T Minus 2.5 hours. DLive presentation by Justin Sun new owner of Steemit, and witness forum to follow at minnowpond.org.

in #witness2 months ago (edited)

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If you've been away for a day you've missed a lot. @justinsunsteemit has purchased Steemit Inc from @ned. That makes sense. Steemit inc is a private company, and @ned as the main shareholder can make whatever decision he wants for his company.

The concern

The Steem blockchain is a different entity, and much of the concern in the community seems to be around its fate. To be clear, simply buying 1 app and company on Steem doesn't mean Justin owns the blockchain. It is however concerning because our top witness @yabapmatt has about ~46M worth of Steem power votes behind him and Justin now controls ~75M steem power, which under present conditions is enough to immediately put in 30 new witnesses, enact any hardfork he wants, and approve any SPS proposal he cares for.

The Upside

Steem has sorely missed marketing. Justin Sun knows how to market. The potential upside is fantastic. I don't want to underplay this. A great voluntary partnership between Tron and Steem could be fantastic for everyone in both communities. I'm personally really excited by that!

The downside and consequence

That said. There's also the potential that Tron intends to shut down Steem via a coerced token swap or control of witnesses through the stake he purchased. If that were to occur I'm extremely confidant a Steem fork would take place, and the community would split (the fork would presumably remove all the Steemit stake by setting to zero or transferring the balance to the SPS system). The next two questions to me would be "what percent of the population would move?" and "will exchanges support one or both currencies?" I don't have answers to those yet.

The big questions of their public statements?

I'm hoping the presentation on Dlive will affirm these questions: "Will Steemit continue to help operate this current blockchain and support existing exchange listings?" and "Will Justin Sun volunteer to keep stake he purchased from Steemit non-voting?"

We'll see what they have to say at noon EST (1700 UTC) at https://dlive.com/justinsun.

I'll be at the Dlive thing.

An opportunity for discussion

It's unknown how long that will run for, but immediately following it MSPWaves is hosting a follow up Witness Forum. The first part of the forum will be devoted to Witnesses sharing their perspectives. The second part will be a more open conversation where the community can chime in.

The MSPwaves thing will be viewable at mspwaves.com/listen and you can interact by going to http://minnowpond.org and joining the voice channel with all the Steemians in it. I'll also be recording it to share on Steem after it's over.

I've publicly invited and continue to invite Tron Leaders and members to listen to our conversation.

Here's hoping whatever they have planned is voluntary and designed to help the price, community, steem holder, blockchain development, and growth of Steem in partnership with a separate Tron blockchain. I'd be really excited to promote voluntary bridges to further latch these two communities together.

We'll find out soon.

80% beneficiary to steem.dao.

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Hey, @aggroed, you've got the wrong URL for the Justin Sun AMA.

The right one is: https://dlive.tv/justinsun

There's some irony in him using dlive for this :)

I for one would be staying with Steem. If they plan on moving it to Tron, I'm putting my efforts into the community. Supporting a fork that keeps things the way they are.

I have lost my Steemy mojo Aggy, hoping for some good decisions to be made over the coming months.

The fact that it's airing on DLive is kinda hilarious.

he said he cherishes the community and will obviously consult with us before any significant changes.

He is professional and has already dealt with the harsh nonstop spam and harsh criticism that comes with being a big part of the crypto community

Lets see how he handles all of this, he seems to believe in steem and is simply the new owner of steemit

He has experience in this space and created a token with over 1.5 billion dollars in market cap right now

My understanding is that Sun has committed to certain things, including an airdrop of the new Steem token to current Tron token holders. The more stake he airdrops, the greater decentralizing effect that will have on current distribution, and the less ability that stake will have to replace witnesses with compliant serfs.

That is therefore a critical aspect of this oncoming evolution. I'd appreciate folks with appropriate understanding of witness support chiming in with assessments of how little stake is necessary to overthrow 17 of the top 20.

I'd love to hear from you @aggroed, and @yabapmatt also on this matter, as well as any other consensus witnesses, before the AMA starts so I can ask questions with relevant numbers regarding the airdrop. It would be useful to have a feel for the willingness of other significant stakeholders such as @freedom, @blocktrades, @berniesanders, and others regarding this/these transitions. Hain't heard a peep from them.

Thanks!

I just want to see Steem thrive and become better. I do hope this collaboration pans out well for both parties.

The token swap thing doesn't really sound well for Steem.

Very interesting times ahead I believe.
Watch this space.

Have the same concerns, nothing against a partnership with Tron but prefering to keep the Steem chain, win/win

With a takeover I think its reasonable to expect a changes in power. Why wouldn't the new owner want to vote someone on his team to being a witness. Why wouldn't he use his stake, he purchased it, it's his.

I don't think a split to two different Steem tokens will be good. User retention here sucks as it is. To split the group we do have won't be good for either side and will likely have negative impacts on both Steem tokens. Those negative impacts will likely be worse for the side that isn't Justin Sun.

Removing his stake sets a bad precedent. No-one should be forked out because they managed to buy up enough to have a controlling share. Forking away from his share and creating a NEW STEEM that starts with everyone having 0 tokens seems like an option that could take place without damaging the reputation of STEEM.

If I was an investor or anyone even remotely serious about making money with crypto and I seen that another investors stake was forked out of a project, my money would never be placed in that token/company as I would be too fearful of the same happening to me.

is he goes crazy and want destroy steem i think he should get forked out. Im not here for Tron.

That sets a bad precedent for the reason I already noted.

I don't see why he would "go crazy". Here for Tron or not, Justin Sun is the new owner of Steemit.

if he want steem to be a tron token he can do. its up to him.

He can also use the Steemit domain for what he wants. Make a tron site, gamble site or porn out of it or what he wants.

But he only owns Stinc. Not Steem.

And if he does something without comunicate, a fork will be ok IMO. he owns only 25%. Like if he votes own witnesses in to fork steem.

75% are hold by communty of Steem.

Keyword " token swap"

I was under the impression he owns about 45% .....

I don't agree with forking out for reasons already said. Forking ourselves out to a new clone chain is fine.

sure i think thats the " worst case " plan.

On the other side we can do nothing against, if he put a copy to tron.

How you think this are 45%?

Misterdelegation 20 mill
Steem 12 mill
Steemit 31 mill
.......................
so i think there are 62 mill + hide stack. In max i think 100 mill

Thats arround 27%.

I haven't looked into it, I seen someone claim 45%, it could very well be 25% in either case, that's a big share.

sure but not enough to play the owner of the blockchain.

I am waiting for the top witness decision.

It’s really good to know what SP Justin will be holding now. Let’s hope there is some communication on how that will be used in principle today.

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@aggroed im sure most will stay here. Nobody i talk want Steem a Tron subtoken.

If Some go, they can. The core will Stay. We are stronger then ever with SMT, Communities and we have good Front Ends.

If Steem 3.0 will stay alive, the chain will be stronger then ever. Every Steem gets more Value because the ninja mined Stake is gone.

We see what happens. Worst case is not the end. So im fine.

Excellent we are still waiting @aggoed good news will surely come by the way the subject is being approached.

Thank you for the information, @aggroed.
Hopefully the decisions bring good news for Steemit.
The changes always impact, but we must expect them to be positive.

What if another forked to EOS? 🤔

👍
🚶

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It was a great witness forum that left everyone understanding the risks but overall feeling very optimistic.

80% beneficiary to steem.dao.

erm... btw, I couldn't confirm that asseveration. :p

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Market effects are king. Regardless of whether you are a big-block-head or a small-block-head, I don't know whether we really understand this, but if people were given a vote over big-blocks and tiny-blocks in Bitcoin I don't think we would see 10% of the btc-weighted vote going to the big-blockers as the price suggests. The one megabyte-block side retained all of the network effects: the original logo, the symbol, the exchanges that use it as a unit-of-account, the public recognition, and status as the gateway from fiat; and BCH had to start over from zero.

Now say Steem splits into Steem-Sun and Steem-Classic. The Steem-Sun chain would keep the Steemit website and the Steem symbol name. I think one would be crazy not to dump the the Steem-Classic fork coins after seeing what happened with the BTC/BCH split.

Justin sun said there won't be a token swap. Everything will be kept as is for the immediate future.
Check the video at around minutes 26.