#12 | Tronit, The Future of Steem & My Take on The Pros and Cons of Justin Sun
The announcement of Justin Sun buying Steemit, Inc. has been met with so many mixed feelings and confusion. It’s a big deal for anyone who’s paying attention to Steem.
There’s good and bad to this whole situation. So far, nothing bad has happened. We’ve seen Steemit, Inc. leave the hands of a founder who had grown uninterested in the project (Ned) and lacked vision, execution and resources to bring Steem(it) any further.
In my view, all the same risks exist. Ned could just as easily use Steemit and his STEEM stake to overtake the blockchain in the same way that people are worried that Justin might try to do.
The thing that kept Ned from doing that is the same thing that will keep Justin from doing it and it also happens to be the same reason why 51% attacking the BTC network doesn’t make any sense — the game is created in such a way that the financial incentives lie in propping up the blockchain and growing the network, not tearing it down.
If Justin stomps Steem into the ground, then he loses a major investment. It doesn’t make financial sense. If Justin, however, allows the Steemit team to continue their development on Communities and SMTs (not to be confused with MSTs), and then he puts his full marketing dollars and weight behind those launches and announces them to the world… think of what that could do for Steem. Think of all the major attention that our blockchain will get.
The floodgates could open once again.
There are pros and cons to every situation. There is a bright side, but you have to be willing to look at it. Keep your awareness about the downside and understand the risks of having Justin in a position of power, but also keep your awareness about the upside and understand the benefits of having Justin in a position of power.
In this episode of the Steemleo Show, I give a bit of a rant as I recap the long day we had yesterday between the AMA followed by the witness chat and then give my thoughts on the future of Steem as we know it.
Links Mentioned:
- https://steemleo.com/hive-136578/@midlet/steem-tron-thoughts-the-best-we-could-have-hoped-for
- https://dex.steemleo.com/market/LEO
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▶️ 3Speak
Posted via Steemleo
Have you considered that his intention is to try to strong arm users into moving to Tronit? Make they feel they have no recourse and the screws will start to be removed.
This isn't farfetched imo. It's strategically sound. He may also think the investment is trivial as a mechanism to remove a potential competitor in a space he seems to have his eyes on.
Think it's a coincidence this is happening in line w the Voice EOS launch. It's not. Think he will still end up coming out on top. His cult will grow. Many of us will take an L.
Life will go on. The spirit of Steem can live on however. (At least the good parts)
These are just my personal opinions / speculations.
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From what I've heard he spent 10 million on the entire thing. Even if we doubled that amount, he still spent 10 million less than what Block One spent on the voice.com domain alone. For his money, he gets a well-trafficked site with an existing user base. Given the timing of the announcement to coincide with the Voice announcement, it's surprising how many people think his top priority would be the STEEM token as an investment. In a way I think people are conflating their own value of a dollar, and the STEEM token itself, to how Justin Sun actually values them. The investment is rather small compared to other financial activities he has partaken in. The overwhelmingly large token stake could be the very mechanism used to force the issue of Tronifying the Steemit website, and forcing the decision onto the average STEEM holder to either accept the inevitable dilution and go to the Tron chain, or take your chances on a community fork.
I think his shilling skills are really good for steem. That one guy, somehow has managed such a strong appeal on social media and has kept tron relevant even when it shouldn't have been. I think the partnership may be great if steem blockchain is left as is and development and marketing finds some dollars.
P.S. but then I think of everyone's reaction to the news. Part of it is that it is impossible to take Sun seriously. So will steem be taken seriously if Sun markets it. I am a little hopeful but not really sure.
It is a definitive dichotomy -- on one hand, Steem has always lacked marketing and now Justin Sun is the largest stakeholder and he is known for being good at marketing.
On the other hand, Steem is a community that values independence and freedom from Steemit, Inc. If Justin doesn't understand that key component of what it means to be a Steemian, then he will lose favor with the people on this blockchain. Losing favor with us means his investment in our blockchain (70 million STEEM) and the top application on it (Steemit) is essentially worthless.
Posted via Steemleo
Good detail has been put into this. As any investor and businessman would ,we want to have our investments grow and provide profit. First thing that really needs to be fixed is the on boarding problem . I got a friend join steem and he was so confused with 1 the "free" account creation time and 2 the amount of keys Steem has (While key-chain does the job it certainly has to be set up manually). Fixing the problem would make less people give up right at the door. It can already be hard enough to get them to that "door" in the first place.
Posted via Steemleo
Yeah, I think we are missing a lot of the details and planning that have happened behind the scenes as this was all thrust upon the community.
Ned was the devil we knew and Justin is the devil we don't.
For all we know, Justin could bring tons of capital, development and marketing awareness to the Steem blockchain that we have sorely lacked. It is now in his best interest -- in having 75 million STEEM -- to make the blockchain more valuable through his Steemit.com platform.
Posted via Steemleo
Well said, my friend that I invited had been so surprised that there are so many Steemit.com users and has not heard of the platform before. His major concern afterwards has been the repetitive content.
But what concerns these changes I would say one way or the other we can gain from them.
Posted via Steemleo
I totally agree with you. Why would he invest into something to tear it apart. When buying steem he wanted the traffic and the users. In my opinion he will do everything possible to keep us happy. The big value of steemit is the community...
Absolutely. The only value I see in buying STEEM and acquiring the Steemit.com app is to bridge his way toward the Steem community, not alienate it.
Posted via Steemleo
thing that they f-up was that tweet and blog "we are tron you will be assimilated". now was that a lost in translation, or did they thought that people on steem will be happy about that, or was it just for tron users, we will see.
I think a lot of the communication issues are derived from 2 primary sources:
I think 2. has to do with the deal being pushed forward for certain reasons. Perhaps the voice launch or perhaps some other factor. The deal seems rushed and I think a lot of the specific details are still being worked on internally by Justin Sun. I mean, he didn't even talk to Eli Powell and the Steemit, Inc. employees.
This will all blow over after a week or two when the dust settles.
Posted via Steemleo
it is weird, it does feel rushed but it also looks like it was done on the 14. for a reason.
some things that they wrote are impossible (like that deleted article about coin swap with a time limit, it is not possible due to staked Steem), but then it is weird to think that they don't know what they bought.
we will see in few weeks.
Also people don't think about Language barrier, but i do feel it when i try to speak english, even i have no problem understanding it.
My sentiments exactly... this is a great opportunity and win win for everyone involved. Sun does not have a history of buying things to destroy them. And Ned just helped us (all) by opening the door to a ton of new users.
Good times ahead!
Posted using Partiko iOS
I agree, this could be a great opportunity for everyone on Steem.
There's certainly some risk that we could be moved over to Tron in a hostile way, but I don't see that as the likely outcome. It's not in the best interest of Steemians and because of that, it's not in the best interest of Justin Sun.
Posted via Steemleo
Absolutely agreed. People getting way too emotional about this. That's always indicative of a "blood in the streets" moment IMHO.
Posted via Steemleo
the best of both worlds would be nice. I’m just hoping he doesn’t appeal to people’s worst instincts and attempt to market to people I’m away that encourages a lot of problems we already fixed. He will surely market “well” in the sense that it brings over users but who are those users and what kind of attitude do they come here with?
If he spends time getting to know the community and devs and listens to input, this can only be good news. We just have to wait and see if he does
Posted via Steemleo
I think that when you see it as a business you realise that self interest is the main purpose for these moves and I think thats what makes me more bullish. This guy wants to get a maximum return on his investment and for someone to put his money behind a project.
Justin didn't have a social media platform in his portfolio so why would he want to kill it. He can reach more users, more investors and more profit by having both blokchains.
There are things steem does better and things tron does better by offering both you can attract dapp projects from the likes of EOS and ETH making the tron foundation the leading place for dapps to build here.
If anything he gets the lead out of the asses of the steemit inc team and get the shit done and needed to unlock the potential in STEEM.
Posted via Steemleo
i hope he does just that.. puts more behind the team