A Line In The Sand: Bailing Out The Exchanges That Got Into Governance
(Edited)
There is an ongoing discussion about how to start the process of breaking this stalemate with the Steem community and Tron.
In this video, I cover a line in the sand that I do not think should be crossed: the power down time. This is affecting those exchanges that colluded against the Steem community and they should pay the price for that.
▶️ 3Speak
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Exchange's that criminally colluded should be shut down to save the integrity of Cryptocurrency 💯
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Good one. And in the process steem loses several of the few remaining large exchanges it has left. They were just doing what they thought they were supposed to be doing to support a HF. This is evidenced by the fact they removed their votes. Steem is lucky to be on those exchanges in the first place, and it sounds like if the community continues to run wild like this, it won't have em for much longer. Great work.
Really?
Show me one hard fork where which included staking customers tokens and then voting on block producers. Show me one.
Hard forks to exchanges do not include that.
Stop with the bullshit rhetoric. Hard forks do not include the exchange staking anyone's tokens.
Posted via Steemleo
This.
@taskmaster4450le i totally agree with you,i do not know why the guy is licking the asses of those exchanges.....
Posted via Steemleo
Maybe because if steem loses them it will go a lot lower in price. If you don't care about your investment dollars, keep on with this line of thinking. By the way, there is no licking involved. It's about dollars and cents.
So, criminals that stole their customers money are going to no longer provide services to the Steem community if we 'continue to run wild'? I will weep bitter tears should the entire world not condemn these scoundrels that have fraudulently and criminally taken the money of their customers for purposes of political skulduggery while owing those customers and the entire market a ficudiary duty to protect those very funds.
Anyone that is so foolish as to ever again put a single satoshi in the hands of such provably corrupt thieves deserves to lose it and more.
Fuck those exchanges, and fuck you.
Not like Steem can fall to much further if it does get delisted from the 3 exchanges that used others money as if it were their own. I remember buying in when it was above 2.00 each, lol. Binance also seems to feel they are able to keep coins that belong to US based customers who were dumb enough to leave them there due ot the assurance they would be able to be withdrawn at any time, just not traded there.
I hate banks. I am glad my hatred of banks has kept me from using them at all for a decade, and that has kept me from using exchanges, which I'm sure would now be resulting in a hatred of exchanges. I hate hating.
It can go a lot lower. Sub penny is in our future if we lose support of major exchanges.
When I say it can't go much lower, I say that in the context that it is already so low it isn't worth selling already.
While I don't agree with freezing Justin Suns stake, I can't pretend that I was in agreement with his plans to destroy the steem token (which also makes it worthless) and replacing it with a token on his chain, which will make it an untradeable coin for most of us in the US who aren't trying to hide shit from the government. He can say it will be listed on his exchange (poloniex), yet last I checked those of us in the US aren't welcome there (nor at Binance).
As for exchanges, I came into crypto distrusting them and have seen nothing since to make me trust them now. They are thieves who use KYC laws and lack of regulations to do whatever they want, and until such a time as one steps forward who feels honor is something that belongs in the cryptosphere I don't see much in the way of mass adoption as many of us don't like rich assholes deciding they can keep our shit. Screw the exchanges, they have done nothing but prove my distrust is justified.
Even if that was the plan, it hasn't appeared to be the plan for a long time now. It's also entirely possible (likely?) that the new coin had more value than the previous coin, if nothing else it should be a non-event, value wise.
If you are fine losing all your investment dollars here, keep on with this line of thinking, that's where this is going. A loss of major exchanges will eventually lead to a worthless coin.
I value my freedom, and the freedom of others to speak the truth, upon which my life itself depends, far more than the contents of my wallet.
I don't care about token value compared to my free expression, and neither should you, if you're smart. Your life depends on it no less than mine, and partiuclarly now when pandemic stalks you and your children, and the enemedia is stuffed with lies and propaganda.
Live free, or die hard.
Are there not numerous other blockchains that offer exactly that? Though with far less value than steem currently? If steem loses it's value, it's no different than hundreds of others.
Steem's emulators aren't Steem. Our community has arisen over four years from the original paradigm evolution Steem created.
Tokens are no different from those other chains. This community is unique, and the source of Steem token value.
Before the latest drama, that value was around $60 million (total market value) with only a couple thousand active users. That doesn't sound like a lot of real world value?
You horribly misunderstand the value of society. You neglect that society is proceless, and it's economy is not the purpose of it. The value of the economy is but a fraction of the value of society, and this retarded misapprehension of value is what has been killing Steem for years.
Every time some tweak was undertaken to fix the economic woes, the society was further devalued in favor of the economy, diminishing the society that creates the economy, and thus diminishing the economy.
Mike Tyson once said that Don King would sell his momma for a dollar. Steem keeps making the Don King move, and that destroys society, which destroys the economy. After you sell your momma for a dollar, your momma's not worth a plug nickel - and neither are you.
The best thing these exchanges can do for themselves is a normal 13 week power down. Yes, I'm against "bailing them out" from a political standpoint, but let's look at the practical side too.
Hardforks are not to be taken lightly. Past hardforks developed over months by the team that built the blockchain have still resulted in unforeseen bugs which created chain halts, wherein the blockchain froze to protect consensus.
Justin's management has resulted in the loss of the entire blockchain team from Steemit Inc, and his engineering team has shown little understanding or competency with Steem. They may be a fine group of techs, but they'll be rushing through a massive change that fundamentally alters the blockchain economics (do you really think there won't be glitches when stake can be moved between 3 different accounts during the 7 day payout calculation and used to triple vote the same content?) with no experience and very little chance they’ll be able to repair the chain in a timely fashion.
If Justin gets his way I have little doubt that everyone’s stake will be unintentionally frozen for an extended period of time.
Thank you for keeping us up to date with everything going on as well as your personal insights.
Some folks may not have had the opportunity to have watched/listened to the Townhall due to work or whatever, so your sharing is really great!
I fully agree. We MUST NOT help bail out the exchanges.
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I think a rushed hardfork is very risky... but the only compromise I’d offer is to apply the accelerated power down offer on Justin’s accounts instead. He can move millions of his personal Steem to the exchanges to create the needed liquidity that I’m sure he assured them he could provide via hardfork. Then it’s his choice whether or not to fulfill his word & obligations at the expense of reducing his witness voting influence.
sincerely the exchanges do not deserve the bail out,they should carry their cross....@taskmaster4450
Posted via Steemleo
the recent issues that happened on the steem blockchain have shown that some exchanges can be easily bribed and do not have integrity and cannot be trusted....@taskmaster4450
Posted via Steemleo
i was dissapointed to see binance among the exchanges that were easily manipulated by justin sun...@taskmaster4450
Posted via Steemleo
With the time two hard forks will take to safely pull off, it makes no sense! It is a longer, risky complicated way to go unless there are alterior motives. The quickest safest way is -as you mention- for the powered up accounts to begin power down!! Though it's not obvious they even know how to activate this function! 🤦♀️
But, Roy made a few things clear, Tron wants fast power down and Steem is nothing to them. It's not worth their time which they've already spent too much time in this mess. If i read between the lines, Roy says this quick power down is to rebuild relations with these exchanges which i cannot see why we'd want to engage with after who they've shown themselves to be, Tron really wants this for themselves so Sun can dump his coins. And, from what i understand Tron is not willing to offer Steem anything other than destroying the Steem chain and getting out as fast as they can.
It's pretty clear. There are no good intentions by Tron. They are 100% untrustable from their actions and communications. We will walk away from this holding hands. But, when we are far enough away from the fire we are likely going in a few different directions and Steemit will be no more. Roy also said the coding to do this proposed fast power down hard fork is already done. I find that super cocky & even harder to believe.
What a mess.
Posted via Steemleo
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Summary:
Taskmaster discusses a town hall meeting on MSP Waves that focused on finding solutions to move forward from the current stalemate within the community. The primary topic of discussion is the power down period on the steam blockchain, particularly in relation to exchanges like Binance and Justin Sun's exchange. Taskmaster emphasizes that it is not the community's responsibility to bail out exchanges that engaged in unethical behavior and calls for strong action to uphold the security of the blockchain.
Detailed Article:
In the video, Taskmaster recounts his observations from a town hall meeting on MSP Waves, where Ron and Eli Powell, along with witnesses, were discussing solutions to break the stalemate within the community. The central focus of the discussion revolves around the power down period on the steam blockchain. Taskmaster delves into the issue of exchanges, specifically mentioning Binance and Justin Sun's exchange, and their involvement in governance activities.
Taskmaster points out that exchanges function as custodial entities when users deposit tokens, making them stewards of those tokens. He criticizes the actions of exchanges like Poloniex and Binance, alleging that they knowingly or unknowingly engaged in governance activities that affected the blockchain. He mentions CZ defending Binance's actions, highlighting the need for a clearer understanding of the responsibilities exchanges hold when it comes to governance.
A key concern raised by Taskmaster is the delayed power down process on the steam blockchain, which has been extended for three more days. He stresses that it is not the community's duty to rescue exchanges from the consequences of their actions. Taskmaster insists that exchanges should bear the full brunt of the situation they created, even if it means a slow redemption process for customers who had their tokens locked up.
Furthermore, Taskmaster asserts that the steam witnesses need to stand firm on this matter, emphasizing the importance of maintaining the integrity and security of the blockchain. He expresses his disappointment at the possibility of witnesses compromising on this issue and warns against appeasing exchanges at the expense of blockchain security.
Towards the end of the video, Taskmaster highlights the distinction between community debates on various topics, such as the ownership of steam tokens by Tron, and the non-negotiable stance regarding exchanges colluding against the community. He remains resolute in his belief that any compromise that undermines the blockchain's security is unacceptable.
In conclusion, Taskmaster enjoins the community and witnesses to uphold the principles of blockchain integrity and resist pressure from exchanges that have compromised the system. The video serves as a call to action for maintaining accountability and safeguarding the fundamental principles of governance within the blockchain ecosystem.