Day TWO of the Binance BANK RUN! steem withdrawls still suspended!
Hopefully its clear to everyone by now that this is not a technical issue with their wallet or "a maintenance waller", this is a physical problem...
THEIR WALLET IS EMPTY!
They DON'T HAVE ANY STEEM on their exchange!
Thats the problem, all of the steem from binance.com is POWERED UP on the steem blockchain at this moment and they don't have access to it.
Let me be clear on this point. This customer owned steem that "binance.com" is using is NOT being held hostage by the steem blockchain.
No, binance.com WILLINGLY transferred ALL CUSTOMERS STEEM, MY STEEM included, to the steem Blockchain then voluntarily "POWERED IT UP" knowing full well that this action had a 13 week withdrawal commitment.
They did this to assist TRON in the HOSTILE takeover of steem.
Then assuming a successful takeover of steem they would then FORCE, or "Hard Fork" in a three day withdrawal a.k.a. "powerdown " so they could get the steem back in everyones wallet before anyone was the wiser.
There is a problem though. This CAN'T technically be done in 3 days, probably not even in 7.
I just got off the latest https://mspwaves.com town hall where they are discussing this issue and as it turns out this isn't TECHNICALLY possible to do in 3 days, maybe two months but not 3 days not a week.
- Because all the developers quit when the hostile takeover happened, no one to do it.
- This is a major change to the code of the blockchain, can you say bugs, it cannot be done safely in 3 days.
- It was set to 13 weeks for good reason, and you can't set it to less than 7 days without causing some big problems.
- This will require a Hard Fork and with a Hard Fork you are required to give the (other) exchanges 30 days notice.
- And... a bunch of other technical reasons..
Not to mention that this would constitute another "bailout of bad actors". Anyone remember the bank bailouts of 2008, 2019, 2020? Oh ya you probably aren't aware of the current bailouts because of censorship.
My point is, the BANK BAILOUTS are the REASON CRYPTO WAS CREATED!
Bitcoin was created to protect YOU AND ME from this kind of behavior. And now after a hostile attack that didn't go their way they want steem to go against the very reason for the creation of crypto, they want a bailout.
I say NO!
If this is not resolved ASAP binance.com will have to buy steem on the open market to satisfy customer withdrawals or face huge lawsuits.
Any guess what this will do to the price of steem?