait, definitely (and I hope that in a short time), we will know with concrete actions where steemit will stop.
I am optimistic and clarified that I will take the side that gives me the most benefit, since for 2 years this is my way of life. Many will do the same. Meanwhile it is not a bad idea to go looking for other alternative means, just for security.
Yes even if the chain splits, staying on both the chains will be an option for us.