When making any purchase, large or small, it is the buyer that needs to be aware, and that needs to do their own due diligence on the viability/usability of that purchase. When you buy a house you hire an inspector, when planing on buying a collectible antique car you hire a professional to verify the provenance of the vehicle. Ned sold steemit, if Justin Sun did not know what he was buying it was his responsibility to understand and to verify what he was buying. It sounds as if he did not even read the Steemit Road Mao, yet he was talking Tron's Roadmap, so I feel he likely did read and saw the uses of the Steemit Stake.
When you power up steem you are told that it takes 13 weeks to power it down. The people that powered steem up knew this, if it was not their steem to power up they should not have powered it up. It would be interesting to see a steem run on those exchanges where the depositors were demanding their funds back.
For the witnesses that read this, I would be against any shortening of the withdrawal time frame as I have been with all the previous post over the course of the last two months talking about it. The Next Hard Fork was supposed to be a stand alone SMT Hard Fork, and nothing else. It should be made perfectly clear during the next meeting that this is what one of the items will be when the Community witnesses re-take up the duties they were voted in to do.
At the end of the day, it is the job of the witnesses to protect the chain, not a front end.
That's a funny typo. :)
I think I will eave the typo there. My proof reading skills are like my spelling skills not really up to par.
Please do so. It's a fantastic typo. Love it!
Perfect plan.
The only problem is that exchanges will just disable withdrawals. And later on maybe even delist steem.
They will be hit with a class action lawsuit if they do. @jpbliberty will organise it.
Sounds great. Like the time I tried to sue a company for not paying my paycheck.
He shuttered the company, reopened under a new name the next week and I was out a significant chunk of change with no (legal) recourse. What prevents that?
This can sometimes happen with small businesses with no real assets, but there are laws against it.
Large exchanges with licences and huge asset bases can't practically do this.
Exactly.
Steem (the company) has the power in this situation, I can't be the only one to notice the power struggle with the witnesses that ended with a whole pile of staff 'resigning' a few days later. If nothing else, that shows that the owners have the real power in this dynamic.
People love to go with the Steem is not steemit is not dapps. Except that without the company, the rest just falls apart, it might still exist on servers, just minus everything that gives it value stripped away (overly simplistic, I realize).
Well, what the exchanges did already was illegal.
Do you like robbery?
You want centralization?
I am glad I do not know very much about the crypto process of buying and selling. I am learning slowly, mostly learning that you get screwed pretty easy in the crypto world.
Especially the small fish like you and me, hehe.
I am told this is ongoing presently.
Even Blocktrades, hehe.
What they did, the powering up of the Steem, is illegal.
So, you are pro-theft?
I am confident this is ongoing presently.