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RE: An Open Letter to the Community - HF22.5

in #tron4 years ago (edited)

Why the softfork 0.22.2 didn't prevent this?

How this was done?

They used the funds in several exchanges to power up. Concretely:

AccountSteem PowerTime of Power up
@binance-hot31 730 053.775 SPMarch 2
@huobi-withdrawal8 002 101.000 SPMarch 2
@poloniex2 293 743.643 SPMarch 2
@ben1 536 362.853 SPLast year (Feb 2019)
@bitdev100800 109.047 SPMarch 2
@pacemaker636 317.641 SPMarch 2
@joe767676240 516.435 SPMarch 2
@imadev227 153.927 SP
@geos180 006.613 SPMarch 2

In total 45.6 million Steem Power... This is more or less the steem power that the previous witnesses received in votes.

They needed at least 17 new witnesses in the top 20 in order to apply a new fork... With this amount of power it is possible, then they changed the top witnesses.

The new fork allowed Steem account to vote for witnesses... then finally they used this power to vote for the new witnesses, which is around 60 million more steem power. So, at the end, they reached 106 million steem power in votes (more than double the previous witnesses).

All the funds of these exchanges are powered up, meaning they will not work for steem for at least 3 months (unless they change the rules for a short quit power down only for this group, take this in mind).

Bittrex didn't participate in this movement. They still have liquid steem (15 million in total). So the alternative to sell (if you want) is using Bittrex or Blocktrades.

Very bad days. I want to sell.


On the contrary, this looks like an interesting time ! Finally, steem elicits interest ! Rather than a sleepy old blockchain, this move which seems a relatively straightforward power fight will probably hit the headlines !

There is no such thing as "bad publicity" :-)

Posted using Partiko Android

Yeah, hitler was in the news a lot. happy days.

Yeah, I enjoyed this move too. 🥳🍿

.... until we realize @justinsuntron and exchanges paid hush-money to the major crypto outlets so this story does not see the daylight.

Hmm... Whose money were on these exchanges' acccounts? The exchanges' customers? IANAL but these exchanges clearly don't respect their customers' rights to their assets

What happens if most of the people withdraw their steem from exchanges ? Within 24 h period

Why are you thinking of selling your stake? No one going to propose a hardfork instead?

Good question.

Let's consider two scenarios:

Scenario 1
There is no hard fork. Exchanges and Steemit Inc decide to unvote Tron witnesses (Binance already did it). I suppose that there will be some type of agreement, and previous witnesses will come back.
This is showing me that there is still a power that can take control again in the future. People will not like this, and they will want to sell.

Scenario 2
There is a hard fork.

  • Assume that we remove the Steem Power of Steemit Inc. Then people will feel that the exchanges could take the control again in the network. They will want to sell.
  • Then assume that we remove the tokens from these exchanges. A lot of investors will lose their money. Remember that the price of steem is thanks to investors, then we need a plan for them.
  • Ok, we need a plan for these investors, then exchanges still have tokens but we restrict the power up. In this case the exchanges could distribute these tokens between several accounts, difficult to trace, and use these new accounts to power up and take again control. We need a different plan.
  • Ok, lets go with this plan: All tokens in these exchanges will lose the right to vote for witnesses. If an investor sends this token to another one then the receptor will lose the right to vote for witnesses using this token. I mean, we create 2 accounting systems: One that uses normal Steem, and another one with Steem LF (limited features) that have lose the right to vote for witnesses. I already proposed this to some witnesses, but there is no good feedback from them, principally because we are creating a new token, which will confuse the people and it's not good for mass adoption.

So, in conclusion it is not clear how to make the hardfork. Then most probably the first scenario will survive.

well can't we just restrict only for exchanges account? limited feature account should never be an option for normal users. Just a handful of exchanges account should be fine.

Yes. But what prevents them to create new accounts and transfer all the money there.
For instance, they create @binance-hot2 , transfer 31 million there, power up, and finally vote for witnesses. You can do this in few seconds.

Hmm now i start to see why eos voice needs kyc..

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