Turning ~200 STEEM Into ~400 STEEM | Why I'm Still Bullish

in #hive-1679228 months ago

Tron & SteemIt? Justin & Ned? WHAT THE HELL JUST HAPPENED?

Here I thought the biggest news on Valentines day would be whether or not Voice was any good. But... Boy was I wrong. For those of you that, somehow, missed it: Justin Sun of Tron fame, bought Ned's stake & potentially now owns SteemIt Inc.

Look, I was hoping the livestream they did would clear up some answers, but it kinda sorta didn't. So instead of doing any speculation into what sort of deal was made, I think it'd be more responsible to just discuss my beliefs. This is just my personal opinion, but hey, what else would you come to my blog for? Let's discuss...

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CHAPTER #1: PANIC!

Not going to lie, when I woke up & saw Justin Sun officially confirming he had purchased SteemIt Inc ( Real quick side note: I guess all that is confirmed is that he purchased Ned's stake, but for sake of simplicity I'll be implying that Justin now owns / controls SteemIt Inc. Insiders please correct me if I'm wrong. ) I didn't know what to think.

Is this a meme? Is Valentines day the new April Fools? Does Ned really hate Voice that much to tank it's launch day?

After immediately hopping into the STEEMCHAT Discord group, I began to emulate what was probably most people's reaction: panic & utter confusion.

Here's what I did know: STEEM was going up, but it wouldn't be for long. I need to move my assets to saftey.

I sent ~200 STEEM over to Binance & exchanged it for a stable coin, I wanted the crypto market to settle down a bit.

CHAPTER #2: Let's Just Wait...

Really really annoyingly, Justin & Ned wouldn't be getting onto a livestream nor answering any questions about the bombshell news until the next fucking day! So, all we had to do... Was wait...

Oh, and meme of course. Seriously, much love to the Discord, the shit-posts, memes, rants, all that was great filler :^)

The markets went up, the markets went down. And, oddly enough, it wasn't just STEEM & TRX. Lots, if not most, cryptos were seeing some minor crashing during this time.

What was going on? How doomed are we?

CHAPTER #3: The Livestream Of DoOoOoOoOoOm...

The overall audience reaction can be fairly cleanly split into 2 different forms:

Needless to say, no one knew what was about to be announced. Some were scared, some were angry, some were annoyed... I was mostly tired.

Finally, before I took a nap, the livestream switched on & we saw the millionaire Justin Sun and the ( potentially ) new millionaire Ned Scott. They both gave intros of their respective technologies to the audience, and then answered a grand total of... I think 5 questions?

6 if you count the one Ned answered from someone asking him why he was so "cool"... Ok...

In the end, if I'm being perfectly honest, I wasn't exactly left with any more meaningful answers than I had going into it. Everything Justin said was coated with "ifs" and "maybes" and "not right nows". It seriously felt like his plan was to buy first, ask questions later.

The stream had ended much like how it begun, with Steemians around the world scratching their heads...

CHAPTER #4: Oh, Wait... This Isn't So Bad...

While the livestream itself may not have provided a lot of clearity, the response from the super long open forum that @aggroed hosted ( GG my man, get some rest ) was very clear: Steemians can't be bullied.

The talks of hardforks & sidechains & frozen assets were swift & immediate. I feel confident that Steemians know how to fight, and they will for this god damn chain!

As for my personal belief into Justin's motives, I covered it in a Twitter thread that I can summarize here:

  • If Justin wanted to merge Steem into Tron, the quickest way would be to do bootleg proof-of-brain & plop it into a Tron smart-contract. But, he didn't do that.
  • I think he realizes that the better way to compete with Steem is: "If you can't beat em, join em"
  • I speculate that Justin IS in fact exploring ways to "absorb" Steem, or migrate it into Tron's blockchain, but I ALSO believe that if he doesn't think it can be done smoothly ( which judging by the recent reactions, it probably won't be ), Justin will probably just keep it...
  • SteemIt Inc. is now a potential money-earning company Justin owns. Judging by how he's treated BitTorrent & DLive, he seem intent to just acquire good decentralized stuff & let it ride to earn some nice profits.
Justin seems to truly want some form of "decentralized internet". Steem fulfills the social community aspect of this goal.

CHAPTER #5: And Now, I Continue To BUIDL

So, since the markets seem to calm their tits a bit, I exchanged my assets back into a STEEM and... Oh, what a nice surprise! Turns out I sold at the peak, and bought back in at the dip! 200 -> 400 What a great confirmation package lol

( most people stay away from offering finanical advice, but let me be bold and offer some: when markets get crazy, keep your assets safe - buy low, sell high - peaks are fun, dips are tasty )

Look friends, I told you once before, I'll say it again, I believe in Steem. I can't leave, I'm trapped here. Trapped by my love for the platform, the people, and the potential!

I've got too much to do here. I've got a game to build, an on-boarding initiative to start up, quite a few dapps to create, posts to write, videos to make. I gotta go hype the shit outta @lootkit.games. I gotta meme in the discord with my fellow shit posters.

Too much to do here, I simply can't leave now ;^)

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Footnote:

I wanted to give a quick shout-out to @theycallmedan. His recent Steem belief post really helped me feel better about my own decisions. I love his ideology about going all in on what you believe in. No holding back, give it your all. That really hit the spot, like some good heart-warming soup :^) 💜

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