Did Justin Sun Jump The Gun A Bit?
The news yesterday sent shockwaves through the entire Steem ecosystem. We saw emotions range from excitement to complete fear. The consensus was uncertainty since the article on Medium along with the Tweet was a bit confusing.
As an aside, I will state that it reminded me of the day that Steemit Inc announced they were laying off 70% of their workforce. That day, there were a lot of posts about the end of Steem. What was the result? Members of the community stepped up and were willing to take over in case Steemit Inc went under.
A big part of the problem was the lack of clarity and communication, especially without anything on @steemitblog. Nevertheless, things might not appear as they seem.
On Discord last night, I came across this.
This was a message, supposedly, from Eli Powell, Managing Director of Steemit Inc. You can see the account that it was posted by, one that is a respected Steemian. In the message, it does appear they, the employees, were caught a bit off guard too. The question is what was surprising?
The fact that Steemit Inc was sold could be the shocker. It is not uncommon for those things to take place without employees knowing.
That said, there part about the ideas mentioned in the press release by Tron being just that, ideas, is certainly very intriguing. Perhaps the Steemit Inc team had no idea this was going to be out there. I am certain Sun wanted to get something out and steal some of the thunder away from the release of Voice.
Now let us be clear, Steemit Inc is Sun's show. He is within his right to do whatever he wants. There is nothing stopping him from implementing all that was stated in his announcement. At the same time, he need not justify that to the employees at Steemit Inc, or anyone else for that matter.
Nothing is going to be done by this partnership to diminish or destroy Steem.
This is encouraging, if true. While I am certain Eli believes this, nobody can know what Sun is going to do.
That said, in the interview that appeared earlier this week, the statements by Sun do align with this view. He did state how he likes to invest and let the other people run it. Also, he mentioned, at that time, they were in "conversations". The deal to acquire Steemit Inc is obviously completed but the details and plans going forward might be up in the air. In fact, it sounds like they are at the very early stages of laying them.
Of course, there is a more practical matter: Money. Sun is all about Tron, there is no denying that. However, he just acquired tens of millions of STEEM. He is sitting upon somewhere between 50M-70M tokens. Everyone talks about the $400M or so stake he has in Tron. Nevertheless, STEEM back at $5, gives him another few hundred million dollars.
Could Sun realize that Steem is a good way to hedge himself while also leveraging his ability to profit even more?
Obviously, I am speculating here based upon the words from Eli. We all hope her assertion of the situation is correct. Nevertheless, there is no way to know how much she is really aware of. Perhaps there is a lot more to this story than in known by her.
The encouraging part to all this is the reaction of the community. In spite of the emotions, there were a lot of ideas tossed around. We also saw some action. The code on Github was already forked so that it remains available should anyone want to use it. There is also a Witness Call after the AMA.
We also saw the dedication that Steem is known for. This is decentralization and it is, perhaps, being tested. It is a prime example of how a community, on a decentralized platform, has a lot more options than in the centralized world. The banding together means that a dictatorship is tough to achieve.
How will all of this work out? We will know a lot more after the AMA today. That said, my hope is that it is realized that the most advantageous approach, for all involved, is a bridge between the two ecosystems. Interoperability is something that the world of blochchain and cryptocurrency sorely needs.
For now, at least according to Eli Powell, the future of Steem is not going to be negatively affected by this "partnership".
We will see how this all unfolds.
Here is the link to the AMA at 12 EST:
Announcement of the Witness Forum:
If you found this article informative, please give an upvote and resteem.
Posted via Steemleo
Thanks for some reasurance for a couple hours lol.
I'm glad to hear that tronit is still in the ideas stage. If Justin wants to create some goodwill on the platform, then he can put his stake to work but curating content or delegating to Steem dapps he is interested in.
The future is exciting!
Hope STEEM will remain STEEM without any fork to a new Blockchain. *Finger crossed
Why are we assuming Sun has basically bought a load of Steem? If it's a company takeover won't the fee have been paid for in Fiat? Where are the transactions on the Blockchain for this huge transfer of Steem ? If it exists, surely someone has interrogated the chain to discover it?
Posted using Partiko Android
He bought Steemit Inc. that has a ton of Steem. That Steem belongs to the company's owner aka Justin Sun.
I maybe a little more cautious after reading Eli Powell's message. Sounds like a hostile takeover and there is no decision or voting of Steemit sale from most active users/witnesses on the platform. Ned did little to progress Steemit since his focus has been on EOS. Yet here we are watching this unfold. I do hope Justin can bring a lot more prospect to steemit since Tron has a bigger eco-system.
And yes the money element sounds positive to steem and steemit since Justin has put a price tag on purchasing the assets it will at least assure us there is a bottom value of steem. Before that it was all end users putting pint size money into steem compare to what I would imagine Justin's larger investment into it. This hopefully will lure in more buyers and up we go with steem.
I end on a positive note. I have read from enough steemians that I feel if all this does not work out there is enough strength amount the most active to be able to sustain a fork or separate steem eco-system. I have a lot of faith in the steemians being able to make it all work out. I have no doubt this will all work out for us. Whether we call our tokens steem or something else each of us brings value to the table and as a collaboration it is much stronger than what any merger has on us. Thanks!
The most promising thing I find is the number of the user base standing up together and expressing much of the same sentiments as each other and espousing their dedication to the chain.
By dividing, Sun has brought us closer.
The AMA confirmed your interpretation. No specific plans were mentioned,
other than releasing SMTs next week.I think the Communities are being released next week. I am not sure SMTs are to the point where they can be implemented.
Posted via Steemleo
Oh, that makes sense, I must have misheard it then.
My thoughts on the "jumping the gun" aspect of all this is that Justin wanted to be able to announce a "done deal" in order to steal newsworthiness from the announcement that Dan Larimer's "Voice" project went into live public Beta yesterday...
In that sense, it was quite effective. The Voice news pretty much ended up drowned on "page 5."
All this news shows the value of Steem and it's community.
Steem is an economy and it's difficult to replicate that else where. It was well design. I think only VOICE could compete in the arena of blockchain social network and Tron want to be part of that.
I was introduced to the Tron network via a game
https://idleminer.onelink.me/Irub/d3688ac6
where you earn hora tokens and I have found the network even more complicated than Steemit. At least 1/2 of the time the transactions are not broadcast, with no supporting information given, ( wrong password, network busy). The CIM game also has faults.
Yes, when i buy a car i tell everyone i "entered a partnership" with the used car salesman.
We need to stay alert and be ready to act. I trust Justin far less then Ned and i find Ned to be a dipshit...
Agreed but I see no action happening. Justin tweeted after our AMA that "@Steemit will begin its migration to the #TRON network, adding to TRON‘s base of users and platforms" If that doesn't point to clear double speak and the need for immediate action then I'm not sure what will. Once Justin assigns witnesses it's over so why witnesses are waiting for his first move is beyond me.
https://twitter.com/justinsuntron/status/1228971875851632640?s=19
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Hi, Is there anywhere that I can view the AMA now that the stream is over? Interesting times indeed.
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I am patient enough to wait this out and see what the future hold for steem.. And its community.. I doubt it could be too harse.. Weve already seen the bottom of the pit... Or well damn near close
Thank you very much for giving us the opportunity to pay you guys back in return thanks to your GREAT LESSON that led the whole community into the chaos by your so-called “good-intensions”