What is Steemit Inc Telling Us With This Power Down?steemCreated with Sketch.

in stinc •  last year 


PowerDown.jpg

How is it that the leadership here thought it was okay to start powering down without making any kind of official statement? Even during an exit scam, shouldn't the leadership be trying to maintain appearances so they can sell out for the most fiat possible?

steemit power down.png

Seriously, that's all the explanation we get? "Stickiness"? This is beyond laughable. I almost feel like we should be organizing to crash the value of Steem on purpose to punish anymore whales from dumping coins on the market. What's a good target? 1 cent Steem? I'd buy at that level.

Something else must be going on in the shadows, but what is it? Then this little gem was brought to my attention:

https://github.com/steemdev/steem/pull/1

A hardfork implementation by the one and only @jnordberg aka @almost-digital. I've been working on tutorials in an attempt to learn and explain the Steem API he created, dsteem:


Lesson 0: Steem Tutorials Are Severely Lacking
Lesson 1: Filtering Tabs
Lesson 2: Hello World
Lesson 3: Dissecting Discussions
Lesson 4: Steem Stake Sterilizer
Lesson 5: Inspecting Block Operations


This proposed hardfork is a blatant attack on our leadership, and if implemented by the witnesses, would freeze STINC's accounts permanently.

This hardfork if adopted by witnesses will set all Steemit Inc. controlled accounts authorities to the null key.

So now it makes a little bit more sense why Steemit Inc. says nothing. They aren't scrambling to exit (yet), they are scrambling to hide their stake across thousands of anonymous accounts. Funny how they can trust Bittrex with this function. Centralization is alive and well.


When it really comes down to it Steemit Inc. is a bloated blight infecting this platform with the twisted disease of centralization. I hope they exit. GTFO. There are so many talented developers here that are willing to work for peanuts while we pick up the pieces of all this incompetence and corruption..

How many projects has Steemit started? How many have they finished? How much inflation are they continually leeching from the platform? What is Ned's yearly salary? It should seriously be zero right now in the wake of his failed attempts at gambling with our future.


temper tantrum.jpg

What is Steemit Inc. really saying?

I thought this was a clear exit signal, but now I'm not so sure.
I think what this really means is this:

Even if you come to consensus to take away our ninja-mine we won't let you.

Think about that for a moment, because it is a lot more fucked up than it seems. The "leadership" of our platform doesn't respect the consensus of their own community.

  • They don't respect consensus.
  • They don't respect transparency.
  • They don't respect community.
  • They don't respect decentralization.
  • They don't respect the basic tenants of cryptocurrency/DLT.
  • Seriously though, what do they respect?

Every day that goes by I feel like I am more and more being lorded over by a toddler having a temper tantrum. The hypocrisy continues.

They continue to leech off the platform while providing zero proof-of-brain solutions in return. @dan has still given this community more than an entire corporation has that we are fronting the bill for. Now they are saying they need to power-down to maintain wallet security?

THAT ISN'T HOW CRYPTO WORKS. Either your account is secure, or it isn't. There is no way to secure a wallet three months in advance unless you are literally worried that the community might come together and smite you like Ethereum did to the DAO hacker.

Steem is the only crypto I own where I actually control my own keys. Why? Because it's super secure and I can't mess it up. I have a little bit in a MetaMask wallet. Sometimes I feel like that could be stolen at any time. The rest is on exchanges.

My point here is that Stinc claiming their wallet isn't secure is ridiculous. It's an insult. Why transfer it to exchanges?Why is changing the master key not good enough? Why not just transfer the money directly to other accounts from our own platform? The answer is obvious: the leadershit of this platform is tumbling and mixing their stake right in front of us so we won't be able to track it. This action has no justification. We deserve to know where this stake is at all times.

Conclusion

You'll notice I'm not powering down. This post isn't FUD bait or meant to cause a panic. It's meant to be transparent about the events I am experiencing and the conclusions that come from those experiences. The fact that ned thinks he's allowed to run around behind closed doors doing whatever he wants sickens me. Why are you here in the cryptosphere if you don't believe in transparency? Get out, you aren't good at this.

Steemit Inc doesn't deserve privacy. The point of crypto is to give privacy to the little guy and to make the big fish accountable for their actions. Are we really just going to sit around and tolerate this unacceptable behavior? Probably.

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I am too vested into this to panic at this point as there is still certainly a lot of noise but nothing clearly communicated. On one side, taking their stake would not be the best path forward as it would question the immutable concept of the protocol and should worry us all if our keys can be nulled. On the other, if someone with such large a stake (that was premined and not necessarily earned-thin line IMO) is not providing the value needed to move forward, there should be something done to govern how they monetize their stake given the potential impact of an immediate exit. While maybe to easy of an approach, I am personally taking the sideline to see how it plays out while trying to continually engage for perspective on this and other aspects of our future as a community and ecosystem.

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I don't think I would vote in favor of forking away their stake. I'm mad that they are trying to take away the option in the first place. I respect the consensus of this community, so if the consensus is to fork away their stake then that's what we should do. I don't think that we would ever agree on that, which is why this move is even more ridiculous.

Causing an exit-scam panic to prevent something from happening that has a one in a million chance? Dumb. @almost-digital fucking played you @ned! This was the best possible outcome to show how weak our fearless leaders are.

Honestly, Steemit's ninja-mine isn't that big of a deal. Just look at the Federal Reserve. They could literally print out 100 trillion dollars tomorrow and spend it wherever, and they've somehow convinced the population that Jeff Bezos is the richest person in the world? It's amazing.

Steemit can only spend those coins once... and I hope it's sooner rather than later.

This is certainly one of the best explanations of the things that are happening, thx for that. As much as i share your disappointmant and anger with Ned and Steemit, that Pull request as well is kind of a threat to the nature of blockchain, and ties into what many critiques argument against DPOS. It mirrors a bit what happened with BTCABCSV, where a few big players disrupt the whole eco-system for their own personal interests.

I don't think you can compare forking Steem (because it's heinously centralized) to a Bitcoin fork. Bitcoin is actually forking and becoming more centralized because they are raising the block limits.

I don't see any big players here acting in their own interest. It's in everyone's best interest to decentralize. Getting rid of the monstrous bloated corpse eating the brains of the blockchain isn't the worst idea.

Granted, I think this comes at a bad time and we are nowhere near ready for a fork of this nature.

Yeah you are right, the forking scenario is completely different. You might have chosen your side (not the worst choice), but for the regular outstander, the desired outcome isn't so much about who wins, but that the eocosystem crumbles....

  ·  last year (edited)

I can't really imagine the ecosystem crumbling either way. The only ecosystem I can see crumbling is fiat. Most blockchains have a superior foundation compared to the established system.

In order for crypto to crumble it has to be outdated by a completely superior system and the underlying community has to totally abandon the project. That isn't going to happen anytime soon for a great many of the projects out there.

Look at how much this platform is worth and how few people are actually using it. Apply the same logic to all the other projects. We haven't even begun to experience the network effect.

At what price level will the top 20 witnesses start to breakeven on server costs?

Honestly I say tank the prices below that threshold and see which witnesses actually believe in this platform.

If you assume we have 300 million coins and 8% inflation we create 24 million coins of inflation in a year. 2.4M of that goes to witnesses. Divided out 20 ways that would be 120,000 coins per witness per year.

  ·  last year (edited)

I totally agree with you. SteemIt had a very high stake anyway. I know that them selling their stake is probably going to collapse the price... but that is what we have to pay to achieve more decentralisation.

SteemIt has done their job. As far as I'm concerned they should leave, if they are not interested in developing anymore.

I mean, what have they done over the entire year of 2018?

  • A new GUI for SteemIt.com that is worse and uglier than the previous one;
  • HF20 Fork, which was a total [email protected]!

That's pretty much what they've done. Other than that, they've promised SMTs... over and over again. We're no closer to that than a year ago.

Yea I agree..
But I still dont exactly know what is happening.. Nobody knows..

I just cant believe how this is happening.
I wanted a community fork, but not like this..

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I might want something similar to this if StInc’s Steem went into a locked developer fund like I described in my post about a decentralized open company.

For that we need voluntariness by Stinc's side.

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We might, but if the community got together and learned the Steem blockchain code, made a fork, and forked the stake, it could happen. This solution would be better though as @ned and @steemit Inc. would have better incentives to actually release products or their funding would be cut.

I hope they exit. GTFO.

Could not agree more if I tried.

Superb article and not considered FUD by me at least.

I hope they sell it all and get out of the game. It gives others the opportunity to buy and push the platform to further decentralization.
Just putting a thought out there, but perhaps this was some type of false flag to give them an excuse to dump all their stake?

HF21 will be a splitfork!

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This post has been included in the latest edition of SOS Daily News - a digest of all you need to know about the State of Steem.



Actually to me also, i am still a bit confused about that action been taken and like ypu said, i guess it was showing the exit signal. But in another way round, i guess they take the action to help in the sale of steem at bittrex which may later increase steem price

  ·  last year (edited)

I just love trolling you. And that's because you keep writing bullshit, believing you're actually commenting. :-D

I really believe that this news has a negative impact on all stakeholders, however, I think it is excellent in the sense that we really understand that STINC is not as reliable as NED.
I think what's happening is like throwing up after we've eaten bad food. At first it's disgusting and painful, but it's good to never believe that food will do us any good. The food is STINC, the throwing up is what we are doing now.

Resteemed. It's pretty clear it's an exit scam

  ·  last year (edited)

You can't do an Exit Scam when the product is released and working already.
An Exit Scam means the investors are left with nothing, no investment, no product.

This is probably an Exit... but calling it a Scam is a bit too much.

It depends on your perspective of course. What I came here for, turned out to not be adequate and the time and hard currency invested, evaporated.

While there are people here making it worth sticking around, you can't really be surprised at the reactions you are seeing everywhere; people are pissed.

Having faced one disaster after another, maybe it's better to let people vent, besides, no Football match has ever been won by the cheerleaders waving pompoms on the sidelines.

There are close to 1.2 Million accounts; where are those people? Do they exist? Don't answer that, we already know they are fakes/scams/bots/alts/wallets/transfer stations for groups obfuscating their dealings.

When I invested in Steem they said their stake (obtained thru very questionable means) was for development and expenses. No one mentioned they were going to take off with it later or I wouldn't have bought any. Deception was used and I doubt their actions are legal

If they sell it now they probably wont have much Profit..

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  ·  last year (edited)

They will make a profit if they paid next to nothing for it, but people who paid a dollar are certain to face a loss.

Not all payments are in money. Time > Money. They've spent a lot of time on the project and could have earned "hard dollars" if they spent that time on something else.

I did say "if" they spent next to nothing. That making "hard dollars" is true for most of us and if no one buys Steem it doesn't matter how much time they spent on it. I took the same risk cutting a record back in the 80's, if no one had bought it, I would be out the money for the time it took to write and rehearse the material, studio time, mastering, and printing. That's the way it works. If they could've made more money doing something else; why didn't they?

BTW, how do you even function on just 11SP?

True..
I still think there is a community willing to buy under 20ct.
This would also be positive for distribution.

That it would, but how many are there? I may buy again at $0.01, but then again, I may have a long time to stumble upon something else. I'm powering down for a week so I have a bit of liquidity. I'll re-evaluate at that time to either stop the power down or continue.

Offcourse they are not selling now, but they are making preparations to sell when the prices will rise again. At least, that is what i believe after reading this article. Read between the headlines of the news and the signs that more mainstream crypto adoption is coming are there (Bakkt and others) but there’s also a new debt crisis looming around the corner, worldwide geopolitics are also very instable ... so, they are making preparations to be ready to sell their stakes as quick as they can when the time is right.

I am more worried about a bunch of leeches that keep posting crap and upvoting their own posts and comments with multiple accounts.

As far as @ned and the others, let them go. We will never achieve decentralisation as long as 3 people hold >85% of all the STEEM.

  ·  last year (edited)

What a stupid comment. Scam is when you announce a project with lots of high targets and goals to get people to invest and after they invest, you sell your own bags without delivering any of the promises. STEEM is a working product with most of its promises already delivered and steemit has been one of the main players in delivering the promises so far. If they wanna sell and leave, it's just that. It's selling and leaving. It's not exiting a scam since there is no such a thing as a scam when it comes a product that is already delivered.

To be fair, I use the term "exit scam" right off the bat. The definition of which is not set in stone. If STINC says they are going to use that money for development and then they sell out and leave... scam.

This is especially true in the face of having the option of freezing their accounts. If we chose to not freeze their accounts because the money was going to development and then they dump everything on the market... yeah.