Justin Sun Buys Steemit: Top Five Takeaways From Yesterday's AMA For Steem Stakeholders

in #newsteem10 months ago (edited)
While it appears that Sun has a lot to learn about the Steem ecosystem, he did mention that he was ready to work with the Steemit Team, including releasing the SMTs and the Communities since the codes were already completed.

Image credit: @majes.tytyty

It is no longer news that @Justinsunsteemit, the CEO of TRON Foundation, has purchased Steemit for yet an undisclosed amount, although there are speculations that the deal is worth millions of dollars. Before the final news of the acquisition went public, however, there were reports from the bush telegraph that Sun was ready to invest in Steem. At any rate, here we are with the stark reality that @Ned has sold all the stake of @Steemit to @Justinsunsteemit.

It was expected that the news of the purchase would result to an eruption of fear and panic in the Steem community, so it was no surprise that an Ask-Me-Anything (ANA) was scheduled on Dlive afterwards to, of course, allay the fears of members of the Steem community, as well as introducing members of the TRON community to Steemit.

This article examines five main points from yesterday's AMA between Ned Scott and Justin Sun and how it particularly affects Steem stakeholders.

1. Justin Sun Doesn't Plan to Overhaul the Steem Blockchain

One of the greatest fears at the wake of the announcement of Sun's acquisition of Steemit was the assumption that the Steem blockchain will be overhauled, that is, the witnesses rigged out in accordance with the dictates of the new sheriff in town - Justin Sun.

Some prominent members of the Steem community were even planning a fork as a way of resistance. Well, the good news, at least for now, according to the AMA is that Sun does not plan to overhaul the present structure of the Steem blockchain. That is, the witnesses will remain and even the Steemit team will have their jobs intact.

More importantly, Sun promised to always consult the Steem community before any important changes will be made. Perhaps, we can count on him.


2. Justin Sun Promises to Make Steemit and Steem Great Again

Assuming that Justin Sun bought the entire stake of Steemit, it means that he has now over 30m Steem which is roughly about 10% of the Steem in existence. So, he has a great stake in not only Steemit but in Steem.

Specifically, he promised in the AMA that he would bring more exposure to Steem, expand the user base, and make the price of the Steem token more valuable just like Bitcoin increased in value overtime as adoption grew over the years. And I think Sun should be taken seriously because, being a businessman, he can only get a positive return on investment if Steem appreciates in value.


3. Your Steem Tokens Are Secured

At least for now, your Steem tokens are secured. This is one important aspect that has bothered virtually everyone on here before the AMA. Will I lose my Steem or Steem Power after years of hard work and investment? Well, that question was answered during the AMA. And happily, NO is the answer Sun gave.

Everyone who has invested in Steemit or Steem will have their stake intact and their interest covered. No one is losing anything. There could be a token swap in the future, but even that doesn't mean you will lose your investments because the value of your Steem token will be very well taken into consideration.


4. The Release of Communities and SMTs Will Not Be Abandoned

As soon as the news of the acquisition broke, a very good friend of mine, @crypto.Piotr, expressed concerns about what the future holds for SMTs, whether it will be abandoned and the hope of several years smashed. His concerns are genuine, for several other Steemians including this writer share those concerns.

At any rate, the AMA addressed this issue. While it appears that Sun has a lot to learn about the Steem ecosystem, he did mention that he was ready to work with the Steemit Team, including releasing the SMTs and the Communities since the codes were already completed.

In short, Sun emphatically stated that Communities will be released next week but he gave no time frame yet for the release of the SMTs. But in the interim, it is a good thing to know that Sun still has respect for the ongoing development on the Steem blockchain, although it is still unclear whether SMTs, if released eventually, will remain on Steem or migrate to TRON. Only time will tell.


5. Justin Sun Expresses Readiness to Attend Steemfest in November 2020

In the concluding part of the AMA, Sun expresses his readiness to attend Steemfest in November 2020. He however gave two conditions for his attendance. First, if Steemfest does not clash with a TRON Foundation programme coming up later this month. Second, if Steemfest will not be held in China - the reason being that Corona virus is presently ravaging the country.

Hopefully, there is a way around the two conditions Sun gave. So, perhaps we should expect his presence in the Steemfest of 2020.


Conclusion

From the AMA it seems to me that @Justinsunsteemit has deep admiration for the Steem blockchain and the Steem token. Perhaps his acquisition of Steemit and his gargantuan stake in Steem are the needed fuel that will propel Steem to the next level.

Until I come your way again, I wish you a full STEEM ahead.

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Not the best AMA ever but a solid start I think we can bank on Justin wanting time profit from the purchase so his not going to do anything drastic and risk his investment

Keen to see how he staffs up steemit inc so we can get that dev rolling bring in communities,SMT and openseed

Your are got to be joking... Justin tron is a disaster!! I am worried about Steem now...

As is your choice you’re already powering down and moving on and have every right to do what you believe but don’t shit on others right to do what they believe mate!

As a business man myself and someone who wants to build on steem I see it as better for what I want to do in the space

I did not power down now, it was way earlier and I really been part of Steem Ecosystem and interested in its good progress. But Jusjin has a really bad reputation- https://staging.busy.org/@mintymile/have-you-heard-poloniex-is-now-owned-by-justin-sun

And when he acquired Poliniex he delisted Steem BTW... I guess values of integrity not cool in business. Good day to you mate anyway.

Yes and if we can benefit from his greed then why not? This is the rules of engagement his not doing anything any sane busienss man wouldn’t

Do I agree with everything he does? No but A debate on ethics is a slippery slope! He like eveyeone else in the world is focused on their own self interest

I thought ETH founder and Ada founder and many others believe in decentralization have more intigrety and vission for that cause, so their blockchain platforms are more trustworthy. But, it's happened, can only wait and watch. Goodday.

Why are you worried, perhaps your fears could be allayed.

I don't know much about Tron. Why do you think it's disaster @mintymile?

Could you please elaborate?

Yours
Piotr

I share your optimism but the Thomases are entitled to their own opinion. His approach is more of partnership than overhauling Steem. Justin may get Steemit to Tron but Steem is much more bigger than Steemit. Moreover, with a stake of over 10% of the entire Steem in circulation, Justin would not want his investment to be at risk. Going forward, the success of Steem is the success of Justin. Let's see how it goes. Thanks for sharing your thoughts. Cheers!

Hi @gandhibaba

So far after seeing yesterdays AMA I'm more optimistic about future of steem and steemit than I was when @Ned was "our captain". Before we had captain who didn't give a shit, had no money, no marketing skills, no vision, no contacts and was full of sh*t.

Justin may not be the perfect solution, but right now I think that things will either get better or worse. But at least we may start moving in some direction.

Cheeers,
Piotr

Hi @chekohler

So far after seeing yesterdays AMA I'm more optimistic about future of steem and steemit than I was when @Ned was "our captain". Before we had captain who didn't give a shit, had no money, no marketing skills, no vision, no contacts and was full of sh*t.

Justin may not be the perfect solution, but right now I think that things will either get better or worse. But at least we may start moving in some direction.

Cheeers,
Piotr

So true, he hasn’t even had a chance to do anything negative or positive if he wants to kill steem with his money so be it, if he wants to use his money to make it epic and we all benefit from it so be it

Let’s just judge him on the moves he makes

It's me again @chekohler

I just realized that I never actually thanked you for your comment. Big thx.

ps.
I would need to ask you for little favour. Recently I've decided to join small contest called "Community of the week" and I desribed our project.hope hive/community. Would you mind helping me out and RESTEEM this post - just to get some extra exposure? Your valuable comment would be also appreciated.

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr

Good recap of the highlights that had everyone concerned.

Posted via Steemleo

Thanks. Glad you find this article worthwhile.

I am heart broken): ...this is not good that Justin Sun has taken over Steem. And I will put across this question.

You know when he took over Poleniex exchange, he delisted STEEM token in that exchange that he runs according to his whims and fancies(the exchage is not independent), then why does he acquire Steem blockchain? .

I think it's a big compromise to have Justin acquire Steem, he only acquires networks. And it feels insecure to have a guy with such low reputation and no integrety own Steem...

He does not even pay many people I read properly. He is full of controvercies.

I think this would spoil the image of steem for sure!!

Justin may not be the best character in the world but his blockchain ranks below only Etherum and maybe EOS. Tron sits at 14 in the CoinMarketCap rankings and he's sealed a deal with Samsung and Operamini. The guy is a marketing guru and Steem should benefit from all these strong points in the coming days. However, I respect your opinion and hope that you're probably correct. Cheers!

I'm sorry to hear that your heart is broken @mintymile

Perhaps Justin will be better as new "captain" comparing to @ned? (which was never around)

I think in about 7 days we will get to know the reaction of the community to all this news.

I know you're talking about people powering down. That will always happen whether we like it or not. For the few of us who can catch the vision, we know that Steem is on the verge of going to the moon. Yet, I understand your concern.

@gandhibaba, Thank you so much for sharing these important Points with the Community. But in my opinion yesterday's AMA Livestream Session didn't helped much because in my opinion choice of words in Announcement Posts and Tweets raised so many Speculations and Fear. In my opinion Steem Community deserve more clarity because nothing is clear yet. Stay blessed brother and i want to appreciate your efforts here.

Posted using Partiko Android

Thanks for stopping by my dear @Chereerocks. I know you have your doubts but I am foreseeing a very bright future ahead for Steem - at least in the interim. Cheers!

Steem is my second home 🏡 and i will rise or fall with Steem. Have a blessed time ahead.

Same here bro. Thanks.

Thanks for the summary, I'm glad to think that at least for now we won't have very violent or lost changes in SP.

It's my pleasure. Full Steem ahead!

@tipu curate

Upvoted 👌 (Mana: 10/20 - need recharge?)

Thanks!

"for now"

Yes, for now. Lol

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Super awesome magnifico.
Thanks for the recap

My pleasure, friend.