Crypto Lessons Everyone Can Learn From the Hostile Takeover of the Steem Blockchain

kennyskitchen (72) in steemisnottron • 5 years ago (edited)

View this post on Hive: Crypto Lessons Everyone Can Learn From the Hostile Takeover of the Steem Blockchain

5 years ago by kennyskitchen (72)

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mrprofessor (68) · 5 years ago

The lesson one is the oldest lesson, written on rocks by ancient robot like humans who once inhabited the Cryptospace: Not your keys, not your coins.

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3 votes

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eco-alex (73) · 5 years ago

i think you covered everything -) thats a joke, thank you,,. this must have taken some time to put together.. and nicely done.. easy to read and the simple clear facts are presented..

we got 10 witnesses now.. what next!

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4 votes

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kennyskitchen (72) · 5 years ago

Now I just need to go through it and update with another 1500 words on what has happened since :-P

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bagofincome (53) · 5 years ago

That's a quality timeline! BOI is inspired!

I also wrote about recent events in this post and I would appreciate your feedback.

Steem on!

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2 votes

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kennyskitchen (72) · 5 years ago

Thanks BOI :-) And the timeline just keeps getting bigger as more and more is going down. This is some wild stuff.

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2 votes

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julianhorack (69) · 5 years ago (edited)

The whole thing has repulsed me. Criminals like Sun and the cronies at the exchanges are to be sued. I can not in good conscience invite anyone to join steemit. This is a mess. Steemit is a farce. A dead coin rolling. This platform was a nice try. Love the idea, pity about the code, I blame the failure on the authors Ned and Larimer. Idiots. Look at the EOS fiasco a year ago where 1 witness reversed the entire chain against the wishes of the others. DPoS fail. This is not a decentralized place and as a purist I give steemit a big fail and powerdown from this joke. The only problem is that the joke is on me, on us. Blocktrades has blocked any ability to sell steem from our wallets here. When will this hijack end so I can get out of this mess. Disgusts me. I feel robbed. All my hard work accumulating steem which is now "under maintenance" according to Blocktrades, the only place I can sell my steem, unless you have some other ideas or a better perspective. We are all currently held hostage by blocktrades, the name says it all, oh the irony.

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3 votes

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kennyskitchen (72) · 5 years ago

Ya, it's a pretty terrible situation. I really wish they had just locked the Steemit, Inc. stake last year when the code was added, or earlier.

We certainly knew it wasn't de-centralized from the beginning, but the big thing for me was that it was decentralizing over time thanks to all the ways inflation is distributed and nobody really being able to maximize ROI without actually interacting with the chain in all the different ways.

This is not a decentralized place

Nope, just the most decentralized we have atm :-/

Blocktrades isn't the only means to exchange STEEM, and honestly I'm glad he and most of the dapps/services shut down rather than be on Tron's chain.

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julianhorack (69) · 5 years ago

Thanks for your reply Kenny. Can you advise me how to move my steem from wallet here to Bitrex for example. I see no way how to do it except the blocktrades option in the wallet section.

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kennyskitchen (72) · 5 years ago

I would hold off on selling if I was you. It looks likely this will lead to a pump (and likely dump) of some kind.

If we have a fork, you definitely want your STEEM to be in your wallet, as you never know with the exchanges.

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1 vote

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julianhorack (69) · 5 years ago

Yes that makes sense, I can see a pump and dump coming, with Sun involved. He is the king of P&D. I will keep the steem in the wallet for now.

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kennyskitchen (72) · 5 years ago

You create an account on Bittrex, and use the STEEM->deposit option. It will give you an steem account to send to & the memo to add.

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1 vote

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julianhorack (69) · 5 years ago

Many thanks that's good to know as a backup if we have to abandon ship.

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porters (69) · 5 years ago

I appreciate the clarity you bring and the time line plus links so I can dive deeper.
Big changes and good to know we can carry on on a new forked chain if need be although I do hope that won't be necessary.

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2 votes

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kennyskitchen (72) · 5 years ago

It's a wild time to be part of this Steem Game haha. I'll probably take a break after this either way, but we'll see.

FYI I'm also keeping this post updated as things progress :-)

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2 votes

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riverflows (72) · 5 years ago

Fantastic summary much appreciated. Will be following you. Does that mean we have to liquid what we have here to migrate it to new fork? A bit confused and out of loop since self imposed Discord ban to return myself to myself since travelling in India...

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2 votes

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kennyskitchen (72) · 5 years ago

We're still not sure there will be a hard-fork. As of earlier today, a lot of the witnesses were talking about a win/win that would preserve JS's "honor" and investment; big change of tone after the meeting yesterday between SteemitTron & the witnesses.

If there's a fork, you would have your same stake on both chains.

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riverflows (72) · 5 years ago

Ah. In retrospect, that was dumbass question. 😁

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nachomolina (68) · 5 years ago

Good info!
@kennyskitchen
It’s an amazing summary,
in my point of view something tells me that the end of Steemit came
and you have to adapt to the changes that are to come!
Whether we want it or not, the decision is being taken at the management level
and the conventional user opinion goes to the background!

I hope all is not lost!
regards

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2 votes

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kennyskitchen (72) · 5 years ago

All is not lost.

Remember, Steem is not Steemmit.

Your opinion doesn't have to go to the background. You can go to the MSPWaves Town Halls on Discord and speak, you can write posts about the changes, and more importantly comment on the big posts about the changes. You can promote for/against the witnesses you want to be top 20 or not, you can obviously make your witness votes, as well as convincing friends/followers, and of course you could power up more STEEM so your vote is heavier. But yes, it's a "stake wins" kind of thing. That's also why so many communities & collectives form in a place like Steem. You or I may not be able to outvote a whale, or get that kind of attention, but communities of people can get a lot done.

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2 votes

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notconvinced (59) · 5 years ago (edited)

Thanks for breaking it down and writing a well detailed article.

The only issue I have is that you mention that we all vote with 'equal effect". This isn't true, because if it were, Justin couldn't have installed his puppets. Your vote is weighted on your stake.

This means all us little guys must join to take down the Oligarch.

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2 votes

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kennyskitchen (72) · 5 years ago

What I was referring to is that each VEST (the voting stakes. Your "Steem Power" is actually just the current value of your VESTS, priced in STEEM) gets to vote 30 times with equal effect. I'll fix the wording.

This means all us little guys must join to take down the Oligarch.

Exactly. I feel like we should ever be striving towards further de-centralization on the platform, as in the world as a whole.

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good8 (44) · 5 years ago

thanks

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2 votes