Binance tries to back peddle and play stupid

in #steemlast year (edited)


If you haven't heard by now, Ned and or Justin coordinated with exchanges to have them power up the Steem they hold for their customers and vote witnesses to take over the chain with 20 new witnesses.

The two exchanges Binance and Huobi collaborated with Ned and or Justin in this attack.

Here the owner of Binance claims they assumed it was just a normal hard fork playing stupid to the fact they actually powered up Steem of their customers and using it to vote witnesses, neither action is done with a hardfork.


Apparently this is just a joke to them.

After much Twitter storm by many of us, it appears they may be removing the votes.


I have heard from multiple people who have tried to withdraw from Binance and have been unable to do so.

Make no mistake, no hardfork powered up 50M+ Steem and voted witnesses.

Shortly later, millions were transferred to their accounts which appears to be a payment for this service.


Now on to Huobi.


This is so wrong. They could have worked with the witnesses instead of alienating them like this. How are they supposed to feel after they put so much into the platform? At least we have the evidence, but I guess they could fake the blockchain with total control. Steemit/Tron need to show some good faith.

consider the possibility that justin took over the chain, not as an investment, but with the goal of destroying the largest decentralized and free-speech social media platform

Wha..? The noble CCP would never do tha... Oh, wait.

And people still believe that "successful" businessmen in China have NO ties whatsoever with the CCP.

When there's money from PRC, it's tied to Party agenda.

I believe it... and even predicted it, years ago.
This platform was dangerous in the hands of freemen,
and was dragged down by that bratty little, greedy, autistic CEO.
Now the ChiComs came in and settled the check.
the plebs aren't allowed this stuff... ya dig?

Screen Shot 2019-05-19 at 1.38.20 PM.png

You know the witnesses have played the greed game and now its biting them back. I think this played out the way I expected. What kills me is how many people still think steem is decentralized.

Do you realize that steemit inc is a privately held company?Always was!

Most witnesses don't make a profit, but they believed in the blockchain principle that nobody has overall control. Justin subverted this by exploiting the exchanges. Maybe they shouldn't have blocked his stake, but he has betrayed the trust we put in Steemit with these actions.

Most witnesses dont do anything. Your right but it doesn't matter it all belongs to the PRC now. They don't understand law and most here are criminals. The behavior towards others here in words and deed shows exactly that. Steve your a great guy I hope you do well but this blockchain is ruined!

Well it amuses me to keep engaging with the community. I know a lot of these people well now and they matter more to me than Justin does. He's learning that he does not own us. Blockchains are designed to resist attack, but those with enough money are a danger. It's not dead yet.

Exactly why you are hearing from me now. Because I still care about the friends we have here.

I think this proves that the blockchains are only as honest as the people behind them and this proves its not looking good when it comes to infallibility. I think this proves to us that a complete outsider can destroy the beloved blockchain!

This is all an experiment and we are in uncharted territory. I'm interested to see where it goes. I'm not really losing anything by sticking with it for now. If nothing else we will have to work out how the communities can continue.

Something is happening under the table..
Will see what soon..

I don't agree with the way they went about everything but in the end there has been 99% attrition rate here for a reason. A lot of investors / technical contributors have been alienated overtime. It was a much slower process than this but in one quick move Justin made the power move that most of the guys in control had done at a much slower rate on this chain. The Witness voting was always a farce with the @freedom account. This is just a lot more visible and we have the witnesses crying "No Fair" "No Fair" . But they laughed at most of us the entire time when we called out issues with the system and acted like we were little cry babies.

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Thought it was a regular upgrade/hard fork.

Riiiiiiight, because Binance has a long history of doing this for every other HF we’ve had?

Lol. It was clearly a poor excuse for a lie.
CZ was simply helping a friend in need. There's no other perspective to this.
He did it.


If anyone thinks that non-Tron witnesses aren’t working hard on a fork right now, I’ve got a damn fine bridge for sale in Brooklyn.


I guess this could be prevented when we would be able to downvote witnesses as well.

Binance will remove their proxy-vote soon because of public pressure and fear of bad pr.

Another alternative idea for a governance fix:
Just divide the voting power used on votes made. Current attack would be 10times less effective with this simple change.

They don't need the binance proxy anymore. The steemit stake is more than enough to vote in 20 witnesses, they just needed to get back access to their coins.

Maybe we can achieve an agreement with binance and other involved exchanges in order to spend their vote on previous "real" witnesses in order to regain control over the blockchain again.

!giphy lol

giphy is supported by witness untersatz!

Yeah, that would be great. But I am 99% sure that this is not gonna happen.
Right now they are actively denying that they knew of the powerup. They are stating they just accepted another fork which happens from time to time. Yeah, sure...

You'd trust obligors on an agreement after they defrauded their customers and fiduciary trust?

Not me.

Or allow to vote 5 witnesses instead of 30 maybe.

We were giving suggestions similar to this all the time.

Sounds good to me either. I guess most content consumers/creators even don't really know more that 3 witnesses who they should trust.

An excellent point. As a noob, I had no idea. After nearly 3 years on Steemit, I now vote witnesses based on what I know about their work and how they conduct myselves. I don't revisit my votes as often as I should. This episode has been an object lesson in that. I tend to be a bit of an ostrich, just blogging - once a week when I am able - but this whole thing? I just don't know. And it's the little people that saw Steemit as a way into crypto and a safe haven who are going to come horribly short in this whole thing. Cannon fodder. That's all.

I would even say 4... because of a math problem I have done with 5 groups being even... in trying to challenge the control of the chain.

Lol they thrive for bad pr


Already replied on Twitter, insane, they are trying to sugarcoat this. Exchanges doing this should not be trusted at all.


I'm not familiar with the code that is given to exchanges to run. Is it possible that TRON sent them an exchange upgrade that surreptitiously powered up and voted without them knowing?

If you could find it in here where it does that


Poor people with STEEM on exchanges.

If the old rules of powering down stay in place, it will be weeks before anyone can withdraw.

If the old rules of powering down stay in place, then they can withdraw every powered up Steem in 13 weeks, so in 3 months.

Actually the new witnesses are forking so a power down will be 1 - 3 days. They can't have all that unethically/illegally power up Steem from the exchange's clients locked up for 13 weeks.

and everyone that has steem on those exchanges should immediately pull their steem, power up, and restore the original witnesses

Everyone should remove all crypto (not just Steem) from these exchanges.
I don't use exchanges myself except for one for transaction purposes and I never hold coins in them.

According to @sneak, they can just take it.

Exchanges don't need to take your money on deposit with them; it's already been given to them when you deposited it. It's then in their "possession" (insofar as someone can possess a virtual currency), they simply have a corresponding liability to the user who deposited it.

The exchanges do have, as you point out, a liability they undertake in exchange for the benefits they receive, to protect the money of it's owners. It's a direct violation of their fiduciary duty to protect the rights of the money's owners to take the power to vote that money avails it's owners and use it. Worse, they deprive the owners of the money itself by powering it up. While there are claims that power up will be for a shortened period, presently it's 13 weeks.

Do you claim that banks holding deposits should be able to purchase stock with it and vote for directors of boards? This is a nonsense claim, if that's what you are claiming. Such abuse of fiduciary duty has never been upheld by a court as lawful.

These are significant lapses of duty, and exacerbated by the fact that it's not merely negligence and failure to protect, but deliberate and intentional deprivation of the owner's of the benefits exchanges are obligated to provide.

I call it criminal fraud.

Be interesting to see if these exchanges broke any financial rules/laws. Unfortunately I don't think they are regulated to where they can be charged (please correct me if I'm wrong). But now everyone should know "never trust your coins to an exchange "

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I have no confidence in governmental agents, but civil action will be likely to have nominal grounds to proceed IMHO (IANAL), and the blatant theft of these funds will strongly favor the plainfiffs that have provably been harmed by the takeover of the blockchain this theft caused, even if the funds are eventually returned.

These exchanges took the money and acted as if it was theirs, and are STILL depriving the rightful owners of that money full possession and use of it. That's theft. They should go to jail AND they should pay damages.

Do you claim that banks holding deposits should be able to purchase stock with it and vote for directors of boards?


Yep, but you get a bit each week.


Vitalik should be one of STEEM witnesses, that will be a great plot twist.


They are friends, CZ is just pretending to be fair and telling us we are "stupids", between lines...


Justin take full control over steem. Perhaps he has freed his frozen funds.


It may just be to cover customer withdrawal requests as opposed to outright payments.


This move should cost it's license

Hopefully they'll get hammered but the crypto regs may not be as strong as regular securities

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Why do we have any reason to believe Ned was involved? What does he have to gain?

  1. So he won't get sued by justinsun for selling him stake that doesn't work under softfork 0.22.2
  2. He's an asshole who only cares for his own profit, ignoring advices from witnesses even though trust was given to him to take care of the massive stake. Trust just doesn't work in humans..
  3. I believe justinsun haven't pay him in full, so ned have to help him.

@ned could have done this all by himself at any time during the last 4 years. @ned didn't do this. What he did do was lull the substantial stakeholders into a false sense of empowerment by not doing it, or otherwise using his stake, except as he stated for supporting development and dapps.

The witnesses knew @justinsunsteemit was not @ned, and they did not trust @justinsunsteemit, which is why they did to him what they never did to @ned, and froze his stake.

There were probably legal considerations that @ned didn't do it for four years.

STINC was trying to get around security regulations with the ninja mine since it's a US company. He decided to sell out to relieve himself of legal troubles.

Ned probably was just interested in taking his money and running off. He got his payout from Justin Sun and that's all he cares about in my humble opinion.

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Binance made their job, now can unvote, work was done, ned stake is enough.


Now im getting fed up, theese are my last savings, can anyone point me in the direction of the witnesses that care for the real steem chain? I dont have much but atleast my 9k steem will be used to vote for the right witnesses, what total BS!

Luke Stokes


Thought it was a regular upgrade/hard fork.

Looks like it was a hard fuck. Or as many people call it, "hostile takeover".


Could we all vote just say a couple of witnesses just to get one or two back into the top 20?


I hate when these assholes pull the “Will ask the team to look into it” card.
Meaning “we do not care, but we obviously read your request.”


i think nobody expect this. The exchanges loss now all there reputation and trust. I cant believe there really have done this...

But this must be planed over the last days/ weeks.

I expected noting but something like this.

As I said after the non discussed soft fork....

It showed an utter lack of understanding of east Asian culture. ( lived and di business there, I know more than 99% on here, it seems)
The action was a massive insult
The level of naivety on this platform absolutely astounds me.

Well, you have to remember @ned lulled them into a false sense of security by not doing this for four years.

'lulled' is only possible with a willing suspension of reality......and that reflects just as badly, but for different reasons.


Wow i can't believe CZ would do such a thing shame on him...

CZ ?

Binance guy

Money and power are their only concerns

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I wonder what is in it for those exchanges outside of whatever money people think they are getting. The massive fallout from loss of consumer trust is quite the risk.

Most people are probably blissfully clueless because they are either large traders that benefit on Binance bonuses, or they are small retailers who only log in a few times a month.


I am not surprised by what he did and he is saying, considering that he suggested rollback in the bitcoin network in the past.


They cheated the chain and that's it! Rescued funds and ran away. I think it's better the community perform a new corporate to build a decentralized chain, a fork of STEEM!


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I'm going to take it we will never get SMT


try to get everybody to withdraw steem from exchange ASAP. that is all we can do to help steem network


the fun part is it's all transparent.. the obvious agreement and payments..

hard to keep trusting organizations that have no ones best interest (specially not the crypto holders who place their crypto in their trust) but the one with the most money..


They are also full of shit, wont be using binance anymore.


I am pretty sure I don't have any funds sitting out on Binance, but I am seriously going to log in just to be sure and then probably shut that account down.


There is so much going on right now its hard to fathom how it will all shake out.

Its time to fight for the vision of a decentralized web, not to power down.

I bitch and moan a lot about bullies, but this is different. This is a central authority wanting control and bullshitting about witnesses "stealing" STEEM from them.



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Hi, i did my part giving the proxy of my witness vote to @berniesanders, but please i need your help to clarify what @minnowsupport are doing, they promised an airdrop on february for Palcoin, but they not made it and it pass on silence...:(((

I don't know much about that, I do remember they made an announcement and I have seen others ask about it, but I believe @aggroed is the best person to ask about it.

Ok thank you


Yep @themarkymark, it is not possible they didn't have any idea what they were doing. As someone at Binance knew exactly what they were doing. CZ himself? Hard to imagine a decision of this magnitude wouldn't have to be made "at the top!"

The big question to me is what arrangement was made "behind the curtain?" We can "see" 2.8 M STEEM was sent. For "services rendered?" And how long was Binance promised it would take for Sun to reverse their power-up of millions of STEEM?

Whatever the answer, seems currently there is a "stalemate" with the @proxy.token account supporting a few of the Witnesses of "each side" ensuring that no changes can be made. Is that right? What is your perspective?

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I might make a I'm not one that likes to say 'I told you so', but...

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