Justin Sun bought STEEMIT and is trying to convince everyone that he bought STEEM
It happened. The spineless coward sold and is moving away to warmer climate to play his guitar in flip flops.
Justin Sun acquired @Steemit. Some of us knew for a few months that something was cooking. There have been rumors for at least a year, ever since @andrarchy had a talk with Tronians at one of the conventions.
Looking back at it all it is starting to look a lot clearer.
This didnt happen over night.
- Ned didnt disappear for no reason and gave over the reins to Eli.
- SMT development didnt" take off" after the talks about forking out the ninjamine stake for no reason. (Damn they fucked us good lol)
We were all played as fools.
Look, what ever happens neither me or you can do anything.
And a number of things can happen. I lack conviction in the integrity of many of our witnesses but they could group up and say "Fuck off" to Justin and Ned. From what i can see, they will all be shafted since TRON has "Super Representatives" and has no use for the likes of @gtg, @aggroed, @blocktrades, @ausbitbank, @yabapmatt... sorry guys.
The witnesses could continue to run the chain because really, the token Justin and Ned want to create on TRON isnt STEEM. Its something else. Its "NOTSTEEM".
Steem is the community, the devs and the witnesses. Thats Steem. Justin can only take Steem if we go along with it.
There is a problem with this though which is why i dont find any of this a laughing matter. If there is a split, there could very well be blood in the streets.
When Justin bought Dlive he just bought a centralized website like Twitch.
Here, he is trying to acquire a whole blockchain. He is trying to kill Steem, create something with wholly different characteristics on TRON and take the brand name with him.
What ever we end up with, doing a swap for STEEMTRON tokens or sticking with the original chain, we are entering extremely risky territory.
- You dont know if Tron can emulate Steem effectively or what they will do, or what will happen with the price if Steem is simply labeled as a blog platform which it will most likely be on TRON. (Steem with SMTs would be a far superior chain)
- If witnesses tell them to fuck off, you cant know if someone else will pick up development or their nodes.
What is the point of SMTs on TRON if Steem becomes a subTRON token? There is none.
Either way, what ever happens it seems that the best choice is to powerdown, sell and run away unless witnesses come out with a strong strategy. Steem traded on Binance, Huobi, Bittrex is the Steem we are using now.
This could literally kill Steem if the community isnt united and we cant find a replacement for the work Steemit.inc did.
Can someone else pick up the work done on SMTs so far?
Ned had 0 consideration for any of us here. He couldnt just have sold Steemit and fucked off. HE decided FOR ALL OF US that Steem goes with Steemit.
We will know very very soon if the mantra "STEEMIT IS NOT STEEM" is true.
Justin wants to buy us and just pay @ned. Well im not for sale.
The problem is that in the near future steemit.inc aka TRON will vote for witnesses that will not say "fuck off"... So if the majority of active witnesses are TRON friendly...
I read somewhere Steemit.inc has only about 21% of Stake. Will they use that stake to push so hard on this change and kill all other nodes and witnesses, emphasizing their ninjamine in the process? I cant say.
The only way for Steem to move to Tron is if they convince most people, not witness vote, because most people or investors wont give a shit about what the Steemit.inc stake voted.
Trust is essential and Steemit.inc PROMISED not to vote with their ninjamine stake. Selling it is as bad as voting with it.
Witnesses can fork Steem and show the middle finger to Justin. Im waiting to see what they say.
Justin now owns steemit inc stake, right?
Dear @lordbutterfly
I've been just reading about STEEM Token Swap on poloniex and I was wondering - what does it mean to all those who powered up all their STEEM?
Will we witness entire blockchain powering down? That would require cancelling all delegations, right? In that case all curation trails would also receive a serious hit. Most current projects would collapse (months of looking for support with delegations).
I'm also curious if Steem-engine will be affected - and how? Any view on that issue?
Also I wonder if we can still expect HIVES and SMTs or those promissed will not be delivered. Quite worrying questions.
Yours, Piotr
I dont know man. They probably want you to send them your Steem and they will burn it, in its place send you the TRC20 Steem tokens.
Will they do a snapshot or just leave the swap open for the next year, i dont know. Delegations will almost 100% need cancellation if they decide not to mirror.
The AMA is tomorrow and im expecting the witnesses to barrage on Justin. He cant really speak english well so it will be a fun thing to watch.
Steem-engine is something you should ask @aggroed about. In my opinion Steem-engine, if witnesses decide that Steem should be a "subTRON" token, is beyond pointless. Steem itself would become a centralized JustinSun controlled side token.
I cant say much on these topics but i see no point in SMTs or websites building communities on STEEM if Steem is simply a TRC20 token. Justin would probably want them to build a TRC20 website token, or whatever.
It is necessary to know "What was sold."
Steemit is a dApp that runs on the STEEM blockchain.
Ned sold his dApp. Now, will that sale allow the buyer to modify the entire code structure?
To make profound changes an HF must be implemented. How far is Sun willing to destroy Steemit? Does anyone buy a castle and then demolish it?
Changing the economy of Steemit would affect the economy of the entire blockchain. So why should all accounts be shut down? For what?
What would have happened if instead of buying Steemit, I had bought Dtube for example?
Could Dtube change the entire blockchain economy? I think not.
We must wait for the AMA and learn more about the terms and conditions of the sale.
My understanding is that Steemit is a company and that is what was bought.
Assets of the company include the DApp, the stake and any proprietary intellectual property created by the company.
Good point!
You're right, what was sold was "Steemit.inc".
When you say that the "Stake" is one of the company's properties, do you mean the Steem staked? Is it, the SP of the users?
Of this being true, then we will see massive Powerdown. People will want to have their liquid steem to sell it and buy other currencies. At least while these turbulent times pass.
Delegations would be withdrawn.
Then the projects based on delegations, as well as the big Trails, will be without force. A whole chaos.
Justin Sun knows he has at least 13 weeks of support. This while the powerdowns are running.
From the announcement it sounds like Justin wants to move everything to Tron. I would prefer that the Steem blockchain remains and Tron and Steem working together. But we will see, in fact it all depends on the details and what Justin is offering to existing users and investors. A merger is always a risk but it also has potential and can bring Steemit back as a top crypto project.
I would as well but apparently Justin doesnt want that. He wants to "buy the community" along with the brand name and the Steemit.inc devs. ( i assume, he has his own TRC20 devs, he could just sack @vandenberg and the lot)
There were much better ways to do this but Justin is like Charybdis from Iliade, he wants to swallow everything. This is hardly a merger.
yes, it feels a bit like a hostile takeover, and all depends on what Justin has to offer and how the witnesses, dapp authors and investors react. It is possible that there will be a fork of the Steem blockchain (without Steemit Inc) and only Steemit Inc moving to Tron and everything remaining on the classic chain. Or alternatively, that the offer from Justin is so good, that the majority wants to move to Tron, which is also a possible outcome. Exciting and stormy times ahead of us again :)
On live talking about this https://www.youtube.com/channel/UCOeDVSPVvPN_2b4Uq73DORQ
Nice video, pretty funny... But yeah, you got it, downvoted you for a misleading title. ;)
I feel kinda sick tbh...the strange thing is...why STEEM's price keeps moving up?
First time in months that STEEM got to $0.30 and I can't even celebrate it
Its crypto. Justin spams announcements left and right so nothing he says moves the price any more but with Steem, nothing big is being said about it in the media for years, so this moves the price.
Also, our "secret Slack" group members knew for at least a week.
All over the news they are talking about Steem as being Steemit, not knowing that these are two different things. I don't know how much Sun can do about the way the blockchain works, but I hope we, the community, active users, and the apps currently working to not be affected by the sell of Steemit. Man, I really don't like either of Ned or Sun. It's a very confusing situation and I really hope that this part of my life won't be destroyed. I've just turned two on Steem and I was imagining myself for years blogging around here. I don't want to blog on TRON's blockchain and I don't want to earn Tronshitsteem. I'd rather dedicate my whole time to publish0x rather than do that.
Very sad and true words @acesontop
We're on the same boat buddy
His goal is to convince the exchanges (Hes friends with CZ) that Steem is indeed moving to TRON. Thats where the fight will be had.
Exchanges run on the current chain and they would have to move and drop the current steem chain for the new one.
It all depends on what Justin manages to convince them and what the witnesses decide.
STEEMTRON isnt Steem. Its a completely different thing. What ever happens.... witnesses deciding to kill the chain or us forking away Steemit.inc stake or simply moving on and ignoring it, Steem will never be the same.
I think there are a lot of other developers and development teams that can easily and readily replace the function that steemit.inc development team did. Steempeak has been talking about their own HF proposal for after the SMT HF. If @ned and Tron want to fork off the steem block chain it is my understanding that they can do it, anyone can fork off the steem block chain. It has been done in the past or so I have read on other post. If the witnesses do not want to play ball with sun and ned then that will be an option for them. The Steem Block Chain will continue, the development will continue if people want it to continue.
We need a current Steemit.inc employee to leave for Steem to have someone to stand behind, that has inside knowledge and I dont think we can get @vandenberg. If we could that would mean a lot.
Justin wants to buy us out and only pay Ned.
He might as well be able to do that, or we prove that Steem is indeed decentralized: If he can simply buy #steem, then steem is literally worth 0. There is no point in it being a cryptocurrency.
I guess we will see, my only experience with block chain tech and crypto tech is from the steem block chain. It is my understanding that all the code is open source and is available on git-hub. Steempeak has a development team, they were even talking about presenting a HF after the SMT HF was done, so I guess we will just have to wait and see.
Not all is lost until we accidentally throw the baby out with the bath water. One good thing may have come out of the sell, maybe now @ned can buy that Lambo he has always dreamed about or maybe even be able to afford to buy Jerry Garcia's last guitar.
Yes, but the trust in the chain cant be found on Github. Also, i dont know how easy it is to actually transfer everything Steem is into TRC20, unless Steemit.inc devs havent been working on it for the last year ever since Andrarchy discussed the trade with TRON execs.
I have reason to believe some Stinc personnel will prefer SteemGoldCash to SteemiTron.
I reckon @jarvie is ready willing and able too.
The Steem name isn't much to write home about. Nobody's either ever heard of it or they've only heard bad things about it. He's after the user base because apart from BitTorrent users, he's got none. He's got a lot of money and knack for marketing.
Bittorent users or BTT users? You really think you can base value of a token on people that pirate content of the internet? 99,8% according to a research of all traffic on bittorent is illegal. You really think those people that seed or download will buy your token?
TRON has a low user number, thats why he wants steem. Otherwise he would just pay someone a few mil and make a social media site himself.
One of the best things about steem was that it was a native token on it's own blockchain. The voting system gave too much power to the whales, but it's much better than being a token on someone else's chain where you have little to no say.
Will be interesting to see what the witnesses think and if there will be broad consensus or a split.
Realistically, you would have no say. TRON has super representatives, it has no use for witnesses or witnesses would be the second tier in importance depending on how Justin decided to emulate Steem on TRON.
Sad fact to note is Justin Sun is great friends with CZ ie Binance and that our most liquid exchange. With Binance being like the flagship alts exchange, other small exchange will follow :(
The current steem might just have to be forked and called steem classic or a whole rebrand :(
Or we fully expect this merger and go all in
This is not a merger. You would be swapping Steem for TRC20 token (or whatever) and killing the chain. If the chain tells Justin to fuck off Binance cant ignore that. It will be all the investors, witnesses vs Justins word and the fact that Steem as a TRC20 token is not Steem.