Let's Take a Step Back...

in #hive-1111118 months ago (edited)

...and look at the bigger picture.

Forget the post I wrote below! JUSTIN SUN ESCALATED THINGS... AGAIN!

There are very few things certain or fixed at this point, but all parties want a way forward as far as I can tell.

But first of all, which are the parties?

  • Tron + Justin Sun
  • Exchanges Involved
  • Steem Community + Former Consensus Witnesses
  • proxy.token (also part of Steem Community)

This is not a two sides game, it's a four sides game. While exchanges sided with Justin Sun in the coup, they are the only side we know EXACTLY what they want to resolve ASAP. proxy.token also saw an opportunity to play referee and make some demands to have their support, but I believe they are negotiable and people behind proxy.token are part of Steem Community, they just want to push for some changes they wish, understandably.

proxy.token shouldn't be ignored, as I've been saying for a while, but at the same time we shouldn't consider exchanges automatically in bed with Tron.

I believe Justin Sun said it right, when he said exchanges are not his friends. They just do business together.

And this business just went terribly wrong.

Exchanges will negotiate directly with whom holds the power to release the powered up funds quicker. As long as that party wishes to negotiate.

There is also the time after the dust settles and they would have unlocked their customers STEEM and paid pending withdrawals. It's their move then, especially if this status quo continues for long. Try to think strategically.

Justin Sun talked about at least a partial exit in a few months, while the community would like something in return. But this situation is very fluid and subject to negotiations, so we won't know for sure what will happen.

If Justin Sun wants a partial exit, I don't see going with it through the market as a good solution. It would take him forever to unload without crashing the price. And since he said he is on Steem as a businessman and seeks profit, this is unlikely something he would want. The partial exit will most likely also be something negotiated off the market. In which case, we will have another super-whale. Or an existing one on steroids.

There is of course the possibility he will sell Steemit, Inc. entirely, for the right price. Although in $ amounts probably its stake is the most valuable, I always considered the most valuable asset of Steemit, Inc. its employees.

Update: Is 50-50% partnership in Steemit, Inc. an option, with a partner agreed by the Steem community, which of course can pay for a negotiated price for half of the current Steemit, Inc.? Not necessarily 50-50% on STEEM holdings. Partners can have the ownership of different Steemit accounts.

There is of course the possibility to continue the collaboration in this form, but this would be difficult, in my opinion... There's little or no trust and very hard to recover it. And how can he do what he's best at (hype Steem), when everyone in crypto knows the history between the parties? Maybe I'm wrong though.

Maybe in the next meeting with Tron, witnesses will prepare a list of questions and give it to them in advance. It shouldn't be conflictual, but rather seeking the resolution of the conflict. Something that can be negotiated on, or on which they can express their position.

Media coverage for this conflict is dropping, understandably. This is no longer breaking news. And media was generally Steem community's ally. The current status quo in not working in anyone's favor I believe.

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There is of course the possibility he will sell Steemit, Inc. entirely, for the right price.

This is definitely a possibility, especially after he has learned the hard way that the company is worth nothing without the community and the community won't tolerate moves that are not in line with our vision or what he did this week. I don't think he needs the headache that came with his latest actions.

They say any publicity is good publicity but what he got lately is actually far from it, it's very bad. Maybe he's going to sell Steemit.inc if he can't get the profit he's been hoping for. But that's not going to happen right away.

Great article by the way!

I believe many discovered Steem for the first time now. I mean really, and not just the marketcap ranking or the social media platform everyone in crypto don't have and would like to, but without having any clue what this blockchain and community is all about.

But that's not going to happen right away.

I won't count on that... Everything is on the table in my opinion.

I guess we're about to find out. In any case, it has been a good publicity for us.
Let's hope the next owner of the company will be someone who really cares as we haven't had one yet till now.

Wouldn't that be something, to have a passionate owner of Steemit, Inc. and working with the community and not often against it.

Call me naive but I hope the world's eye is on us and someone will see what a great community we have here and recognize what it worth to have such a community. This is the real value!

There are more chances now than before, that's certain.

It is also possible that everything goes down in flames.

But I'd rather keep in mind the positive side.

I think you just missed Justin's latest post, which doesn't offer a way forward towards a compromise.

I wrote my post before that declaration of continued war.

I did not expect a professional figure to respond the way he did. This war escalated too fr. But at the end of the I don't think Justin Sun can win this game. Developers of Steemit left. Many of the BitTorrent team left. Tron doesn't have any proper DAPPs. It's just 2 million shills on Twitter for the most part. Even if we loose the Binance, Huobi, Poloniex and few more, we still have DEX and smaller exchanges, @blocktrades and KuCoin. We have a community. The price will simply crash for some time and we will be back. All will be well.

Actually I also believe that he's cornered right now, and not just by us, probably why this reaction. I'm curious how this will end. Maybe he'll calm down and re-become rational so that people can talk to him, otherwise we can always go our own way.

At the end of the day he is the only one to loose anything substantial. People on STEEM are panicking too much and severely underestimating how Antifragile we can be.

We've proven for sure to be more powerful as a community than many imagined. And not only once.

I used to say that STEEM is the best large scale online community on Earth in my early days. These recent events have proven those words again and again. There are many problems with STEEM. But we've built some of the biggest DAPPs of the world without even having actual smart contracts!

STEEM is flawed yet Antifragile

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