Binance tries to back peddle and play stupid
View this post on Hive: Binance tries to back peddle and play stupid
4 years ago in #steem by themarkymark (78)
$51.27
- Past Payouts $51.27, 0.00 TRX
- - Author $26.46, 0.00 TRX
- - Curators $24.81, 0.00 TRX
This is so wrong. They could have worked with the witnesses instead of alienating them like this. How are they supposed to feel after they put so much into the platform? At least we have the evidence, but I guess they could fake the blockchain with total control. Steemit/Tron need to show some good faith.
consider the possibility that justin took over the chain, not as an investment, but with the goal of destroying the largest decentralized and free-speech social media platform
Wha..? The noble CCP would never do tha... Oh, wait.
And people still believe that "successful" businessmen in China have NO ties whatsoever with the CCP.
When there's money from PRC, it's tied to Party agenda.
I believe it... and even predicted it, years ago.
This platform was dangerous in the hands of freemen,
and was dragged down by that bratty little, greedy, autistic CEO.
Now the ChiComs came in and settled the check.
the plebs aren't allowed this stuff... ya dig?
You know the witnesses have played the greed game and now its biting them back. I think this played out the way I expected. What kills me is how many people still think steem is decentralized.
Do you realize that steemit inc is a privately held company?Always was!
Most witnesses don't make a profit, but they believed in the blockchain principle that nobody has overall control. Justin subverted this by exploiting the exchanges. Maybe they shouldn't have blocked his stake, but he has betrayed the trust we put in Steemit with these actions.
Most witnesses dont do anything. Your right but it doesn't matter it all belongs to the PRC now. They don't understand law and most here are criminals. The behavior towards others here in words and deed shows exactly that. Steve your a great guy I hope you do well but this blockchain is ruined!
Well it amuses me to keep engaging with the community. I know a lot of these people well now and they matter more to me than Justin does. He's learning that he does not own us. Blockchains are designed to resist attack, but those with enough money are a danger. It's not dead yet.
Exactly why you are hearing from me now. Because I still care about the friends we have here.
I think this proves that the blockchains are only as honest as the people behind them and this proves its not looking good when it comes to infallibility. I think this proves to us that a complete outsider can destroy the beloved blockchain!
This is all an experiment and we are in uncharted territory. I'm interested to see where it goes. I'm not really losing anything by sticking with it for now. If nothing else we will have to work out how the communities can continue.
Something is happening under the table..
Will see what soon..
No its good. There is no way we could continue with the centralized authority we had. It was obviously doing everything it could to prevent the success of Steem and Steemit.
Out with the old corrupt bullshit and in with the new, Who knows they may even want achieve mass adoption while the old guard works against it
I don't agree with the way they went about everything but in the end there has been 99% attrition rate here for a reason. A lot of investors / technical contributors have been alienated overtime. It was a much slower process than this but in one quick move Justin made the power move that most of the guys in control had done at a much slower rate on this chain. The Witness voting was always a farce with the @freedom account. This is just a lot more visible and we have the witnesses crying "No Fair" "No Fair" . But they laughed at most of us the entire time when we called out issues with the system and acted like we were little cry babies.
Riiiiiiight, because Binance has a long history of doing this for every other HF we’ve had?
Lol. It was clearly a poor excuse for a lie.
CZ was simply helping a friend in need. There's no other perspective to this.
He did it.
If anyone thinks that non-Tron witnesses aren’t working hard on a fork right now, I’ve got a damn fine bridge for sale in Brooklyn.
Already replied on Twitter, insane, they are trying to sugarcoat this. Exchanges doing this should not be trusted at all.
I guess this could be prevented when we would be able to downvote witnesses as well.
Binance will remove their proxy-vote soon because of public pressure and fear of bad pr.
Another alternative idea for a governance fix:
Just divide the voting power used on votes made. Current attack would be 10times less effective with this simple change.
They don't need the binance proxy anymore. The steemit stake is more than enough to vote in 20 witnesses, they just needed to get back access to their coins.
Maybe we can achieve an agreement with binance and other involved exchanges in order to spend their vote on previous "real" witnesses in order to regain control over the blockchain again.
!giphy lol
giphy is supported by witness untersatz!
Yeah, that would be great. But I am 99% sure that this is not gonna happen.
Right now they are actively denying that they knew of the powerup. They are stating they just accepted another fork which happens from time to time. Yeah, sure...
You'd trust obligors on an agreement after they defrauded their customers and fiduciary trust?
Not me.
Or allow to vote 5 witnesses instead of 30 maybe.
We were giving suggestions similar to this all the time.
Sounds good to me either. I guess most content consumers/creators even don't really know more that 3 witnesses who they should trust.
An excellent point. As a noob, I had no idea. After nearly 3 years on Steemit, I now vote witnesses based on what I know about their work and how they conduct myselves. I don't revisit my votes as often as I should. This episode has been an object lesson in that. I tend to be a bit of an ostrich, just blogging - once a week when I am able - but this whole thing? I just don't know. And it's the little people that saw Steemit as a way into crypto and a safe haven who are going to come horribly short in this whole thing. Cannon fodder. That's all.
I would even say 4... because of a math problem I have done with 5 groups being even... in trying to challenge the control of the chain.
Lol they thrive for bad pr
I told you , do you remember ?
You are only bringing upon yourself. You could have been reasonable : )
I might make a I'm not one that likes to say 'I told you so', but...
I'm not familiar with the code that is given to exchanges to run. Is it possible that TRON sent them an exchange upgrade that surreptitiously powered up and voted without them knowing?
If you could find it in here where it does that
https://github.com/steemit/steem/pull/3618
Poor people with STEEM on exchanges.
If the old rules of powering down stay in place, it will be weeks before anyone can withdraw.
If the old rules of powering down stay in place, then they can withdraw every powered up Steem in 13 weeks, so in 3 months.
Actually the new witnesses are forking so a power down will be 1 - 3 days. They can't have all that unethically/illegally power up Steem from the exchange's clients locked up for 13 weeks.
and everyone that has steem on those exchanges should immediately pull their steem, power up, and restore the original witnesses
Agreed!
Everyone should remove all crypto (not just Steem) from these exchanges.
I don't use exchanges myself except for one for transaction purposes and I never hold coins in them.
According to @sneak, they can just take it.
Exchanges don't need to take your money on deposit with them; it's already been given to them when you deposited it. It's then in their "possession" (insofar as someone can possess a virtual currency), they simply have a corresponding liability to the user who deposited it.
The exchanges do have, as you point out, a liability they undertake in exchange for the benefits they receive, to protect the money of it's owners. It's a direct violation of their fiduciary duty to protect the rights of the money's owners to take the power to vote that money avails it's owners and use it. Worse, they deprive the owners of the money itself by powering it up. While there are claims that power up will be for a shortened period, presently it's 13 weeks.
Do you claim that banks holding deposits should be able to purchase stock with it and vote for directors of boards? This is a nonsense claim, if that's what you are claiming. Such abuse of fiduciary duty has never been upheld by a court as lawful.
These are significant lapses of duty, and exacerbated by the fact that it's not merely negligence and failure to protect, but deliberate and intentional deprivation of the owner's of the benefits exchanges are obligated to provide.
I call it criminal fraud.
Be interesting to see if these exchanges broke any financial rules/laws. Unfortunately I don't think they are regulated to where they can be charged (please correct me if I'm wrong). But now everyone should know "never trust your coins to an exchange "
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I have no confidence in governmental agents, but civil action will be likely to have nominal grounds to proceed IMHO (IANAL), and the blatant theft of these funds will strongly favor the plainfiffs that have provably been harmed by the takeover of the blockchain this theft caused, even if the funds are eventually returned.
These exchanges took the money and acted as if it was theirs, and are STILL depriving the rightful owners of that money full possession and use of it. That's theft. They should go to jail AND they should pay damages.
heh
Yep, but you get a bit each week.
Vitalik should be one of STEEM witnesses, that will be a great plot twist.
They are friends, CZ is just pretending to be fair and telling us we are "stupids", between lines...