I Support Forking Out Steemit
As a witness, I fully support forking out the account @steemit and any related accounts that were created during the unethical ninjamine.
STINC stands for Steemit Inc, which "runs" the steem blockchain and owns the Steem account @steemit and several other accounts. This company ninjamined something like 70% of all STEEM. I will not go into the details of this ninjamine because it has been covered extensively elsewhere.
Through mismanagement, STINC has sold over half of their STEEM, which should have been at least $76,000,000 -- and without much to show for it. This selloff has represented constant sell pressure and has damaged STEEM's value for all those who own it.
Evidence of Steemit's poor performance and negative effect on price can be understood by comparing the price of STEEM to DOGE. DOGE is a cryptocurrency launched in 2014. It was quickly abandoned by the development team and as of the time of writing this post, has not had a significant update in over 3 years. You can see for yourself here: https://github.com/dogecoin/dogecoin
DOGE has a total market cap of about $248M and is ranked 24. By comparison, STEEM is ranked 43 with a cap of about $114M, even after this recent 30% pump. So, even without any development for over 3 years, DOGE has a higher market cap and a healthier market than STEEM.
How can this be? The simple answer is that STEEM is a toxic asset because of systematic dumps by STINC. These dumps result in no added value for STEEM because the resulting revenues are not rolled into STEEM blockchain development in any significant way.
It can be concluded that STINC only wishes to dump STEEM to reward STINC shareholders, with no regard to STEEM owners.
In a sense, this is fine. It's a private company. However, what STEEM holder wants STINC shareholders to get rich by sucking value from the holder's portfolio?
Also, I believe that the existence of the @steemit and related accounts make Steem a security and not a cryptocurrency. Consider that STINC fully controls the blockchain. They have nearly all the witnesses over the barrel, except a few of us too far down the witness list to matter. This makes STEEM a security, and it is tainted for that reason.
The best way to convert STEEM to a cryptocurrency is to eliminate STINC's overwhelming stake.
Many will claim that forking out the @steemit and related accounts does not adhere to the ideals of cryptocurrencies. But that doesn't matter. If STINC has controlling stake then it's not a cryptocurrency and these ideals don't apply.
We should fork out STINC's account and make STEEM a true cryptocurrency, then discuss which ideals apply. This will also end the relentless dumps.