Steem to fork and create a new coin named HIVE?steemCreated with Sketch.

in steem •  2 months ago  (edited)

It appears the days of Justin Sun controlling the STEEM community are numbered

It was announced, with lots of community support, by @blocktrades that they would be forking the steem blockchain.

The announcement can be seen here:

https://steemit.com/steem/@blocktrades/why-i-won-t-be-compromising-with-justin-sun

In doing so, they would create a new blockchain and a new token called "HIVE".

The blockchain will operate with most of the same specs and rules as the current steem blockchain, but without the steemit,inc stakes.

There will be a snapshot and airdrop at some date in the future (yet to be announced) for all current steemians (outside of the steemit,inc stake).

My favorite part of the announcement...

(Source: https://steemit.com/steem/@blocktrades/q7awsh)

The slow pace of development with steem has been beyond maddening.

Now, it appears that we will be able to move at a much quicker pace going forward.

It sounds like there will be dozens of developers on board and a wealth of knowledge gained from steem's failures.

The only real difficulty will be creating and maintaining value for the newly created coin. Without numerous exchange listings, it will be difficult to have a large valuation.

The announcement acknowledges that though and says they are already in conversations with exchanges for listings.

Very interesting times ahead.

Stay informed my friends.

-Doc

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Value will come with time.
For now the community needs to stand together.
2020 has a lot under his sleeves.
HIVE will be great.
We decide.
Adieu steem!

Posted via Steemleo

We are about to find out.

Is it coincidence that Steemit community accounts start with "hive"...

Nope. Hivemind is the backbone of communities, no?

We are the borg, resistance is futile...

This indeed is very good news. Exciting times.

There are a couple negatives yet I feel the positives far outweigh them.

The community will split a bit and the loss of exchanges is tough but the faster development time will help us to overcome these negatives.

Plus, we have the eyes of the crypto world which means we can leverage the abilities of the community for gain.

Posted via Steemleo

That last part is probably the most important. As long as they do this fork now, they have a chance to really take advantage of the situation. Exchanges will likely side with the new coin due to all drama surrounding it right now. Without that drama it would be tough to pull this off, though without the drama it likely wouldn't be needed, so there is that. :)

This is crypto and strange things happen here I don’t think a fork is the end so we move over we keep doing what we doing we grow with the passion and drive this community has and we’re now free to say it’s our chain! Who knows Justin May just give up and we can pick up the branding again if we want to but I doubt that matters at this point the chain was only a database

All the dapps, tribes and superior front ends are the ecosystem that drives this place! He made his choice to alienate his user base now he can take his new shit coin and port it to Tron and see how well it does.

All is fair in competition! I’m not too tied to the branding, I’m here for everyday for the people! I just want us to put this all behind us and put our energies towards something positive and I think this is the best move

You think he will port it to Tron? Some think he just wants to dump his stake and be done, and others think he will move everything he can over to tron and try to create value there, what do you think?

I think he will still want to port it to tron, even if just a few people stick around to collect rewards he can still say his got new users/accounts and daily active users. I'm sure there are enough reward hungry people willing to use his site and it will make his numbers look pretty

So he will port everything he can over to Tron after steem gets forked by blocktrades and the witnesses? Will he then create any value for those he ported over?

I think if he wants to be competitive and achieve his goals he will prefer tron so he can throw all his resources behind it. Working on steem tech seems like a waste of time with steemit inc having no employees.

I'm pretty sure he will try to create value the same way he kind of failed with BTT, but lets see, its going to be interesting. I'm kinda keen to see how Hive affects his next move

It seems each side will soon be free to do things how the want, the community side and then the Justin Sun side. I guess it all comes down to which side will be able to really create value. If that is actually Sun's goal. Some seem to think he just wants to dump at this point.

I will embrace the new chain and continue on this one. The aim is to share my content.

I am sure many will do the same.

Will support the hive

May the fork be with you

So that's why people have been posting photos featuring human-size forks...

Yep, ever since Justin stopped playing by their rules, they have wanted to fork.

I thought there was only one rule, there is no rules... You can't make rules when it comes to a cryptocurrency as it is the community as individuals that define what is acceptable and what is not.

Hello, will the circulating and total supply of the new coin be the same like that of steem?

I wonder if this fork with an airdrop will be good for steem whales.

Well considered that the steemit,inc stakes will not be included, I would venture to say that the supply and circulating supply will be less.

Maybe they will redistribute the stakes to other users during the airdrop...

It sounds like it will just be a snapshot of whatever you have in your steem account at the time of the snapshot.

That is the basic rule of a swap, but generally it is not how swap works. As a cryptocurrency developer I have gone through three coin swaps and there has always been more than just a simple 1:1 snapshot of balances.

Yea, there hasn't been any specifics released just yet, but it initially sounds like it will be an airdrop on a 1:1 basis.

Only time will tell...

I think that’s the end of the road... but who knows

For what?

For this place, I fear that forks will decimate the value of Steem or the replacement tokens

I am soooo excited!

Och, noo.
And the new name ,.... , call it GRGML ???
If Justin wanted to kill the #STEEM for his Trons profit, he would have won with no effort.

Kinda my thoughts as well. What do you think his plans are then?

Indeed very interesting times are coming. So the thing I'm not getting is, the value of the new coin will be the same but a 20% less capital? Or do we'll have to sell the steem coin and buy the new coin?

Posted using Partiko Android

With an airdrop, you would get new coins and keep your old coins. The tricky part will be getting the new coin to have real value...

So, we'll have to sell the old steem and buy the new token to value it?

Posted using Partiko Android

That would likely be the initial way it gets value, yes.

Well that is the thing I don't like. I hope this gets done correctly and ordered with the help of blocktrades and not in a wild manner.

Posted using Partiko Android

The hope is that with real development taking place it can create its own value over time.

🙌🙌🙌🙌🙌🙌🙌🙌

how is this going to work, existing STEEM will be lost when the fork happens? you will be able to access the new one with the same old credentials?

No. It will be like creating a new coin out of thin air. It will be airdropped on existing steem holders. What people decide to do with their steem is anyone's guess.

will we have the same user name and posts show up? or start over from scratch to have to follow friends and do all that? i wonder

Yes, it sounds all data from steem will just be ported over to hive.

do you know which keys will be req?

same user name and posts

Screenshot_20200317094120_Facebook.jpg

What do you mean?

When Justin forks STEEM and there's no one here..

You think he still has plans to do that?

  ·  2 months ago Reveal Comment

Thanks for the tip!

@jrcornel You're welcome my friend, your posts are valuable.. happy day

  ·  2 months ago Reveal Comment