RE: The Story Of 2021: Big Tech Flexing Its Muscle
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Big Tech will keep getting stronger while exhibiting their enormous power.
What would happen on Hive if a big dog like Facebook opened up an account backed by millions of dollars and started downvoting posts it didn't like, effectively "censoring" those people through instilling fear of losing rewards.
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The posts would still be on the blockchain so they wouldnt be censored per se. They just wouldnt be making money.
We've seen these kind of voting wars in the past too. And there were people that helped fight the downvote abuse.
But, if someone like FB were to take a major stake, I'd assume another fork could happen like when Justin Sun did it on Steem and we forked to Hive.
I get that the data can't be erased, but instilling fear is still a form of indirect censorship.
I've heard of these in discord chats. Unfortunately didn't see them myself, as I've been only here for a short while.
A fork with an added solution is always an option, as long as each fork is an incremental improvement on the existing blockchain and its goals.
Maybe if a great power like FB comes, people could also stake their HP into one massive "vigilante" account that fight against the giant, creating an almost theatrical case of good vs evil. xD
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We also might see a lack of liquidity affect a takeover like that. There are 150 million Hive out there and if something like that happened, people would start to load up. We would see that amount drop very quickly.
Plus the price would skyrocket, further accelerating the more the battle waged and liquidity decreased.
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Valid point. Although with the price increasing, there's a possibility that many people might also sell their HIVE. So the battle would be decided by who will buy most of it up first, those defending or those "attacking" the decentralized nature of the platform.
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As with Steem, what would Facebook be getting in the end?
If they bought everything up, the blockchain could be forked and all applications moved over. Thus Facebook would be left holding very little.
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I haven't really thought about what a big company would gain from this. The hypothetical was more about the the theoretical possibility. Maybe in the case of FB they would buy up everything with each new fork just to kill any movement to decentralized platforms? I don't think losing money on such an act would be a big loss for them if it enables them the survival of their own platform.
The inner workings of Hive economics are something I am still fully trying to understand, so it helps to ask these kind of questions.
And then it could be forked again...and again...and again.
It is like Microsoft trying to stamp out versions of Linux...it didnt happen because open source software could be reproduced unlimited numbers of times.
The same with a blockchain. We could for it 100 times if we had to, each time forcing FB to buy everything up. And dont forget, on the open market, with word out what it was trying to do, the price would zoom.
It is more effort than it is worth.
Of course, let us make no mistake, Hive is no threat to Facebook's business model at this time. We are not even on the radar as far as they are concerned.
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Great example. Puts things a bit more into perspective. Sometimes I forget how resilient strong communities can be.
Agreed. While cryptocurrency as a whole and possibly steemit have caught there attention, Hive might still be in the early stages for that.