Quora Onboarding Initiative | Question Answered: Why Am I Not Able To Withdraw My Steem From Binance?

Why Am I Not Able To Withdraw My Steem From Binance?

Justin Sun who owns the Tron foundation recently bought Steemit, Inc, the company the develops the Steem blockchain. The company owns about 20% of the stake in the blockchain. Justin Sun’s intentions were to dismantle the chain and move all the users and the apps over to the Tron blockchain, which he has total control over.

The Steem user base wouldn’t play ball and a supermajority (17/20) of the Steem witnesses (blockproducers) did a soft fork in which the accounts belonging to Steemit, Inc were prevented from voting on witnesses or powering down.

Justin Sun responded by using customer funds on Poloniex, which he owns, and enlisting the help of his friend Changpeng Zhao who owns Binance to power up the funds and vote in his own proxy accounts for top 20 witnesses. He also got Huobi to help him.

This highly unethical stunt caused a Twitter storm against the exchanges and Binance and Huobi withdrew their support from the attempted coup.

At present, the community (other stakeholders) already have their guys occupying the top two positions and their #3 and #4 witnesses are closing in on getting voted into the top 20.

Justin Sun assumed he would be able to buy a community. To think that turned out to be the biggest mistake of his career regardless of how the witness vote goes. Either the community gets the chain back or there will be a hard fork and blockchain big boss can keep an empty husk of a chain all to himself.

Steemian Roundup for more info:

https://www.quora.com/q/otycmrjbbhahuqae

#steemquora #quora #steem #promo-steem

https://www.quora.com/Why-am-I-not-able-to-withdraw-my-Steem-from-Binance/answer/Markku-Jantunen

https://twitter.com/markku_jantunen/status/1234910043713294337