What happens now with Steemit? Keep or Sell Steem?

in steemit •  3 years ago  (edited)

Steemit is finally back up and running! YES :) Just as the first decentralized social media platform built on an independent blockchain was picking up positive momentum and breaking barriers of communication never seen before, until it was hacked...Fortunately, all users will be completely reimbursed (snippet of security announcement below) and only $85,000 was stolen.  So what now?   Being the eternal optimist I am, I say we KEEP our Steem! 

The price of Steem has already dropped from $4.5 to less than $4 (current market price), which is a normal market reaction to news about the exploitation of a security vulnerability, however, I am confident that the price will increase above $4 and stabilize as the market naturally corrects (and a 1,200+% increase in market valuation of Steem in less than 7 days isn't too shabby!).  I say this because of many points:  

  1. Ned and his Steemit team promptly responded to the security incident, performed a root cause analysis, contacted the law enforcement agencies who will be inevitably conducting their own digital forensic investigation, and have published a solution within only a few hours of the hack.  This type of well thought out response will establish even more market confidence in the regular users, and should attract even more investment into the Steem cryptocurrency as well as more user publications to the Steemit platform.   
  2. Almost every cryptocurrency has been attacked in one way or another during its infancy; typically the resilient ones survive and can sustain those types of hits.
  3. I am already seeing a positive reaction as users continue to publish, upvote, and comment.
  4. The Steemit information security platform is now even more protected and secure from outside attacks: as potentially any further vulnerabilities have already been addressed, the proper intrusion detection and prevention systems would have been properly installed and configured to mitigate the risk of a future occurence, a formal audit and security assessment will be completed by the FBI..etc.. Long live cryptocurrencies and a censorship-free, open, and generally awesome Steemit platform! 

Important Security Announcement: Steemit CEO Ned Scott

"Steemit was today subjected to a cyber attack. In the attack, fewer than 260 accounts were compromised, and less than $85,000 worth of Steem Dollars and Steem may have been stolen.The hack has now been contained. User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.Though only a relatively small amount of Steem was stolen, we take any form of criminal activity against our community extremely seriously. We have reported the hack to police and other cyber crime authorities, including the FBI. A full, internal investigation is currently being conducted and we are working on an immediate solution.Partner exchange Bittrex was informed of the compromise and is actively helping the investigation. As a precaution, they have temporarily suspended the ability to deposit or withdrawal Steem and Steem Dollars from their exchange. The suspension will be lifted as soon as possible...." 

For full article: please click HERE   

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Anyone that sells any Steem Power right now would be CRAZY that's like selling Google stock when it first came out!

And I did a post when it hit $2 but it went to 3 then 4 all within hours.. So I realized that the price really isn't that important because this IS like the next Google or Facebook so regardless the price now.. the more STEEM POWER you get the more voting power you will have when Millions pour in ;D

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  ·  3 years ago (edited)

I agree. I am curiously waiting to see competitive platforms enter the domain and try to take a bit of Steemits market share. Would be an interesting showdown! Theoretically, a rival can build an open source social media platform on top of another public Blockchain that already has an active user community, so I think it would be great if Steemit could maybe partner with OpenBazaar or any of those crypto markets the same way Facebook embedded it's Facebook comments module into other websites to compete head on with Disqus.

I couldnt agree more with you. Like all things steem hit a bump but i do not believe one bit that steem is going to drop. In all honestly i believe steem is going to make a mouth dropping turn around and become bigger and better.

Here is to making history;)

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Hope you are right, but to believe is just the first step to actually assume the risk. Reality is that this thing is skyrocketing and this will bring some growing pains...It will be a bumpy ride for sure and may take some time to stabilize.

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We are not truly living if we are not willing to take risks. Lol so i say take the risk and enjoy the ride along the way. Steemit to the moon and back

A hack was bound to happen, maybe it was a hack from other altcoin devs. Jealous from the price spike?

Just some growing pains. It is beta after all. Good job to the dev team and management for a timely and well planned response.

that guardian article was an open invitation to all hackers of this world. It was Willie Sutton's Law!

The fun thing about this platform is that you don't actually need to put money on it. You start with $10, free, and can grow steem power from there. If you loose it because of some hack, it is not a big deal. Once you start to accumulate more money you can slowly convert a % of your SP to other currencies. Right now, best option is just to wait and see.

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Exactly! The user base grows organically and there is a clear benefit to joining, not just because there is a small compensation model in place (most posts will make less than $0.10-$0.30 it seems) but because it's natural form of decentralization...the information posted will not be governed by a central entity!