There has been some noise
surrounding a possible STEEM Fork.

We have seen STEEM forks before carried out by Steemit Inc.

What is different with this Fork?

This would be a hostile fork. Someone has created an piece of code that makes an option for a fork of STEEM where Steemit Inc’s accounts would be owned by someone else while everyone else will continue to have their account. There are many fundamental problems with carrying out such a fork.

The problems with this Fork:

1. There is apparently no community to support it.
2. There is no active leadership.
3. There is no fork software. This is only a piece of code.
4. It is highly unlikely that the majority of front-ends will support it. Without this, there is no point in having a fork of STEEM.
5. Most witnesses seem unaffected by the news. I would suspect they know that this is a non-issue and would not agree to accept the fork. Without witnesses to run the new fork version, there is no fork.
6. There is no infrastructure to support the fork.
7. An overwhelming number of people use Steemit front-end instead of all the other front-ends combined. Steemit Inc will never switch their front-end over to the new fork of STEEM.
8. Finally, no exchange will support the fork. Why? Because there is no community support or leadership. I also want to point out that no one will pay the exchanges to list the new forked STEEM.

My Opinion:

Someone out there is mad at Steemit Inc or the STEEM community. This is just a scare tactic. Steemit Inc is not at risk WHAT-SO-EVER from a hostile fork.

Why is Steemit Inc powering down?

I cannot answer that with any degree of certainty. I can give my guess though. It is possible that Steemit Inc is looking long term. Their desire is clearly to separate themselves and allow more front-ends to take over. If there were other independent front ends that supported the majority of the users, only then would Steemit be at risk from a Fork. Since Steemit Inc apparently wants others to take on running front-ends in the future, it would be wise of Steemit Inc to move their STEEM to more secure accounts as this fork “hoax” shows that they could be vulnerable in the future.

For those that still want to run around with their hair on fire, go right ahead. People that know better will grab a bucket of popcorn, sit back, and watch them make a fool of themselves.

Please remember to VOTE and ReSteem

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For a breakdown of how Steemit Rewards system works:

https://steemit.com/steemit/@socky/simple-steemit-rewards-breakdown-how-it-works-since-hf20

For a breakdown of Steemit Keys:

https://steemit.com/life/@socky/do-you-understand-your-steemit-keys

For a breakdown of why Steem Power is Important:

https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read

How to improve STEEM payment system:

https://steemit.com/steemit/@socky/introducing-the-hand-shake-and-how-it-can-revolutionize-steem-blockchain