The fear is the current token STEEM as we know it being worth next to nothing because Justin Sun goals are likely to move STEEMIT from its current blockchain and recreate it on the TRON blockchain. A token swap is rumored to take place in which we give Justin Sun our STEEM and he gives us STEEMTRON token or whatever its going to be called.
All this is fearful to allot because STEEMTRON then becomes a second layer token on the TRON network instead of a first layer one here. When this token swap/Steemit moving to TRON happens there will be a split within the current blockchain with some moving to TRON and others staying. The current STEEM token will likely feel a negatitive impact of that. One such negative impact is the exchanges removing the current STEEM token and adding the TRONSTEEM token in its place.
Don't get me wrong, Steem/Steemit might flourish and become more valuable on teh TRON network but it may also become the Steem-Engine token of TRON (which might not be a bad thing but its certainly a downgrade from being the main token on a blockchain).
These fears are unfounded.
He doesn't control the blockchain or the witnesses and any attempt to do so will be negative for him.
Sun just bought a huge amount of Steem. He wants it to go up. He will soon see that Steem has better technology than Tron and he already knows Steem has a better community.
He need to keep that community on side or else he'll be wasting his investment.
But this is hugely positive for Steem because he bring what Steemit always lacked - decent marketing and a budget to do it.
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He owns the largest share of the token and because of that can control who the witnesses are. Any attempt to fork him out will have negative affects on this chain. He bought his tokens fair and square, those crying fork should stop as it makes the whole chain look very very bad. No investor is coming here to buy up a bunch of tokens when those who are elected as witnesses (and others) cry fork out the man who honestly bought his tokens.
He bought the rights to STEEMIT and he can do what he wants with it. He got his tokens in an honest manner and they are his and he has the right to use all the power that comes with that. Don't like it, create a clone site and a new token, forking him out is morally wrong and possibly might even be legally wrong.
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He doesn't have majority share of STEEM tokens. He has maybe 75M out of 210M STEEM
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Please take note of my edit that took place long before your response.
75/210 makes him the number one influencer on here and everyone else a very distant second.
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Actually 210M is only the powered up Steem. Total Steem supply is 370M. So really his stake is less than 20% of total. And 75M is the high end estimate of the amount of Steem he has. It could be as low as 40M.
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One also has to take in account that some of that 370M supply is in accounts with lost keys and inactive users. No matter how we want to dice it, Justin Sun decides the faith of STEEMIT and likely STEEM the blockchain/token as it stands today.
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Hey @rentmoney, I always value your opinions and thoughts... Thank you for the explanation and the analysis. And I definitely see how you are viewing this, and will not pretend to know how this will turn out. I guess time will tell what is in store, and we will see together! :)
I am still optimistic that he didn't light his cash on fire on purpose, so to me I will keep an eye on the road ahead.
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Likewise @davemccoy, I seen your post pop up in my feed and I was eager to read your opinion on the matter at hand.
I'm optimistic as well, as you said, its unlikey he wants to set his own funds on fire. I think he has some big plans for STEEMIT and the new STEEMTRON token he plans on introducing. Below is one of his latest videos.
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cool... I will watch that this evening! Thank you :)
and ps.. thanks for the engage tokens! You are the 1st one to ever tip me with an alt token before! :)
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!ENGAGE 50
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@davemccoy you have received
50 ENGAGEfrom @rentmoney!View and trade the tokens on Steem Engine.
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I see your concern @rentmoney and I see your point, to a degree. I think first of all the purchase of steem is not the buying of the logo but having a "ready to go" social crypto network, and not to mention an extremely distilled user base that is among the most loyal in all of cryptoland... Otherwise why would we still be here? Time will tell but in the end I think this can work out amazingly I actually saw someone commenting about on youtube today which there is 0% chance of this person talking about steem/steemit if this did not happen.
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as always @cryptkeeper17... I like the way you think :D ... and yes, the marketing of the network could be huge. Frankly, I think this could be huge for the steem games too (hint: like Splinterlands)!!!
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Yes thank you, if he spent 10 million, he spent 20 million less than Block One did for the Voice.com domain, which coincidentally the Steemit.com purchase news dropped on the same day of the Voice beta release. 10 million is just 2x what Justin Sun paid to eat lunch with Warren Buffett. People have a false sense of security, based upon their own value of money. 10 million is play money to him, and Tron is his baby, don't underestimate his willingness to burn your stake down to prop up his own project.
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Hey @joshman, thanks for replying... I respect your thoughts and generally agree completely with you. While I see your point (and of course you may be right), I still think there is more than just burning Steem to the ground. His lunch with Buffet was to get attention, I highly doubt he really cares about eating with that old man. Spending that kind of money for lunch is more than I would spend to get attention, but as you said everything is a relative value. Having said that, we will see as time goes.
ps.. I hope I'm right for everyone's sake ;)
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