Hello new Witnesses?!? What just happened!
So apparently Steem has been attacked.
It appears that Justin bribed some exchanges to take customer funds, power them up to vote for witnesses that then hard fork the network to undo the soft fork to remove steemits stake.
In reality it may have been two attacks happening one after another. First an attack against Steemit, followed by an attack from Steemit with the help of exchanges that used customer funds.
I am interested to read your thoughts and useful links that explain what happened.
Check out this podcast by @steemleo.
https://www.stitcher.com/podcast/anchor-podcasts/khaleelkazi/e/67734725
Still in disbelief that major exchanges could be convinced to engage in this unethical hostile takeover.
TBH stealing funds from Justin was also completely out of line imho. So we are now seeing two large forces fighting for dominance. This is very sad to see and destructive overall. I am not impressed with many witnesses tbh. Justin just bought 20M worth off steem and then it gets stolen from him, of course he is fighting back.
Taking over control by stealing customer funds and misusing them is horrible, but forking coins away or changing them to be a different coin is also really really bad.
But whichever side will win will get away with it.
This is nature and economics at its best. So interesting to watch.
I don't think the 0.22.2 soft fork was really stealing. These weere ill-gotten STEEM from the ninja-mine, that Steemit Inc had committed for platform development in writing for several years. STINC also indicated these tokens would not be used for voting. STINC is a corporation that's based in the U.S. that should be help to their promises.
The soft fork froze those funds until the community could ensure that these funds would remain non-voting. Yes, it was a big mistake to not enshrine the STINC promises in code sooner. Or to trust Ned.
But now we have a situation where the STINC stake is voting and unencumbered... so perhaps 0.22.2 did nothing besides create the battle. But this battle will be a defining an important characteristic of Steem going forward.
I'm just finding out about this all this and trying to make sense of it. Is there a more thorough summary and analysis you can point me to?
Some descriptions at various stages:
Thank you!!
It is a hostile Takeover from the China Clan Binance + Justin Sun.
Binance, Tether, Bitfinex, Blockchain Capital and of course Justin Sun are all involved in illegal activities and this will all blow up at some point. I don't trust any of those people. Now Steem is faced with the new reality of two extreme powerful stakeholders Binance and Justin Sun. And of course Binance used users funds to power up stake and vote for their Witnesses....which is a crime in itself.
Steem needs to decide to follow Justin Sun and a centralized cruxed governance or Fork and hope for survival.
I wonder what the Steemit.com Dev Team will be doing???
Pretty much and apparently now they wanna change the power down time to 24-48 (or 72) hours to save the involved exchanges' asses so that their customers' steem in the exchanges are not frozen. Until that hapoens, people who had funds on that exchange have their steem frozen.
https://steempeak.com/tron/@steemitblog/an-open-letter-to-the-community-hf22-5
Was anyone expecting a different outcome?
We don't know for sure. It might have been Trons' owned steem on those exchanges.
Or maybe Exchanges made justin do the 1-4 day power down so exchanges could get liquid back quickly
Are you listen to the msp-waves right now? They are still talking about this :D
Dear @knircky, i am seriously worry that something wrong will happens soon, all major users like @berniesanders and @themarkymark are heavily powering down, so what will happen to our investments? Right now i keep here just for fun and for @steem-bounty, but what about you being a top Steem honest investor?
I expected you to see you in the discord townhall ;)