How I lost over 50$ worth payout because of the funds seizure by Steem Witnesses?
Note: If you are lazy to read the whole article, you can skip to the last paragraph.
My experience on Steem was never a pleasant one in the last 2.5 years. I invested a lot on Steem looking for opportunities and unfortunately I couldn't see my funds grow. The price of steem kept falling like anything because of many unfortunate events on Steem. I have also been sincerely posting articles every single day and most of the time my rewards end up in cents rather than even dollars. Only in recent times I have been getting some decent rewards for my posts. I have been using the @likwid service for the past two months on steem because of the inconsistencies in the blockchain. Recently, the witnesses did a seizure to nullify some of the accounts with the help of a hard fork. This has also affected me in a little way.
I was expecting a 50$ payout on my post and a 16$ payout on another post that was voted by @appreciator. I had set a 100% beneficiary to @likwid to get the rewards in liquid. Recently when there was information spreading about the hard fork 23, I was curious to check who were the 64 accounts was getting affected because of this. I noticed the name of likwid in that. I don't know what harm they did in this context. As far I see likwid was a good service that was benefiting the people on the blockchain. It was also not something that was introduced recently or after the chain split. It has been there for a very long time. They also do a decent curation service as well along with likwid service.
I was so surprised to see their name on the list and it was more than 4 million steem that was nullified from their account. I was curious to check if my payouts were fine or not and the day before yesterday I noticed that I had not been getting my rewards on steem for the past 12 days. My last payout from likwid was 12 days ago. I approached their discord server and asked for help and it looks like they are already screwed and I'm helpless like everyone else who had their pending rewards on likwid. Today the team posted an article listing out the authors who were affected because of this.
https://steempeak.com/steem/@likwid/operation-affected-by-hardfork-23
According to me, if there was something wrong with the likwid service, a notice should have been given to @likwid to stop their activities or some negotiations should be made. Because of this funds seizure from @likwid account to @community321 account it is not only affecting the @likwid service but also the other individuals who were using that service. With frustration I would like to say that this is a stupid move by the witnesses.
If a group of people can seize the funds from the wallet of certain accounts, what safety the blockchain provides to the investors. All the new investors of Steem Blockchain and people who are staying invested should think about this and make a wise decision. If the seizure can happen today for all these 64 accounts, this can happen for any of our accounts as well in the future. Forget all the problems and politics we have on Steem blockchain, the fundamental safety of the assets itself is into question now.
Were you also someone who was affected because of HF23? What do you feel about the HF23 and Steem as a whole? Please share your thoughts in the comments section.
Ohh... I have been looking for a post with the names of the seized accounts, and finally I found a link to it. I am amazed, just like you, if they seized funds from a "harmless" account. They probably had a reason to do it, at least seen from their perspective, but honestly, I have no clue what it might be.
Yes because of that even the accounts that were harmless and using a service were also affected. Thats pretty sad. I had my highest payout on a post that was pending. Now it looks like I will not be getting that payout. :(
oh I am sorry to hear that, however I really miss the information what HF23
Yes the funds on steem are not safe anymore. The witnesses did a HF23 to seize the funds from around 64 accounts.
I just had a chance to read your post @bala41288
Sorry to hear about your loss. 50$ surely means a lot in India.
Hopefully being part of PH does help.
ps. how come you needed always 100% liquid rewards? Was 50/50 and power down not enough ? Just curious.
Cheers, Piotr
That was my first post with over 60$ payout. Likwid was a service that gives us rewards as 100% liquid after 7 days. The 50/50 reward was just a split between the SP and liquid. And by the way power down took 13 weeks. I wanted instant payouts and that's why I used the service. Also, I wanted to be safe with my earning by using the likwid service because anything can happen on steem. As I said, there can be another HF24, and funds in my wallet can be looted.
By the way 50$ or 60$ is not the matter of fact here. You even find me funny complaining just about 50$ but money is money irrespective of how much it is. To be fair I invested on this platform when the price of 1 Steem was 5$. At the current price, even if I try to cash out it is a loss for me.
hi bala
Sometimes I think that Likwid can only exist because people do need power down period to be shorter than 13 weeks.
Hi, @bala41288.
Apparently blockchain technology is not as safe as they describe it. In the end, it's the same as life, those who have the money are the ones who rule. Just like in real life, the wealthy can ruin anyone they want. It is unfortunate.
Thanks for sharing