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RE: Justin Sun Conversation with Witnesses Is Online. @Ned Sold Out The Community - Failed to Disclose.

in #steem2 years ago

When making any purchase, large or small, it is the buyer that needs to be aware, and that needs to do their own due diligence on the viability/usability of that purchase. When you buy a house you hire an inspector, when planing on buying a collectible antique car you hire a professional to verify the provenance of the vehicle. Ned sold steemit, if Justin Sun did not know what he was buying it was his responsibility to understand and to verify what he was buying. It sounds as if he did not even read the Steemit Road Mao, yet he was talking Tron's Roadmap, so I feel he likely did read and saw the uses of the Steemit Stake.

When you power up steem you are told that it takes 13 weeks to power it down. The people that powered steem up knew this, if it was not their steem to power up they should not have powered it up. It would be interesting to see a steem run on those exchanges where the depositors were demanding their funds back.

For the witnesses that read this, I would be against any shortening of the withdrawal time frame as I have been with all the previous post over the course of the last two months talking about it. The Next Hard Fork was supposed to be a stand alone SMT Hard Fork, and nothing else. It should be made perfectly clear during the next meeting that this is what one of the items will be when the Community witnesses re-take up the duties they were voted in to do.

At the end of the day, it is the job of the witnesses to protect the chain, not a front end.

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Steemit Road Mao,

That's a funny typo. :)

I think I will eave the typo there. My proof reading skills are like my spelling skills not really up to par.

Please do so. It's a fantastic typo. Love it!

Perfect plan.
The only problem is that exchanges will just disable withdrawals. And later on maybe even delist steem.

They will be hit with a class action lawsuit if they do. @jpbliberty will organise it.

Sounds great. Like the time I tried to sue a company for not paying my paycheck.

He shuttered the company, reopened under a new name the next week and I was out a significant chunk of change with no (legal) recourse. What prevents that?

This can sometimes happen with small businesses with no real assets, but there are laws against it.
Large exchanges with licences and huge asset bases can't practically do this.

"This can sometimes happen with small businesses with no real assets, but there are laws against it."

What "laws" are those? There are no laws against a company shutting down in order to escape some liability that it may have. It happens every day!

"Large exchanges with licences and huge asset bases can't practically do this."

Perhaps not! But do you realize just how low the chances are of ever winning such a lawsuit against a giant company like Binance? Do you know how many lawsuits are on the books against companies like Microsoft, Google, Amazon, and other such giants? Such companies have teams of lawyers who can make sure that cases are never heard before the plaintiffs either go broke, give up, or just die.

Exactly.

Steem (the company) has the power in this situation, I can't be the only one to notice the power struggle with the witnesses that ended with a whole pile of staff 'resigning' a few days later. If nothing else, that shows that the owners have the real power in this dynamic.

People love to go with the Steem is not steemit is not dapps. Except that without the company, the rest just falls apart, it might still exist on servers, just minus everything that gives it value stripped away (overly simplistic, I realize).

"Except that without the company, the rest just falls apart, it might still exist on servers, just minus everything that gives it value stripped away"

And that is exactly what blows my mind when I hear so many people naively talk about crypo and blockchains. Somehow they have adopted the false belief that if you have a decentralized system, it can continue on even if, and after, its founding company folds. Yet in reality, nothing could be further from the truth. As you so accurately pointed out, there is so much more to a successful coin or blockchain than its blockchain. Without the company behind it (providing core centralization), the rest is just a pile of unorganized parts which will very quickly fall apart on their own, and then everything is lost.

There was a bit of a mixup; In general cryptos can operate in a decentralized way, they aren't connected to anything like with Steem, where value is at least in part derived from interaction with the platform.

That could be a nitpicking distinction.

The reality of the way blockchains are operating now is far closer to the operation of a ponzi scheme than anything else (regardless of steem), consider, anyone could create a block chain. They convince others to invest, which gives the blockchain SOME value, and the increase in value only comes in from increasing people being convinced to invest so that they gain value in the coin from future investors. Whether that be investment of time, machinery or funding into the crypto 'markets'.

Well, what the exchanges did already was illegal.

"Well, what the exchanges did already was illegal."

Says who? I'm sure these exchanges have their own teams of lawyers who see otherwise.

Do you like robbery?

"Do you like robbery?"

No I don't, which is why Steemit witnesses must be removed, one way or another.

You want centralization?

"You want centralization?"

Absolutely! That is the only way we can have accountability. Otherwise we will always end up with nothing more than a cesspool of fraud and corruption, just as Steemit has now become. Without accountability, both Steem and Steemit are only a few steps away from the grave.

"They will be hit with a class action lawsuit if they do."

First of all, no one has enough Steem value to start a class-action lawsuit against a giant such as Binance. They would likely go broke before they would ever see a dime from such a lawsuit even if they had the potential of winning. And even if they won, they would likely never receive enough to cover all their legal expenses, let alone anything else. And secondly, the whole cryptocurrency industry is still seen as being rather shady, so it would be very unlikely that a Court would grant class-action status to a such a claim in the first place. Obtaining a judge that even understands the crypto industry would not be an easy task.

I am glad I do not know very much about the crypto process of buying and selling. I am learning slowly, mostly learning that you get screwed pretty easy in the crypto world.

Especially the small fish like you and me, hehe.

"The only problem is that exchanges will just disable withdrawals."

I am told this is ongoing presently.

Even Blocktrades, hehe.

What they did, the powering up of the Steem, is illegal.

"What they did, the powering up of the Steem, is illegal."

Says who? I'm sure their lawyers are prepared to argue that point with you.

So, you are pro-theft?

"So, you are pro-theft?"

Not at all! On the contrary! I am very much against theft which is why I want to see the removal of most if not all Steemit Witnesses. They are the real thieves here, who for years have stolen from the vast majority of Steemit members in order to fill their own greedy pockets. Remove Steemit witnesses, and Steemit will be a far better place, not the cesspool of fraud and corruption that it has now become.

"It would be interesting to see a steem run on those exchanges where the depositors were demanding their funds back."

I am confident this is ongoing presently.

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