This morning it was finally announced (by Tron) that Steemit was bought by Justin Sun. Let’s note that there has still been no announcement by @steemitblog or response to the many questions by top witnesses.
So, this is my opinion on the situation, and what will happen, based on months of watching it unfold and one of the main reasons I started a full power down.
First, the announcement -
Steemit Joining Tron Ecosystem
TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.
That’s an important part of this announcement that I think many should take note of - Steemit inc devs will be working with Tron to migrate Steemit, as well as some other selected DApps to the Tron ecosystem.
I assume this also means that the many technical updates to the Steem chain we have been anticipating will be integrated into Tron as well (probably part of the deal).
Meaning, they won’t be on Steem.. they will be on Tron.
What does this mean for DApps built on Steem?
Not sure, many probably already got an offer to move and will do so (Justin has a fund where dApps get scholarships to build on Tron). Those not chosen will have the choice to stay or go I guess, on their own dime.
Here is the big kicker
including moving old STEEM token to a new TRON based STEEM token, giveaways to the existing TRX users with the new TRON based STEEM token
So based on this announcement they will be moving the “old STEEM token” to Tron.
How is that possible? Good question.. better question is - What does that mean for everyone holding STEEM?
I assume there will be an airdrop to move the community to Tron. A matching of your current STEEM holdings.. but what does that mean for the native STEEM token?
Technically Justin could easily control consensus and do as he wishes (fork, code change etc) I guess we will have to see about that one.
What does that mean for content creators?
I think you’ll be fine, if your primary focus is just content creation. You will most likely just be now blogging on Tron.
What does this mean for stakeholders?
Well for those who actually bought STEEM and believed in STEEM, I’d say it’s not looking good. If you don’t swap to the Tron version, I assume you will be left on a dead chain.
What about the Steem blockchain?
Depends on what happens to the code. Technically the chain will still exist. But many of you know the core developers are Steemit inc employees and therefore much of the development will no longer be here.
Many could stay and actually build on Steem (As the Steem blockchain is separate from Steemit inc and steemit.com), hell it would probably be much better off without Steemit inc holding it back.. but I very much believe Justin Sun will do what he needs to do to ensure his new project is just that, his.
I have no interest in Tron, and will not be part of this move.
Call me negative all you want.. but I think it would be smart to decide what your goals are and make decisions accordingly.
Most content creators will do great and may even see more traction on Tron - they very much have marketing down and no doubt will be a popular site.
For those that believed in the original idea of Steem, and what it could be, I can’t see that Tron fits into that idea. So I’ll say .. it was a fun ride.. message me if you build something that actually will accomplish it, I’d love to help.
Much love,
Justine
SteemPeak still strongly believes in decentralized content posting and decentralized governance. We wait to see where they stand and if they leave us.
That is really good to hear @steempeak! This whole thing seems like Steemit Inc. is just doing what I know as a colloquialism as 'cutting and running' and seems like a massive disservice to the community that has been both supportive and albeit tolerant of them through all of it's growth.
Just my not-so-humble-opinion there.
I think you are very well positioned to become the #1 front end for any STEEM Classic legacy blockchain if that is what you aspire to.
We want to be a solid site that exists for years to come and it not dependent on crypto price fluctuations.
Once the site and the chain proves a solid retention rate then the millions will come. And we for sure do NOT want to be the only site... one of our propositions for content creations is that steem has decentralization. We will always work to exceed expectations and make it the best user experience possible.
You were always the #1 front end to me Steempeak <3
Hoping for STEEM Classic...
If that doesn't work out, it's been nice to have met you, although it's been way too brief!
but maybe with a better name :) Like Steem 2.0 :) Classic sounds old :D
'Legacy Steem' has a nice ring to it!
❤️❤️❤️
I thinks as of now we need some time to see how this thing will play out for the community.
I can see it as a good thing though. but again nothing is for sure.
I won't call myself a doomsdayer but this is going to end badly for anyone who bought into Steem... The value of Steem will increase simply because there is news about Steem in the mainstream space of Crypto but once the news dies off and Tron overtakes Steemit, Steems value will plummet.
Don't believe the big steem accounts that are shilling the idea that this will beneift STEEM holders, because the end result will definitely be the opposite.
One thing about it if you keep your Steem tokens you'll have ownership rights to both the Steem chain & the Tron chain tokens.
Like ETH & ETC. I would expect most the value to accrue to the Tron Steem token considering but it's going to be in the details of what Sun plans to do with Steem.
That depends on the vague “token swap” mention that is still to be clarified. The fear in me is that this is a hostile takeover...
We may well have to trade our Steem for “TronSteem.” If that’s the case and it’s not an airdrop based on a snapshot of the current blockchain, then Steem “classic” could be in trouble.
If Tron forced us to decide whether to keep our Steem or get “TronSteem,” then every person who chooses to move to Tron adds Steem into Tron’s control of the “classic” chain governance and I don’t trust Tron not to stack the witnesses and essentially gut our chain to force the move. Steemians would have to almost unanimously stand firm and not move to Tron to keep control of the chain.
People who want a Steem “classic” may then be forced to create a fork that copies the old chain, etc. Not at all impossible, but then that form of “classic” becomes a whole new token and we instantly lose all our exchanges, liquidity, and probably value.
The fact that everything so far speaks of swaps and migrating to Tron has me concerned. If it had been posed as developing some cross chain interoperability I’d be much more intrigued and less worried.
I agree, it must be a hostile takeover. If it was just a snapshot airdrop Justin could do that without the buy out. The HEX project just did that for Bitcoiners, allowing them to get free HEX if they wanted to claim with no strings attached.
If Justin simply wanted to attract the community, airdropping to us would have been enough. This has to be a strong-arm tactic to force a conversion of this community over to Tron. Decentralized-smentralized, one again a social app company is treating its userbase like chattel, no different from Facebook or Google.
There is no reason to trust Tron as a blockchain. Ever hear about the Pop Network controversy? They switched from Ethereum to Tron to create a streaming dapp and when Tron founders realized it would be competition to the Bittorrent token project suddenly Pop's token "disappeared" from Tronscan and Tron all together. Might as well call Tron the XiJinPing blockchain, that is what it really is.
What big Steem accounts are doing such?
I'm just saying, in general, don't believe the positive hype. Take the positivity with a big grain of salt.
I’d very much agree with that. I’d rather know the facts and face them head on.. and therefore I don’t sugar coat much.
Many projects will be paid to move to Tron, so you will see many prominent Steemians expressing their love of this change.. I guess knowing when to sell will be key 🤷♀️
Key point for selling: tronsteem goes live. Mark my words and you can pay me later.
I have been on Steemit since it launched in July 2016, and I have believed in nothing more than the Steemian community to always be there to share great content and ideas with.. I remember when everyone was just blogging about crypto and I started uniting people and posting to bring more content like music, videos, poker, live streaming, sound/audio streaming, and pretty much anything besides crypto blogging.. I was mostly ignored, but I was posting videos every night of me performing DJ and Launchpad videos and @ned upvoted most of them.. I slowly watched as Steem became this hub of crypto projects and brought so many people together.. And just think I used to imagine Steem being everything it is now and the only thing missing is a merge with Decentraland, which I made a post about Steem making a VR world before Decentraland came out. ☝️
https://steemit.com/vr/@stealthtrader/the-future-steemit-digital-world
Keep in mind that this post was made almost 4 years ago, and almost everything has came true except a VR Steem world.. 🤔
I am not sure how to feel about this, but I do know I will always consider the Steem community my family, and will not lose connections with those people regardless who’s name is on the blockchain.
Let's build something on Steem, so desperate housewives can be in charge of something besides peeling potatoes
Every time I see Justin I am like why does she keep referring to herself in the 3rd person and misspelling her name.
My ego is YUGE 😜
Meh. I dont wanna move to tron either..
Means this
Yes, saw that.. didn’t see the need to quote Ned, quoting Justin. Still doesn’t answer any of the questions above. It is what it is at this point.
Yeah quoting Justin sounds strange..
Pretty wild that Steemit inc is giving up all the principles that seemingly it was started on. Like you say, #somuchfordecentralized
Agreed. What exchange would list it with Steemit, Inc's resources gone?
Well Steemit inc hasn’t done much to get it on exchanges tbh.. in fact I believe some of the original miners were the ones who got it listed in the first place. But yes, it would be very difficult to continue imo.
This is 100% fact.
I have no interest in Tron...but if they give me some Tron tokens I will gladly take them and sell them.
Yeah.. I see some big dumps in my future 😄
Gross...
😂
Taco Bell?
April‘s fool is in April. This is Valentine‘s 😬
Fck that tron shitcoin ☕️
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Tron has some things figured out, I’ll give them that.. but I have no interest in the Justin centralized chain or token. Many may, and many may do quite well on it.
I have started power down right now. Tron has been always scam and always will be.
Bye bye Steem
bye bye steemit?
Steem can still stick around... unless they excersize their rights on the name and we don't want to go along with them. Then we switch names. Maybe that's a win. haha
PEAKit :p
Don’t panic, I’m sure there will be some incentives to anyone willing to move to Tron. For those that interests, this could be great for them.
Dang, I'm personally not a fan of Tron. I guess I should have started powering down a while ago lol
Well who knows.. maybe there will be a split and many will remain. Steempeak just commented that they perhaps will be staying.
I do think content creators will be fine, and I mean that.. I’m not a personal fan of Tron either, but as a content creator it could work out for you. But.. maybe we will revolt and see the Steem that could be 😄
By technical updates I assume you mean SMTs? I think those changes can still be added to the current chain. Tron already has it's own token functionality.
I assume this will result in the Steem chain continuing and the community breaking up into two groups, one who follow Steemit and the other looking to maintain the current chain.
I assume the witnesses will stick around the current chain because Tron already has it's own consensus mechanism.
Steemit inc is the one developing SMTs and communities.. why would they integrate it into a chain they are leaving?
Good point! Not sure, but I doubt it is needed on the Tron chain. I assume the work is open source and can be integrated into the current Steem chain.
Neither do I, now I'm kind of in a dilemma: I want to continue using Steem, but I don't want to do it on Tron. Even Justin himself admits that it is a shitcoin:
Drunks and kids always tell the truth!
Maybe some of the hardcore steemians who didn’t fall for all the used car salesmen tactics happening lately will stay and build on Steem.
Apps like steempeak etc allow you to use the Steem chain that aren’t Steemit.. their are hundreds of them. Technically the chain will still exist
Tron could feasibly kill the current chain off if it chooses to. If token “swap” truly means swap, then every person who moves over to TronSteem will add to Tron’s governance stake on the original chain. And I don’t trust Tron not to use their stake to elect their own witnesses. It won’t take much for Steem to become fully Tron controlled even on the “classic” chain.
Tron can be stopped. People have taken snapshots of the steem blockchain and new steem could be issued using that. That new steem couldn't be swapped for the Tron token, unless they want to pay us twice :) The question is, can we survive without Steemit and Tron? I think it could work but it wouldn't be easy.
Technically yes, but I think that Steem will lose a lot of its users and traction and slowly fade into obscurity. Even with STINC fully supporting the chain there was a clear downtrend last year. Being alone on a social platform isn't much fun, just look at Diaspora.
Another crypto bull run could change that. I think part of the problem was that STINC always over promised and delivered very little.
I was also thinking that, however it is likely that Steem (the "classic" one) runs out of users and general interest before that happens.
Over promising and under delivering is also something that Tron is very good at.
It might depend on what some of the popular apps want to do? If they stick to Steem Classic and we get communities, I think it will be popular. If they all go, it will be tumbleweed.
I'm a little less optimistic about this: Tron has a lot of funds and is good at marketing, I think that they will use this to attract a lot of developers and users.
"Steem Classic" on the other hand grew more "organically", which is in general good, but in the last 18 months or so, it also lost active users organically.
In general, I think that the tumbleweed scenario is more likely to happen, but I'm happy if I'm wrong with this prediction.
Steemit is fucked.
Steemit is UP
Steem is up, not steemit.
Ahh you shot me
I have many confused emotions on this. I like the community aspect of Steem, which is why I've been working on getting more influential for a while with s-e tokens but Tron is also part of my very limited crypto portfolio and there's no denying that Tron has more recognition and a few advantages/disadvantages.
I dont really care about steemit.com, it was always a mockup of a real social media and as soon as I learned about it's existence, I switched to steempeak that is vastly superior.
I sincerely hope that actifit stays or at the very least support both and I dont see why steemmonsters would stop servicing the steem blockchain, they already support both.
Ultimately it will all boil down to how it's integrated.
Yes all speculation at this point.
I know little about Tron, so cannot judge them, but Steem could carry on without Steemit if the witnesses want it to. It's a big community to upset if they mess it up anyway. Interesting that @Splinterlands already uses Tron, so they could easily move over.
Splinterlands uses the Tron token. Moving over to the Tron blockchain wouldn't be so easy. I would sell up, as I don't like Tron.
I am really not sure how this would work. Maybe they do just want dapps like @splinterlands rather than the social side as people do pay money into the game. I have not invested a lot of money in Steem, but others have spent a lot and will be more worried.
Yes it seems most apps on Steem run on custom json which currently tron doesnt support. Their play to actually migrate dApps to Tron is something I hope they touch on tomorrow, as in their current state, it’s not an easy switch.
I expect they could use something other than Steem, but they need to keep it properly decentralised to keep the trust of users. I have heard that Tron is not properly decentralised, but I know little about it.
I'm waiting until tomorrow to take a decision, although by the Tron communicate it gives me little hope for independence for Steem. It's either Tron or a crippled Steem blockchain, if it will continue. Well cooked JustTron! I wonder if he actually negotiated anything with Ned or he presented him the terms.
In other words, I’ll see you on twitter and voice haha
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Lol
Just twitter for me I guess 🤷♀️ And maybe medium if I feel like writing
Know if the new Tron-Steem chain will issue stake-based voting for a share of a rewards pool for content creation, etc., or those glory days will be gone? I use the word term glory days loosely.
Tron likes inflation and the rewards mechanism is what their competitors will be doing. I would bet it stays on the new platform.
Thx. To power down or not to power down. That is the question. Counting all my blessings for not buying the car.
Honestly I am going to have some of my so to liquid steem. I am not sure when but we will probably see a peak right before the steemtron go love, then a nosedive to near zero on steem price.
But that also depends if we will have a viable fork or not.
Some of these tokens go to a silly price when they first launch. Tron like huge total supplies too, so they could easily do 1000 of their tokens to 1 steem. That would make it cheaper for them to airdrop the token to TRX holders too. BiTorrent has a 990,000,000,000 total supply :)
Who knows.. could pump pretty high and the airdrop May be great for many. I do very much believe there Will be some sort of incentive for stake holders to convert etc.. we will have to see how that goes down.. and if everyone just gives in or fights 🤷♀️ Not sure.. imo consensus can be controlled easily, which is my concern
Your sentence" So based on this announcement they will be moving the “old STEEM token” to Tron." should read "So based on this announcement they will be moving the “old STEEM token” to a Tron steem token". As you I also a miss a FAQ ( I have a corporate finance background) but I assume there will be a STEEM token as this is also if I am correct the largest asset of the company they acquired.
They are offering a swap for their new Steem (Tron) version, yes. The sentence is confusing as they don’t control the STEEM token, so announcing its moving is a bit misleading (unless they will be forcing it)
I have been told anyone can fork steem if they want. Steemit.inc is not the only developers on the block chain, nor the only ones with a development team. steempeak has been talking lately about wanting to present a HF proposal after the steemit SMT hardfork was done with. So there is at least one group with a development team. Splinterlands has a team of developers, I am not sure they would want to migrate to a centralized system where they could be charged for every micro transaction done in their game, (we will just have to wait and see).
We will see if the top 20 witnesses really are in the back pocket of steemit.inc or not. As a few have pointed out Tron does not need them after all to run the Tron block chain. I saw on the Tron site they have less than 1,000 nodes, I am not sure how many nodes are part of the steem block chain.
My only block chain/crypto experience is what I have read and seen on the steem block chain so some of my thoughts are likely pretty wrong, but I do like speculation and the hysteria it can cause in some, the knee jerk reaction of others, and the total fear of the future for some. This is going to be one Epic Weekend, and I can not wait for the Monday Night couch potato quarterback reviews.
Those are front end developers .. big difference. There are only a few devs who can work on the chain (C++) and most are Steemit inc employees.
Many witnesses seem displeased with this announcement.. honestly I think we will see just how decentralized Steem is.. as if justin owns the Steemit inc stake, he can easily control consensus. So yes, wait and see indeed
it is going to be a fun weekend for sure.
Getting some devs for Steem 2.0 could be easy. Some that work for Steemit might not want to work with Tron, or they might not be needed by Tron? Maybe we could hire Dan Larimer, I wonder what happened to him :)
To my eye the witnesses need to fork out the steemit stake and do it now, before they can get compromised.
I joined Tron almost two years ago, and while I was stoked at first, within a few months I felt somewhat underwhelmed by the whole experience, and am not sure what the actual value proposition is for Tron taking over Steemit. Anything Tron seems to run sluggishly on my computer, but then so does anything running in Chrome. Blech.
Anyhow...thank you for your post, as it sounds the alarm on a difficult choice many of us will be facing.
I didn't think Tron was as good as Steem. I only had a small amount and I sold it to buy more Steem:)
oh dear.. oh my... help...panic... quick dump the lot, sell it all! Oh we cant, lol.
steem + tron = steemon?
We will always have LegoLand ❤️
I believe they have 20 million of something all right. Better chance it’s ticks on their #$).
Not sure where I want to develop my game now for. Tron is nothing but gambling casinos as far as the eye can see. I never found anything of interest over there and i don't intend to build something for that blockchain either. Thankfully I’m years away from having to work out such things.
Farewell. I wish you luck wherever you go.
I agree. Steem apps moving to Tron could find that they get less users in the long run.
I don’t want to be all fud, it’s just I literally said this is how it would play out and felt expressing that and pinpointing telling aspects of the announcement was needed.. as I knew most would just fall all over themselves to suck up to the new captain.. and someone has to be the negative voice sometimes.. as people deserve truth.. not just empty shills.
I’m sorry about your game.. maybe Steem will remain, who knows. We will know more after tomorrow
I wish to stay as well. But let’s see how things roll.
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Too be honest, I can barely use the internet as it is so I'm not too sure what this news means for our future, good or bad so I'm not going to weight in on that matter.
With that being said, if you are correct in your analysis and concerns and it would be detrimental to the original idea of steemit. It caught on with a group of users desperate to get away from the mainstream social media control and narrative like taking our freedom back. That is where the community might be at a crossroads as to what we value more, the potential profits or the freedom we came here for? Obviously there will be some that prefer profits over freedom, it's a personal choice after all and we are all motivated by different things the old idea of steemit can remain as long as there is enough committed to it if the tron changes are too steep.
I am with you on that. Not a fan of Tron or Justin Sun at all really. All he has ever proven is that he can market. But show me a good working project on Tron? I haven't found one. Plus, I am not seeing how by purchasing a front end, how he is taking control over the whole chain. And are all the witnesses behind it? Just waiting to see what is going to be said tomorrow. Can't really stress over something that I have no control over... Although the community should have a say, as this is supposedly a decentralized project, or at least I thought it was, guess nothing is really decentralized is it?
So the biggest issue here is one that comes up often - the ninja mine. When the chain was first created STEEM was mined. Steemit inc mined a very large amount which some say was for “community development” and they have made promises to never use that stake to control witnesses etc. honestly it’s a silly situation as there is nothing decentralized about making a promise.. but many times the stake has been said it will go to the community.. but hasn’t.
So if Justin bought Steemit inc, and therefore acquired the stake, technically he could control “consensus”, meaning he could put in witnesses that he chose and would do as he wished. But this is called a hostile takeover and actually, I now believe many witnesses would fight back very hard in this situation (I wasn’t sure at the time or writing the post).
So that is where the concern is, as yes normally buying a front end should have no major effects on the chain. This simply sheds light on one of the flaws of Steem that comes up often.
I think we will most definitely know more tomorrow.. there are some key specifics that need to be answered and then we shall see how it goes.
One of the best postings I have seen that are showing the current situation as neutral as possible.
Thank you 🙏 I was just simply trying to share what I’ve observed and point out important aspects of that announcement.
This community of users and developers have been through so much the money doesn’t even make sense so you can see it became a passion project for most! I think this move being a first in the blockchain space of its kind will show who are the money hungry members and who believe in the ideal over all, I don’t particuLarly care which you choose that’s up you the individual
I expect a community run fork will be In the works with a snapshot and users will hopefully be able to cross post on classic steem and Tron steem and let the market decide who wins!
Value can flow between the two and we can use Trons infrastructure to our advantage! There’s a million ways we can skin this kitty and I don’t think Justin realizes this community dont all bow down to overlords!
If he wants to make the most of his investment he would overlay steem as a dual blockchain with Tron and leave us be anything else would be seen as a hostile take over and he will lose users are hardcore steemians and keep the fickle ones to which in my opinion is fine by me
Your post was mentioned in the Steem Hit Parade in the following categories:Congratulations @justineh!
Highly rEsteemed!
I am totally agreed with you.
Ouch you're leaving? :( I just got my account today and don't know anything. Now there's even this thing called tron @_@ My head ache.... Did this meant the steem is going down?? If that's true then it's sad....
Leave this platform for good :(
Do you want to leave too? I just read some round up from the AMA, and it said the witnesses(?) are being quite positive. Or positively cautious to be exact. Do you think leaving is the best?
Hmm well.. I'm not sure. I'll see what Justin Sun really up to. But that token swap clearly will fuck steem up. Steem blogs to be operate on tron blockchain. But on the other side, if he is going to have good intention. Steem might have a much improved interfaces and better developers. Which our previous steem team really lack of. SMT took years to complete... roadscape was the only main developer there.
Right? A lot of people said to just wait and see. I decided to do that too. Like you mentioned, justin sun can bring money to the table and help steem in various ways. So I don't think I should leave before seeing the end result.
Well if yourr just joining in perhaps u should own more tron thsn steem. Looking at the direction its going. Ya im going to stay a while to see how it unfolds eventually
But I like the decentralized system. Not to mention I do investigate a bit on the steem thing 1 or 2 years back but I don't sign up for it since my brain can't handle it and I lost my account if I lost my password thing. And it's also not that popular as well also not that many people use it. So basically I have no reason to go through those diasadvantages. And it said it's also a point system, and basically the steem power blah2 thingy are created out of nothing so it just felt very scammy and no reason to go through those said disadvantages. I see it's developed fast, in some years so maybe signing up is not a bad idea. But then this @_@ This tron thing. Not to mention everyone said it is not decentralized like steem. Just more confusions and more confusions. So as I said, I like the decentralized aspect. If I just want a centralized sns there's ig, fb, blah2. What would make tron different? What's tron anyway ugh
Btw, do not use informal speech with me.
It really came off as impolite and hostile approach. While we're just having a simple discussion.
A failing chain right in front of our eyes, and many still in denial. Dan saw it years ago and now Ned leaving with "personal issues". Shouldve sell my stake when it hit 6$ :( but let's see how Justin Sun going to apply his magnificient marketing skill into play. This might still help steem price.