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RE: I Support Forking Out Steemit

in #steemit3 years ago

I think we should develop this idea and keep it as our nuclear option if steemit inc doesn't perform better in the very near future.

We will need a team on stand by ready to take over the blockchain development and a good selection of witnesses willing to run the forked code.

There are challenges as the FUD may damage value for both communities and then there are all the challenges around getting the new coin listed on exchanges etc.

None of these challenges are insurmountable.

But in summary, I think we should have the forked code ready to go as a form of insurance against any abuse by the largest stake holder that damages value of all the minority stakeholders.

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If the power down proceeds and the stake becomes invisible there is no option. Steemit will retain de facto full control over the chain but be able to wield that power invisibly with no accountability whatsoever. Steemit's knee-jerk power down has forced a "use it or lose it" scenario. which is not exactly the ideal strategy for managing nuclear options (to borrow your metaphor).

I think this smells of exit strategy on the part of Ned. Considering the hefty tax consecuences involved and an overwhelming focus on his personal self-interest, I doubt there would be much interest in becoming "invisible". I think it's the final exit on the original scam. Let him go. The market can absorb his share in a little over a day. BTW, by the looks of recent price action these last few days, it looks like the market sees this as a positive. Good riddance!

Nice comment, thank you.
Much more likely is we could migrate to a fork, or an entirely new BC, set up competent DAC officers and actually create something new, based on many years of new BC innovation, not owned by any one person, and include as much of the public is interested for the next year until 2020 via airdrop.

The reasons for market movements are always unclear.

I don't see any tax consequences whatsoever to making stake invisible. Moving coins from one wallet to another is not a taxable event in any tax system I know about.

The market can absorb his share in a little over a day

That is highly doubtful. Most of the volume you see on exchanges is day trading or arbitrage or even in many cases wash trading to inflate volume statistics (the latter is pretty well documented by now).

In order for the market to "absorb" selling 70 million Steem in a day there would have to be new buyers for 70 million Steem (roughly 25 million USD) on the same day. That's very unlikely.

I don't bear any hope for StInc's "possible" improvement in future.

Let's fork Steem already!

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