Unfortunately it is so, but this is not good for me, so I wanted to write this post and fight for my rights, risking to be flagged again. But Steemit should be a free place for everyone who wants to use it with common sense.
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People really hate to hear it let alone say it but abuses like these are often the ones who bring down regulatory controls. It's all new and exploratory for now but somewhere down the line something that has the magnitude to leave a person destitute after making thousands leads to lawsuits and as those lawsuits continue to pile up in the judicial system is when regulators start taking a in depth look at what's going on and how is it that one person could wipe out the wealth of another one in such a ridiculous manner. People think the "blockchain" is untouchable...I assume a great many mafia figures thought along the same lines.
You would seriously have to be a major fool to believe that any government and their corporate cronies are going to sit idle while this new world order blockchain is going to get built out and around them to bring them down. As I am typing this right now they are all looking into blockchain, once they have it down pat they are going to pass regulations to which will put the crypto's being build on ponzi style schemes out of business, force the rest to come into compliance or they will go to the headquarters of the privately held companies, to which steemit is privately held, and prosecute the owners. You are just to silly for yourself sometimes. There is no such thing as a untouchable. Dream on.
OMG don't tell me you could be that simple minded. The government(s) set the rules/laws. Law enforcement enforces them. There basically still is a mafia...it's just that now they know their limits, they got put in their place.....they don't get to make the rules, they don't get to rule. The powers that be do that and sometimes people just happen (not that I agreeing with it all) to have to be reminded of that. It's I say you do, not I do and f you...is that getting any clearer?
You are so dreaming, I guess the prisons will just fill up with those creating blockchains to manage their crypto's through. What you don't understand is that eventually that technology will be taken, the governments are not going to allow anyone but themselves to run the monetary system in the world, anyone moving forward to build opposing monetary blockchain systems will go to prison, one right after the other, they will find a way. The analogy about the mafia was that they decided to set up their own distribution and protection system which required others to pay into it from their profits. They tried to control the flow of goods and services. Yes it was not technology linked, of course, but it shows you what happens when other forces try to set up their own system over the governments.
Why don't they ever regulate something that actually fills up the dockets at the courthouse?.....because it's not a threat to the powers that be yet. Duh. The bigger question answered is see those things do end up in a court of law, you must have missed the article the other day concerning some cypto being recognized because basically the lawsuits being brought forth can't proceed if what was claimed to be lost couldn't be traded or have value to justify the losses being sued for. (It was complicated) But now the lawsuits can move forward. It's easy for you to sit here and blabber on and on because you aren't the one who would eventually be left to face the music as they say.
You did miss the article. Okay, that crypto can now be traded on the open market, as in stock exchanges, meaning now they DO have to follow REGULATORY guidelines, (I'll give you a minute to say ouch and recover)....the reasoning being is that these losses/claims being filed in courts couldn't move forward because without there being a recognized value attached there couldn't be any claims of damages brought forth. So yes this has become a significant issue, so yes this is a small step forward, so yes people running crypto currencies will slowly face the possibilities of being regulated and sued, so they had better get their ducks in a row.
It wouldn't matter anyway. As long as there are living breathing human beings behind the picture it's not as untouchable as you think. People want to be successful, they don't want to put everything in jeopardy because someone wants to abuse the rules. When it comes to money people will sell you down the river, that's a fact, that's life, put that in your blockchain and smoke it.
You need to read up more on what decentralized is, Steemit is centralized, it's privately owned, the power is held at the top, and the witnesses speak up for the little guys, that's called CENTRALIZED.
So if no one owns your account but yourself then why would anyone else has the power to flag your account down to zero if they wanted?
Wrong because for that to be the witnesses would have to have considerable control over all and they don't, Steemit is too top heavy.