The Crypto World Watches SteemsteemCreated with Sketch.

in SteemLeo3 months ago

It has finally happened. For years people were wanting to get the attention of those in the crypto world. Justin Sun managed to accomplish that in under two weeks.

While the attention being received might not be what he intended, it is showing the power of community. The actions by Sun are a hostile attack. This is bad enough but the evident collusion with exchanges were custodial STEEM was powered up and voted upon is really sending shockwaves through the industry.

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Andreas Antronopoulos feels this is a huge learning experience for the industry.

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It stands to reason the decentralized world is not going to be fond of a hostile takeover. Nor is it likely that they will embrace the centralization of a decentralized blockchain. The idea is to move further away from centralization, not towards it. People like Sun are not scoring points within the industry.

At this point, all eyes are watching how the community handles this situation. I can venture a guess which side they are rooting for. In short, this is much bigger than Steem.

The fundamental basis of decentralization is to create a system that is free from outside attacks. This is true whether it comes from a very wealthy individual , large company, or government. The key is to have the power distributed into the hands of a community where the single point of failure is eliminated.

Of course, Sun was able to find that which is causing the stir. Other DPOS systems are likely equally as exposed. Bet the ranch Buterin is watching closely since Ethereum is switching to DPOS. This is the lesson that Andreas was referring to.

Dan Larimer chimed in with his thoughts on the subject. Since he is the one behind Steem and DPOS in general, he has a vested interest in the system not failing. Perhaps he is trying to shift the attention to the vulnerability in the design but here is what he said.

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That said, Larimer is not wrong. Forking is the last defense against hostility from the outside. Anyone can fork a blockchain with the technical know how. It does not require consensus or a majority. It is a matter of altering the software and running it on a computer.

Of course, having consensus increases the likelihood that a new chain will be successful. It helps to have users and applications that are willing to follow. This is at the core of Dan's tweet. A community that is united can protect itself against an outside threat.

The other important component to this is the new chain that is created, the ones starting that are free to distribute the tokens how they wish. They are under no obligation to utilize what was on the previous chain. Thus, bad actors can be left behind.

Where does Steem go from here? It is only a matter of time before we find out. Whatever the resolution is, we are going to be a part of crypto and blockchain history. All eyes are watching to see how the community responds. Is it able to stand up for itself or does it succumb to an outside force imposing his will upon the blockchain.

As an aside, I think it important to understand what Sun's intention was from the beginning. Here is what he tweeted out after the acquisition of Steemit Inc.

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https://dailyhodl.com/2020/02/14/justin-sun-announces-new-tron-and-steemit-partnership-in-push-for-decentralized-social-networking/

This tweet has since been deleted. What is still on his feed is that he retweeted.

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Here we see the mindset of what is taking place. You either succumb to Sun or get pushed out of the picture.

Make no mistake: I think it entirely naive to believe that Sun had or has anything other than the intention of completely takeover. Everything associated with Steem is to end up on Tron in his mind. It was evident from the start and everything he did since then only reaffirmed it.

Money created an environment where those who stand on principle get run over. The crypto world is waiting for the Steem community to stand up to money by holding to its principles. What crypto-economics provides is the opportunity to stand up because we have option.

With options comes freedom.


If you found this article informative, please give an upvote and resteem.

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Posted via Steemleo

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Let's power up and vote for our original witness to take back what is ours.

Let's power up and vote a new top 20 maybe? I mean we could use some change right? Clearly not saying vote sun but some the below top 40 witnesses and get some new people in to see what they can do

@taskmaster4450 well many people want steem to get more attention and it is now happening though some see the current situation as a negative attention,well in every situation there is always an opportunity whether negative or positive...

Posted via Steemleo

i guess it is time for everyone to do everything possible to vote for their favorite witnesses,this will be a prove that the community is bigger than justin sun....

Posted via Steemleo

People like Sun are not scoring points within the industry.

Correct! But, as you noted here:

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...he still has a small army of loyal ass-kissers... I saw that stupid tweet when it first came out... What's funny/sad is this moron, in his profile, claims to have libertarian leanings. Ridiculous!

Ethereum wants to go POS, not DPOS, but this reverse exchange hack likely applies to POS as well, seeing as the exchanges control stake.

I assume all DPOS blockchains will require centralized exchanges to officially register accounts and ban those accounts from governance voting. Only logical outcome of this centralized attack vector.

Dan is an asshole for saying that. His stupid idea of allowing 1 coin to vote for 30 witnesses is 100% the reason we are in this situation right now. We would easily be able to vote in at least 5 witnesses no problem if the voting ratio was 1:1. This would allow us to veto all upcoming hardforks.

1 coin been able to vote for 30 witnesses is just crazy and absurd and i wonder what justin sun was thinking..its just surprising to me...@edicted

Posted via Steemleo

We are making history and decentralization will thrive with this nice community.