I've spent the entire afternoon reading tweets about the hot topic of the last few days. And that is the Grand Theft that took place on Steem network a couple of days ago and affected 64 or 65 accounts if I am not mistaken.
Most of those accounts were really big stakeholders...and early mining accounts...and some witnesses.
And that is exactly why they were considered as a threat from Justin Sun. The bigger the stake one possesses the bigger the say they have, and that fucker doesn't want that. He wants servants...
@freedom lost about 11.5 mill Steem.
@theycallmedan, lost ~ 2 mill Steem.
@mottler which is inactive since forever lost another 2.5 mill.
@smooth and his alts also lost a lot.
@gtg...@themarkymark...@berniesanders ...and dozens more.
On his stupid mind these people are a threat...some of them weren't even making use f their witness voting right...
@mottler doesn't even know about the heist probably. As a matter of fact he mustn't be aware that he's holding 2.5 million HIVE at the moment either...
The most interesting part is that they somehow managed to convert 23.6 million of Steem Power to liquid Steem so that they can steal it.
What stops him from nullifying everyone who's on their way out of Steem? Nothing. He could steal each and everyone of us with a few clicks. all it takes it our names to be added on their list...
Besides...the code is there...the witnesses are himself...
I keep wondering what would have happened if:
The "white knight" could have done a better job...like transfer all 23 mill Steem to his account and then ask from those 65 accounts to send him their Steem wallet addresses and send the Steem via the exchange, instead of sending it to Bittrex...His intention wasn't to steal it...he could have done that easily...
Just brainstorming here...
I am pretty sure that exchanges are in a shitty situation. Especially Bittrex.
That's a comment I dropped earlier to @brianoflondon.
I don't even know if there's a cold wallet for Steem, one that this "White Knight" could have used to store the stolen funds and redistribute it to their rightful owners later on.
That's IF this Knight isn't Justin himself or a member of his gang of course...
In any case CZ was right imo. If the exchanges don't support the fork hundreds of millions of Steem will be lost forever.
What a mess...
I don't really know what @bittrex will do next. Most likely they will send the funds back to @community321 account when Justin re enables transactions for this account.
One thing is for sure...that exchanges are in deep shit because at some point real world laws will be applied...
Who said that fighting for decentralization would be an easy job? Not even close...
One of the main issues with STEEM that I noticed for years was that it doesn't have a wallet, and it's not supported by wallets such Atomic, Exodus or others. You either store the coins on your blog's wallet or an exchange and that is a nasty limitation for a crypto project. I don't know if Hive has a wallet but it sure needs one. Not every one in here would like to hold liquid HIVE on his/her blog's wallet or on a exchange.
I believe that bittrex will return the funds back and I would do the same. It's a responsibility that is not theirs and a game that they weren't invite to play prior to that transfer.
I don't know how laws work for crypto projects in USA but what Justin was trying to do is a theft and he should pay for that. He didn't actually do it because the knight came into play and screwed the plans... or he hasn't.
If the knight is Justin or some of his fellows then by doing all this masquerade he managed to earn time. The hard forked funds won't be used for voting anything anymore and they won't be available for dumping for a while. Hence he has the time to dump his before the price of STEEM tanks hard.
It's a nasty game and we can't say we know exactly what happened here. The knight might be a good guy or Justin himself. This type of issues ask for regulations and regulations are only screwing with the concept of decentralized cryptocurrency, and why not privacy that such currencies supposedly offered.
For me it's clear that we are not ready for decentralization and not mature enough to handle it. Otherwise such situations wouldn't occur. If cryptos can be traced, regulated, taxed and manipulated worse than any asset in the history than they're not that different from cash... This STEEM situation is a really shitty one and that shows how much is ahead waiting for us.
Essentially on a site...
Which is insane...
I keep wondering when real laws will be enforced, which they will, the impact it might have for Hive...
Fully agree.
CZ (CEO of Binance) wrote this blogpost about the tough decision he had to make: https://www.binance.com/en/blog/421499824684900605/CZs-Statement-on-the-Recent-STEEM-Hard-Fork
This drama could continue for a while. What if the next hardfork seizes the 23 million Steem from @bittrex?
I won't be surprised if exchanges start delisting Steem soon.
Ya I've read that. And he's right at least from where I stand...
Nothing surprises me anymore Pablo. Things that seemed unimaginable prior to his Steemit acquisition now feel perfectly normal...
It's just a matter of time...CZ announced that they'll be removing 2/3 Steem pairs soon. Others will follow too
The same users or customers they are trying to protect can as well lose their funds if another fork is enacted to that effect. That's the issue with their stance on this issue. I dare say they fort won't be a thing if major exchanges don't go along with it. The pressure is only on Bittrex. Binance and the likes can delist steem giving their customers a time frame to withdraw or sell their asset.
True. Bittrex is left out of choices. And they need to do the right thing to protect their interests and their integrity
I don't know why people must go and mess up a good thing for everybody!!
The bad thing is that they can even infiltrate Hive over time as they (Sun and his clan) do have the money!!