Justin says Steemit is migrating to Tron: Time to Panic or Things will be OK for Now?

in #steem4 years ago

Justin Sun just announced that Steemit will be migrating to the Tron network. At first glance that might be FUD inducing, but I'd like to remind folks of something. While Justin may not have nailed every detail about Steem in his Dlive thing with Ned he was able to distinguish arguably the most critical detail of all.

Steemit does not equal Steem.

So, when you read the tweet, and we know that he knows the difference between Steemit and Steem then we know that he's specifically talking about Steemit and phrased it to not encompass Steem. Maybe his audience doesn't what he just wrote... but what he's saying is true, and taken as truth at the surface level it's probably ok for Steem given the other things he said in his Dlive presentation. Let me walk you through why I think that.

Here's the live Tweet if you want to see it there.

https://twitter.com/justinsuntron/status/1228971875851632640

What did Justin Buy?

Justin Sun bought Steemit Inc. With that purchase he now owns approximately 75Million Steem or approximately 20% of the supply. He owns a corporation called Steemit Inc which employs developers (+ managers and staff ) who run infrastructure, develop the blockchain, and add features to Condenser, which is the program that powers the website steemit.com. That said he also purchased the website domain steemit.com.

It's worth noting that the blockchain and condenser are open source. Steemit Inc owns the repositories that Witnesses on the chain have used in the past to pull trusted code to deploy for soft forks and hard forks. Elected witnesses do have their own github repositories and have all of this information redundantly stored.

Steemit inc employs several key developers. I don't know them all by name, but @justinw who manages the infrastructure, @roadscape who manages things having to do with condenser/steemit.com, @vandeberg who develops the steem blockchain itself, and @gerbino who does blockchain work as well.

There may be other things he purchased. I'm not fully looped in, but those are the things that appear in the public domain to be owned by Steemit.

Shoutout to the guys at Steemit Inc

I bet the devs are going through a rough time. Just want to know I'm thinking of you and sending you some love as you navigate this transition. Hang in there Steemit employees!

What Justin Didn't buy.

Justin didn't purchase a blockchain. The blockchain is owned by all the steem token holders. The blockchain holders are not plantation slaves. Everyone here is a free person voluntarily interacting with a chain. He didn't purchase every node in the network, nor every Dapp, nor ownership rights over each and every human interacting here. He also likely doesn't have the copyright to content of every post that authors make on the Steem blockchain.

That much stake tho

Justin did buy a defacto controlling stake in the platform. You have a guaranteed controlling stake in the platform by owning 51% of the blockchain. You can have a defacto controlling stake in a platform by owning enough voting power to control the witnesses. Currently there's ~46M steem power sitting on Yabapmatt for votes. He has 75M. So, if no other accounts are witness voting and Justin decides to witness vote he could setup 30 servers and vote himself into the top 30 positions. He has enough stake to make proposals and vote them in, and control witnesses and blockchains.

The tron foundation owns something like 55% of all Tron. While he may be personally influencing "Super Representatives" (witnesses) on Tron he's not currently voting for Super Representatives on Tron with a 55% stake vote.

Is owning this much stake on a platform cause for concern? YES. That said; it's the same concern we've always had about Steem. Is it really decentralized if there's that much stake controlled by one entity? As it turns out this was also a concern while Ned had the keys. Ned also had this ability to control witnesses and people were uncomfortable then as well, but there was at least a tacit understanding or history of not using the stake for witness voting.

BUT! Good news came yesterday from the Livestream:

Justin shared during the livestream that he will

  1. Keep Steem running for now
  2. Not vote witnesses
  3. Implement Communities (he didn't mention it by name, but it's the product he described)
  4. Implement MST SMTs
  5. Not do a swap (for now)
  6. Help get more Steem listings on exchanges
  7. Hire more developers for Steemit

So, what's it all mean?

Justin tweeted 5 hours ago that SteemIT would be joining the tron network. As far as I'm concerned that's fair game. He bought Steemit Inc. He can bring the steemit.com website or a website like steemit.com to Tron. He's got every right to do that. He purchased it.

The question/threat/danger is will he shut Steem out of Steemit? The current answer is no. That's an imperfect answer for people who care about Steem and steemit.com because it's a "current answer" rather than a long term plan incorporating a healthy steem ecosystem. It's also day 2.

Forks (sister projects)

Also, at one point @smooth said something that I've kept in mind-

No good project dies because of a fork. Fork has a lot of definitions, but in this context he was talking about sister projects using the same codebase. He was referencing something like telos vs eos or steem vs whaleshares. Just having someone else use the code doesn't mean your project dies. It means the ecosystem gets bigger, and it validates that you have something that other people want.

In a world where steemit.com and Tronit.com exist or steemit.com integrates keychain and tronwallet to facilitate both tokens interacting together then this could be a thing of beauty for everyone holding either token. Steem gets new eyeballs and Tron gets a new application.

In a world where one happens at the expense of the other, that's likely bad for Steem holders.

We'll have to see what develops, but here's my summary of the timeline so far:

  1. Justin Sun and team said it's going to be a swap
  2. Something changed his mind
  3. By the time the conversation happened he walked back a lot of what he said and further added that Steem will get development and support
  4. In the tweet shared in this post he said SteemIT will begin migration to Tron.

In that context, especially because he knows the difference between Steem and Steemit I actually think it's fairly exciting... FOR-NOW.

It's good to bring this technology to other chains. The more the merrier. We're not going to die because other people start blogging on their blockchain too.

Here's the Dlive conversation with some (snarky) commentary thrown in by me.

Sort:  

So, if no other accounts are witness voting and Justin decides to witness vote he could setup 30 servers and vote himself into the top 30 positions.

And that's why one single account should only be able to vote for five to (at maximum) ten witnesses.

After considerable thought, I have come to the mind that this is an extraordinary opportunity that we - Steem - aren't prepared to seize. @starkerz well points out we have been naive, and this is more a comment regarding those with substantial stake implementing governance of the blockchain than regarding the wider community. @ned's benign neglect eased us all into complacency regarding our place on Steem. @justinsunsteemit is demonstrating similar benevolence, but he will not neglect to bring Steem up to speed and we need to make us worth his while.

I have posted today what I reckon are some things we need to do quickly to better sidle up to our new suitor, because this is a mighty attractive situation compared to what has been, and what could have been. I hope you have a gander and chime in to set me straight where I'm off course. I expect you have more to gain here than almost anyone on Steem, and could do more to bring Steem to it's fullest fruition than any other here. You have proved your competence over and again in that regard, to all our benefit.

Thanks!

Really? Then what is this all about? The author is TronLink posting on Medium. Something don't smell right.

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I'm sorry, what? Steem was never part of EOS nor was it based on EOS! This guy is blowing smoke.

My point exactly. Pure disinformation. Anyone that is not familiar with STEEM, especially Tron folk may take this information as gospel and that we are formally a subsidiary of EOS.

Misinformation campaign maybe?

Not anymore. They removed the article. It was deleted by the author.

that's convenient, this is biz , big biz pure and simple
I wrote a post under my "Battleaxe" account regarding Poloniex today and a satire weird one yesterday
It's Mergers, Acquisitions or to some a takeover, am neutral on what the intentions are for now but that seems hostile op/ed

this medium post has been removed already :/

I am aware and as noted earlier, have removed links to it on my Twitter profile as well. Thank you.

I appreciate your communication skills @sgt-dan :)

Hi again @sgt-dan

Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr

Tronlink is a wallet. At first glance it appears to be a separate entity from Justin Sun. They either didn't get the memo or got a different memo. it could be evidence of a mixup. It could be evidence Justin in lying. it's something to keep an eye on for sure.

Justin owns TronLink. He bought it. This is known by most in the Tron Community.

New user from Tron? Welcome!
What is your relationship to sesameseed?

Thank you for your response.

!ENGAGE 2



@aggroed you have received 5 SHADE from sgt-dan!
View and trade the tokens on Steem Engine.


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this medium post has been removed already :/

that medium post is now deleted?? Obviously there was some sort of discrepancy.

Could be we got somebody's attention.

seems like it. I don't think anyone has ever dealt with a community like steemit and its army of steemians. We won't go down without a fight...

Oh boy. This keeps getting more interesting.

UPDATE:   This article was deleted by the author. Therefore; I have unpinned the link to the above article from my Twitter™ account.

What I don't understand is, even if he wants to move Steemit to Tron, how is that supposed to work? I mean, the whole post creation, reward distribution thing etc. is not even on Tron. He wants to just take Steemit and remove all the blockchain functionality from it, or what?

Asking the real questions. So I take it you looked at the code / documentation as well?

It's a trainwreck compared to Steem... Gets worse the deeper you go, too!

I haven't looked at it tbh^^. I just assumed that storing text/JSON is not possible because I've never seen an app that does this.

Thanks for a very reasonable summary of the situation as we appear to know it at this moment.

I may be that Justin didn't understand the difference between Steemit and Steem. A bit naive but possible.

Anyways, currently I am more interested in two answers:

  • what will happen with Steemit owned RPC nodes?
  • how will the top witnesses react?

Thanks for being active!

Did the tweet get deleted?

Seems to be the case. Steem / Steemit seems to confuse a lot of people - here's another tweet that included the link to Justin's vanished tweet:

grafik.png

Great Hustle?
Keepin it Classy as always Cryptosphere

The is ~#new~steem

We are regressing. Crypto De-evolution.

Yeah @acidyo it apparently got deleted shortly after @therealwolf pointed out to Justin Sun several things in it that were inaccurate or just blatantly false.

You will be happy to know that @shadowspub also corrected the TronLink folks on Medium.


Created by @sgt-dan using Fodey.com

Justin: Yes is this Damage Control? ... Ok. That last one. Yes, abort that Tweet. No, just DO IT! NOW!

Cuz he got called out by myself and others I reckon.

akx1ay.png

Bad optics

Interesting that Justin's tweet has been deleted.

@wakeupkitty I tag you on this post. I thought that you would like to follow up with @aggroed here. Their conversation swem to be easier for me to understand a bit. As I thought so, I found him from @kenny-crane tweet.

How is 20% of the supply suddenly 51% of the stake?

75 million SP is not 51% of 200 million SP. Also, isn't a supermajority (17/21) of witnesses required for a hard fork to go through? Is there an error in your logic?

@aggroed's point is that with 75M Steem Power, one would have enough votes to elect all top 21 witnesses. This is because the most highly voted witness of @yabapmatt currently has 46M Steem Power voting for him. This assumes the rest of the community does not create additional votes to counteract any voting done with the STINC stake.

Note that an account can vote for multiple witnesses. I didn't originally realize this because it's so counter-intuitive. Basically voting for multiple witnesses does not diminish the contribution of each individual vote.


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Not even close to 200 million votes for witnesses, and it is likely that it never will. Similarly, 75 million is 20% of the total supply of STEEM, not SP. And also similarly, it is very unlikely that anything close to 350 million total STEEM will ever power up as SP.

75 million is 37.5% of the currently powered up SP, not 20%. 37.5% is easily more than enough exercise total control given that not all of the powered up SP votes.

In theory, in some extreme hypothetical, 75 million might not be enough for total control, but in reality that is very unlikely.

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It's funny that after all those announcements, tweets and amas we still don't have a f. clue what's going on :D I think that the most possible scenario is that Justin neither.

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