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RE: Justin Sun bought STEEMIT and is trying to convince everyone that he bought STEEM
Dear @lordbutterfly
I've been just reading about STEEM Token Swap on poloniex and I was wondering - what does it mean to all those who powered up all their STEEM?
Will we witness entire blockchain powering down? That would require cancelling all delegations, right? In that case all curation trails would also receive a serious hit. Most current projects would collapse (months of looking for support with delegations).
I'm also curious if Steem-engine will be affected - and how? Any view on that issue?
Also I wonder if we can still expect HIVES and SMTs or those promissed will not be delivered. Quite worrying questions.
Yours, Piotr
I dont know man. They probably want you to send them your Steem and they will burn it, in its place send you the TRC20 Steem tokens.
Will they do a snapshot or just leave the swap open for the next year, i dont know. Delegations will almost 100% need cancellation if they decide not to mirror.
The AMA is tomorrow and im expecting the witnesses to barrage on Justin. He cant really speak english well so it will be a fun thing to watch.
Steem-engine is something you should ask @aggroed about. In my opinion Steem-engine, if witnesses decide that Steem should be a "subTRON" token, is beyond pointless. Steem itself would become a centralized JustinSun controlled side token.
I cant say much on these topics but i see no point in SMTs or websites building communities on STEEM if Steem is simply a TRC20 token. Justin would probably want them to build a TRC20 website token, or whatever.
It is necessary to know "What was sold."
Steemit is a dApp that runs on the STEEM blockchain.
Ned sold his dApp. Now, will that sale allow the buyer to modify the entire code structure?
To make profound changes an HF must be implemented. How far is Sun willing to destroy Steemit? Does anyone buy a castle and then demolish it?
Changing the economy of Steemit would affect the economy of the entire blockchain. So why should all accounts be shut down? For what?
What would have happened if instead of buying Steemit, I had bought Dtube for example?
Could Dtube change the entire blockchain economy? I think not.
We must wait for the AMA and learn more about the terms and conditions of the sale.
My understanding is that Steemit is a company and that is what was bought.
Assets of the company include the DApp, the stake and any proprietary intellectual property created by the company.
Good point!
You're right, what was sold was "Steemit.inc".
When you say that the "Stake" is one of the company's properties, do you mean the Steem staked? Is it, the SP of the users?
Of this being true, then we will see massive Powerdown. People will want to have their liquid steem to sell it and buy other currencies. At least while these turbulent times pass.
Delegations would be withdrawn.
Then the projects based on delegations, as well as the big Trails, will be without force. A whole chaos.
Justin Sun knows he has at least 13 weeks of support. This while the powerdowns are running.