Hard Fork 23: Another Hostile Take Over of the Steem Blockchain By Justin Sun is Imminent
At the risk of being called a prophet of doom, I dare say that, following the recent power tussle between the top witnesses and Justin Sun and the negotiations reaching stalemate, another hostile take over of the Steem blockchain, led by Sun, is imminent.
Recall that a few days ago, following the freezing of the stake of Steemit Inc and other related accounts by a soft fork 22.22 which was executed by a consensus of the top 20 Steem witnesses, @Justinsunsteemit, enlisting the support of three prominent exchanges namely Binance, Poloniex, and Huobi had hostilely hijacked the Steem blockchain for the chief aim of reversing the aforementioned soft fork.
@Justinsunsteemit had hoped that while in power, as contemplated by an official [post] by @Steemitblog he would execute a hardfork that would reduce the power down window to 1-3 days so that the exchanges which unethically aided the hostile takeover with custodial fund can get to cash out as soon as possible.
Unfortunately for Sun, the community rallied around the real witnesses, succeeding to vote in about ten as at press time in the top 20 spot. And interestingly, an hard fork of the Steem blockchain requires a consensus from at least 17/20 of the top witnesses, a figure that Sun no longer has following the backing out of the conniving exchanges.
Yet, Sun is very desperate to hard fork the Steem blockchain largely because the conniving exchanges will have to wait for 13 weeks to power down the custodial funds they had staked. So, in order to instigate the exchanges to support him again, Sun has resorted to propaganda.
In a recent tweet, Sun alleged that the top witnesses are doing everything possible to freeze the stake of the exchanges. His aim is to again incite the exchanges to use their stake to vote for his own puppet witnesses, so that they can retrieved the already abused custodial funds.
Shockingly, it seems that the CEO of Binance is already buying into the propaganda of Sun. CZ has tweeted suggestive that he is ready to connive with Sun again to hostilely take over the Steem blockchain, especially now that inpatient depositor's money is involved.
If anything, the words of CZ should not be taken for granted because he would naturally do anything possible to reclaim, as fast as possible, the Steem tokens that were used in the hostile takeover. With the meeting between Sun and the witnesses recently reaching stalemate, only one option appears available, that is, for another hostile takeover to occur. This time around the aim is simple - for the exchanges and Sun to cash out and slam the door on the rest of us.
Of course, about three hours ago CZ tweeted that Binance was going to start powering down the stake that was powered up. We will see when it happens but I think CZ is now to the point he isnt buying Sun's b.s.
That said, there are still moves for him to desperately make. The challenge is he has no Steem developers left. As we saw a number of times pulling off a hard fork even with people who know the software is very difficult. It is highly unlikely that a hard fork by Tron does anything other than crash the entire blockchain.
Posted via Steemleo
Maybe then, in the midst of the brewing chaos, would there be sanity and consensus on the way forward. Maybe. Cheers!
This that you raise seems a story of conspiracies and dirty game @gandhibaba... desperation on one hand and looking for hard solutions on the other... but, it is a possibility, there is a lot of money at stake, and to wait the 13 weeks that correspond to the normal shutdown until now, for who invested money that does not belong to him, well, they must be under pressure and in those conditions people do not think anything good... the reality is that the future of this platform is still uncertain and really is in the hands of few of us.
There is no better way to state the matter than you have already put it. Let's hope the uncertainties do not crumble the whole house. Cheers!
The community's hard fork is becoming something imminent for our freedom!
Hmmm @chesatochi good points but have you considered the market, how the top exchanges may not list the new community token. I think the best way forward is for the community and Sun to reach some kind of agreements. I hope that you also think so.
well this is a game of power and politics, and I see that in the end the users will be the ones who will be harmed the most. It is crazy to change the time to 1-3 days. That will give a fatal blow to steemit.
Very true buddy. Very true.
A hardfork does not require 17/20 in a strict sense: Yes, it is a custom to enact them at that point, and generally respected as a means to avoid a blockchain split. However it is possible to hard fork that meta-rule itself, at any support level.
That would likely result in a split, no matter what subchain is longer, but only one of the sides owns the branding, has the exchange listings, and has the capacity to support core development.
Thanks for your sharing your thoughts. I really didn't know much about the hardfork procedures.
In the above case, Sun's chain will likely emerge the ideal chain. Cheers!
The title is correct. Stay tuned! I own this place.
I'm glad that someone is keeping on top of this mess
Just wanted to let you know @gandhibaba that I've read your post and I don't have any more words to express my feelings about entire situation.
It's hard to imagine any project/product being succesful, knowing that open conflict between major investor and group of witnesses and community, which was supposed to be major asset and is becoming major liability. It's hard to stay optimistic.
Reality is that we can see if all those witnesses supported by us (me included) will start supporting solid content creators and communities. Or will they continue they old ways.
Cheers, Piotr
I frankly speaking share your sentiments in this regard because we ought to be building at this point, not throwing stones at each other. I hope that the rift gets resolved as soon as possible.
That said, I also believe that the witnesses have a great role to play in supporting the emerging communities. Thanks for stopping by. At least, we agreed again. Cheers!
There is a certain touch of fun in my mind to see that the exchange houses that conspired calculated their action badly due to the time of shutdown, although they were sure to reduce it, I think they did not expect the adverse reaction of the community to be so fast that will take away the possibility of introducing a change in powerdown time
In fact, Binance has disabled the option to withdraw STEEM.
There is still the possibility of changing it to another cryptocurrency but the STEEM will remain within the exchange. I don't know if this situation is repeated in Poloniex.
This seems to me a rude attitude on the part of the exchange authorities.
The intention is to retain that power, perhaps, to hold the next round of witness votes.
Hmmm thanks for your input @juanmolina. I really didn't know about the disablement of withdrawals. I guess that's because the Steem is powered up already. Binance is yet to start powering down, so their stake could still be used but I hope that we are wrong. Thanks for stopping by, friend.
What I see inappropriate is that Binance users cannot withdraw their Steem. If they wanted to take their Steem to their wallet to do PowerUp, for example, then they must convert to another crypto and resort to another exchange, which can deposit STEEM in their Steemit wallet. All this leads to extra commission costs.
For me it is always a pleasure to read your work.