RE: STEEM is still not Steemit, even if Tron buys Steemit.
Today, TRON joins forces with the Steem community & Steemit. We are so excited about this collaboration and value the voice of this thriving community.
By committing a meaningful percentage of the STEEM token, TRON now aligns the same interests with the Steem community, to bring the value to STEEM token, to keep the core value of decentralization, to grow a one-of-a-kind decentralized social media platform.
Steem community and Steemit team have been pioneering the decentralized social media initiative and now with this strategic partnership, together we have more resources, capital and bandwidth to make this goal achievable. The fact both TRON and STEEM went up today post the announcement only proves that the market and industry at large view this partnership as a mutually beneficial alliance. We will work closely with the Steemit team and Steem community on the details of how we will execute this collaboration step by step.
Please join us in this endeavor, follow me on Twitter @justinsuntron, and voice your opinions as we pursue this exciting journey!! Thank you!
Hello Justin. I'm sorry we didn't get to meet each other at Satoshi Round Table this past weekend.
There are a lot of worried community members here. Block producers, token holders, bloggers, dApp developers, and more... many people have invested years of their life into this platform. They love it dearly. They've been through a lot, and they've put up with a lot. They've seen promises broken and partnerships fail. They've put their trust in leadership and been disappointed.
They are worried.
Many cashed out a long time ago. But many stuck around and made the Steem blockchain their home. This is their one spot on the internet where they can't be censored or removed. Even if they get flagged, the content is still here, on the blockchain, and it's theirs. The way this was announced, with no community engagement, consultation of the block producers, etc... it adds to that worry.
With that said, I look forward to the AMA tomorrow. I hope there will be a partnership and not contention. I hope we can all work together for mutual benefit. I also hope it's clear that Steemit is not Steem.
Thank you for commenting.
i think justin worries only about money and his coin tron, otherwise he could develop steem as a member of the steem community, if he was really genuinely inspired by this idea. if we will jumping every 4 years from one blockchain to another, it will be not wise idea. this is very stupid action, guys, leave it and develop steem.
I know you will stick up for us Luke you have a big heart. And nothing will happen to Steem blockchain, we will continue this pathway towards success together, as a community.
That's just low market cap cryptos being low market cap cryptos. We need more time to decide if the market is approving, especially since the details regarding this partnership are very much unclear.
That being said, welcome to Steem. Interesting times ahead.
Also, the announcement he's referring to is his Twitter post. It didn't hit Steem until many hours later. I found out about it from the Steem post last night, by Justin's brand new account.
So the initial rise has nothing to do with how Steem users feel. We'll find that out over the next couple days and weeks, as people power down, sell, buy, etc.
Welcome @justinsunsteemit to Steemit and the Steem Blockchain YEHHHH you get another UPVOTE
Lets always encourage one another to do great things
You realize he's here to destroy the steem blockchain, right?
Why? He's got cold hard cash at risk. He doesn't want to destroy it. He wants it to prosper and make him rich. I do too.
The problem is he may not understand how to do that, and may think things will make it prosper that will destroy it. It's up to us, who know who we are and why we're here, to enable him to well understand what will work, and what will destroy.
They want to turn the Steem blockchain into a dapp on Tron, because they only care about the userbase. Most likely they feel its a necessary strategy to stay competitive with EOS now that it will have Voice.
That's exactly what I'm talking about. Sun is a Tron prophet. Absent good reason to also support Steem's vision, he's going to take of Steem what he profitably can use to benefit Tron, and ignore our separate raison d'etre.
By demonstrating our unique value proposition, which I believe is actually every bit as valuable as Tron's, we can proselytize Sun into supporting Steem as in independent entity rather than folding it into Tron.
To date the problem has been that PoS enables governance to be controlled by whales, and those whales have an obligation to due diligence and financial prudence in managing their stakes. This has resulted in over 90% of rewards inuring to whales, and a retention rate below 10% YOY. It's not that the whales wanted to kick new users off the platform, but that their prudential duty to managing their stake was primary, and retention secondary.
Sun is exceptionally competent at marketing, and this is an incredible opportunity to benefit from that. However, it will require diligent governance on our part - on the part of the whales that effect governance absent deployment of Tron's 75M Steem that can undertake governance at it's sole option, making other whales no more relevant than the rest of us - to raise retention to industry standards, and allow rewards to encourage high quality users to stay.
Sun is not going to send profiteers waves of new users at great expense just so the whales can profiteer away all of their rewards and keep their ROI high. @ned did, but @ned wasn't able to rein in those other whales because of his philosophy of decentralized governance. I'm not convinced Sun shares that philosophy to that extent, and he may well deploy that stake to do so - if we don't do so first.
Our governors effected EIP in HF22 which successfully reined themselves in to a degree that shocked me, ending the blatant vote selling that nearly destroyed Steem completely. This reveals they aren't utterly incompetent at governance, and are able to grasp that there is a point at which profiteering becomes insuperable and must give up some value to allow rewards to flow to creators.
While that EIP has been successful, it is not successful enough, and we yet retain an opportunity to deploy our competence to raise retention nominally to justify Sun's marketing expertise to invest in bringing new users to Steem. He can simply replace our current governance with the stake he purchased from @ned, and if we don't act now to raise retention to support onboarding, he will do so at his sole option.
Retention is ~5% YOY, and we continue to bleed highly valuable content creators today, because our current governance flows ~90% of rewards to whales, valuing their stakes more highly than platform growth. This has been proved to reduce their long term ROI, but they are risk averse as is prudent, and cash is king.
Sun has cash to invest in onboarding and is competent to do so beyond industry standards. We need to invest in retention right now so that he doesn't need to deploy his stake to make investing in onboarding financially superable.
Whales need to encourage retention by allowing nominal rewards to flow to content creators. A good gauge of nominal rewards is the original vision in the White Paper. ~30% of rewards was expected to flow to creators originally, and this would probably sufficiently encourage users to remain onboard instead of giving up when they realize their work was simply profiting whales through financial manipulation of rewards by stake weighting. Either the whales presently executing governance grasp this and undertake to make it happen, or Sun will do what @ned did not, and effect governance at his sole option using that stake to rein in profiteering so that onboarding masses of new users will result in platform growth - probably on Tron, rather than Steem - and the rest of the whales on Steem will be no more able to govern than the rest of us.
Either we demonstrate we can effectively make Steem a platform that is best allowed to profit Tron by being independent, or Sun will have no choice but to fold it into Tron and make it profitable to him using the stake that enables him to do this at his sole option.
Sun doesn't only care about his userbase. He wants to generate profit, and the userbase is the source of profit. So far Steem has sacrificed it's userbase to flow rewards to whales, and Sun will not pay to flow new users to our profiteers so they can extract the rewards of their content and gain ROI.
Welcome to Steem! Looking forward to learn more details of this partnership
Welcome to Steem, Justin! Looking forward to this being a Win Win for Steem and Tron. I will be at the AMA tomorrow. Cheers!
Time for changes. For better or for worse.
Welcome and good luck.
I agree.. At least now we got some capital to help Steemit grow!
Creating a brand new social media platform, calling it something that already exists, and copying all of it's content is not joining forces. Why not clone Facebook's content to Tron and tweet that you're now joining forces with Facebook? Much bigger audience and just as legitimate.
Sorry sir, but you are utterly wrong. At a level of content and tokens you may be right - even though the steemit was sold with its tokens and licences, the rest of tokens belong to users. One need to look at the whole ecosystem. When you rip off a significant part of economy/ecosystem - steemit is a major window for user of greater value than tokens themselves - you either take users as hostages go with me to decrease your losses or die with your crippled economy.
Major player f*** us over and forced us into China-based and prone to censorship hands.
Big nope from me on censorship. Imma get the fork outta here at the first whiff of it. I bet all my SBD that someone, somewhere, is forking Steem right now.
Thanks!
Welcome to the Game of Thrones blockchain edition, half seem to want a purge and are happy for a change, half are debating if you and/or Ned are Reptilian overlords.
Battleaxe, long time blogger and maker of Memes
Does it? Or does it simply prove that people are willing to buy any token to speculate on an upswing for any news/press hits?