The announcement of Justin Sun buying Steemit, Inc. has been met with so many mixed feelings and confusion. It’s a big deal for anyone who’s paying attention to Steem.
There’s good and bad to this whole situation. So far, nothing bad has happened. We’ve seen Steemit, Inc. leave the hands of a founder who had grown uninterested in the project (Ned) and lacked vision, execution and resources to bring Steem(it) any further.
In my view, all the same risks exist. Ned could just as easily use Steemit and his STEEM stake to overtake the blockchain in the same way that people are worried that Justin might try to do.
The thing that kept Ned from doing that is the same thing that will keep Justin from doing it and it also happens to be the same reason why 51% attacking the BTC network doesn’t make any sense — the game is created in such a way that the financial incentives lie in propping up the blockchain and growing the network, not tearing it down.
If Justin stomps Steem into the ground, then he loses a major investment. It doesn’t make financial sense. If Justin, however, allows the Steemit team to continue their development on Communities and SMTs (not to be confused with MSTs), and then he puts his full marketing dollars and weight behind those launches and announces them to the world… think of what that could do for Steem. Think of all the major attention that our blockchain will get.
The floodgates could open once again.
There are pros and cons to every situation. There is a bright side, but you have to be willing to look at it. Keep your awareness about the downside and understand the risks of having Justin in a position of power, but also keep your awareness about the upside and understand the benefits of having Justin in a position of power.
In this episode of the Steemleo Show, I give a bit of a rant as I recap the long day we had yesterday between the AMA followed by the witness chat and then give my thoughts on the future of Steem as we know it.
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