Steem Classic, anyone?
I know, it's probably best to wait for more information, but thought I'd speculate on the announcement.
Be warned: this is pure speculation, and I could be totally wrong.
These dudes know how to groom their hair, will give 'em that. But Ned does not look like that anymore.
Edit: Here's the original announcement from Tron: https://medium.com/@TronFoundation/steemit-joining-tron-ecosystem-6ad66584d0b
Key emphasis on these lines:
TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain
old STEEM token to a new TRON based STEEM token, giveaways to the existing TRX users with the new TRON based STEEM token
Anyhoo, the wording in the announcement sounds very much like the Steem chain is being abandoned and much of the existing infrastructure and dApps are moved to Tron. That's speculation, but what definitely isn't is that there's a token swap coming soon to move from STEEM from the Steem chain to Tron network. The question is - how can they make such decisions without witnesses approving it?
The answer is, they can't. The Steem witnesses, and indeed, the existing Steem chain at large, will have nothing to do with the TRC STEEM token.
Does that mean witnesses are fired? Yes and no. Which means, there's going to be a split in the Steem network, one that continues the existing Steem chain, and one that moves to Tron.
Someone with better information, please educate us.
Addendum: Poloniex has confirmed the swap. Yes, the STEEM tokens are being moved wholesale to the Tron blockchain. Additionally, there are giveaways for TRX holders. I certainly hope those tokens come from Steemit Inc's stake, but either way, that's pretty bad news for inflation.
Addendum #2: Ned is more candid. In no uncertain terms, he has sold Steemit Inc to Justin Sun / Tron.
Update, 1 hour later: Others seem to be interpreting the announcement similarly. My only hope now is that the transition is gradual and well thought out. We'll find out tomorrow.
Update, 3 hours later: As mentioned above, I just wanted to clarify that we don't know the timing. It seems obvious now that as per Tron's current plans, the current Steem chain will be abandoned and everything moved over to Tron. However, what we don't know is how long this process will take, how gradual the transition will be etc. We'll find out more tomorrow.
Update #3: I'm seeing a lot of chatter about how "witnesses will decide". No, witnesses have no say in the matter. Tron has their own witnesses, the Steem witnesses are irrelevant to them. All Steem witnesses can do at this time is a) convince exchanges/Tron not to support the swap; or b) let the swap happen with TRC STEEM becoming the new STEEM, and continue the legacy chain as STEEM Classic or whatever. Of course, there'll be an interim period while infrastructure and dApps are migrating to Tron that Steem witnesses will still be needed to keep it running. But once everything is migrated to Tron, Steem witnesses will have no influence whatsoever. That is, unless Tron have some wild new plans for the migration that we haven't considered. We'll find out tomorrow, as always.
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!
Mild downvote only for excessive rewards not needed to maximize visbility
"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."
And what does it mean now that a day has passed, and the price has crashed back to below where it was at the announcement?
It is a copy and paste response that is just the original post he made here: https://steempeak.com/steem/@justinsunsteemit/excited-about-tron-and-steem-steemit-collaboration
Looking forward to the AMA Tomorrow Justin 🤑😎
Can you share some more details on the AMA ?
Great annocunment and now STEEM is famous thank you!
!thumbup
Hello @justinsunsteemit! You are amazing!
command: !thumbup is powered by witness @justyy and his contributions are: https://steemyy.com
More commands are coming!
Hi @justinsunsteemit. It is great to see you here and glad to see that your values align with Steem. There are several win-wins here that we all should be working for, but, as i am sure you are aware, we have to be very careful about the way we put the vision for this to the community.
Hopefully you are aware that based on the information that you have released so far, the community is very worried about what the next steps are and there is a lot of talk about a fork away from Tron within the Steem community as many members presently see this as a hostile take over by Tron and not a mutually beneficial partnership.
In order to calm nerves and bring stability to this deal, it would be beneficial for the communities from both chains, the Tron team and the Steemit Inc. team members if you could focus on the following with @ned in tomorrow's live stream:
From what i have picked up today, these are the main concerns from the community and closing these items out in the live stream tomorrow would benefit everyone. Additionally, positive answers to these items will almost certainly result in token price boosts to both Tron and Steem and a sustainable growth together in the future. Taking on board what the community is saying, un-clear resolution of these issues will likely result in a break down in the deal and a hit to reputations on all sides, as well as a hard fork.
I bet Twitter is a better way to get through to him since I can't imagine him personally reading his Steem replies at this time. His PR team likely is managing this account.
i think he has a management team running that as well :)
Ahhhhh, and you're likely right. It was my hope that his management team would be more effective/rational/responsible/everything. How foolish of me.
Not sure about this actually. A 'legacy' Steem would in fact be a new token, since @steemit holds enough Steem to vote in witnesses to effect whatever code Tron seeks to implement.
We'll see what comes, but I am deeply troubled by the prospect of Tron assuming control of Steem. Steem is presently the only vector for my posts. I have been banned, blocked, or unwilling to use other platforms due to censorship issues, and if Tron significantly changes Steem's censorship resistance - which I believe is certain, due to it's dependence on China - Steem will no longer be available to me.
That being the case, I'd like to here and now express my appreciation for all you've taught me during my tenure on Steem. If I get the boot, I will miss your insight and forthright speech.
Thanks!
If there was to be a Steem Classic, it's quite likely Steemit Inc's stake would be burned out. The code for that already exists, written by an ex-Steemit dev last year. (I forget his name)
Amen. Frankly this is much less of a disruption to the network and much smaller of a consensus protocol change than migrating the entire ecosystem to a new blockchain.
does that mean i can swap my steem for some tron tokens AND keep my other forked steem AND we might actually have a decentralized platform?
That depends on when the snapshot is taken. If you swap after the snapshot for forked Steem, then yes.
yes i wanna see some statements from the current witnesses, how many people are actually following them and stuff. i'd have to listen to justin today. i'll wait and see, but i don't like the fact that they're setting up a swap between steem and some other token(?).
Would there be enough drive to build upon Steem Classic? Devs and Witnesses seemed to largely rest on their laurels for their past contributions and farm these days... I don't see them surging to change their stripes after the initial shock passes here.
Good question. This is a bit different as this is the first time there's an existential threat to witnesses. There are many ways to merge Steem with Tron, but one way listed in the original announcement is simply moving all dApps, tokens and infrastructure (including Steemit.com of course) straight to Tron. If that happens, Steem witnesses will effectively be made redundant. So, they have much more motivation to do something about it than ever before.
The fact that Steemit holds enough Steem to control the network is worrying!
The dont appear to use that influence but maybe now under new management it will change.
Maybe that wont be so bad and may even clear a path to achieving wider adoption rather than the shrinking real user base.
They don’t
I haven't heard this opinion before from someone apparently as experienced and knowledgeable regarding software development (I had a look). Can you provide some basis for your opinion? Mine is based on my understanding of the initial ninjamine, and while Steemit didn't completely dominate that process, combined with certain well-haired former CEOs, my understanding was that it could bring in new witnesses with stake to spare.
Thanks!
You're not wrong, but try to be concerned instead of worried. Worry is bad for your heart, I hear.
First Steem fork Golos has experienced something similar: in August 2019 old Golos team migrated to a new EOSIO-based blockchain, while old Golos was saved by witnesses, and also old founders stakes were frozen.
That's interesting. Are there any detailed articles about it? Hope the current Steem witnesses can study that and decide what to do.
No detailed articles in English unfortunately.
You are assuming a lot of things friend.
So much of that sounds downright impossible. Do you have previous experience with Justin Sun? Everything out of his mouth is an over-hyped lie. I don't understand why the market is still perma-bullish whenever he opens his mouth. Nothing he says has the weight that is implied.
Have you read any of TRONS documentation? Lot of its is so arbitrary and that is putting it lightly.
This is me every 5 reading that crap.
To think that Justin thinks he could slap Steem in top of Tron shows just how disconnected he is and it irks the hell out of me.
But you know what really is bugging me is how people here are acting towards him. Well guess we learned a lesson.
Just say no to ninjamine!
How are people here acting towards him?
In my experience most are rejecting him completely.
Personally I think it's nice that he's just a hype man.
Way too ignorant to pull off any kind of crazy hostile takeover without major help from Steemit Inc.
Seeing a bit of brown nosing. Others are likely just under the spell / less discerning.
It's no secret that a lot of people here just care about the dollar signs.
Unfortunately they don't see the vision of long term success.
Chinese investors trust their own big names
I don't think I'm assuming much. Can you interpret these statements from Tron's official announcement any other way?
No, I don't know much about Justin Sun, but certainly significant capital believes in him. As evidenced by Tron's $1.75b market cap, #12 on CMC, and STEEM's uptick since the announcement.
you dont need to wait it is pure game theory regarding the voice launch. Wrote about it in december:
Im getting the fuck out. This wont end well.
Justin doesnt give a shit about a few million so he probably wont negotiate.
A split community loses and CZ is friends with Justin so he will just delist legacy Steem.
Wer fucked. Ill pay attention to what happens but most likely im out... Was a good run.
Same
Let's wait for the AMA at least...
Does that mean that the original Steem blockchain can continue developing or is this the end?
Sounds pretty clear that this is the end.
Other developers are free to continue working on it. (Hence the Steem Classic thing)
this is going to be a mess
Not sure how this works.
If the witnesses were able to make a divergent blockchain right now, would we be able to fully escape the Tron's Black Sun? Or has Ned had some kind of secret ownership keys all along that locks up everything the current witnesses are capable of?
well it depends on if Tron/Justin is willing to use the Steem stake formerly owned by Stinc to just vote in his own puppet block producers. It isn't a secret key, it is just that Steem was never actually really decentralized - Steemit, Inc. just didn't use its huge stake to vote for witnesses. Nothing to say that Tron won't use the stake, and actually given Tron's reputation as more or less a centralized blockchain run by Justin / Tron foundation, I would be a little surprised if they DON'T use the stake.
Ninjamine... Not even once
The witnesses can fork current Steem, fork out the Steemit Inc stake, and having done both of that this new chain will effectively be rid of Tron's influence, yes. Of course, whether this new chain's token will be worth anything is a different matter.
Anyone can fork Steem doesn’t have to be an existing witness
Yes, sure, but no one's going to support a random fork.
If forked before Justin sets up his own witnesses? Before anything happens and the ninjamine is forked out?
He would have to set up a whole chain from scratch. That might work.
Justin already has his witnesses set up on Tron. He doesn't want to set up any new chain or fork, just move everything over to Tron.