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RE: The gravity of an existential threat to the core of crypto
Whilst I definitely am on the Steem side of things here...
The core ideals of the crypto community are not that blockchains should be free from outside (exchange..) influence but that their governance systems are built to be resilient against it. This was our problem... And I think that is what the larger crypto community will learn.
The problem with the exchanges getting involved with customer funds makes them political entities and they are registered in countries with an overarching political framework. If Justin Sun can influence an exchange to affect an entire community on one coin, a government could do it and force many. Better DEX are needed.
Better DEXs definitely, but they have their own serious problems that need to be addressed. Besides most of them with any real liquidity are Ethereum based which would (I think..) require a version of wrapped STEEM akin to the wBTC token.
However, all that aside, it still doesn't address the issue that blockchains with on chain governance models need models to be resilient against large actors, be they exchanges or just whales. Banning and binding doesn't count as true decentralisation...
A new governance model is required given that 30 votes and 20 consensus witnesses is now shown to be exploitable and based upon false assumptions and wishes. It needs to be resilient even if whales and exchanges (and steemit) exercise their stake.
We got lucky this time, it could have been much worse... Will the consensus witnesses fix it? It will might cost them block rewards per day... Or even their own coveted positions...
I have pushed for 7 votes for about 2 years now because of a large actor vector.... "it'll never happen"
Keep pushing... This is the real problem!
Yep, it should have been implemented in with the SF. I think the problem is that many witnesses know it will make it harder for them to get support. However, I do think that those who manage to would have a more stable position.
!ENGAGE 25
@bengy you have received
25 ENGAGEfrom @tarazkp!View and trade the tokens on Steem Engine.