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RE: The recent controversy between Steemit Inc and the community - the premine, control, and where it leads this blockchain
Thanks @jesta for posting publicly on these matters. I'm not part of the "secret slack" and the amount of communication that goes on in private venues when we have a permissionless blockchain for communicating is disturbing to me.
The post discusses the nuclear option of a hard fork to remove Steemit Inc's share. While this sets a dangerous precedent of theft by the masses, it also is the most straightforward method for rectifying an undeserved premine. What percentage of all STEEM does Steemit Inc own? If my understanding is correct the early distribution of STEEM was a disaster and the inequitable distribution of early stake creates problems to this day.
~30% of all powered up Steem, if you factor in liquid Steem/SBD they own 23.4% of all tokens. But they have sold a lot over the last 2.5 years.
Good to see the number decrease, but still too much. All that selling has put pressure on steem to stay about #51 on CMC
currently #39
You're absolutely right that the early distribution as it occurred does cause some problems on the scales of a social platform. Not all of the actors from that period are good or bad specifically, but it's created some really weird power dynamics.
Yeah, you'd think a better solution for accountability would exist at this point. Unfortunately Slack, which is permissioned and very controlled, has far better communication tools than what we have on Steem today. That to me is the primary reason - it's hard to use Steem to talk about this stuff, unless you write massive blog posts that take almost 3 days to write :)