Method to the Madness - Vulture Capitalism Comes to the Blockchain

Comments · 27

BI<>H❝•1.🔗🖼Spoiler—

😊

Preview

Comment

• 
  @informationwar(65)· 2350d

  Curated for #informationwar (by @truthforce)

  

  • Our purpose is to encourage posts discussing Information War, Propaganda, Disinformation, and Liberty. We are a peaceful and non-violent movement that sees information as being held back by corrupt forces in the private sector and government. Our Mission.
  • Discord, website, youtube channel links here.

  Delegate to the @informationwar! project and get rewarded

  • Join our Informationwar Community here!!!
  • Free upvotes when you delegate. Learn more here.
  • Support and get access to the upvote bot. Learn more here.
  • Click here and you can join the #informationwar curation trail!

  ▲Upvote

  Reply
• 
  @cloudspyder(60)· 2351d

  Tron the vulture...

  ▲Upvote

  Reply
• 
  @bifilarcoil(59)· 2351d

  Attention: Controversial idea's ahead!

  From an end users perspective all of this together is such a heap of shit.

  it proves that :

  • the entire blockchain idea is overcomplicated.
  • that the platform infestation with greed is 'as bad as corona'. And i'm completly missing that aspect. I think that this is just as important as the toplevel Ned/Sun BS

  It's at least clear that I underestimated a few important aspects from the birds eye perspective.

  Yet,

  From where i'm sitting, it now looks like 'the shit whales who are raping the reward pool', vultures in they own co(i)n space, are the ones who 'saved' something, so now the same shit-show can continue?

  So that brings me back to the article that i wrote https://steemit.com/steemit/@bifilarcoil/steemit-the-second-hand-airliner

  And the what if question.

  What if @justinsunsteemit was actually having good intentions?

  I guess we'll never know, as we are now in the post-panic parallel universe, just like that corona stuff, the majority bought into a certain narrative. And 'chose / voted' to go down that rabbit hole. And the minority no-longer has a real choice to do anything different.

  I, just for curiosity, would have liked to have a choice, and sail with Sun on this one. Even though my toes curl when I see the name Jack Ma, but hey, Steemit is the very same kind of social credit system as the Jack Ma machine no matter how we spin it. So my toes will not uncurl any time soon.

  So if we don't want Social credit, from China, we certainly should not want it from the USA. why? Chine at least tells the population what they are doing and why. The Chinese are actually transparent about the tyranny, whereas the USA is sneaky and doing it all in secret. Regardless, both forms lead to the same bullshit.

  Anyhow we are now in this universe and whatever Sun's intentions where, they are now no longer the same after these events.

  I'm on either side, as long as the shit whales keep shitting in our water.

  And sure, my next post will be 90% of down votes that discourage any new users who have serious plans to join this platform. As they ask me questions like: Hey what is freedom of speech when you get down votes for speaking your mind?

  I don't have a clue about any of the coin dynamics, I just want a fair platform that anyone can use without BS, and the sad part is that I don't see any of that. And I doubt it will ever exist, as artificially inflated capitalism will not end any time soon.

  I know, it is very likely that I'm wrong. Yet I think that my thoughts can spark a few ideas for other people to wreck their brains about.

  ...How did I digress today? :-)

  ▲Upvote

  Reply
• 
  @arcange(79)· 2352d

  Congratulations @v4vapid! Your post was mentioned in the Steem Hit Parade in the following category:

  • Pending payout - Ranked 1 with $ 116,4

  ▲Upvote

  Reply
• 
  @thepavsalford(64)· 2352d

  -A good example, in my opinion, would be to examine the various cases of fan-owned football clubs like FC Barcelona. Some of them have hugely successful, which means there is no need for funds invested by venture or vulture capitalists, since there is a strong base of fans that support the clubs financially. However, there are cases that this model has not been so successful. -Taking over a distressed company. It’s like finding a vulnerable woman after she has broken up a relationship and you take advantage of her to have a one night stand with you. Then you walk out on her, like you don’t know her at all, leaving her alone or prey to the next vulture. It remains to see whether this will prove to be the case in practice. On the other hand, it’s better to be safe and rely on Steemit’s own online community, than believe the promises of vulture capitalists and be sorry. -Another aspect is that many people, with professional investors not being an exception, have just started to understand the cryptocurrency world and how it works, so it would not be fair to put them all in the same pot.

  ▲Upvote

  Reply
• 
  @jagged(68)· 2352d

  The good thing is that the Ninja Mined stake is now an issue to be addressed. I would rather it get locked down and used for development, get liquidated into the marketplace to rise the water levels initially, or just be removed altogether.

  This idea of "community funds" that are owned by certain person(s) just adds issues that Tribal communities are suffering once the Family in Charge sells to developers and does a runner - just like what happened.

  ▲Upvote

  Reply
• 
  @adetorrent(78)· 2352d

  This "Roy" guy is to Justin what William Barr is to Donald Trump.

  

  ▲Upvote

  Reply
• 
  @mrgreen(64)· 2352d

  

  ▲Upvote

  Reply
• 
  @gray00(58)· 2352d

  We really got our self into a pickle this time. A solution will come, either we split the chain up , or hopefully either Justin Sun stops the Sybil or sells the chain to someone who will stop the Sybil. I'm keeping my optimism around Steem itself .

  ▲Upvote

  Reply
• 
  @fknmayhem(72)· 2352d

  Great write up.

  To be honest, I think a lot of all plans were already started before the announcement. Most probably with Ned as “advisor” and his advise likely may have been - or at least hinted at - “the community and witnesses are unworkable” and “just port it to TRON and benefit the users who follow, dapps will follow since they need users”. Also “don’t wait for them or ask them, they are going to give you hell”.

  That is why the initial announcement was not done to the community first, nor an introduction of the new overlords, no. It immediately went to porting and token swap, complete with announcement that exchanges would support the new TRON-based token.

  Even if, of currently around 10k daily commenters, only 5K followed that would still be a massive increase to TRON who only have around 24k daily users according to dappreview.

  Additionally, suddenly having both control and a massive amount of STEEM it would be possible to increase the volume of the token very easily via large scale washtrading on poloniex, and later also on polonidex.

  This is not a vulture at work, this was a blatant attempt at M&A where the end goal wasn’t necessarily about making much money of Steem ASAP but a big bump in TRON activity (at least 25%), and maybe some more dapps on TRON too. At below market value acquisition, and thus probably not more than $5-8MM cost max, that alone would represent a reasonable investment already. It would also have allowed him to shitdrop STEEM all over his chain, without caring too much about the actual cost of STEEM to him.

  Let’s be honest, almost every other day we are reminded on social how many dapps his origin chain has. Yet, a quick look at blocktivity shows a chain which has barely more ops daily than Steem, and that only since rather recent times (blocktivity has no ops/day history, sadly enough). All that while we have probably less than 15% of the dapps TRON has.

  Don't be fooled, the end goal hasn’t changed. Definitely not after two major exchanges publicly distanced themselves from him. That only motivates JS more because since it has become a face saving exercise to win this war. Yes, now it is effectively a war for him. And Bloomberg’s post about Buffet’s “lunch date” will only have amplified that feeling for Justin.

  ▲Upvote

  Reply
• 
  @paresh10p(39)· 2352d

  Best And Great Post...

  ▲Upvote

  Reply
• 
  @sgerhart(54)· 2352d

  Things like this are going to happen, it s part of the process. The question is , do the people who make up the steem network hold the value of this community as their first priority? Are your dedicated enough to the principles at the core of the project to sacrifice whatever it takes to continue supporting and developing it? Is the community worth enough to you to dig in and do whatever has to be done to preserve the ideal of decentralisation and true individual value? What is at stake here is so much more important than how much money some vulture can glean from his dishonest, self-serving machinations. This community is at the core of the immense potential blockchain can bring to the world. Personally, I would love to hear about what I can do to carry on the spirit and ideals I see as the core of the Steem movement. We must stay the course for the benefit of all and do what is best so that this opportunity is not lost out of frivality of envy or want of personal gain. There are so much more important issues at stake.

  ▲Upvote

  Reply
• 
  @dark5tarzz(25)· 2352d

  Too much pump and dump

  ▲Upvote

  Reply
• 
  @valued-customer(75)· 2352d

  Excellent research and explanation of the difference between what Sun pretends to be and what he actually is.

  Thanks!

  ▲Upvote

  Reply
• 
  @palikari123(65)· 2352d

  Paul Singer would be rolling in his grave....oh wait hes not dead. He just kills things himself:(

  Btw, did you know that venture capitalists call themselves activists? lol!

  ▲Upvote

  Reply

  View 2 replies
• 
  @geekgirl(80)· 2352d

  Thank you for making this detailed and informative post. It does help with understanding the motivations behind hostile actions, which otherwise made no sense.

  ▲Upvote

  Reply

  View 1 reply
• 
  @elindos(68)· 2352d

  Thank you greatly for these explanations! You made your research.

  ▲Upvote

  Reply
• 
  @charlie777pt(64)· 2352d

  I didn't post on Steem for a long time, and I was all week collecting facts and news, and after reading this comprehensive post, I feel all and more that I had to say is here. Steem is under a hostile takeover for sure, by a populist dictator whose actions are the opposite of what he says. No doubt this takeover will harm all the community in the name of easy money. I'm afraid that today like it is going on in society in general, populist leaders attract a lot of people that will follow them under the false emotional promises of the "best for the community" to fulfill just one person's wallet.

  Follow the man's behaviors and actions, and don't listen to what he says.

  ▲Upvote

  Reply
• 
  @denmarkguy(79)· 2352d

  @v4vapid, thank you for a really well thought out and thorough explanation of the scenario we're dealing with here.

  I had been pondering Steem's predicament as yet another example of "predatory capitalism" and your article only bears that our further. The "no-shop" clause was another piece I had not taken into consideration; thank you for that.

  A true value investor could have come in here; acquired the Steemit, Inc. stake and assets, pumped maybe $10-20M into development and marketing, and could have seen their investment in 17-cent Steem potentially turn into a result of $10 Steem in the matter of a couple of years, while also being hailed as *"the savior" of Steem. Instead we have this... shitshow.

  He clearly did not expect the community to "bite back." Not only did the community bait back, it made JS lose face and credibility with his cronies at Binance and Huobi... and much of the Steem liquidity dried up, so he was prevented from executing a quick fix by trying to buy millions of Steem to get the sock puppets back in change.

  It does make me laugh that TRON holds itself forth as a developer and proponent of decentralization when it is one of the most centralized blockchain operations around!

  ▲Upvote

  Reply

  View 2 replies
• 
  @thoughts-in-time(68)· 2352d

  To me, @dhimmel's solution seems like the best way to fix this. It can demonstrate that any attempt to fork the chain against the will of the organic community with astroturf witnesses will result in a forked chain. Ice him out of the old iteration and fork defensively after he breaks off into a new path. This way, it is him shooting himself in the foot as opposed to us eating the rich (regardless of what his intentions were).

  Then, let the exchanges decide which coin they want to represent after they judge us based on our actions. Perhaps, if he's made aware of this potential, he'd be far less likely to do it. It seems logical not to, simply so he can retain a higher value on his stake. This is why I don't oppose the gridlock because it allows both sides to stew in it more.

  Setting aside what his initial intentions are, it doesn't make sense for either party to fork the chain if they care about the value of the stake. I'm not too clear on the technical implications of his plan, but I ran it by a few people, and they seem to think it's a viable solution. It might even be wise to put him on notice that he runs the risk of this happening so that he can make a logical choice.

  "He who thinks he leads but has no followers is only taking a walk." ― John Maxwell

  Contrarily, were the witnesses to act in bad faith and fork him out of his investment after he backed down; if I were running an exchange, I'd drop that community's token like a bad habit, simply because they've proven they won't honor their token.

  If he is put on notice, then isolating his stake after he burns the community is a defensive move. However, to preemptively do it, looks like a hostile action.

  It's easy to see how he could perceive what was done to him in the soft fork as hostile, but he also appears to have had hostile intentions towards the organic community. IMO, how this ends will firmly establish the reputation of Justin Sun and the community's blockchain regardless of whether or not it remains Steem.

  Vulture capitalist, or venture capitalist, we need to set a good precedent with regards to honoring their ability to take their stake to the marketplace, if we don't I don't think there will be a marketplace for our token. All the other weirdness of what he can do within the steem ecosystem with his ninja power is reasonably an internal community matter because this is a very unique situation. The sooner we allow the "neon green" stake to go to the market, the sooner it becomes a decentralized stake.

  ▲Upvote

  Reply

  View 7 replies
• 
  @edicted(83)· 2352d

  If only it was his plan to dump those coins ASAP. There isn't near enough liquidity on the market for him to turn a profit. The price would drop too fast. Instead I fear he plans to dump millions a month over a period of years, keeping us under his thumb the whole time with no plans to invest in the network.

  ▲Upvote

  Reply

  View 1 reply
• 
  @joythewanderer(81)· 2352d

  Thanks for the write up

  Posted using Partiko iOS

  ▲Upvote

  Reply
• 
  @lighteye(77)· 2352d

  This is the best explanation of the events I have found so far, @v4vapid, thank you very much. I would like to add just two points:

  The Tron smart contract network, with a mission to "decentralized the internet", has been marketed as a competitor to Ethereum.

  1. The idea that one man, TAKING OVER a decentralized platform, is on a mission to “decentralize the internet” is absurd in itself. On that oxymoron he had to be recognized as — let’s say mildly — insincere player.

  2. On the other hand, we will probably learn more on DPoS through this attack than any other theoretical argument could provide.

  As soon as I finish a job that I have accepted, I’m gonna write a text about my vision how ideal decentralized platform should look… and then I’ll hope there are some skillful programmers who could read the text and make it true.

  Keep up a great work, @v4vapid

  ▲Upvote

  Reply

  View 2 replies
• 
  @abh12345(80)· 2352d

  Excellent write-up V - V for vapid, not Vultures, which does seem to be what we have circling at present. I've had to distance myself a little this week, too annoyed to get involved although I understand now is probably the time to make some noise.

  I think you could be right about the 'no-shop' clause - Trons dealings in the Bittorrent suggest they have gone this way before, and it's worked favorably for them.

  Again, excellent work, and I hope many get to read.

  ▲Upvote

  Reply

  View 3 replies
• 
  @mattsanthonyit(81)· 2352d

  @v4vapid it is like you took your time to do more vulnerable researches on this Vulture Capitalist which I think is the best drama scene tittle for the current Steem situation. I used most of my time to read alot of articles written on Justin Sun, Tron foundation and more but the bottom line is that we need to stick together as a community to battle this ruining situation.

  Posted using Partiko Android

  ▲Upvote

  Reply

  View 2 replies
• 
  @dalz(81)· 2353d

  Great elaborating.

  Vulture Capitalisam seems to fit perfectly in our situation!

  ▲Upvote

  Reply

  View 1 reply
• 
  @luegenbaron(65)· 2353d

  Great post! :) @tipu curate

  Posted using Partiko Android

  ▲Upvote

  Reply

  View 1 reply