Steem Blockchain is No Longer Decentralized or Censorship Resistant | Justin Sun and Steemit Inc.

2,122 Views · Posted 4 years ago

The blockchain technology world is fascinating and the more time we spend in it, the more we learn about how its many theories play out. Yesterday, an incident occurred with the Steem Blockchain that had everyone pointing fingers at Justin Sun who recently acquired Steemit inc. In this video we will discuss what exactly happened, what the situation is all about, and who is at fault in this matter.

Initially, we had a bit of a knee jerk reaction to this story about Justin Sun misusing his power, but then it may not make much sense for Justin Sun to run the Steem blockchain if there is no trust on it and it lacks complete decentralization. Do you think Justin Sun is making a move for the betterment of community? In his tweet, he says he wants to give the voting power back to the community. Maybe an analysis of the situation would suggest that everything the Steem blockchain is doing is out of fear but what Justin and Steemit Inc are doing is out of progress.

According to Youtube channel Freedom Point :https://www.youtube.com/channel/UC6Mr4Hyu_f1ueUW9PQymC5A The top 20 witnesses may have developed amazing dapps and done amazing things on the blockchain, but a lot of them are also owners of some of the most amazing bitbots that they ran their stake up by having people pay them. So their accounts got bigger through bot use which no one says anything against now because it is now illegal on the chain.

With this entire situation it is best to wait and watch as things unfurl but one thing is for certain: the centralized exchanges should not have the power to vote on your behalf based on the coins that they hold for you. It is not their business to get into blockchain consensus and they should not be allowed to use the coins on their exchanges. You can see more about why ‘not your keys, not your wallet’ is very important and why you should not keep your crypto on cerntalized exchanges for long.

References:

AltcoinBuzz.io
Steem Overview
https://www.cryptocompare.com/coins/steem/overview
BREAKING: Justin Sun and TRON to Acquire Steemit
https://globalcoinresearch.com/2019/12/09/breaking-justin-sun-and-tron-to-acquire-steemit/
Steemit Sets Up Shop on Tron Network
https://www.coindesk.com/steemit-sets-up-shop-on-tron-network
Steem Consensus Witness Statement: Code Updated
https://steemit.com/steem/@softfork222/soft-fork-222
Update: Townhall & Witness Meeting
https://steemit.com/steemit/@steemitblog/update-townhall-and-witness-meeting
An Open Letter to the Community - HF22.5
https://archive.is/Qmdei#selection-351.0-356.0
Freedom Point on YouTube
https://www.youtube.com/channel/UC6Mr4Hyu_f1ueUW9PQymC5A
BITCOIN BULL MARKET AHEAD | Who Was Responsible For The Long Bear Market?
https://www.youtube.com/watch?v=v0jIZ238Yfk&feature=youtu.be

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