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RE: Thoughts on the Exchange Bailout

in Philosophy3 years ago

I agree completely with your sentiments, but must take issue with your proposed solution.

"My thoughts are that we should under no circumstances allow this fork to go live."

We don't have any such power. The exchanges remain powered up, and in possession of the stake requisite to effecting governance of Steem at their sole option - which they have already demonstrated willingness to do.

We are being allowed the appearance of such power by the exchanges, but that is only an illusion. The decentralization of Steem has always only been an illusion, since during @ned's tenure as CEO of Stinc, he always had the ability to undertake governance of Steem instantly at his sole option. He never did, and that has made the illusion of decentralizaton credible.

That illusion is no longer credible, as it has provably been dispelled.

If the exchanges and Tron execute code that renders their accounts incapable of voting for witnesses, then Steem can become decentralized (to such extent as it has appeared to be in the past, FWIW). Failing that, Steem has become the possession of Tron.

That's all the options there are. Sun has two choices: execute code restricting his accounts, or live with destroying the value of his stake.

We don't have a choice.

Thanks!

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Very true, I am hoping the exchanges got a real awakening with the fallout of their recent actions, but the fact that they aren't powering down makes me think we're likely to see another fork being pushed through. Honestly if they hardfork... I think our only real option is to have the community elected witnesses continue running 22.1 and fork off. It is what it is.

There would be serious legal complications to this course of action if the exchanges decide to do this, particularly now that they have publicly stated they would remain neutral.

They made the mistake and it should be on them to make their clients whole WITHOUT resorting to a vote that would change the economic dynamics of the entire chain, particularly when they didn't have permission from their clients in the first place to make such a change.

They would be fools to create that precedent.

Either fools, or too big to fail.

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