A second try to get some clarity - how exactely did the early whales get their massive Steem Power
Hi everyone,
six months ago I tried to research the early days of Steem. I read the chats on bitcointalk and looked at the chain trying to understand what really happened. I understood a lot, but one thing remained open - there were some massive amounts of Steem earned by some users, for which I could not find an explanation. In order to get clarity I made a post phrasing my questions - but nobody was able to come up with a reasonable explanation. (Link to original post)
Now, after the soft fork, these ninja mined stakes are discussed again - and I will give it a second try:
Does anybody know which was the mechanism which allowed e.g. the account @ben to withdraw vast amounts of vested Steem Power without ever having mined or received any transfer?
I hope to get some answers this time....
all the best,
Tim
That's a damn good question..
...which not many people seem to know the answer to... or do not want to answer...
Since both @dan and @ned have left, I suspect no one here is able to provide the answer to this question. Neither am I surprised this question has never been answered previously. The ninjamine was clearly undertaken to centralize governance by the founders while avoiding regulations on ICOs. Since intent is a critical factor in criminal prosecution, those answers are potentially liabilities, and I would not expect counsel would recommend the folks that could provide them do so.
It is mysterious how @ben was able to withdraw Steem the account never received.
Thanks!
Edit: I did find this
which may be @ben's only post, and
I also note @twinner's comment may explain the circumstance. Examination of the transformation of SP to Steem reveals it is not a 1=1 transaction.
It might indeed be just a huge amount of Inflation in this period - but other users would need to have even larger stakes then.
I am incompetent to dig into the data and reckon with it.
nice try! wish you best luck!
@tipu curate
Upvoted 👌 (Mana: 0/10 - need recharge?)
Most likely I will not get an answer - but at least I can try.