Really bad move on his part. Completely destroys what little credibility he had left and whatever incentive people have to use this platform over, say, Facebook, Reddit or Twitter. I was going to hold on to my Steem and see what happens when all this shakes out, just to play the investing game, but I doubt it will ever amount to anything now. I'll probably start powering down and just forget about Steem forever now.
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Power down and come to Hive :)