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RE: An Open Letter to the Community - HF22.5
And changing the powerdown to 24 hours for what reason? That doesn't make sense and obviously won't be a community decision! Centralization at it's best!
And changing the powerdown to 24 hours for what reason? That doesn't make sense and obviously won't be a community decision! Centralization at it's best!
So his exchange buddies can power down all the customers' funds they powered up to save STINC stake.
After centralizing the chain so totally and all of the dapps shutting down in protest, it would otherwise take weeks for every single user to rush to the exits as fast as possible and the price of STEEM to tank to zero. This way, the dumping can commence the day after they unilaterally change monetary/issuance policy of their centrally-managed, centrally-issued, unregistered publicly traded security.
I think it's more likely that they had to agree on doing this in order to have the exchanges move along with powering up all of their user's STEEM.
They knew that as soon as the SP on the exchanges was used to give back voting rights to the Steemit Inc accounts, those in turn can implement the new fork and they wouldn't need to use the tokens on those exchanges for voting anymore.
So the power down is likely added to allow the exchanges to power down quickly again once everything is "back in order", so that their users won't be too mad.
Why? Of course to un-power all what's recyclable, and probably to somewhat defend against any attempt to enforce things like https://developers.steem.io/apidefinitions/#broadcast_ops_decline_voting_rights with its 30 day period, but of course that one is dead anyways, as it can be issued ONLY by the owner of given account (owner decides to do a self-locking). It's dead because no malicious user will ever decide to self-lock the voting rights, and I don't expect steemit or justin or exchanges to do that, especially now. Considering that the steem API probably doesn't have any "lock that bad guy" ops (that could be easily misused), then changing the power-down period now can only mean one thing: INCOMING RAPID FUND DRAIN.
Changing the power down is being done so the exchanges that unethically, if not illegally powered up their clients Steem and voted with it can power it down quick and replace their clients Steem before SHTF.
Which would conclude the prediction I made about 2 years ago; steem/steemit/dapps were structured in the same way that a ponzi scheme is structured.
Start with an idea; get investors in on the idea, the future value of that investment increases with new investments (users, witnesses, content creators) that increase is used to payout early investors.
Eventually, either a) the value is no longer sufficient to payout the investors, or b) the main investor pulls their money out, leaving all the rest holding an empty bag.
He proves what he is: a pirate?