Justin Sun Cannot Control The Witness Pool But Only If You Use All Your Witness Votes
(Please correct me if I'm wrong but I've understood that witnesses are voted in based on the share of the stake voting for them of the total voting stake.)
Check out @taskmaster4450's post from today.
In the post he says, that Steemit's total stake is as follows: 50 million SP (= @steem + @steemit + @misterdelegation) + maybe 20 million SP = 70 million SP. The total vesting fund is 200 million SP, which means that he owns a third of the vesting fund. Current Dolphins and Orcas own more of Steem Power than Justin Sun!
Also, @taskmaster4450 states the fact that to do a fork, a supermajority of 17/21 of witnesses is required.
The upshot of this is that:
Justin Sun has no controlling stake over Steem, BUT only so long as every stakeholder does their part in voting for pro-Steem witnesses.
How do you vote for witnesses?
Go to https://steemitwallet.com/~witnesses and log in.
Remember to use all 30 of your witness votes. If you have alts, power up everything up and vote for the current top 30 witnesses if you don't know who to vote for.
This is about protecting your investment. I ain't going to no fucking Tron blockchain where I and other stakeholders like myself have zero power over anything, including token inflation, and where the owner of that chain (Sun has 55% of all stake on Tron) if I have anything to say about it. Justin Sun will have to play ball and develop the Steem blockchain. If he wants to build bridges between the two blockchains and fund the development of apps making use of both blockchains all the merrier.
This community is nobody's trophy.
I already had issues connecting to steemit today from my phone from my offgrid house where i normally never have issues!! I think he’s already slowing it down!! Just a heads up!!! OK i voted for top 30 only!! Good Luck!!
BTW there should just be one button to vote in top 30, it would streamline things! Thanks!!
@tipu curate 2
Upvoted 👌 (Mana: 0/20 - need recharge?)
We must protect our burning potatoes at all costs!!!!!
Just kidding, I am pretty sure he can buy some more steem if he really wants to control it.
:)
He can have all of mine for 25 dollars a piece today.
The volume is so small that he can’t do it without sending the price through the roof.
I’m happy to sell him all my steem at 100 bucks a pop just pay me out of my misery already
I wrote something very similar yesterday. Too bad I can't put action behind it cause my computer keeps stalling every time I want to update my witness votes. Everything else works just fine...
Posted via Steemleo
Should we assume he cares about the governance of the steem blockchain if he intends to just walk away from it?
He didn’t spend tens of millions of dollars (I presume) on Steemit,Inc to just walk away from it. He wants us, the community, to join his chain of which he owns a controlling stake. He also wants all the apps to transfer from Steem to Tron.
Block One paid 30 million for the voice.com domain. How sure are you he cares?
Of course, I'm not sure. It all depends on how much of a child he is. If he realizes that the community won't bend over and agree to a plan to move everyone over to his chain (he owns 55% of the stake there, I've been told) and will use his influence to retaliate, then we're in a bind. If, OTOH, he is an adult, he sees the opportunities in two-chain apps or other types of bridges between the two chains driving value for both chains. I don't think he bought Steemit, Inc just to burn money.
He bought the domain for crypto reddit though. Instant crypto cred. That could be all the value he cares to extract. Just playing devil's advocate here.
Of course the smart thing would be to 10X steem and create cross-chain synergy, but steem isn't his baby.
If the main thing he wanted was steemit.com and when he got it he walked away, it would still work in our favour because of the way people conflate Steemit and Steem. Every time he markets his website, the Steem blockchain's name recognition improves.
Does vesting fund constitute all vests cast in witness votes or total vests on the blockchain?
Of those, what percentage is active vs inactive accounts? Think that could also be important consideration.
I think it means all powered up STEEM. Some must be inactive, which is why it is important that everyone gets how important it is to vote.
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