When Trust Is Destroyed
It is obvious there is a bit of an issue with what is taking place with Steem right now. The ongoing battle for control of the Witness pool is making a mess of the entire situation. At this time, we are at a stalemate with both parties splitting the vote. There are some stakeholders who want this to continue to bring both sides to the table They are doing this by voting both sides at the same time.
The challenge I personally have is that a leopard does not change its spots. For this reason, the idea of trust goes out the window.
Certainly, the goal of the community is the present blockchain can be saved. I adhere to that idea. However, when it comes to Justin Sun, I find myself with complete distrust for the man and his intentions. Add in the speculation that is floating around that Ned is involved behind the scenes and that only furthers the distrust.
At this point, I do believe Sun will pull anything. Why he is willing to go to such lengths and what are his motives, I have no idea. To me, there seems to be some mixed messages.
Obviously, this is about money. That makes sense. If I dumped X dollars into STEEM, I would want to get a return. Oh wait, I, along with thousands of others, did just that. Yet, for many of us, it is about more than just money.
It is also evident that Sun does not trust the community. Perhaps he never did, nor cared to. I think his initial tweet told the entire story. My view is his intention, from the start, was to collapse Steem by pulling all the applications (along with users) over to Tron and swap out STEEM for a token set up on Tron.
This does not set things off on solid footing. The Witnesses ensuing move upset many within the community as well as Sun himself. Then, to top it all off, three different exchanges were able to undo it by inserting themselves in governance. Regardless of what they claim now, they did it knowingly since a hard fork does not entail staking custodial tokens.
So where do we go from here?
At this point, at the top of Sun's agenda is the powering down of the frozen tokens. He wants to free up his own along with those same exchanges. It is obvious they were not aware of the 13 week power down time. Of course, maybe they knew and Sun told them he would change it. This does require a hard fork.
My distrust leads me to believe Sun is going to do whatever he can to free up that stake. He is continuing to buy STEEM and powering it up. I feel if he can get the super majority of the Witnesses, he will implement a hard fork in short order.
This could be a huge problem and cause a lot of damage to Steem. As those of us know who were around through those in the past, they are not easy to pull off. There are often challenges. And that is when the updates are tested and all exchanges made aware of what is taking place. Here, I foresee Sun just ramming it through having no regard for the exchanges outside the three malicious actors.
The biggest problem is that Sun, repeatedly, showed himself a proponent of centralization. This is very dangerous to me and goes against the tenets of the entire industry. Obviously, Sun is not the only one in this camp as there are many who are in the same vein. Therefore we must do all we can to resist it completely.
Reputation can mean a lot. While nobody is going to be liked by everyone, there are people who are respected by those who have differing opinions. We know the industry leaders and how they are viewed.
Sun, unfortunately, is not one of them, His actions repeatedly show us someone who is following an agenda that is not aligned with decentralization. It is easy to talk about but much harder to follow through on. In my view, Sun talks a lot about it quite often but does little to exhibit this in his actions.
I can't speak for others but this is where I view things. DPOS and decentralization are all being tested. We will see how this all pans out over the next week or two.
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At this point what is the best approach? The community to keep buying steem and power up for our witnesses or a chain split!
That is a good question @chestochi.
I have a feeling the community will prevail in keeping the chain, it is just a question of how much damage is done. The benefit is the crypto community is now aware of Steem and it appears that the community has support.
If I had some extra money I would be powering up more. I think that is what some whales are doing (although liquidity is tough).
We will see if there are new chains via forks. That will be interesting.
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Just stfu already.... This is a trustless network of networks. If you can not handle it, Leave!!! But stop bitching already. You guys lost!
Great points and summary I think your view is right on point @taskmaster4450. Time will tell.
I believe Justin Sun even stated that he wanted to reduce the power down period for just certain accounts and not for everyone. This would not result in a level playing field and would give the advantage to those accounts allowing them to further add to their gains. Hopefully this was not a well thought out and serious suggestion on his part.
I don't think that most people are very system wide thinkers or fully understand the implications that single entity control through sock puppets over a blockchain could result in. (Myself included, LOL) !trdo
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Well, i definitely think something bigger is happening.
Too many pieces do not make sense.
The only things that really make sense are Mr Tron, Dan and Ned planned this all out years ago. Well maybe not Mr. Tron, but someone that can steer Mr. Tron.
Else you are left with Mr. Tron doing a hostile takeover.
Which means everything he has said is whatever he felt was needed to get the job done. (and thus your post is completely accurate)
But, what does Mr. Tron gain from a hostile takeover? What did he want? More money? Probably not, he had plenty, and any due diligence would show this to be a sink hole.
So, my feelings are still on a Mr. Tron, Dan and Ned scheme that dates to before BitShares. They are the only things that add up.
Back in 2014 Ripple trusted in Justin Sun to represent them in China.
He instead, using that position, created TRON. He doesn't care about STEEM, for him steemit.com and STEEM are just disposable resources for TRON.
Because of what Justin Sun has done before and said he would do before I have come to the conclusion that he actually never really does what he says.
The man says whatever sounds good to other parties involved, but he always has other ideas.
He will tell you whatever you want to hear and then immediately after continue to do what is in his best interest. Which can and often will be completely the opposite.
The best example being that he proposed a meeting and then started the hostile takeover.
We can only be certain of one thing, whatever he says, he will do something else...
I don't blame him for not trusting the steem community! If I bought it and u all pulled this crap, and I had enough money, your heads would all roll! So whatever is going to be will be. Let him take over, go to a new chain without the big dictator! People like FB with tater Zuck! lol It's not that big a deal, so sock puppets got in charge, maybe we get posted to tron, maybe we must swap and turn into trx. At that point at least it's still crypto and we can then leave. Otherwise either go or stay, up to everyone. Do the new chain, or fork and be done with it and leave @justinsunsteemit be! He won,. he out monied, he out fooled, he out smarted all of us, so it's his turn in the sun! Before him this place was so dead anyway at 10 cents, so it was already a failure, time to fix it, looks like whatever he's doing it's already working to some extent. I could see the price double to 60 cents next and u all would still be complaining and doing your drama. You all will always find something to complain about!! I never trusted steemit before with all that stake, who in their right mind would! I always asked them to use it to combat my flaggers, so they listened!! Now my problems are all over here so I simply steem on!
It's really not that hard to figure out, this is the Wild West and Justin Tron shoots from the hip. That's been his MO and still is. All this talk about did he do his due diligence or do it properly is just noise.
As a Businessman his purchase of Steemit made sense to him. He had a blockchain, he needed apps and users (communities, if you will). He saw what looked like a way to leverage his investment in Tron and Steemit at the same time. Economies of scale and all of that.
For him, the next move became obvious after the Consensus Witnesses softforked (neutered) his investment. The next move was completely predictable. It is now not about saving face but protecting his investments in both Tron and Steemit.
Is there a solution? Of course there is, but it requires compromise from both sides. Absent a willingness to compromise by either party only leaves one viable option. Justin Sun gets Steemit to add to Tron with whatever remains and "Classic Steem" picks up their collective poker chips and goes its Merry Way.
I don't think there is enough liquid Steem available to allow either side gain total control.
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Distrust started with freezing his account. Whats stopping the witnesses from freezing the accounts on the facist blacklist? I was blacklisted for asking if freezing his account was lawful. Total censership! I believe we have nothing to loose with Justin SUn now. There was no logical reason to freeze his account. Maybe he might do something is not a reason to freeze an account. Its like arresting someone because you think they might do a crime.
Would the takeover even have occurred? WE DONT KNOW DO WE?
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trust should not be lost, when lost it no longer returns