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RE: Real Talk: The Future of Steem
Let's pretend for a minute we were going to entertain that idea... How does that work? Isn't it theft?
The problem I have with the relationship with SteemIt Inc is there is no accountability. No way to hold a vote of No Confidence. We don't have a board or any influence at all on what they do with their stake.
So, No confidence by fork... How does that work?
In effect, you create a new coin with some balances copied over, some not.
People are free to choose which to support. If there is indeed No Confidence, then very few would want anything to do with the old coin and the new would have a lot more value.
It's a lot like an airdrop. So IMO no it isn't 'theft' (original coins still exist, just not copied over) but it also isn't something to be done lightly. If a community is willing to do it once, then it might be willing to do it again, and that could undermine confidence of future investors. On the other hand, Ethereum hard forked to erase the DAO hacker's stake (or more precisely create a new fork without the DAO hacker's stake; s/he kept it on ETC), and it doesn't seem to have hurt them in practice (setting aside philosophical views on whether it was 'the right thing to do').
I personally wouldn't have any issues with doing it considering how Steemit Inc & Ned have splurged the stakeholder money by not developing RocksDB sooner and paying for high server costs for years.
They didn't pay for their coins so they are basically using the investors as a piggy bank to do whatever the fuck they want. And they have demonstrated their lack of caring by overspending.
SteemFork, would not be listed on the exchanges, would have no name recognition, and a split community along with a split in the apps as well.
How will we know which accounts to fork out? I'm willing to hear more about it, but let's not over simplify it.
This is assuming most of the top developers are onboard to switch to the new coin.
Roger Ver got his fork on coinbase within a short period of time after it was realeased? I'd take one coinbase listing over a bunch of these peon exchanges with no volume.
A rebranding could actually help the token. Many traders and investors avoid steem due to ninja mine.
Removal of SBD might be good as well. None of the top 30 or 40 coins have 2 separate coins ? Just complicates getting on exchanges and keeping exchanges. Plus complicates user experience.
Why have a pegged crypto that doesn't hold a peg, it removes confidence in the crypto platform. Developers can simply use an API that connects to the exchange and use a real time calculator for selling of goods.
Roger Ver is pretty famous and well a billionaire. :)
Remember the Zcash for to Bitcoin Private? Yeah no one else does either. :)
I've heard it costs around $1m to get listed on Bittrex these days.
Bittrex does not charge for listings.
There is a lot of nonesense going around when it comes to listing fees. Binance, for example, does charge some coins for listings (mostly ICOs which raised a lot of money and haven't accomplished anything but still want a listing right away; seems fair to me) but also lists coins for free.
I wouldn't minimize the effort of forking off to a new coin (including exchange listings but not only that), and I'm neither proposing it nor supporting it right now. But then again, continuing to do what we have been doing doesn't looking too appealing, as you have pointed out. There may not be a better alternative than forking.
Thank you for clearing up the costs of listing. I was repeating something that I heard and I didn't research it at all.