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A Recap of Steemit Drama: Events So Far

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@ironshield
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https://modernconsensus.com/people/steemit-is-moving-on-over-to-tron/

Out of the blue, steemians everywhere were reading headlines that pretty much announced the end of the Steem blockchain with the sale of Steemit, Inc to Justin Sun of Tron fame. Before we knew it, we're hearing about dApps moving to the Tron network and Tron / Steem token swaps.

  • Justin buys majority ownership of Steemit, Inc along with the liquid STEEM and vests of @steemit and signals to the Tron community that dApps and Steem tokens are moving to the Tron network

https://cryptobriefing.com/steemit-migrate-tron-blockchain-year/

This causes a great buzz and stir both inside and outside of the Steem community. There were mixed opinions at this point, some saying this is great others saying let's see what the true intentions are here.

  • Witnesses begin posting and discussing various options, including hard-forking a new chain while remaining "cautiously optimistic".

The Steem community was curious about what Ned and Justin Sun had to say about their intentions for the Steem blockchain. Will it continue? Or is this the end of Steem?

https://www.youtube.com/watch?v=HySDT3Cnvcs

Worried about Justin using his newly acquired stake to remove the top 20 witnesses, the asked for assurances that he would not interfere with governance.

  • At the AMA, Justin assured everyone that he's here to support the community, continue developing and not interfering in governance

  • Witnesses ask at the AMA if Justin's stake would be used to vote witnesses

  • Justin says "not right now" implying it would be an option in the future.

This got the witnesses VERY nervous and in their minds, this pretty much confirmed what they already suspected. The rumors were true, Steem was going to be dismantled by Justin Sun and moved to Tron.

  • Witnesses perceive this as a threat (hostile takeover) and approved a temporary soft-fork to lock the liquid STEEM and vests of the @steemit account until an agreement could be made in writing.

https://steemit.com/witness/@aggroed/teach-the-controversy-softfork-0-22-2-stop-and-correct-potential-futures

Trustlessly moving forward meant implementing a soft-fork to temporarily freeze the voting and tranfer rights of @steemit. Understandably, this caused a great controversy.

It seemed the witnesses had the upper-hand going into the "town hall" discussion, March 6th.

March 2nd, we woke up to the top 20 witnesses suddenly voted out. @lukestokes explained it perfectly.

https://www.youtube.com/watch?v=8oh6Uw_ZH2A

  • Justin "convinces?" multiple exchanges to powerup their client's liquid steem and vote in his accounts as the new top 20 witnesses, then reverses the soft-fork and cashes out most of the liquid STEEM (2 Million) and powers up the balance.

\ https://steemitwallet.com/@steemit/transfers

Under Justin's control, Steemit's account @misterdelegation transferred millions of Steem to the exchanges:

https://steemitwallet.com/@misterdelegation/transfers Is this a bribe?

  • Witnesses rally the community to vote a handful of them back into top 20 position, removing the supermajority of Justin's witnesses for any more hard-forks

  • Justin is asking for a hard fork to lower powerdown times (only for exchanges) from 13 weeks to 1 week so they can recover their client's funds

  • Witnesses are saying "no"

The exchanges are in serious trouble now.

If anyone would like to add more recent developments, I welcome them in the comment section below.

Thanks for reading.


Benjamin Turner: God fearer. Rooted in Messiah. Husband of @lturner. Father of FIVE wonderful children. The guy behind the camera. Steemit enthusiast.

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