HF 22.5: Binance, Poloniex & Houbi Take over Steem
View this post on Hive: HF 22.5: Binance, Poloniex & Houbi Take over Steem
In mid-February 2020 Justin Sun acquired the shares in Steemit Inc and proceeded centralise the blockchain under his control, improperly using Steemit's founders stake (intended for development and decentralisation of the blockchain) and tricking exchanges into initially supporting his power grab.
After extensive efforts to resolve the dispute failed, the community revolted and formed a new, fully decentralised blockchain - Hive - without the pernicious influence of Justin Sun and his minions.
Because of Open Source licensing, Hive was legally able to duplicate all the code and content on Steem.
The vast majority of the community and decentralised applications and projects moved to Hive and Hive was listed on many cryptocurrency exchanges without having to pay the normal listing fees.
On 19 May 2020, a Steem hard fork (0.23) designed to steal the Steem from 65 accounts associated with creating Hive became public.
My position on this hard fork can be found here: https://peakd.com/hf23/@brianoflondon/letter-to-exchanges-do-not-run-steem-hard-fork-23-hf-0-23-0
This was the final straw for my involvement with Steem.
I will now post exclusively on Hive at https://peakd.com/@apshamilton/posts
All my old Steem content can also be found on Hive.
Every action causes and equal an opposite reaction....
An hour ago 3 Chinese exchanges used customer Steem they held to power it up, take over the Steem blockchain and return to Steemit Inc centralised control:
- Binance had 32M STEEM
- Houbi 10M
- Poloniex 2.2M
They used an account @dev365 to replace all the top witnesses with unknown accounts by setting it as proxy for around 46M Steem Power which had been powered up by the above exchanges.
They then did a hardfork 22.5 which reinstated the ninjamined Steemit Inc accounts which had been frozen by HF22.2, which then also voted for the new witnesses.
What this means for the future of the Steem blockchain and the great community that we have here, I don't know.
The old Top 20 witnesses, who represent some of the most talented active people on Steem have been shafted.
They did HF22.2 "to protect the community" but the war that has started may now divide or destroy it.
If they leave Steem because of this, then much of what has been created here will be lost.
Lets hope that some compromise settlement can be reached.