65 MILLION FROZEN STEEM
65 MILLION FROZEN STEEM
A few days ago the witnesses implemented “Softfork 222” they have temporarily frozen /suspended five accounts: here are the five accounts with their relative value.
I’ve been doing my own research on the topic, in terms of the volume of accounts they could have frozen under the same principle this is a very small proportion.
You MUST have seen the article I am referring to here and the response from Justin here. Justin is arranging a town hall discussion for 6 March 2020.
These five accounts represent the vast majority of what has been described as “ninja-mined” STEEM. There is little content on ninja-mining, but if you missed @aggroed’s opinion on ninja mining it is here.
With these 5 accounts above valued at approx. 65 million Steem and the Steem Supply being approx. 374 million – they could potentially yield a lot of power.
As an example: the largest current witness voter @freedom has circa 10m SP and so if the Steemit Inc accounts were used for voting for witnesses the keyholders to this major stake (equivalent to 65 million SP) could in theory replace all the current witnesses, and bring about a new course of direction for the Steem Blockchain.
QUESTIONS
The very topical issue has raised so many questions to me:
- Does a promise to a community to use the Steem Power in a certain way or a “2017 roadmap” explaining how it could be used, have any legal sway on how the stake is to be used? I doubt it very much
- What is the definition of ninja-mined? There will be a cut-off in March 2016 when many others could mine Steem to the same extent as the Steemit Inc team and staff
- How do you identify the list of accounts created in chronological order? Can it help identify when ninja-mining was started by others and therefore in theory when the sole bias towards Steemit Inc ceased?
- Could the SPS fund a Ninja Mining Investigation?
Please let me know if you have any opinions on these questions.
For Information:
Not all of witnesses have implemented the software code (0.22.2) to enact the soft fork: I know that @timcliff here and @blockbrothers here have both explained why they won’t implement the temporary softfork code.
For more information on Witness Voting - please see this post. Exercise your right and get voting for witnesses: https://steemit.com/witness/@cryptocurator/witness-voting-as-important-as-ever
The code for such a limitation also was implemented way back in 2016 - so it was something that was supposed to be enforced by the blockchain.