The Saga Continues: HardFork 0.20.5 Is Out, But No Immediate Replay Needed
Steemit INC devs released another version of the steem blockchain just a few hours ago, 0.20.5, after they previously released 0.20.4 just a few hours before that. The new version, however, doesn't require a full replay of the blockchain (at least not immediately). But it is a required version for all witnesses now, to address a few bugs.
The majority of top 20 witnesses were running the latest patched version, 0.20.5, at the moment of writing, whereas the rest of them were still struggling with replays of previous versions.
Replying the blockchain happens when there are deep consensus changes (like resetting the RC values for all the users) and it's a time consuming operation (lasting from 4 hours to 12-13 hours, depending on the witness hardware).
Both my main and backup nodes were updated to 0.20.5 and I'm waiting to produce my first block on this version. I also started replaying on the backup node, and will replay on the main node as well once the backup is up on running again.
Apparently, the most important cause for this upgrade is this:
Fix an issue which prevents newly created accounts from immediately receiving RC due to the account creation fee.
As the dust settles and these releases are less and less time consuming, the confusion goes down and the overall blockchain consumption starts to get back to more consistent levels, but we're still way down compared to where we were before HF 20.
The most important thing right now (at least in my opinion) is that exchanges are completely disconnected from the STEEM ecosystem for more than 2 weeks. No transfer has been made from STEEM accounts to any exchange during the last 14 days, which is a bit worrying. Partly because there's no external economical activity around the token, and partly because, although there is a lot of scarcity, the price doesn't go up, as we should expect, on the contrary. Seems like buyers aren't very eager to step in, at least for now.
One can only hope the latest patches will enable exchange nodes to become operational ASAP.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Thanks for constantly keeping us informed. We hope things stabilize and exchanges resume very soon. With all the work you guys have put in, that wouldn't be long now
I'm not really surprised. I wouldn't make any sudden moves now with blockchain in chaos mode. Good news is, that steem is keeping it market cap and price, which means nobody dumps it in panic.
They can't, because they can't transfer to exchanges :).
You can still use blockades though...I used a few days ago - not since hf20
that doesn't change prices though...
Regards @dragosroua Thanks for this info. Do you mean, we cannot send steem or sbd to exchanges? I did and it worked...Thanks for the update. Have a great weekend.
Which exchange?
Through blocktrades can be considered an exchange? @dragosroua
I haven' t tried anny other in all this time. The only thing what i've realised is that people stopped to interact on steemit as well.
blocktrades is an exception, as he is also a witness on steemit and his nodes are constantly upgraded. But all other exchanges seem to be in wait mode until things settle.
Thanks for keep informing mate, really appreciate it.
It’s normal that trading Steem is static these days... the uncertainty is high and exchanges as Bittrex doesn’t allow to deposit or withdraw since days ago, which is not helping at all but the contrary...
Anyway, the situation seems stabilizing now...
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in 0.20.4 Rc is recharging fast and that's a bug in front of them, so to remove this bug, they have launched the 0.20.5 so that rc recharge slow
I predict a significant drop in the price of STEEM once the exchanges get connected again. Sadly, too many people do not understand that the value of "Something" (anything) is not strongly coupled with its scarcity. Scarcity matters, yes, but is far from the whole story.
Trust is the most important factor affecting value. Steemit Inc. has shown it doesn't value trust. They've treated the trust put in them with nonchalance.
They've "burned" some of the trust the people of this Community had placed in them just like a big American car guzzles gas - gas is cheap there, right?
As soon as the exchanges get connected again I fear we'll see a rush for the exits ...
We all sure do hope so too!
Maybe even eager buyers cannot step in? Both deposits into and withdrawals from the Steem wallet are non functional on Bittrex.
This Harfork is simply giving too much headaches already pheww being a witness is definitely the hardest thing
Timing of hardfork was unfortunate as copycat sites like Weku are coming online. Many non-tech, low level users just started posting on Weku and probably won't come back. I think older users and those that have invested fiat in Steem over estimate the attraction of Steem versus other alternatives.