STEEM my buns, Justin! or "Tron fucks up #69"

1. Buying Steemit. Justin Sun, founder of Tron, bought Steemit - the most and only* useful application on STEEM blockchain: https://www.coindesk.com/steemit-sets-up-shop-on-tron-network. Imagine it's like buying Consensys [hahaha] which builds and kinda runs on Ethereum [Consensys an integrator though - not an app, so not the closest comparison]. The idea was to move Steemit to Tron and acquire those users and community members this way. Only later he would find out he fucked up.

STEEM blockchain is DPOS. And Steemit as the biggest app has a ton of foundation tokens. Ye, Justin got them now... Essentially, he could get the majority vote?

2. STEEM community casting Justin out. The people who run the Steem blockchain executed a reversible soft fork Sunday, stopping one of the largest piles of tokens from voting: https://www.coindesk.com/justin-sun-bought-steemit-steem-moved-to-limit-his-power. So now Justin needs to do something. He got the app & the tokens, but is thrown out!

PS: actually decent reporting by coindesk, wuuuuut.

3. CEXes helping Justin. CEXes, who control most of the supply, jump in and help replace the witnesses on the blockchain using users' balances without consent. Hello EOS, sounds familiar? And that's makes Justin the boss of STEEM blockchain essentially, giving him both the app and the network control now.

4. CZ coming forward saying they will remove the vote: https://twitter.com/cz_binance/status/1234574737768095746. CZ says the team assumed it was a network upgrade they must help with, no intention or information about hostile takeovers: https://twitter.com/cz_binance/status/1234577727077916673

5. Justin says "the community" won while he is the only one left alone in control now... total joke - https://twitter.com/justinsuntron/status/1234690483298820097

Why does this matter? STEEM is one of the OG cool working communities and a DAO that actually makes sense. Today, they suffered from an economic design of "big boys rule" which is how this thing works anyway in real world. But with the exception that here it was manipulated without consent.

not your 🔑 not your 💸 not your 💪

One is left to wonder what those quasi DeFi-influencers would do WEN eth moves to PoS. Seeing their recent actions, likely to see even more amateur shit actually 🦄

CryptoBriefing nicely on the matter: https://cryptobriefing.com/tron-executes-hostile-takeover-steem-exchanges-collude/