I stumbled upon this while browsing Twitter today. This is an update from the DLive team from April 13. (Note that DLive is owned by Justin Sun)
Lino Blockchain shutting down
https://community.dlive.tv/2020/04/13/dlive-blockchain-migration-support-btt-staking/
the Lino blockchain will have all validators powered off and the Lino blockchain will be shut down. LINO coins will no longer have any utility nor will any transactions occur on the blockchain.
So here we see what happens when Justin Sun acquires your project. JS bought DLive some months ago and now the blockchain powering DLive is shut down! Apparently DLive is moving to BTT now, which I don't understand. I always thought that Lino is like Steem and BTT is like SIA. Am I wrong and are they similar?
Anyway. If you like to be forced to use another blockchain controlled by JS this might not be a problem for you and for many end users it probably wouldn't make any difference on what chain their favourite streamer is doing his streams.
Btw there is a token swap from Lino to BTT and they make it as hard as possible to access your BTT:
For US:
Upload a government ID and be at least 16 years of age
For others:
You must create an account on Poloniex.com to receive BTT
Your Lino account will require you to follow certain instructions and agree to a set of terms and conditions
DLive has higher fees than Twitch
What I think is hilarious and somehow even surreal is the new fee system calculated by twitter account MemesDidIt.
First of all, depending on how many lemons (the currency used for donations) you buy, you get different tax rates. (Yes there are taxes on buying lemons).
The first image is by MemesDidIt:
The second one is by EncrypticTV, who did the calculation for higher amounts, to disprove MemesDidIt's point. Imo he just confirmed his point, but who am I to say that? ;)
So let's take a look at those screenshots. First of all, wtf are those 'initial/local taxes'? I seriously don't know what they are, why should there be taxes? I assume those go directly to DLive/Justin Sun. (Or to Twitch on the other side)
Okay, then apparently you have a fee when donating on DLive. It is being raised to 25% (!) from ~10% with this update. (Note that they are calling them 'blockchain staking rewards' lmao).
Those 25% go to people who stake BTT, as noted by EncrypticTV. Do you really think the average user holds BTT and has it staked, who are you kidding? Also BTT was created by Justin Sun and the TRON Foundation, so who do you think holds a shitton of BTT:)?
(Thanks to @ericwilson for this screenshot)
Those are only the top 5 wallets, who knows how many more JS-controlled BTT are hidden in smaller wallets.
So in conclusion what can we say?
When buying less than 100$ worth of lemons you pay more fees on DLive than on Twitch!
And even if you buy 100$ worth of lemons the fees are similar. That wouldn't be a problem in itself (well it is, but let's pretend it's not), but you have to keep in mind that one of those platforms works on blockchain, a technology that aims to cut out third parties and fess and the other one is a private company focused on profits.
Good investigative journalism.
Justin Sun seems to be an agent acting against decentralisation.
He buys decentralised projects that are attracting a lot of attention and users and then destroys them by centralising -Bit Torrent, Steem, DLive.
Thankfully we Hiveans escaped his evil clutches.
Haha "investigative journalism" first time my stuff gets called like that :D.
Yes that's how it feels like
Now we see where steemit is likely to go soon and why we see no development from steemit inc! It’s all about consolidating users numbers and transaction data on the Tron chain so it looks bigger than it is! It’s one way to get users since they don’t really have a flag ship project for their shit coin
Yep. This clearly shows Sun's intentions.
The "taxes" is the terms we have been using for fees.
"Initial tax" is the price you paid compared to the value of what you are getting (money that twitch and dlive get off the top for you buying it).
"Donation tax" is the price that is getting taken and given to stakeholders.
as far as "Local taxes" im guessing what that person was charged?
Ok, that's what I have assumed. I still find it weird that DLive, as a platform marketing itself as decentralized, does this. Especially when considering that JS holds a very big part of BTT and he will heavily benefit from the donation taxes anyway.
Yeah I think that's what the other person called initial tax.
Same thing will happen with this reddit "crypto" that's all the buzz right now. Just more attention for us, I'll take that.
Yeah, the attention is nice, but that Reddit crypto, I don't see any real use for it. Especially considering that it will be an Ethereum token, where you will probably pay more for the transaction than those token will be worth lol.
Yeah I could do that. (Although there isn't much to moderate at moment anyway :D)
Thanks for the reblog btw.
Btw, are you interested in modding r/hivenetwork?
LOL that's a pyramid scheme with no intention to hide it at all. Just like other proyects that TRON has. I don't know how can JS have some "reputation" in crypto. I know that in fact his "reputation" was very lowered with the Steemit's move but all this news should prevent to anybody that has some confidence in him yet.
Still people are protecting his moves, they even somehow manage to say that what's happening to DLive is good. I just don't get it.
There is people that gets benefits from it, as the ones that are high in the pyramid. They talk bullshit that's true but I don't think that everyone is being fooled.
Unstoppable team moving from STEEM to LINO to BTT.
Where next?
Good question. Maybe to some central server in China lol.
I am so shocked by this news, like oh my ghad, how, why? @ange.nkuru thought sarcastically.
Currently I just stream on 3speak and get all my income from upvotes on my announcement post.
I left twitch since I wasn't making any progress and I disliked the fact people were getting banned for seemingly random reasons. To much risk associated in twitch, with 3speak at least I'm in full control.
I agree. Let's hope some more people join 3Speak so that streamers there get more viewers and donations.
I actually got my first viewer yesterday after 4 days on the platform, Confirmed for me that the chat does actually work XD However the view counter seems to be broken.
I think, steem will see the same fate may be when 100 days of steem is over ? Because it takes 13 weeks ( 91 days) to power down, and JS will take every means to shoot the price and finally sell his stake at 91 days ?
What's your opinion ?
At this point I really don't know what Justin Sun is trying to do. But yeah, I think he will sale his stake sooner or later.
Steem will soon follow Lino's blockchain fate. The sad thing is I still have to spend count of weeks on steem before it completely powerdown to cash out. It seems steem and and are pumping again.
DLive should've stayed on Steem (and later moved to Hive ofc ;-)) they would still exist and thrive :-)