RE: Softfork 0.22.2 // The Steema Carta
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The efficacy of how well Steemit has performed on it's promises has been questionable, but at least in principle those promises have been delivered until Feburary 14th, 2020. This is the day Ned the Snake sold the Steem holdings of Steemit and pocketed them for personal gain.
This would be akin to a non-profit chair selling the money they hold in a public trust and pocketing the money. Ned has not only abandoned his fiduciary duty but pilfered funds from the community.
The above statement simply isn't true, Ned owned Steemit inc, therefore he owned all of its assets. As I opined 3 years ago, the way the company was structured meant that it was, and still is a private company.
You can use all the flowery language you want, but Steemit inc is an entity which has employees, bank accounts and assets just like any other normal company.
I think this move by the witnesses is not right, and I've removed my vote from this article as I do not support this in any way shape or form.
I believe this behaviour is staggering when you consider we have had an incompetent fool at the helm for the past 3 years and neither you, nor any other witnesses have done anything about it.
Now that we have a savvy businessman in charge, who has secured a deal with a massive multi-national company, you do this.
All this will do will alienate someone who could propel this platform out of the crypto bubble and into the mainstream. I only hope for all our stakes he is the forgiving kind.
@cryptogee,
Hey mate.
As I've written on countless occasions, one of STEEM/Steemit's most significant problems is that it is being run by a bunch of Millennials whose knowledge about anything even tangentially business-related is limited to writing computer code. This little caper though takes the cake.
Having been a hedge fund manager for 20 years (and hence someone extremely familiar with securities law) let me assure you, @aggroed and fellow witnesses, if @justinsunsteemit decides to commence legal proceedings ... you guys are going to jail.
Let me be clear ... not fines ... prison (although you'll undoubtedly suffer enormous financial penalties as well). And, what you have just done is waived a giant red flag BEGGING the SEC to prosecute as part of its ongoing efforts to "set high-profile examples" in the cryptosphere.
Do you know what: Steemit Inc. ... a "U.S. Person" + Justin Sun ... a "U.S. Person" + thousands of U.S. Steemians + U.S.-based nodes equals?
That's right, fellas ... U.S. jurisdiction.
Obviously it did not occur to any of you luminaries to first consult with an attorney. I know this for an absolute FACT without even having to ask because any first year law student would have told you, unambiguously, that what you were proposing was MASSIVELY ILLEGAL.
Here's my recommendations:
1.) Immediately reverse the softfork;
2.) BEG Justin not to destroy your lives.
And quoting the Magna Carta ... I'd pay USD$1,000 to see you make that argument in front of a judge.
Quill
Hey man, good to see you! We've both take a little hiatus from this place.
You hit the nail on the head, these guys have no idea about business. If it was me, I'd get in my own witnesses and boot them all out and start running this platform the way it should have been run from day one.
Oh well, like you say this will not end well for them if they pursue this further, let's just sit back with a bag of !popcorn and watch this space.
Cg
@cryptogee,
Hey Crypt.
Honestly, sometimes I become so incensed by the stupidity of this place that I have to take a break (sometimes a long one) lest I lose it completely.
That's a pretty dismal picture indicative of a pretty dismal future.
Along comes @justinsunsteemit. He buys out Steemit Inc. and dedicates TRON's money, marketing and manpower. Would some redundant STEEM DApps get killed off? Probably. Would STEEM get swapped for TRON sometime in the future? Probably.
So what?
STEEM/Steemit was/is on life support. If Justin is willing to jump in and try to save it, give the man a sword and a mandate to use it.
STEEM/Steemit has become, de facto, an alternative source of venture capital for Dev's dreaming of scoring it big on a DApp SMT ICO. As such, much of the blockchain's limited capital (SP) is diverted to these causes, dramatically reducing the portion of the Reward Pool that can be used to compensate social media content creation as originally intended.
Steemit's ONLY function at present is to create the illusion of a semi-functional social media platform as such is, intuitively, a potential Killer App with mass appeal. In essence, a plausible pretext. So long as that illusion persists new SP continues to be generated providing ongoing funding for a handful of Whales/Dev's/Witnesses and their pet projects.
Despite all the ballyhooing, the SoftFork was designed to preserve such Whale/Dev/Witness self-dealing. Said parties know that Justin doesn't want or need an "operating system" (STEEM) upon which to build third-party DApps because he already has one (TRON). What he does need is a crypto-based social media platform (Steemit) so as to prevent EOS from possessing something that TRON does not (Voice).
If the Whales/Dev's/Witnesses don't like his plans, let them start a new cryptocurrency using STEEM's software. They could airdrop everyone, except Justin Sun, the same number of coins as they currently possess in STEEM. That way everyone gets to choose. Let us imbeciles who just want a functional social media platform follow Justin off into oblivion while they, the brainiacs who see such a lucrative future for STEEM by maintaining the status quo, venture off with their new coin.
The one guy who should be ecstatic about these developments is @dan. Dan, you have the luck of the Irish.
Quill