What’s Happening?

Well, most of you would have read about Justin Sun’s attempt at taking over Steem by getting his sock-puppet witnesses and the immense fight back that the Steem community gave. For those of you who do not know about it, I think you missed a lot of action in the past week.

I don’t think I would want to get all that in the post, but here is a comic version of what happened. This strip was created for @justinparke’s contest. Just reposting it here.
I hope that is fine buddy, @justinparke.

So, that’s the story so far.

Now, about the fightback.

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Fighting it by Hiving Off

Justin is acting like a kid and not withdrawing the witnesses nor the power-ups to them. Talk about honest exchanges like Binance, Huobi and Poloneix, I am sure their honesty will be case-studies for a long time to come.

So, coming back to the point. The original Steem witnesses planned to hard fork and start a new chain and a new network called Hive. You can read more about that over here.

What that did was brought about some super excitement to the chain. Not only the individual users but also communities and dApps and planning to move over to Hive. So, Steem now becomes Hive and it is expected to Go Live as early as Friday, 20th March 2020. That’s like tomorrow.

But there was an unexpected side effect to this; a positive one, albeit.

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What’s the Side Effect?

The price of Steem skyrocketing – that’s the side effect. I guess that’s because of the news of the hard fork which helps the price rise. In fact, yesterday morning IST, the Steem price was around 0.13 to a dollar and right now as I write this article it is 0.38 to a dollar. That’s more than 300% rise in a single day. The news is that it is still rising.

But that’s not all. What Hive will be doing is creating a mirror of your Steem account so that you are ready to use it on Hive, once it goes Live. That actually means that you would be doubling the Steem number in a way (as it is a side chain) without increasing the supply. Wouldn’t that be correct?

If that is the case, then once Hive comes into play, the Steem price will halve again. Which is not bad considering that even at the current price, even if it halves that is 0.19 to a dollar, which is more than what it was yesterday night.

So, no harm is done. But it is one jolly moment before the big day!

Enjoy the day and have fun!

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Image Courtesy: Strange Sports Story by Frank Robbins and @justinparke