Key Takeaways From The Steem Witness Chat With Justin Sun | Steemleo Show #19

in SteemLeo8 months ago

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There was finally a closed-door meeting between the Steem witnesses, Justin Sun and Eli Powell the other day where many of the current governance issues on the blockchain were discusses.

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For the most part, the meeting was relatively productive in understand Justin Sun a bit better. For me, I confirmed my suspicions that Justin really doesn’t understand anything about Steem and he bought Steemit, Inc. under false pretenses from Ned.

In my opinion, Ned deceived Justin in more ways than one about Steemit, Inc. and the Steem blockchain.

Ned has come out and said that he pursued many acquisition deals until finally he found Justin and they came to an agreement.

In my opinion, the prior deals all fell through because the companies looking to acquire Steemit, Inc. dug up all of the dirt on the company and how Ned had made promises that he didn’t plan to keep and how he ultimately did nothing for the past 3 years and ran the company into the ground since Dan’s exit.

Again, this is all my speculation, but I believe Justin was fooled by Ned because Justin’s team is mostly incompetent — especially when it comes to technical details.

Justin claimed in this chat that his team did due diligence, but only on the documentation provided by Ned. That is not called due diligence, that is called naiveté and poor business practice. You don’t buy a house and take the seller’s word that there aren’t any leaks in it. You have it inspected before you sign the deal.

Anyways, in this talk I just find the key points from the meeting between Justin, Eli and the witnesses. I also conclude with what is (in my opinion) the easiest path forward — a win-win for all parties involved. Justin declining the right to vote on consensus and the Steem Blockchain witnesses signing an on-chain agreement that they will never touch Steemit’s stake in the Steem Blockchain ever again as long as the decline_voting_rights op is in place.

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Bittrex still works! I just tested yesterday. I have actually bought a bit to commemorate these events... (not saying you should all trust now on Bittrex ok? Centralized exchanges are always a risk).

I would like stress the great efforts the STEEM community is witnessing in history of the blockchain technology and all the involved technology, being that programmatically or in social sciences, from the principles imprinted on the bridges between code and society.

It's truly a privilege to witness all these events, that hopefully will conclude in a more decentralized STEEM and inevitably already, more awareness of what is this amazing community.

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Sounds like Justin should just stick to promoting and let the smart people like you and witnesses get steem working in tip top shape to protect his investment. I'm not sure his ego will allow it but if he understands how the good the product he just bought is he would be well served to do just that.

Impressed by the way the witnesses handled themselves?

I would be impressed to - if it was an under 5's meet up in a kindergarten! lol.
Have some people never left their basements?(never mind immersed themselves is other cultures)

It was beyond naive.
You cant know what you don't know, I realize that.....
....but imagine if you did know and was watching this train crash in action- and couldn't tell anyone, because of the crowds total naivety?

bro, it's over. the ninja mined stake is now less than worthless. sun cant provide value to us to get an roi because we cant trust him.

it needs to be used for development, but it cant be used for that. paradox... and he doesnt even have devs.

he bought that stake under market value. he bought 65 million coins and the price stayed flat. we cant allow him to dump it either.

bottom line

the ninja mine is going to be deleted and sun will be left with nothing. i 100% guarantee it. all witnesses will hide this truth until they have the power to do it. they will lose votes if they admit it.

if justin sun forks the powerdown, we fork and hes left with nothing (also the 3 attacking exchanges will lose all funds. if we take back the network we will freeze his account and eventually flush it down to @null. sun created a lose/lose situation the second he 51% attacked his own investment.

hes in so much shit right now, and if he actually gets what he thinks he wants (quick powerdown), he'll be in even more shit because Binance, Huobi, and poloniex WILL LOSE EVERYTHING. we will fork away the stake of every attack vector. all 3 exchanges and the ninjamine will be deleted. all investors of steem on those platforms will form a class action lawsuit for the crime of using investor funds to attack said investment without permission. this is a highly likely scenario because sun is acting rashly without considering the consequences and has no idea how decentralization works.

No.. He's full of shit. He cares about two things..

  1. Help exchanges get out.
  2. Hf and dump all his tokens on us with a big fuck you to the community.

That's all he cares about at this point.

If course we care him not selling. This is the development fund. We care a lot. If he wants to sell he needs to provide development.

The decline vote needs to be on any exchange account. They seem to be the biggest problem and show they can be paid off.

As for steemit inc them not voting is also needed I think. But going forward we need a thing in place that 1 party can't vote a consensus

Congratulations @khaleelkazi! You received a personal award!

Look's like you do not like Justin. Did you really downvote him?

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

Use your witness votes and get the Community Badge
Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Nice photo in the thumbnail!

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