Steemit Inc Has A New Owner

morkrock (70) in steem • 5 years ago

Goodbye Ned, Hello Justin

Well everyone has by now heard the news that hit on Friday, Ned Scott has sold Steemit Inc to Justin Sun, tech entrepreneur and founder of TRON, as well as current CEO of BitTorrent. The responses have been all over the place, from people being happy about a change from Ned to someone like Justin who has a much bigger social media presence, to the more erratic, the end is nigh and we need to fork Steem or dump it now. Firstly, don't panic, take a deep breath and calm down.

My advice is to firstly get as informed as possible about exactly what is going on, a very important point to note is that Justin Sun has bought Steemit, not Steem. What he bought was a company called Steemit Inc, which employs developers who run infrastructure and develop the blockchain, as well as the website domain steemit.com, and lastly about 75Million Steem or approximately 20% of the supply. What Justin did not by was the Steem blockchain, that is owned by all the steem token holders, you and me.

"Sometimes it seems as if there are more solutions than problems. On closer scrutiny, it turns out that many of today's problems are a result of yesterday's solutions." - Thomas Sowell

I really recommend you watch the Steem Witness Forum video above if you were not able to join the live-stream on Saturday. This would be a good place to begin, to get a vast amounts of different takes on where things could be going next from folks who all have a wealth of knowledge and care greatly about us and our Steem community.

A few related posts to get you up to speed with everything that's been happening with the sale of Steemit Inc to Justin Sun, as well as a few concerns that have been highlighted.

An interesting development happened today, when Justin tweeted the following, "Steemit to Shift Its Proprietary Blockchain & Token to #TRON Network." which is kind of the opposite of what he said he would do, let's hope there was some kind of miscommunication.

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Join me tomorrow for more lessons on these really easy to understand concepts.

Thanks for popping in, hope you liked the post. Please leave me your thoughts and or opinions in the comments below, have a beautiful day.

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5 years ago by morkrock (70)

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valued-customer (67) · 5 years ago

Well, I note that Sun's tweet is factually incorrect about the blockchain and token, as they aren't proprietary to Steemit, Inc., but open source code and tokens owned by stakeholders themselves.

I believe hosting the blockchain is done via nodes, and MIRA seems to have done much to reduce the cost of hosting nodes. I'm not a coder or dev, and my understanding of such matters is foggy at best.

Regardless of inaccuracies in the tweet, Tron seems to believe it has purchased control of the blockchain and Steem token, which it's massive stake of Steem (roughly 1/3 of extant stake) does seem to grant control of witnesses, and thus governance of the code and blockchain.

Thanks!

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morkrock (70) · 5 years ago

There seems to be a lot inconsistencies and inaccuracies with what he is saying in he tweets, for example like this video he tweeted this morning. However I appreciate him talking about Steem, which has heavily been lacking on the part of Steemit Inc, this could be really good for the community. The elephant in the room is the 75mil steem and what he might do with it...

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

"The elephant in the room is the 75mil steem and what he might do with it..."

It always has been. I reckon people were lulled into a false sense of security by @ned. He didn't use that money to extract rewards from the pool with stake weighting like so many of his peers did and do. @ned didn't use it to do what we fear @justinsunsteemit will: to control governance of Steem by selecting witnesses. @ned clearly believed deeply in decentralization, even in a community that tore him a new one so often and hard.

I also note @justinsunsteemit is not a linguist, although he speaks a lot better English than I do Chinese. It's probable that his marketing department handles his Twitter feed, and those social media guys aren't software engineers, and may have only the foggiest grasp of the difference between Steem and Steemit.

Now, just having met @justinsunsteemit, as many of us have, we might realize just how that money could be used to take ours from us, and it would behoove us to note it always could have been used to do that, yet never was.

I expect @justinsunsteemit is going to use that stake to make Steemit - and Steem - as valuable as he can. None of his other acquisitions have been over-Tronned. Poloniex, Opera, BitTorrent... all of them are either just as good as they were before he bought them, or better now, particularly Poloniex, I hear.

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paragism (60) · 5 years ago

I don't know what to say

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valued-customer (67) · 5 years ago

Then I reckon you're doing the right thing by not just repeating what someone else did, and listening to what other folks do say, so you can learn.

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