RE: An Open Letter to the Community - HF22.5

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An Open Letter to the Community - HF22.5

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jga (65) in tron • 5 years ago (edited)

Why the softfork 0.22.2 didn't prevent this?

How this was done?

They used the funds in several exchanges to power up. Concretely:

Account	Steem Power	Time of Power up
@binance-hot	31 730 053.775 SP	March 2
@huobi-withdrawal	8 002 101.000 SP	March 2
@poloniex	2 293 743.643 SP	March 2
@ben	1 536 362.853 SP	Last year (Feb 2019)
@bitdev100	800 109.047 SP	March 2
@pacemaker	636 317.641 SP	March 2
@joe767676	240 516.435 SP	March 2
@imadev	227 153.927 SP
@geos	180 006.613 SP	March 2

In total 45.6 million Steem Power... This is more or less the steem power that the previous witnesses received in votes.

They needed at least 17 new witnesses in the top 20 in order to apply a new fork... With this amount of power it is possible, then they changed the top witnesses.

The new fork allowed Steem account to vote for witnesses... then finally they used this power to vote for the new witnesses, which is around 60 million more steem power. So, at the end, they reached 106 million steem power in votes (more than double the previous witnesses).

All the funds of these exchanges are powered up, meaning they will not work for steem for at least 3 months (unless they change the rules for a short quit power down only for this group, take this in mind).

Bittrex didn't participate in this movement. They still have liquid steem (15 million in total). So the alternative to sell (if you want) is using Bittrex or Blocktrades.

Very bad days. I want to sell.

tron

5 years ago by jga (65)

$42.30

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sorin.cristescu (71) · 5 years ago

On the contrary, this looks like an interesting time ! Finally, steem elicits interest ! Rather than a sleepy old blockchain, this move which seems a relatively straightforward power fight will probably hit the headlines !

There is no such thing as "bad publicity" :-)

Posted using Partiko Android

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5 votes

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netuoso (70) · 5 years ago

You say "interesting times" I say "the Chinese Communist Party has used their investment in Tron to gain control of yet another social media landscape they can control the narrative of"

Don't be so naive. This is the epitome of "bad publicity" for the security and integrity of the network. This chain has become Eastern controlled. Enjoy

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5 votes

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skepticology (57) · 5 years ago

Why do you think this has something to do with the Chinese Communist Party?

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kennyskitchen (72) · 5 years ago

Because Justin/Tron/Poloniex/Binance/Huobi are all under the thumb of the Chinese government.

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1 vote

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skepticology (57) · 5 years ago

What is the evidence for that claim?

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freebornangel (73) · 5 years ago

They are chinese?
Seriously, dn't be lulled by the west's apathy, js does what he is told, or he gets his organs harvested for sale on the open market.

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3 votes

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ura-soul (75) · 5 years ago

Yeah, hitler was in the news a lot. happy days.

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4 votes

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enforcer48 (68) · 5 years ago

Bring the popcorn!

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3 votes

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popcornexpress (58) · 5 years ago

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scorer (58) · 5 years ago

Yeah, I enjoyed this move too. 🥳🍿
!popcorn

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popcornexpress (58) · 5 years ago

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jeffjagoe (72) · 5 years ago

.... until we realize @justinsuntron and exchanges paid hush-money to the major crypto outlets so this story does not see the daylight.

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fluffcloud (52) · 5 years ago

Hmm... Whose money were on these exchanges' acccounts? The exchanges' customers? IANAL but these exchanges clearly don't respect their customers' rights to their assets

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bobskibob (60) · 5 years ago

What happens if most of the people withdraw their steem from exchanges ? Within 24 h period

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kennyskitchen (72) · 5 years ago

They can't. All that STEEM was powered up today, to allow for the witness voting. Anyone trying to withdraw will have to wait 13 weeks; they already turned off the option to even request withdrawals on Binance apparently.

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2 votes

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bobskibob (60) · 5 years ago

Surely that can’t be legal

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kennyskitchen (72) · 5 years ago

We'll see. Folks are looking into the legal/lawful side of things as well.

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3 votes

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valued-customer (67) · 5 years ago

If it isn't illegal, or the exchanges get away with it anyway, I strongly recommend folks do with exchanges as I do with banks: refuse to do business with them at all.

Citi stole from me, and the legal system enabled them to do it. As a result I am now aware that banks are vectors for thievery, and I don't put money in them. I never ever, will again.

Don't do busines with a thief or a liar, or you will lose money.

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tngflx (61) · 5 years ago

Why are you thinking of selling your stake? No one going to propose a hardfork instead?

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jga (65) · 5 years ago

Good question.

Let's consider two scenarios:

Scenario 1
There is no hard fork. Exchanges and Steemit Inc decide to unvote Tron witnesses (Binance already did it). I suppose that there will be some type of agreement, and previous witnesses will come back.
This is showing me that there is still a power that can take control again in the future. People will not like this, and they will want to sell.

Scenario 2
There is a hard fork.

Assume that we remove the Steem Power of Steemit Inc. Then people will feel that the exchanges could take the control again in the network. They will want to sell.
Then assume that we remove the tokens from these exchanges. A lot of investors will lose their money. Remember that the price of steem is thanks to investors, then we need a plan for them.
Ok, we need a plan for these investors, then exchanges still have tokens but we restrict the power up. In this case the exchanges could distribute these tokens between several accounts, difficult to trace, and use these new accounts to power up and take again control. We need a different plan.
Ok, lets go with this plan: All tokens in these exchanges will lose the right to vote for witnesses. If an investor sends this token to another one then the receptor will lose the right to vote for witnesses using this token. I mean, we create 2 accounting systems: One that uses normal Steem, and another one with Steem LF (limited features) that have lose the right to vote for witnesses. I already proposed this to some witnesses, but there is no good feedback from them, principally because we are creating a new token, which will confuse the people and it's not good for mass adoption.

So, in conclusion it is not clear how to make the hardfork. Then most probably the first scenario will survive.

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1 vote

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tngflx (61) · 5 years ago

well can't we just restrict only for exchanges account? limited feature account should never be an option for normal users. Just a handful of exchanges account should be fine.

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jga (65) · 5 years ago

Yes. But what prevents them to create new accounts and transfer all the money there.
For instance, they create @binance-hot2 , transfer 31 million there, power up, and finally vote for witnesses. You can do this in few seconds.

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tngflx (61) · 5 years ago

Hmm now i start to see why eos voice needs kyc..

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