Is Steem a dying blockchain: Steem is back to the 80s rank and 16 cents after the drama!

Most active people in Steem blockchain would fetish the idea of aggressive marketing. If a twitter celebrity with two millions followers preaches about Steem, they would think that it is destined to go to the moon.

Watch out what you wish for!

Steemians got one in the name as @justinsunsteemit, the god father of crypto marketing. But as every rose comes with horns, he came with some baggage too. As a person from business background, he has very little understanding of blockchain technologies. He runs his businesses through delegations. His marketing people lacks knowledge. He lacks knowledge what he bought from shrewd (or, dumb) @ned (Ned Scott). He made blunders after blunders by tweeting about moving Steem blockchain (token) to TRON chain.

Though he backed down and posted conciliatory posts about cooperation, some damage has been done.

The witnesses have implemented a softfork 22.2 to limit all Steemit Inc's accounts from voting witnesses and powering down. They did that due to the existential fear of losing their lucrative business which makes sense too.

During that euphoria stage, Steem recovered from 11 cents to almost 30 cents due to the rumor. Along with BTC's good run to $10K, Steem gained more than 50%. Smart traders bought the rumor and sold the news.

Due to the anarchy, chaos and fear, a large numbers of Steem holders started to power down and sold out.

The biggest victims in these chaos are tribe tokens. Some fell 200-1000% in fear.

Steem back to the ranking of 80s and 16 cents, the same position before the acquisition of STINC by TRON foundation.

However, Steem is not a dying blockchain. It has just tested with a major possible hurdle. Theoretically, @justinsunsteemit can make 30 accounts and vote them to control the whole blockchain. He has earned notoriety by voting two TRON representative to super representative (SR) which was an unpopular decision among the TRON community.

Therefore, witnesses's softfork may be justified due to the existential threat to the blockchain. As a result, some damages have been done to both TRON and Steem's branding. However, the effects will be temporary.

The status quo will force the marketing Juggernaut TRON foundation to cooperate with Steem witnesses. As a results, some great things will come up from some integrations between TRON and Steem blockchains. For example, Steemit frontend can have wallets for TRON and TRON10/20 tokens. TRON foundation has become an ecosystem rather than a single chain. It is now the biggest stakeholder of the two largest blockchains in the world. With power of TRON's smart contracts and Steem's social media (SM) features, the great things can come in future. When clouds will be settled, it may usher a bright, uneasy SUN from dark, shadow, shy moon (@ned).

All the tribes, SMTs, TRON tokens will have more ecosystems to interact with each other. It also showed the power of decentralized blockchain that a small soft fork made it hard to control by a central authority. Steem has passed a great test! Though the price action did not help, but the events are ushering a great future.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@dtrade
Cryptominer , occasional trader and tech blogger since 2013

Posted via Steemleo