RE: Steem: Softforking, exchanges, security and mining ninjas
Yeah, that's pretty wild to consider the hyperinflationary period compared to the (relatively) slowly new-minted STEEM we see today. To be blunt, the initial sleight-of-hand that allowed that massive stack to be accumulated, followed by generally... well, never quite getting around to using it to further the growth of the chain (aside from the delegations to some apps you mentioned) is a shadow cast over the entire chain's future.
Ned was an inept leader, but was he, on top of that, a scammer with ill intentions? Or simply an idealist that got caught up and was way over his head, then panicked? Does he still intend to benevolently guide the chain from the background and perhaps even create new projects that will be synergistic with Steem's future?
I've mainly had the impression that there was a whole lot of confusion regarding how to create something as potentially paradigm-shifting as a crypto social media platform. Shooting in the dark, led by brilliant devs that are tinkering around to find solutions to problems that aren't even realized until shit already hits the fan.
In short, I tend to cut the whole cryptosphere a lot of slack. Nobody really knows exactly what they're doing. Lots of mistakes made along the way, some innocent, others certainly malicious. However, I believe that with strong enough leadership working in tandem with dedicated witnesses, Steem can get past the dubious happenings at the genesis of the chain.
And hey, if it all fails? — Well, it was a fun ride, and all involved will be ahead of the curve whenever whatever succeeds us starts taking flight. After last bull run, I eventually considered whatever crypto I have as being worth potentially nothing. Though, as an optimist, I doubt that outcome.
I think the uncertainty is why they mined that way to begin with, as if they really opened it up to a free-for-all, they would have no way to close Pandora's box had things gone terribly awry.
Once things stabilized though, it became the elephant in the room with a great deal of power, held only by trust. Once Ned sold it, the final threads of trust were broken. This is a trustless network, social contracts aren't worth much. Codifying that trust is.
All of crypto is a mess and we are all blindly trying to find our way to something better than what currently exists in the world. Not sure if we will get there, but as you say, a fun ride regardless.
!ENGAGE 30
Could not have Ned sought to establish a legally recognized foundation (subject to independent oversight and audit) that would have stewardship over the Ninja stake and would be expressly bound to execute actions purely in benefit of the blockchain and the community as a whole? This demonstrates things being done above board and can be the bedrock upon which confidence among stakeholders is built.
Something probably could have been organized. The issue here though is, it wasn't. :)
@d-pend you have received
30 ENGAGEfrom @tarazkp!View and trade the tokens on Steem Engine.