Steemit Implodes

Listen-in to the quick 15-minute recap on Spotify and Itunes

Justin Sun, in tandem with Binance, Poloniex, and Huobi have colluded to reverse the Steemit community vote and forcibly access 65 million STEEM that the Steemit community explicitly voted to prevent Justin from having access to.

Let’s rewind:

On February 15th, Justin Sun bought Steemit inc.
To quickly clarify, Steemit is different than Steem, the blockchain.
Steemit is a decentralized blogging platform that runs on the Steem blockchain.

After purchasing Steemit from Ned Scott, the community voiced concern about the 65 Million STEEM that are held by Steemit inc., as this STEEM was promised to not be used for voting, and only to be used to help grow the Steemit ecosystem.

So, the Steem community implements a soft fork to ensure the founders’ stake (now owned by @justinsuntron) would not be used to vote, as the founders had apparently promised in their roadmap, writing and video interviews.

Then, ~84 Million of customers’ STEEM controlled by Binance, Huobi, and Poloniex was used today to vote via DPoS to fork the STEEM chain and replace all of the community elected consensus witness, with those controlled by Binance and Justin Sun.

They used the investors tokens to vote against what the investors had decided.
This is insanity.
They did this to unlock the 65 Million Steem against the will of the community.

Since this event, two of Steemits core employees have since left Steemit.

How has the industry reacted? 

Justin Sun states that the original community vote, was actually a "hack" and that the funds are now secured.

@TheycallmeDan_ on twitter states:

"Justin. The "hackers" where community elected witnesses. Either this is ill-informed or intentionally lying. You can't buy a community, blockchains are just tools."

@CryptoDonalt on Twitter:

CZ of Binance states: 
we’ll rollback the vote i didnt know


My thoughts:
Community is the #1 priority, always. This is what Justin Sun failed to realize here. He undermined any last shred of trust, and the Steem community will likely launch a hard-fork to migrate away from these dictator-like actions.

Social platforms should always operate in the best interest of the users.
That is what we commit to here with Uptrennd.
People first.
Always.