Now I know what your thinking. "Justin Sun".
That crazy ego maniacal bastard that broke STEEM. How can he be a business genius? When we first heard that he had bought steemit.inc I would say that the majority of us were cautiously optimistic. I mean he was a famous blockchain investor that had the two things that we needed most. Money and marketing skills.
While we didn't exactly know what his plans were for his new found stake in STEEM there was hope that he could add some money and haste to the team to drive us all forward. Looking at twitter now it's easy to say that it all went down hill very fast.
That's one point of view.
If I was Justin though it might look slightly different. In one month of being involved with STEEM he has managed to:
- Purchase a huge amount of stake at a discounted price.
- Get multiple new exchange listings for free.
- Get more major publications to write about STEEM than in the past 3 years.
- Gain total control over the witness charts.
- Clear out everybody that might have slowed down his progress.
- Own and centralize one of the oldest and strongest blockchains.
- (Crash the price to buy up to 51% of supply. Probably)
- Clear out any dissenters before he even gets started to create a home for his followers.
- Push STEEM back into the top 40 marketcap.
Now he might have also lost all of the apps, pissed off a large amount of the community, pissed off major exchanges, crashed the steem price to cents (probably), and basically hollowed out one of the oldest and strongest blockchains but still. What a plan.
This was one of the quickest and cleanest coups that I've ever seen. No long drawn out saga with those pesky witnesses stopping him from implementing changes. No people to oppose his master plan. No decentralization to hold up progress. Now he can purchase our dumped steem for cents. Do what he wants with STEEM using it's brand and reputation to grow the value and dump it all himself in a couple of years.
And we all thought he was just bat shit crazy.
Maybe we're the crazy ones. This is all just part of the genius master plan which we are obviously far too stupid to comprehend and should just bow down to the great and wise Justin Sun as he pushes STEEM to greater heights with his top 20 witnesses to clear the path for him.
Don't even worry that the majority of the people and apps have migrated to HIVE already. Or that the HIVE price has outstripped the price of STEEM. That HIVE has real people and real development. That it is already gaining better listings and publicity than STEEM did over it's lifetime. That it has public opinion behind it and a hunger to succeed. Justin has already factored all of this into his strategy even if we don't know it yet.
He's facing Steem under constant selling pressure for the next 3 months and Hive under constant buying pressure.
In 3 months Steem will be worth almost nothing and HIVE worth a lot.
It will definitely drop down to a few cents along the way. The only question is whether there are enough sun lovers out there to pick it up cheaply and keep the market moving.
People willing to back whatever direction he decides to move steem in next. I'll be watching to see myself as there is every chance he gets it pumping on the hype alone rather then on it's substance.
I agree. He made some power moves.
Glad to see you moved to Hive. Following.
I'll still hold some STEEM, see what he does with it and hope for some profit. With that said HIVE is where the people are. I'll stick with the ones I know and trust over the past 3 years and try to help out same as usual.
#posh
Its a genius plan. But the prize isnt worth having now that he burned it to the ground. Sure the lands cheap now and can be bought for pennies on the dollar but whos going to return to live in it? Maybe he can shoehorn his new vision of steem into some communities where it will eek out an existence like some dystopian Sunian empire thats a pale shadow of what it once was. Hallow and substanceless. With the attrition of the actual creative forces as those members migrate to better shores. Steem under his grip is literally anti the point of blockchain. its a corporate attempt to turn something they cant control into one of their products and sockpuppetry.
The world sees what Hive did and is and i think its only going to gain momentum. Hive will be looking pretty good in the next few weeks.
As for Justin sun. I like to use a certain finger of mine to tell him he's "number one" in my book.
I totally agree with you. Steem was toxic with alot of witnesses "me feiners". I'd say he is happy to start with a blank canvas. In a couple of months this will have blown over. I'm hedging my bets to be honest. Witnesses never helped me along the way. If Justin increases Steem price in the long run then Il be happy. Think Hive was launched very quickly. The real Hive blockchain has launched a cease and desist order against us already. And they will win as well. The ship will sink and there will be many scampering back to Steem