Steemit Down and old Steem dead - How Justin Sun took over the Steem blockchain with the help of Binance, Poloniex and Huobi

Steemit Down and old Steem dead - How Justin Sun took over the Steem blockchain with the help of Binance, Poloniex and Huobi

Steemit Inc was bought a few weeks ago by Justin Sun, and implicitly Tron Foundation, and the reaction of the Steem community was not warm towards all of this at all. As a result the main witnesses have resorted to a softfork through which the stake of Steemit was temporarily frozen until further clarifications from Justin Sun, the new CEO of Steemit, regarding what his actual plans are, regarding the future of Steemit and Steem. 

Since then, everything went fine, and we were all waiting for the meet up with the top 50 witnesses and the new CEO of Steemit, that Sun scheduled for March 6, in which he would make everything clear in regards of how he will use his stake that recently bought from Ned Scott, former Steemit CEO, and what's the direction for the Steem blockchain and Steemit. 

Justin Sun is well known for saying one thing and doing the other, and the recent proof for these sayings is his latest action in taking over the Steem blockchain and not only Steemit. What he actually did, with the help of Binance, Poloniex, and Huobi was to use all of the exchanges liquid STEEM, which is actually people's STEEM, but that's the price you pay for holding cryptos on centralized exchanges, and power it up on different accounts, to be able to vote for twenty new users, hence making it possible for a new hardfork with different rules for Steemit and the blockchain. 

In his latest post on Steemit, that I haven't read entirely, he mentioned quite often about certain actions taken by Steemit in the near future with the consent of the community of course. *What community Justin?* Your new twenty witnesses that will decide the future of Steem? That's not a community, that's not our community. It is just Tron team creating accounts and using them with the above mentioned Steem Power, that is actually exchanges liquid STEEM, just to make your plans real. One of them being a transition of Steem to the Tron blockchain. 

You played a clever game Sun, but a sneaky one, and we can see that from one of the first moves that you plan on making after the hardfork that is probably currently being played out right now, since the site is unavailable. You used STEEM available on exchanges to be able to vote new witnesses and you have to put it back on circulation and that's why you need a three to four days power down time frame. Because after you're done tweaking Steemit and ensuring you can't get hardforked anymore, or softforked, you can release that SP back to liquidity and give it back to Binance, Poloniex and Huobi.


From what I know you delisted STEEM from Poloniex, but I guess you needed the left tokens to use them for your own interest. Binance and Huobi played a dirty role in this game, but I get them. Chinese friends right? 

For the record, I was already powering down ever since I saw the announcement that Justin Sun bought Steemit and not trusting this guy at all, I was expecting was only bad things to happen. Reducing the power down time frame to three-four days will make possible for my liquid Steem to be available for exchanging it for BAT.

Currently I see more perspectives for BAT, than I see for Steem, and it seems that will become my main blogging platform, if I will ever get back to being active on Steemit. You manged to destroy a beautiful project, Sun, with your communist behavior and take over and disappoint thousands of Steem active members that were enjoying a lot being part of that ecosystem. 

Moreover, my respect for Binance and CZ for playing this dirty game has been forever vanished, and as of now on,my main trading platform becomes Bittrex. I no longer trust Binance in helding any of my cryptos and CZ proved me to be a low character person for playing the game of Justin Sun. I really hope the future for such exchanges to be no longer than the one of the Steem community. It was really a great one and it's a pity that you guys destroyed it.

The plans of Sun for actually centralizing both Steem and Steemit, have been revealed through his latest action that is the theme of this post, against a four years old blockchain based community and this should be a lesson for many of us, and a lesson for future similar social media blockchain projects. Technical details have to be well established right from the beginning in order to maintain the decentralized nature of such projects. 

What changes have you made to the blockchain and implicitly Steemit is left to be seen after the site will be back again, but i doubt it's anything in favor of the community, our community not yours, and in favor of the user experience. I also believe that the price of Steem will face a strong meltdown in value for the weeks to come, and wouldn't be surprised to see it near the value of TRX, just to have what to airdrop to current TRX holders. 

 Luckily I have discovered publish0x for a few months and my blogging activity, that has been crypto rewarded till date, won't end along with my dreams for Steem. I have no hopes anymore for Steem and Steemit, to ever be like it was a month or a year ago. Hence all of my powered down Steem will be exchanged for BAT and I hope to have a better experience with publish0x and a more reliable and honest one. Sad day for Steem, the blockchain and the community, and a sad day for crypto, as a concept.

What Justin Sun did was simply to prove that sometimes mass adoption means actual centralization and that the future of crypto might not be that much about freedom of speech, financial freedom, decentralization, and other qualities that it was praised for, in the last years, with such people getting in control of this world and having that much influence. Centralized exchanges, and their uncertainty and misbehavior, are another reason why crypto is getting away from its purpose. 

Don't forget: not your keys, not your funds. Lesson learned, time to move forward. 

**Thanks for attention,**



I'm an amateur blogger, crypto holder, and a passionate fisherman for as long as I can remember. For more details please ask, it's free. You can find me on and Hive:

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