Never a dull day in crypto, and especially for Steem lately, as its calm waters have been shaken so much in the last three weeks that it started to look more like an ocean, than a small pound of hippies living their happy and peaceful lives undisturbed. We've gone from begging Sun to share with us his plans for Steemit and Steem, after purchasing Steemit Inc and its stake from Ned Scott, to freezing the guy's stake over night through a softfork making us look like hackers. By we, I actually refer to the witnesses that enforced that overnight. I don't remember anyone asking the community about that.
Binance thought of giving a helping hand to CZ's friend, mister Justin Sun, and used the exchanges funds, which were actually the users funds, to vote for puppet witnesses that would make Sun's plans a reality. And after the reality would have come true, through the hardfork that would decrease the power down of a locked stake for 13 weeks, to just one day...or three, then everything would come back to normal...for Binance.
Users would have got their funds back, Justin Sun would have unfroze his Steemit "softforked" 65 million STEEM and we would all live our lives further into the uncertainty that this space has to offer. Plans didn't worked, human witnesses were voted to get to the top 20 asap and stop the hardfork, voted of course not based on affinities but on need, and before you know it Binance was seeing its funds still locked in the form of SP.
Well, actually its users funds, but for the the sake of the ones holding their crypto on exchanges, lets say Binance's funds. After trying to intimidate the Steem community on twitter, as you can see on CZ's official profile, he got informed and realized that the only way to take that STEEM back to liquidity is to power down, same way as we do, as he's not some sort of God to reduce that to whatever he likes, or Justin. 13 weeks CZ. Somehow the credibility of Steem was restored in his eyes, and he played the role of school boy that just learned a new lesson and promised to be a good kid and use the tools in classroom as they were designed.
I was amazed though to see how many Steem members were pouring thank you comments on his latest tweet regarding his changing attitude to give them their money back. How can you thank someone for returning you back your money, after...stealing it? Because cryptos are some sort of money and he kind of stole the funds when it powered them up, because when you don't own your money anymore, you either gave them consciously or they were stolen for you.
The way I see it, CZ realized the shit he was drowning in, and his exchange's reputation, and tried to solve the problem the hard way first, by threatening Steem community of bad reputation and an imminent price fall, and then resorted to the "good fella" attitude that didn't knew what he was doing that now learned, and he plans on acting the good guy role. It's only a role and he can't fool me.
It was clear right from the beginning that he knew in what he got involved, in helping friend Justin Sun get back his recently bought stake and interfere in the blockchain's well being, that got frozen by witnesses, but the morality of this act could be another theme for a future post and I won't dive in into it for this post, but since the plans didn't worked out, and realizing he can't have that much liquid STEEM locked as Steem Power, for too long while people screaming for their funds, he had to get it back somehow.
Binnace was already under the spot light of many news outlets for playing with users money/funds, and playing the game further would have damaged CZ's reputation and the one of Binance as well, hence he had no chance than to just start a power down and play the rules that Steem has for years in this regard. Sometimes force doesn't solve anything. Quite many Steem members seem to be grateful for CZ's attitude and for getting THEIR STEEM BACK but I don't buy that.
The way I see it, CZ has shown his true face of a corruptible man, Binance has set a precedent for such miserable actions, but at the same time has set people on guard in regards of storing cryptocurrencies on exchanges. I guess we all learned something in the past couple of weeks, but lets not forget that easily because we might get burned again...in the future.
Thanks for attention,