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RE: Steem: Softforking, exchanges, security and mining ninjas
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. :)