RE: Thoughts on what's on everyone's mind
I think you're missing what I think is the most likely scenario from having closely read the announcement.
It sounds to me like they will make a new token on the Tron blockchain called "STEEM". They will then implement the Steem "Proof of Brain" system as a Tron smart contract that uses that new token and steemit.com and any other dapps that migrate over will switch to using that.
Then they tell the exchanges (with which they now own all of the relationships that Steemit, Inc had, on top of their existing relationships) that "STEEM" is now the Tron token version. My guess is Justin probably already discussed this with most major exchanges that list STEEM before he made the acquisition.
Then they have steemit.com, some other dapps, and all of the major exchanges considering the Tron token STEEM as the real STEEM, and just like that Steem is now on Tron.
The blockchain we know as Steem will still continue to run, but it will have lost its exchange listings, main dapp, and therefore most of its value. We will have to start all over to get exchanges to list it again and they will do so under another name like "Steem Classic" for example.
This is by far the most likely scenario to me. It makes perfect sense from Justin/Tron's perspective and I think the wording in the announcement alludes to it. It doesn't require them to do anything with the steemit stake, or bother with the witnesses on the current Steem chain.
A lot of people are focusing on the "token swap" term, but my guess is that was just a misnomer and it be more like what we know as an airdrop where for every STEEM/SP you have on the current Steem chain you get the equivalent of the Tron version.
Is it possible to do this in a backwards compatible way such that:
It doesn't seem like an easy task to port the Steem node implementation, itself a major codebase, to a smart contract.
This is an important comment, and is a scenario that is likely. When you look at the front-end for Steem (through a google search) it is mostly steemit inc properties.
I hope there is a token swap so existing steem holders don't get shafted with their current holdings. We'll find out more following the stream.
The front end is condenser and is open sourced.
We're going to fork the current state of STEEM and branch off from this fucking Steemit Inc sellout bullshit.
This seems to be some sort of exit scam plan or some shit in my opinion. Steemit inc no longer has to struggle developing STEEM, easier just to sell out and walk away with some cash.
I still don't get what they really get out of their purchase if they do all that? Some dapps? Some new users? That is a very expensive acquisition to kill most of it off - isn't it?
Good dapps and real users are kind of the holy grail when it comes to blockchain platforms, and Steem has a good amount of both and was available to buy at probably a relatively low price.
Quite the contrary I think. Let's say they bought Steemit for $20M (this is just a made up number, I don't know what the price was) and they have maybe a $400M stake in Tron (also a made up number), then if TRX goes up even just 5% as a result of all this then it's well worth it for them.
Sure, but it would have to hold there and they'd have to sell.
It makes sense to keep Steem as it is (SMTs/ communities) running into a Bull-market, wouldn't it? TRX holdings and 40M Steem is going to be more interesting in 6 months just because of the hype.
Nah, my guess is they could care less about the STEEM. It's a tiny nothing compared to TRX as far as market cap is concerned. Justin/Tron has a lot of money and they want to use it to give more value to TRX generally.
Then, they could just offer TRX incentives for the Dapps and community and many would jump ship.
He bought the real capital of steem, a group of relentless shitposters, he wants that traffic farm for tron, simple as that. He could have "offered incentives" as you say, but from a pragmatic perspective a hostile take over is way cheaper and simpler. And from a marketing perspective the take over has the sufficient shock and awe(specially the day Voice launches), when the "offering incentives" alternative clearly lacks it.
What is Voice? Lol
There is marketing potential but also a lot of risk that what he buys is vacant.
I think you are not understanding possibly because you believe Steem is better positioned than it is.
Steem had poor prospects the whole time for the next bull market. SMTs? No big companies were going to give a shit and the small projects would not amount to much value. SMTs were simply highly limited tokens marketed to projects that don't have the money to pay a solidity dev.
Voice is a big deal, not just to Ned who would see it as the threat Dan aimed it to be, but also to Tron. Steem is small potatoes, Justin probably sees it as near worthless shit. What he likely cares about is Voice, because Steem is a joke to him, EOS is the enemy. And Voice is the challenge to his BTT plans.
In all likelihood, the Steem acquisition of the Steem community is nothing more than a short headstart for BTT plans vs. Voice.
but how retarded is this. He buys Steemit inc and Steem gets fucked?
On a Blockchain Free uncensorable blah blah blah it shouldnd possible.
Fork out Steemit, with all there Steem and bam we win. It should be fast before things goes crazy.
newsflash: it was all a charade
Ninja Start, Ninja Exit
ninja profit
Interesting point.
But wouldn't $20million allow them to organize huge marketing campaign and hire several professional businesses to build community of loyal TRON followers?
If this takeover will be considered 'hostile' by current userbase, then TRON would lose not only money but they would end up having large amount of wealthy users, who would be very unhappy - such a community surely wouldn't bring much value. And it would create many conflicts.
Exactly my thoughts.
Trying to fight our way back would involve a lot of explaining to do. There are even long-time Steem users who use Steem and Steemit interchangeably. The original chain would probably have to be renamed. It would go the way of the earlier Steem forks pretty much into obscurity. Does anyone even remember Whaleshares any longer? Golos has a whopping $0.8 million market cap.
The exchanges are key. Without being listed on major exchanges, a coin has no liquidity. No liquidity means no monetary value. Of course, the chain will survive but only as the playground of a few hard cores.
On the other hand, the user base is what Sun really wants. The question is what the current user base of Steem is really worth. 40,000 daily active users or so might be big for a blockchain supporting social DApps but it's a drop in the bucket in the larger world of social media.
I really don't know exactly what to make of this, yet.
Good points. It's hard not to agree with you @markkujantunen.
Lack of liquidity is the very main reason why most businesses fail.
I agree with this. I would stay on Steem Classic and would like to have conversations about allowing rewards to be given out in ways other then posts / comments. I would like to see it become not only blogging but a great blockchains for games.
Are you interested in running a Steem classic witness ?
That's not the best scenario, I'm guessing we'll be like ETC is to ETH if Vitalik had sold ETH to Ripple. Hmm, it's all very confusing right now.
It sure is!
Steem Classic would be too small to survive if the dapps go and we lose exchanges.
This is exactly what I anticipate to happen..
and are you worried or excited @itstime?
worridly excited....
Hi again @itstime
Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)
Link to my post: on steemit or on steempeak
Thanks :)
Yours, Piotr
So they will basically buy Steemit.com and the STEEM token brand/listing and leave the Steem blockchain on its own ...
This is. exactly the scenario I see.
Steem Classic is the one that pegs to steemp - with steemp we are already on the exchanges, whether through DEC on newdex, btcp, pegged ltc or doge.
Ironically, that peg may save the chain.
Damn. This makes sense and would be unstoppable.