Sun could just fork, remove all witnesses and their stake for being malicious (in his view), and take 80% of the userbase via steemit.com with him.
I hope our witnesses are aware of this, because they started this war
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Signaling an intent to deprecate Steem is what initiated this process. Blockchains are not supposed to be under unilateral control. The action that the witnesses took was to enforce decentralization to preserve the blockchain.
As far as I know Steemit, inc does not own 66% (correct me if I'm wrong) of the supply to have unliteral control. In this plutocracy holders are responsible for taking care of desired decentralization - or do nothing and be in consent.
The Steemit Inc. ninja-mined stake consists of approximately 74M STEEM tokens, some liquid and most powered up in @steem, @steemit, and @misterdelegation.
At the current rate of ~509.95 STEEM per MVEST, that is approximately 145.1 gigaVEST of witness voting power. If you look at the current list of witnesses, you will see the top witness has about 89 GV of approval. If used, the Steemit Inc. ninja-mined stake can put the top witness into the 31st position.
if the approval rate is the only thing you're measuring, then I have to say the non-voting stake would mean they are not approving the current witnesses. as long as Steemit does not hold the absolute majority of supply, I see zero reason to do anything.
This is more and more becoming the EOS route, only a matter of time until cartels build. If Sun doesn't fork, that is.
Majority or minority of stake isn't a relevant point.
Can a single entity control the blockchain consensus? The answer is (was) a clear and present yes.
Should the blockchain witnesses have done something about this before? Yes, but the can was kicked down the road because the incentive structure for the owner of that stake and their promises were enough to not establish a consensus. The new owner does not have those incentives and did not make those promises. Furthermore they have communicated an intention to deprecate Steem.
Is that all of it, or is there millions more in sock puppets so that it will be a long time before ned stops profiting from selling steem?
When does the community stop voting rewards to weak hands?
Seems we got to do that, if we want the price to rise.
They own about 30%+ of the vested steem and ~20% of the supply. In theory not enough for unilateral control but more than enough in practice due to voter apathy. I think that Vitalik Buterin was the first to point out this weakness of DPOS.
That is certainly a posibility, although I disagree that the witnesses started this war. As far as I am concerned the signal that the Tron foundation sent on their official cummunications of their intent to turn steem into a tron token was the first shot.
Now, the posibility of a fork always exists but only Steemit Inc has enough clout in the public's eye to claim that they represent steem, especially from the side of the exchanges. I don't think that anyone outside of our own little world knows of the existence of the Steem Foundation (they haven't exactly made an effort to let the outside world know that they exist).
Not really. If he forks he loses exchanges and Steemit without the Steem blockchain is worthless.
I dont think he would get 1% of the userbase, let alone 80%
Owning the steemit brand is enough to start a fork. It then becomes a battle of public opinion over which is the "true" steem. Given the perception that steemit = steem I am not entirely sure that he would not have some success.
Anyone can start a fork... There is a big difference between starting a fork and remaining on the original chain for us.
If the community forked we would have a problem with exchanges since his chain would be the original one. With the soft fork we dont.
Now if he forks the general sentiment would be:
Let him. The exchanges wouldnt budge much in that case.
Of course he would have to convince exchanges to list his coin in that hypothetical case but I would not underestimate the potential to just simply buy his way (he has a deep enough pocket to do it). But I agree that it would be much more difficult.