Hive is coming - Move your holdings from exchanges to wallet
As we all know, a new chain is on its way. For the past one month there have been confusions and panic situation on Steem Blockchain. As soon as Ned sold Steemit Inc to Justin, all this confusion started. I have been following what is happening here and the price of Steem is also going up and down from then on. Some people say that Justin is trying to buy more Steem from the market to upvote his puppet witnesses.
The former witnesses have now come up with a solution for this situation where there is going to be a new sister chain soon with the Steem community and without the Ninja mined stake. This announcement was made by Blocktrades yesterday. Well there is no official announcement yet but he did mention that he is sharing this information as an individual. Probably we can expect an official announcement today about all other details. We will not be able to say anything for sure unless we see an official announcement from the team of 36 people as mentioned by Blocktrades. I'm already very excited about this and in the preparation process.
I have to be sure that for some of the boys and services that I'm currently using, this should just be a node change. I believe some services like Splinterlands and Steem-engine might have to do a lot more than the node change and branding change. It is going to be busy work for the new Blockchain team. I wish them all the best to create a better future.
Some people asked how the value of the new token will be determined. I'm not pretty sure either as to how the value of new token will be in the market. I did see some of the Twitter messages where some exchanges offered to do the listing of the new tokens if at all a fork happens. Blocktrades did mention in his post that at least there will be one exchange where we can exchange the tokens with other cryptocurrencies.
Move holdings to wallet
I would recommend moving your STEEM and SBD tokens from exchanges to your Steem wallet. The reason is because when the new chain is ready to go live, there will be a snapshot taken and the amount of SBD, STEEM and SP we hold in our Steem wallet will be airdropped to us in the new chain. If we have the funds in the exchanges, we might lose the opportunity to get those tokens airdropped to us. If the exchange is also coming to the new chain, we might be safe with the tokens in the exchange if not I don't think it is wise to have any holdings in the exchanges.
I'm not going to comment anything right now regarding dumping Steem tokens. I might stick around both the platform and even try to do cross posting on both the platforms. I might even dump my Steem holding in the future to accumulate the new Hive coin. It is too early to decide what will happen to both what strategy we should be taking as Justin himself is not sure how he is going to dump his stake and get a value from the market.
Let's wait and watch how it goes. For now let's all hope for a good begining towards decentralization.