The truth about Justin Sun buying Steemit?

Image link

The truth about Justin Sun buying Steemit is still highly disputed, but it is widely believed that he was the one responsible for the acquisition. To truly comprehend the significance of Sun's acquisition of Steemit and the impact it has, it is important to understand the history of Steemit and the general cryptocurrency market in the period before making the transaction.

Steemit is a decentralized social media platform that was created with the purpose of giving its content creators the freedom to structure, monetize, and share their ideas. It operates using a blockchain, allowing it to develop a unique, transparent protocol for content sharing, rewarding, and settling payments. It also offers its own cryptocurrency, referred to as steem, which is used to reward users for their work on the platform.

In 2016, Steemit began to gain traction and gain more users. The platform was growing rapidly and the price of steem skyrocketed throughout the year. In 2017, the platform captures the attention of cryptocurrency industry mogul Justin Sun, who is the founder and CEO of Tron. Sun wanted to acquire Steemit and turn it into the largest decentralized media platform of its kind.

The deal was met with skepticism by many observers. It seemed that Sun had purchased the platform without fully understanding its strengths and weaknesses, as well as its potential future. Some people speculated that Sun's purchase was an act of attempting to monopolize the market and create a platform that would be difficult for other blockchains to compete with.

Additionally, Sun's purchase of Steemit created a number of conflicts of interest. Sun's relationship with Chinese investors, who had invested in Tron, gave him access to insider information that told him to purchase the platform. Also, reports show that Sun's close circle of investors had a vested interest in the success of Steemit and benefitted from the increase in its price after his purchase. This raised serious ethical questions about Sun's intentions in buying the platform.

However, some of his moves since the purchase have led many to believe that Sun's purchase was designed to strengthen the cryptocurrency market overall. He has done this by investing in projects that work towards improving the scalability and usability of decentralized applications, as well as doubling down on his commitment to creating a global remittance network.

Despite the many criticisms, Sun's purchase of Steemit has been a success. The platform has seen immense growth, with the number of users increasing by over 5 Million in 2020. The company has also launched its own cryptocurrency exchange, which allows users to exchange steem and other digital assets.

To sum it up, the truth about Justin Sun buying Steemit is complicated. Critics were right to be wary of the acquisition and the potential conflicts of interest. However, it appears that Sun's purchase was more than just a means to create a monopoly. He has invested in projects that seek to improve the crypto market and make it more accessible to the average user. Sun's purchase of Steemit has been a success and looks to be beneficial for the cryptocurrency industry.