The saying holds more true today than ever before. Justin Sun, Tron, take over of Steem and collaboration with exchanges with the likes of Binance, Huobi and Poloniex and other Chinese exchanges has the old saying "Not your Keys Not Your Crypto" Many in the crypto community, mostly new combers just roll their eyes like they hear a Boomer talking about something. Today they learned a hard valuable lesson.
If you arent aware Justin Sun CEO of TRON took over Steem. Not only did he purchase Steem he coordinated a collaborated take over attempt on Steem networks "Witness" voting system. To put it in terms in say Tezos terms, Its like if the people who stake on Binance and other exchanges and they all got together to take over Tezos voting on a large scale so they can all control its direction under the direction of someone the likes of Justin Scamming Sun. Now in our imaginary Tezos takeover for comparison the takeover is done with the voting takeover is complete (even if it failed) those holders of crypto in question are no longer in control of their crypto or votes. These exchanges basically stole your liquid funds in crypto and your vote to do so by adding 20 witnesses and voting for the same person as a witness to create a hard fork. They did so with your staked crypto did it with as they pleased and since you aren't in control of your keys and they are that you may never get your coins back again.
The point that Justin Scamming Sun was attempting to do was change the whole system where the Coalition he created would be in control and centralized.
As retaliation the community ended up freezing Justin's stake. the fight continues on as the original system witnesses continue to try to fight to regain control of the voting system with Justin Sun and his Exchange Coalition.
Your Keys, Your Crypto.
I've stated this in my prior article about Tezos staking and how I like to control my crypto with my keys and not trust exchanges. Some people laughed at me. I also stated how I distrusted Binance and how they intentionally have 0% fee to lure people to them to stake so they could take control of Tezos direction. Now they showed their hand with Steem hostile takeover. I implore everyone to remove their holdings of Tezos or other coins from Binance as this isnt the first time they screwed over holders.
Twitter Exploding Over This.
Twitter is going crazy with what has happened and is organizing reclaiming their witnesses network from the exchanges takeover.
Justin Sun calls Steem's Duly elected officials hackers. The Elected witnesses had frozen Justin Scamming Sun's Steem coin after Justin tried to take over their network.
What To Take From This?
People had been warned before about exchanges. People keep warning people and they either don't listen or don't think it can happen to them. Even Coinbase the most trusted exchange that people believe in. Should they trust Coinbase fully? no! Why? Even Coinbase failed its holders during 2017 and 2019 with massive outages during Bitcoin sell off. Many people lost out on thousands of dollars due to this. Binance had failed its bitcoin holders a few years ago that was falsely blamed on a hack.
Justin Sun is a scam artist and has been called out on it numerous times. His coin is a scam and he will ruin Steem. I am sorry but I have said it before.
I have held Tron before and sold it a while ago and haven't looked back.