Justin Sun bought STEEMIT and is trying to convince everyone that he bought STEEM

liondani (69) · 5 years ago

If witnesses tell them to fuck off, you cant know if someone else will pick up development or their nodes.

The problem is that in the near future steemit.inc aka TRON will vote for witnesses that will not say "fuck off"... So if the majority of active witnesses are TRON friendly...

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lordbutterfly (70) · 5 years ago (edited)

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holybranches (60) · 5 years ago

Justin now owns steemit inc stake, right?

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crypto.piotr (70) · 5 years ago

Dear @lordbutterfly

I've been just reading about STEEM Token Swap on poloniex and I was wondering - what does it mean to all those who powered up all their STEEM?

Will we witness entire blockchain powering down? That would require cancelling all delegations, right? In that case all curation trails would also receive a serious hit. Most current projects would collapse (months of looking for support with delegations).

I'm also curious if Steem-engine will be affected - and how? Any view on that issue?

Also I wonder if we can still expect HIVES and SMTs or those promissed will not be delivered. Quite worrying questions.

Yours, Piotr

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lordbutterfly (70) · 5 years ago

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juanmolina (68) · 5 years ago

It is necessary to know "What was sold."

Steemit is a dApp that runs on the STEEM blockchain.
Ned sold his dApp. Now, will that sale allow the buyer to modify the entire code structure?
To make profound changes an HF must be implemented. How far is Sun willing to destroy Steemit? Does anyone buy a castle and then demolish it?

Changing the economy of Steemit would affect the economy of the entire blockchain. So why should all accounts be shut down? For what?

What would have happened if instead of buying Steemit, I had bought Dtube for example?
Could Dtube change the entire blockchain economy? I think not.

We must wait for the AMA and learn more about the terms and conditions of the sale.

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buggedout (68) · 5 years ago

My understanding is that Steemit is a company and that is what was bought.

Assets of the company include the DApp, the stake and any proprietary intellectual property created by the company.

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juanmolina (68) · 5 years ago

Good point!
You're right, what was sold was "Steemit.inc".

When you say that the "Stake" is one of the company's properties, do you mean the Steem staked? Is it, the SP of the users?

Of this being true, then we will see massive Powerdown. People will want to have their liquid steem to sell it and buy other currencies. At least while these turbulent times pass.

Delegations would be withdrawn.
Then the projects based on delegations, as well as the big Trails, will be without force. A whole chaos.

Justin Sun knows he has at least 13 weeks of support. This while the powerdowns are running.

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vikisecrets (68) · 5 years ago

From the announcement it sounds like Justin wants to move everything to Tron. I would prefer that the Steem blockchain remains and Tron and Steem working together. But we will see, in fact it all depends on the details and what Justin is offering to existing users and investors. A merger is always a risk but it also has potential and can bring Steemit back as a top crypto project.

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lordbutterfly (70) · 5 years ago (edited)

I would prefer that the Steem blockchain remains and Tron and Steem working together.

I would as well but apparently Justin doesnt want that. He wants to "buy the community" along with the brand name and the Steemit.inc devs. ( i assume, he has his own TRC20 devs, he could just sack @vandenberg and the lot)
There were much better ways to do this but Justin is like Charybdis from Iliade, he wants to swallow everything. This is hardly a merger.

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vikisecrets (68) · 5 years ago (edited)

yes, it feels a bit like a hostile takeover, and all depends on what Justin has to offer and how the witnesses, dapp authors and investors react. It is possible that there will be a fork of the Steem blockchain (without Steemit Inc) and only Steemit Inc moving to Tron and everything remaining on the classic chain. Or alternatively, that the offer from Justin is so good, that the majority wants to move to Tron, which is also a possible outcome. Exciting and stormy times ahead of us again :)

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champagnecrypto (65) · 5 years ago

On live talking about this https://www.youtube.com/channel/UCOeDVSPVvPN_2b4Uq73DORQ

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lordbutterfly (70) · 5 years ago

Nice video, pretty funny... But yeah, you got it, downvoted you for a misleading title. ;)

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mindtrap (74) · 5 years ago (edited)

I feel kinda sick tbh...the strange thing is...why STEEM's price keeps moving up?

First time in months that STEEM got to $0.30 and I can't even celebrate it

lordbutterfly (70) · 5 years ago

Its crypto. Justin spams announcements left and right so nothing he says moves the price any more but with Steem, nothing big is being said about it in the media for years, so this moves the price.
Also, our "secret Slack" group members knew for at least a week.

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acesontop (71) · 5 years ago

All over the news they are talking about Steem as being Steemit, not knowing that these are two different things. I don't know how much Sun can do about the way the blockchain works, but I hope we, the community, active users, and the apps currently working to not be affected by the sell of Steemit. Man, I really don't like either of Ned or Sun. It's a very confusing situation and I really hope that this part of my life won't be destroyed. I've just turned two on Steem and I was imagining myself for years blogging around here. I don't want to blog on TRON's blockchain and I don't want to earn Tronshitsteem. I'd rather dedicate my whole time to publish0x rather than do that.

crypto.piotr (70) · 5 years ago

I really hope that this part of my life won't be destroyed.

Very sad and true words @acesontop

We're on the same boat buddy

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lordbutterfly (70) · 5 years ago

His goal is to convince the exchanges (Hes friends with CZ) that Steem is indeed moving to TRON. Thats where the fight will be had.
Exchanges run on the current chain and they would have to move and drop the current steem chain for the new one.
It all depends on what Justin manages to convince them and what the witnesses decide.

STEEMTRON isnt Steem. Its a completely different thing. What ever happens.... witnesses deciding to kill the chain or us forking away Steemit.inc stake or simply moving on and ignoring it, Steem will never be the same.

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bashadow (65) · 5 years ago

I think there are a lot of other developers and development teams that can easily and readily replace the function that steemit.inc development team did. Steempeak has been talking about their own HF proposal for after the SMT HF. If @ned and Tron want to fork off the steem block chain it is my understanding that they can do it, anyone can fork off the steem block chain. It has been done in the past or so I have read on other post. If the witnesses do not want to play ball with sun and ned then that will be an option for them. The Steem Block Chain will continue, the development will continue if people want it to continue.

lordbutterfly (70) · 5 years ago

readily replace the function that steemit.inc development team did.

We need a current Steemit.inc employee to leave for Steem to have someone to stand behind, that has inside knowledge and I dont think we can get @vandenberg. If we could that would mean a lot.
Justin wants to buy us out and only pay Ned.

He might as well be able to do that, or we prove that Steem is indeed decentralized: If he can simply buy #steem, then steem is literally worth 0. There is no point in it being a cryptocurrency.

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bashadow (65) · 5 years ago

I guess we will see, my only experience with block chain tech and crypto tech is from the steem block chain. It is my understanding that all the code is open source and is available on git-hub. Steempeak has a development team, they were even talking about presenting a HF after the SMT HF was done, so I guess we will just have to wait and see.

Not all is lost until we accidentally throw the baby out with the bath water. One good thing may have come out of the sell, maybe now @ned can buy that Lambo he has always dreamed about or maybe even be able to afford to buy Jerry Garcia's last guitar.

lordbutterfly (70) · 5 years ago

It is my understanding that all the code is open source and is available on git-hub.

Yes, but the trust in the chain cant be found on Github. Also, i dont know how easy it is to actually transfer everything Steem is into TRC20, unless Steemit.inc devs havent been working on it for the last year ever since Andrarchy discussed the trade with TRON execs.

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valued-customer (67) · 5 years ago (edited)

I have reason to believe some Stinc personnel will prefer SteemGoldCash to SteemiTron.

I reckon @jarvie is ready willing and able too.

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markkujantunen (74) · 5 years ago

Here, he is trying to acquire a whole blockchain. He is trying to kill Steem, create something with wholly different characteristics on TRON and take the brand name with him.

The Steem name isn't much to write home about. Nobody's either ever heard of it or they've only heard bad things about it. He's after the user base because apart from BitTorrent users, he's got none. He's got a lot of money and knack for marketing.

lordbutterfly (70) · 5 years ago

Bittorent users or BTT users? You really think you can base value of a token on people that pirate content of the internet? 99,8% according to a research of all traffic on bittorent is illegal. You really think those people that seed or download will buy your token?

TRON has a low user number, thats why he wants steem. Otherwise he would just pay someone a few mil and make a social media site himself.

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kabir88 (60) · 5 years ago (edited)

One of the best things about steem was that it was a native token on it's own blockchain. The voting system gave too much power to the whales, but it's much better than being a token on someone else's chain where you have little to no say.

Will be interesting to see what the witnesses think and if there will be broad consensus or a split.

lordbutterfly (70) · 5 years ago

Realistically, you would have no say. TRON has super representatives, it has no use for witnesses or witnesses would be the second tier in importance depending on how Justin decided to emulate Steem on TRON.

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sames (65) · 5 years ago

Sad fact to note is Justin Sun is great friends with CZ ie Binance and that our most liquid exchange. With Binance being like the flagship alts exchange, other small exchange will follow :(
The current steem might just have to be forked and called steem classic or a whole rebrand :(
Or we fully expect this merger and go all in

lordbutterfly (70) · 5 years ago (edited)

This is not a merger. You would be swapping Steem for TRC20 token (or whatever) and killing the chain. If the chain tells Justin to fuck off Binance cant ignore that. It will be all the investors, witnesses vs Justins word and the fact that Steem as a TRC20 token is not Steem.

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dadapizza (58) · 5 years ago

This is depressing as heck.

lordbutterfly (70) · 5 years ago (edited)

Id say its more scary then depressing. I put in some money into steem and im having a hard time digesting this. What about those that put into 100k-500k.
Id be panicking.

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dadapizza (58) · 5 years ago

I guess it's scary to you, depressing to me.

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lordbutterfly (70) · 5 years ago

...yeah

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sammedy (25) · 5 years ago

Well Justin Sun is good at advertisements, as well as having resources, so Steem now has better chances to go to the moon.

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lordbutterfly (70) · 5 years ago

If Steem moves to TRON, it is no longer Steem. Its a TRC20 token with worse performance then current STEEM.

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imransoory (67) · 5 years ago

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rumblestiltskin (48) · 5 years ago

The Steem chain will continue. The witnesses will stay because Tron already has it's own consensus. The community will split. My question is, where is Splinterlands going?

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lordbutterfly (70) · 5 years ago

@steemmonsters can run on multiple chains in different ways which is what i hoped Steemit would do.
They could simply add payments in something like a "SteemTron" (A TRC20 token) instead of trying to move everything to TRON.

Aggroed is a witness. No idea what they will do. Its all up to them. If they decide so, they can say that they are shutting off their witness and moving on to tron killing Steem in the process.

Since Steem monsters first adopted TRX payments you could assume that Aggroed knew something. We will see soon anyway.

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enforcer48 (68) · 5 years ago

Aggroed knew something.

He did. That's why he did what he did to strengthen his position. You didn't think the whole @delegationtrust, @steemalliance, etc. thing were accidents?

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8 votes

lordbutterfly (70) · 5 years ago

Id say adopting TRX for SM payment wasnt an accident.

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cyberblock (65) · 5 years ago

I think it's good to be backed by a billionaire, steemit was going no where but down anyways, at least now we have a real backer and some potential.

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lordbutterfly (70) · 5 years ago (edited)

Everything went down. Its just that Steemit.inc was too stupid to lie about their transactions, user numbers.
EOS fakes 80% of their transactions, TRON more then that, Exchanges fake 90%+ of their volume... its just us here that were too honest to fake anything.
All tron dapps combined, not counting Dlive get less traffic then Steemit, 1 STEEM dapp, according to non-crypto analytics no one cares to fake.

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cyberblock (65) · 5 years ago

I agree, steemit is a useful platform that actually works unlike most of the useless shitcoins out there. It's been in the top ten most active blockchains for years. But lets be honest, we're here to make money and steemit inc was going no where.

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lordbutterfly (70) · 5 years ago (edited)

Steemit is a frontend to the STEEM blockchain just like Steempeak or Esteem. Steemit is actually much shittier then the other two but more popular.

If youre here to make money im afraid that by killing SMTs due to purchase by Tron and making Steem into some blogging platform Steemit is you might lose quite a bit of money, if youre invested at all.

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cyberblock (65) · 5 years ago

I dont think they will be killing SMT's, why would Justin spend money to take it over and kill it? What financial benefit is he getting?

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valued-customer (67) · 5 years ago

I make money with a hammer, and I only do that for fun.

I'm only here to rant and participate in a decentralized revolution that will eventually take down the banksters. I want money to be obsolete.

Fuck money.

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goldrooster (69) · 5 years ago (edited)

It all comes down to the conversion rate of which TRONSTEEM in the end can be converted into TRON. Somethin had to happen with steem/steemit. I see it neutral. Pullin the plug out of the steemit team would have been
worse.

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lordbutterfly (70) · 5 years ago (edited)

It doesnt. Ill just sell Steem for another crypto and put in my time into that. Why in the world would i risk so much on a new token that shares almost no attributes with current Steem, that will need price discovery once again?

That would be stupid. The new SteemTron token has nothing to do with Steem.
Its not like with Ethereum Classic and Ethereum that started of as basically the same chain.
You will be swapping STEEM for a TRC20 token.

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chekohler (70) · 5 years ago

Just another case of money talks it’s a good thing it shows that stinc doesn’t care about blockchain because they jumped at the first offer of fiat

Tron is in my humble opinion a shit coin backed by Chinese fake money faking their way to the top trying to buy up and never actually develop anything

Justin can take steemit.com and side chain it and give us additional rewards for our content in Tron but I don’t see why I’d give up my steem for some TR20 shittoken

At best he leaves us alone and gives stinc cash to dev at worst we fork! Let’s see who of the community believe and who are sell outs

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flemingfarm (68) · 5 years ago

Once again a corporation fucks the people over. The joys of living in this time of absolute greed.

I really don't trust the top witnesses after all the cow-towing they have done to Inc. No matter what we are screwed since without devs the chain will stagnate even more and by moving to Tron we are likely going to have zero say in any direction to follow.

Looks like a TON of people will be dumping soon once the price rises enough.

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valued-customer (67) · 5 years ago

"...cow-towing..."

I tried to tow a cow once. Mad heifer broke the rope. Wouldn't kowtow to me at all.

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flemingfarm (68) · 5 years ago

lol. thanks. Couldn't find the right spelling.

Though cow-towing is about what things feel like right now. We are the cow and Sun is the one towing

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valued-customer (67) · 5 years ago

Kowtowing is an appropriate word considering it's etymology. It refers to the obsequiousness of the Chinese to their overlords. I also note my experience trying to tow the cow, Brownie, may well be prophetic given this exchange.

She broke the rope and I couldn't tow her. I hadda sell her to the neighbor with the field she was in for a new foundation under my house.

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deewon56 (47) · 5 years ago

This right time to join whaleshares.io for users yet to join ,thou I know @lordbutterfly have account on whaleshares already

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Valentine's day challenge - Give a badge to your beloved!

steemitboard (66) · 5 years ago

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