Proposal: Solution to SPS and Ninja-Mined Stake

in #sps7 months ago (edited)

This Will Work

I've been thinking for quite a while on what something fellow witness @r0nd0n said the other day on one of his shows. Why doesn't someone write a proposal to buy the Steem from @justinsusteemit? I scratched my head and proceeded to ignite the storm in my mind as to how this could be accomplished. Regardless what happens in this whole 'stalemate', each side will have to sacrifice something. That's how negotiation works.

Let's Face It

I don't know a single person that is genuinely happy with the situation right now, do you? The ex-top 20 aren't happy and Justin Sun surely isn't pleased with the way this has turned out. It's not what anyone was expecting on either side.

The Primary Problem

I've sat in on multiple discussions and everything seems to keep revolving back to the ninja-mined stake that Steemit Inc invested their time and money into procuring upon launching this blockchain. Though, there is no written legally binding contract that states it is to be used to further the progress and development of Steem-based apps and dapps, people do hold them (@ned) accountable in other forms of written communication, some of which is on the blockchain itself. The fear was/is, and why we are all in limbo with moving forward, is Justin Sun will use the stake to vote witnesses, effectively rearranging the entire chess board.

To Prevent That

The former consensus and several investors decided to undergo @softfork222, which resulted in a retaliation from Sun, to set up his own witnesses and effectively free up his recently purchased assets. Which, brings us to where we are today.

Quite a Challenge

After about 4 days, I stumbled on to something that got me thinking even harder and then lightning struck this morning. The hope was, that Steemit Inc would be the primary benefactor for the SPS and be contributing on a regular basis to the @steem.dao to assist in project funding. I had to do some math to get all the numbers right, and rounding up to the nearest Steem without decimals, I came up with 60,283,821 million. That is the amount (at the time of this post) in the three most substantial accounts that can sway things in Justin Sun's favor heavily, if he so chose to do so. Those accounts are @misterdelegation, @steemit & @steem.

What's This Have To Do With the SPS?

I say we buy it all from him using what we already have. This would require 4 things. All of which, would be a sacrifice for everyone involved. Negotiation is all about sacrifice and what one party is willing to give up to gain something even more valuable. The most valuable thing in the entire equation of this whole 'mess', are those three accounts. The question is, would any of you, benefiting currently or not, be willing to make the necessary sacrifice to ensure that our blockchain stays as is, or would you rather keep slowly pushing toward splitting to two different blockchains and having to start all over again? Here is what would need to happen:

  • All current outgoing delegations from @misterdelegation, @steemit & @steem would have to be revoked.
  • After 5 days, @justinsunsteemit would have to initiate a full power down of all three accounts.
  • All current proposals would have to be unapproved until completion of the entire transaction.
  • We would have to use current funds in the @steem.dao to buy his stake from him.

It's WIN-WIN-WIN!

With the current funding available in the DAO account, we could effectively buy all that he has powered down each week and then turn around and swap it for more SBD to buy it again the next week. The constant flux in swapping should keep the price at a stable rate, or we can agree on a set rate, that I leave up to you @justinsunsteemit. Upon writing this, the current market value of Steem is 0.1386 USD and SBD are worth 0.6775 USD. That is almost a 5 to 1 ratio and easily enough funds. My suggestion is to go by what @coingecko lists on their site as it is a neutral party, maybe an average for each week.


If there is a deficit, I'm sure to regain 'decentralization' of our chain, the community would step up in amazing ways. Maybe @blocktrades would commit X percent from transaction fees or simply donate X amount each week to assist. Maybe @aggroed and @yabapmatt would give X% of pack sales and/or transaction fees from Steem-Engine or just donate. Maybe @thecryptodrive and the @buildteam would offer up percentages from lease sale on @dlease? Maybe the entire community could set @steem.dao as a benificiary? I did for this post.

How Does It Benefit Justin Sun?

You (Justin) would be able to make your profit and unload the SBD, you could even have it pumped here or there if you like. You would also then be free of the ninja-mine and no longer have to worry about the obligations that came with it. Granted, you will have to give up the stake holding of three of the largest accounts in the entire ecosystem here, but it will be worth it.

We're Giving Up A Lot!

Yes, there are some good things that would suffer temporarily, but you have to ask yourself, HOW MUCH DO YOU REALLY LOVE THIS PLACE? We know @justinsunsteemit is all about the money, he's made that clear, multiple times. A lot of the community was pretty upset, though they understood, why the initial soft fork went in to play and got us all in to this beautiful little mess of a mess. The ninja-mined stake. Which, is to be used for advancement and development of our chain. Having it all recycled and essentially 'burnt' in the DAO, will do exactly that! Once there, the entire community will have the opportunity to decide what we should pursue and people can contribute on an unprecedented level! The former consensus witnesses said this wasn't about, nor had anything to do with the money and now is the time to

PROVE IT.

The Community

That's what this is all about. Preserving our 'way of blockchain life'. By approving this proposal and commenting below, you effectively agree, that this is a binding and therefore - legal - contract, to do exactly what has been stated - buy the ninja-mined stake from Justin Sun using the funds in the @steem.dao. Justin, you will also need to approve it and comment below that you agree and to what (reasonable & negotiable) price for the Steem. Thank you for your time, I'm going to go smoke some more hopium now.
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Everyone pretty much knows that bribes are what drives exchanges' policies. You want to get listed on an exchange then pay them enough BTC and it will be made so.

If we can get most exchanges to run our hard HF then we can keep the STEEM name and drive Mr. Sun into a STEEM Classic chain of his own.

How about we set up your idea yet instead of paying Mr. Sun we pay the exchanges to run the HF which has the code to @null|Mr. Sun and his Ninja Mined stake? It is not a software fix against malicious take overs yet it will make such a malicious agent think twice before fucking with our community.

That's a pretty sound idea😎

Can find the proposal here it's number 77. I have already removed my support for any other proposals, including my own, and electronically sign here in agreement.

  • Witty

I agree with your proposal and I have already voted for it.
Should I remove my support for other proposals or it doesn't matter the number of proposals that I support?

If this gains enough traction in the next week, then yes, as almost all funds currently held in the dao would need to be used. Thank you for the approval!

It is the sentiment around a promise made to us by a guy that didn’t inform Justin of the informal social contract that was imbedded like a poison pill in his acquisition that landed us here.

Now we have to come up with a mutually beneficial solution (for big stake buyers and the community) which will be a challenge. I like it.

Great thoughts and a solution-based approach one loves to see in a witness. This is why you have my vote!

Posted using Partiko iOS

Thanks man, let's hope it is received well and people put aside their personal agendas to get this accomplished!

Good idea. Hope it gets traction

Me too bud, looks like the opinion police showed up already.

Ninja-mined stake should have never been sold.
And that stake is not meant to be sold.
And that's the only source of development for this chain.
The problem is not only Justin Sun (of course most of our problems come from Justin).
The main problem is selling or buying ninja-mined stake.

I'm speaking only for myself.

Nobody really liked my burn it all idea LOL

Really good idea. It's nice to see someone actually propose a solution...

Screenshot_20200313084737_Brave.jpg

Thanks man, glad you approve!

I have voted for #77 and unvoted all others.
I would like to see an on block chain statement from the ex20 witnesses explaining what major projects would be the priority for after some stability has returned.

MY Questions:
1: What would happen to Steemit INC. would it continue to be Justin Sun's or return to community?
2: How would community pay for HF programming and possibly hire/bring back former STINC programmers?

My thoughts:
1: SMT's
2: change consensus to prevent current major stake problem

  1. I believe he would still retain rights and ownership of Steemit, including the website frontend housed here on chain.
  2. By continuing to donate to the @steem.dao/SPS. Everything could be run through that once it's 'clean'. As for hiring them back? I heard rumors of a sister/clone chain they may be involved with?
  3. SMT's were being developed by Steemit staff and @howo, so I imagine those have been put on hold right now too, but Justin has expressed stronginterest in making those a reality. He already has done a few things he said he would - getting us listed on multiple exchanges for example.
  4. Change to consensus is absolutely necessary to have a better future in the dPoS system we run here.

Yes, yes, and again yes! I think this can resolve the situation. If only more people would consider it. This type of solution is extremely flexible and the parameters (price, time period, etc.) can be adjusted/negotiated to suit both sides. I've also written about it here.

See how it goes, gonna take some people swallowing bitter pills, but no medicine tastes all that great. Cept maybe honey for a cold :P

I think we definitely have to work out the math better though, because buying the stake over 13 weeks seems very unrealistic.

Pleasure Man, finally some sense... Looking forward to this working out!

Um, maybe he doesn't want to sell his steem! He bought it fair and square, now he owns us, that's life. It was our decision to invest in a place based on a good faith promise, we chose to trust instead of decentralize. So it's done. If I were Justin I would never sell had hold the power and feel the power grow every day!! People will stay, centralized or not, @justinsunsteemit won!! If we don't like it we can sell our steem and leave. He's not going to sell or bargain with anyone, why would he?? I think you all are way to worried and should just go with the flow and trust him already! He'a gonna fix, just chill out!! You all are the scam, all the old witnesses making such a big deal because of their failures!! Shame on them, not Justin!! I'll go to centralized TRON, IDK, doesn't bother me one bit!!

Just trying to offer up a solution as not many seem to be appearing.

Right on dude! I hope this gets some traction and maybe even inspire some other alternatives to end this in a mutually beneficial way. Nice work Witty!

Thank you. Tired of hearing all the bickering and demands and have yet to see any actual solution presented, so it's a start. May it lead to greater things!

GREAT WORK, @enginewitty! Excellent discussion.
Take care 🥰🌺🤙

Gracias mami, thanks for stopping in!

Interesting solution and here's to hoping Justin will actually listen.


Pic unrelated.🤥

Not to be overly pessimistic but the sticking point imo is that this would require Justin essentially to concede power to the community.

Considering he has not removed the sock puppet witnesses which is essentially a power struggle against the community, being realistic I consider this prospect to be bleak.

But hey, Justin could always prove me wrong. Hope he does.

passes the bong stuffed with hopium to you

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I own you a beer!
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I prefer wine :D

If his stake is worth ten million USD and he powers down that would be about $800,000 a week, can this kind of money really be raised?

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I like to see solutions and this is a very well thought out one. I'm for it.

Putting forward solutions is by far a better option, hopefully people in the know do step forward and start getting the ball rolling.

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