The power down dance

in #power-down5 years ago (edited)

I hope you guys don't mind (too much) that lately I haven't find in me a reason to talk about anything else but these... negotiations, if we can call them like that.

A power down dance has been going on for a while regarding the staked STEEM of the exchanges participating in the recent events.

This is speculation, but all facts and conditions / desires seem to lead to this conclusion: Tron had a business agreement with the 2 exchanges (+Poloniex, a separate case), to help them get the consensus, implement their soft fork and release Steemit, Inc. funds, while immediately after pushing for a hard fork to shorten the power down period 3 days so that exchanges can have their funds back right away.

That business deal went south for so many reasons. And the most important of them being, in my opinion, is that neither the exchanges nor Tron had anything but a vague understanding of how Steem works, before going head on into this stalemate situation.

In chess there is no way out of a stalemate. But here there is, if the party which caused the stalemate takes one move back then changes its move so that there is a way forward and there are more moves for both parties.

I also believe Binance and Huobi should be informed directly of the situation, so that they know they have a clear, secure, but slower than 3 days way out right now and always had it at their disposal, without anyone having a possibility to interfere with their funds, not to mention desire to do so. Also that the technical solution to speed up the process can be potentially unstable for the Steem blockchain and the STEEM coin and will not release their funds sooner, because there are several stages that need to be crossed, and that takes time, during which they can have funds released every week using a normal powerdown process which they could have used right after they cleared that proxy and would be a few days closer to the first weekly powered down STEEM.

Sort:  

Tron had a business agreement with the 2 exchanges (+Poloniex, a separate case), to help them get the consensus, implement their soft fork and release Steemit, Inc. funds, while immediately after pushing for a hard fork to shorten the power down period 3 days so that exchanges can have their funds back right away.

A very bad business deal on exchanges behalf. They must have known there are a bunch of IF's here, big IF's, or they are stupid, which I don't think they are.

As about using custodial funds ... let's say you're a broker and you're using clients money for yourself, let's see what happens to you.

As about using custodial funds ... let's say you're a broker and you're using clients money for yourself, let's see what happens to you.

I don't even want to get into that. I'm as pissed as everyone for that. Even more because from their post factum communications looks like they're doing it frequently without second thought or anyone questioning it... until now?

Congratulations @gadrian! You received a personal award!

Look's like you do not like Justin. Did you really downvote him?

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

Use your witness votes and get the Community Badge
Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Congratulations @gadrian! You received a personal award!

Did you downvote Steemit's posts because its owner converted it into a sockpuppets factory? OK, you deserve that badge!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

Use your witness votes and get the Community Badge
Vote for @Steemitboard as a witness to get one more award and increased upvotes!

According to the Bible, God is everywhere: Fact or Fiction.

Watch the Video below to know the Answer...

(Sorry for sending this comment. We are not looking for our self profit, our intentions is to preach the words of God in any means possible.)


Comment what you understand of our Youtube Video to receive our full votes. We have 30,000 #SteemPower. It's our little way to Thank you, our beloved friend.
Check our Discord Chat
Join our Official Community: https://steemit.com/created/hive-182074