Topic: Acquisition, Hostile takeover and currently stalemate in Steem Community. (Read 126 times)

Steal? look like you have do not have any idea what exactly happened.


Nothing got restored, old witness and Justin now are in deadlock.  None of them can drive steem without reaching consensus with each other.
If it continued, it might be demise of the steem and new chain will be forked.

A bunch of scumbags tried to steal Justin Sun's $$$$ and thankfully in the end law and order was restored.

I guess Bitcoin community is aware of all the drama associated with Justin Sun (Tron) acquisition of Steem (or correctly Steemit.)

The whole issue is  of Ninja mined stake that "steemit" Inc, hold. It is estimated around 65 million steem and may be more .Overall it is more than 20% stake of current supply.

There is no written statement that this Ninja mined stake will not be used to nominate the witness in steem chain (read "witness" as "miner" if you do not have idea of steem, though it is very different concept because steem is DPoS (Delegated Proof of Stake) chain. ) but earlier witness claimed that it was understanding between them and steemit inc.

Ata a time steem used to have 100 witness but only top 20 take part in decision making and block production in steem.

So 17 top witness (out of 20) decided to soft fork the chain to limit Sun's power and that can be read in below article.

https://www.coindesk.com/justin-sun-bought-steemit-steem-moved-to-limit-his-power

Justin retaliated, by colluding with three big exchanges  namely Binance,huobi and Poloniex , used user funds in exchange to power up and
changing the whole witness structure of steem . New witness were nominated by Justin, that did the hardfork to reverse the earlier soft fork.

There is lot of outrage in crypto community when it come to know about hostile takeover of chain. Vitalik Buterin also tweeted as below.
https://twitter.com/vitalikbuterin/status/1234522463129800709?lang=en


After seeing the community reaction, exchange took back their vote and also community voted for their old witnesses, forgetting  the differences between them and united to push the Justin out.

Community is able to push their own witnesses in top  and currently I see that top 8 witness(https://steemd.com/witnesses) are old existing witness but Justin also hold 9 witness in top 20.

Now this cause stalemate because it required super-majority of 17 to push through a hard fork in steem chain.

Until the Justin and old witnesses comes into agreement, this drama/stalemate can continue.

What cryptocurrency community can learn from this drama.
1.Avoid the chains that have Ninja nined/pre mined or Insta mine (or any type of mining that is just in place to benefit the devteam or select few.)
2. Do not keep your coins on exchanges, they can collude for their profit.
3.Look for decentralized chain that is not dominated by very few.