HF 22.5: Binance, Poloniex & Houbi Take over Steem

in #palnet2 years ago (edited)

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.

Screen Shot 20200302 at 13.14.22.png


Lets hope that some compromise settlement can be reached.

  1. "Hope" is a weak word, vainglorious and impotent. Hope is what fuelled the greed to be complacent and hope my #STEEM would not turn into a shitcoin.

I try to remain optimistic but your points are well made.

i admire your optimism and feel bad that i'm so cynical to feel it is in vain.

Retain that optimism for when the time comes to turn it into vengeful wrath!

@justinsunsteemit is such a dumbfuck.... I had a feeling something equivalent to this would happen since day 1...

Not sad, not surprised.

Just disappointed and angry. No one was willing to fight, everyone was willing to suck the cock of empty promises and this is what they got.

What now?

More fucking Hope?
Hope at this stage is when the executioner puts the blindfold on you and hear the bullet with your name on it get loaded into the chamber.

I guess its them banking on well their are more people who don't know about steemit than do, we can piss off everyone and secure more bag holders in the future who won't question a thing and just use the service

I think a hard fork is inevitable now. I think most of the DApps and quality posters will go with the legitimately elected witnesses's chain as long as they can keep things running technically.
Many will cross post.

or we could just reach an agreement and decide to rollback. Either way, Jsun will want one of his cronies high up there. He might not have to use STINC's stake. He could just use any of his accounts now.

Once the Rubicon of using customer Steem on exchanges to overthrow community elected witnesses has been crossed, there is no going back.

Everyone should try withdraw their steem from the exchange and then sue them for not having the fund since it's all powered up right now.

That assumes they are based somewhere with rule of law. They are all controlled by China.

That assumes they are based somewhere with rule of law. They are all controlled by China.

Our communications are dependent on centralized mechanisms at multiple layers. From ISPs to the physical network, we speak at the pleasure of overlords. The Steem blockchain itself is but a tertiary expression of this vulnerability.

In fact, this notification of our vulnerability to censorship is an extremely valuable warning.

Our ability to know facts enables us to act to secure our lives and property from danger. Today across all enemedia, we are being misled regarding a pandemic that may threaten all our lives, and society itself. Steem is inconsequential in comparison, as I'm sure everyone values their lives and families more than their wallets.

I sincerely and even desperately hope that devs, network engineers, and coders immediately undertake to create a mesh network through which we can reach each other as long as the physical network is powered up, to run blockchains, troll each other, or let us know about outbreaks of plague in our cities.

This is not a drill. This is life or death. We need not to exist at the pleasure of overlords.

Let's live at our sole option.

I agree with that contrast, that perspective.

Concerning mesh networks, I wonder how many mesh networks might be out there right now in the works. I always try to keep my eyes on some of them.

A lot of us knew this was gonna happen.

What to do next...

Withdraw all steem from such centralized entities.

They are changing the power down time to 1-3 days to allow their exchange buddies to free up customers' STEEM they powered up.

Might not be a bad time to exit.

Very interesting. I was wondering how these exchanges would meet customer redemptions (withdrawing Steem).
This is another major change not agreed by the community.

And there's your answer.

If they power down they lose the witness standing. Whatever they do, they are fucked.

The STINC stake is more than enough to keep the top witnesses.

They just needed their exchange buddies to undo the soft fork to unfreeze STINC.

Hmmm, then we must fork. No more ninjamine, and even better, make the exchange accounts unable to transact at all, outside sending and receiving steem and sbd. There's no winning my trust again Steemit, @ned, I am sure that this is now the de-facto sentiment for 99.99% of the community, mark my words.

Hmmm, then we must fork. No more ninjamine, and even better, make the exchange accounts unable to transact at all, outside sending and receiving steem and sbd. There's no winning my trust again Steemit, @ned, I am sure that this is now the de-facto sentiment for 99.99% of the community, mark my words.

How to fork? where to discuss? Not here?

This is the crux of the matter as far as I care:

Everyone who has been involved in this has decidedly demonstrated that they cannot be trusted, either because they powered up steem which now is locked up (hence the joke of withdrawing steem) or because they colluded in this fashion.

What can be done? Besides the majority witnesses stopping their servers in protest while everyone else demands their steem back, I don't know.

Let's get M.A.D. !!!!!

like Mad Magazine, Spy vs Spy lol

Oh, my God!!! ...this is awful!!

So they tried shafting him and got shafted. "You play with feathers you get your ass tickled"

True, but it revealed early Sun's contempt for decentralisation and the talented witnesses we had.

Agree we just have to wait and see whay happens.
Lets face it before he come along we were on a downward spiral. So we could accelarate that or turn a corner

Hi @apshamilton!

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Should we run off to Weku or what?

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