RE: What If Exchanges Won't Be Able To Quickly Regain All Their Powered Up Steem?
The Steem DPOS system collapsed 3 times in one week :
- @justinsunsteemit bought 20 % of the stake from @ned and has been able to vote who he wants as witnesses
- A group of 20 witnesses decided a soft fork from a secret meeting, by themselves without asking the community.
( I wander where is the interest of a minnow to restore the power of the 20 so-called « elected » witnesses. This not an election, this is the richer decide. A real election is based on one person, one vote.)
- @justinsunsteemit and 2 or 3 exchanges has been able to strike back without asking anybody.
So the steem blockchain has prooved not be decentralized at all, It never has been, but a not so bad marketing succeeded to convince naive people like me that it was.
So where would the demand could come, today ? What is the advantage of Steem compare to Facebook, LinkedIn or Voice ? Who do you prefer : Justin Sun, Zurkerberg or Dan Larimer ?
The ongoing battle will make a lot of victims. I do not doubt that the richer will win, one more time. I really wonder why witnesses are complaining, this is the rule they have installed on their nodes.
I am curious to see how Justin will be able to pump Steem up to get his investment back. There is a chance that this will profit the communities, but more likely, he is going to resale our personal data. The 3,600 posts and comments I made on Steem these last 3 years give a lot of information about who I am. It can be analysed by an AI and sold. Some authoritarian governments could be interested to buy information about who I am.
I dont think this is a 'collapse', but the system working as intended.
DPoS works like a democracy, where the voter trust that those they are voting for will do what they expect to be done. Our votes put these people in power, just like in a democratic state, and we are delegating to them the power to decide what to do with the blockchain. So, whatever the witnessess did was indeed approved by a big part of the community.
Only two differences:
1 - It's not 1 person = 1 vote, more like 1 USD = 1 vote
2 - Community don't have to wait 4 years to change the politicians. The moment a witness lose enough community support, they are out of the governance.
Certainly not a direct democracy
https://en.wikipedia.org/wiki/Democracy
Democracy
Democracy (Greek: δημοκρατία dēmokratía, "rule by [the] people") is a form of government in which the people exercise the authority of government. Who people are and how authority is shared among them are core issues for democratic development and constitution. Some cornerstones of these issues are freedom of assembly and speech, inclusiveness and equality, membership, consent, voting, right to life and minority rights.
Generally, there are two types of democracy: direct and representative.
No one ever said it was a direct democracy.
I wonder how many persons voted for the so-called "elected" witnesses !
you can check here:
https://steemian.info/witnesses
It is not 1 Steem = 1 vote. It is 1 Steem = 30 votes.
I have strongly advocated for 1 Steem = 1 vote, and if this were the case today, our community witnesses would be far more strongly represented in the top 20, and the hostile takeover would be far less powerful than it is now.
I have elsewhere illustrated this mathematically, but it is important enough I will repeat that here.
User A has 1M Steem, which they use to vote for 30 witnesses. They vote for each witness with 1M Steem weight, deploying 30M Steem influence (1M x 30 = 30M). User B has 100 Steem, with which they do the same, deploying 3000 Steem influence (100 x 30 = 3000).
The actual difference in their stake is 999,900. The difference in the weight of their influence on witness elections however, is 29,997,000. Estimates of the stake Tron has purchased vary between ~65M and 100M Steem. Using a common figure of 75M Steem, Tron now wields ~2.25B Steem influence on witness elections.
It is easy to understand why making Steem witness elections 1 Steem = 1 witness vote will reduce the influence of Tron on blockchain governance from what it is presently.
With all due respect, anything you posted on the Steem blockchain was visible before this event too. If some AI wanted to process it, it could. Just because the blockchain was (more or less) decentralized, that didn't automatically meant it was also private. You chose what you let out.
Were they interested, they already have that information. Tron has no greater access to it than any other individual or entity, because the blockchain has been publicly available since it's inception. All that data has been publicly available about you since the moment you posted it, without restriction or reservation whatsoever.
Even if you seek to delete it, you cannot. Unless the consensus witnesses change the code, all that information is a permanent part of the Steem blockchain publicly available for audit to any and all parties that seek to do so, including authoritarian governments.
The difference between Steem blockchain and Fakebook or other centralized platforms, is that on Steem the information is also available to you, or any party or entity, while centralized platforms exclusively possess the ability to access that information, which they can then sell as only they can get it otherwise.