Thoughts on TRON acquiring Steemit INC?

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Details are still low resolution and we don't know exactly what it all means so lots of this is speculation... but...

Seems like a lot of discussion going on in chats on discord/slack.
But why not have a discussion here on Steem Blokchain... which btw was not acquired today.

THOUGHTS? Let's use communities to do what they're made to do.

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Some asked for my opinion... i have lots and they're changing by the hour.
As we get more info I completely reserve the right to change those opinions.

1. THIS COULD BE GREAT... IT COULD SUCK

This could be awesome... But there is so much we don't know.

2. NED SOLD HIS STEEM? What does that mean?

Assuming Ned sold his steem... what does that steem mean? It means a lot of RC and a lot of governance. It means that TRON FOUNDATION (assuming they're the buyers and not Justin Sun personally) that means Justin has the POTENTIAL to have a huge say in the governance of our blockchain.

3. A SWAP IS A SELL

Then you add to that how TRON FOUNDATION / Poloniex is looking to BUY (they call it a "swap"... you're SELLING no doubt about it) ... so what are you selling if you sell your STEEM? You're selling your governance control of this blockchain.

What are they buying your steem token for? Well it sounds like they will sell it to you for a token called... "steem" which is on the tron blockchain. Maybe ned sold him rites to that name? We don't know what that tron-steem-token does yet.

4. BACK TO BASICS ... WHAT DO STEEM TOKENS DO?

... what is TRON offering buy buying our steem tokens. What is the governance they offer. Do they offer just a token... what will that token do?

On the steem blockchain STEEM can be powered up which allows you:

  • to make an account
  • have RC
  • participate in governance.
  • Vote on posts determining distribution of inflation

Tron foundation still has the ability to offer us something better or allow us all those things perhaps?

5. WHERE DOES THE TRON FOUNDATION (justin) STAND ON GOVERNANCE

Tron foundation could say nope you'll be under our governance entirely... and honestly they could use NEDs steem and then buy from other steem users and then have enough tokens to impliment 20 witnesses that do their bidding. #hostiletakover.

6. HOW CAN TRON BENEFIT US?

However again we still have much to learn about how this benefits us and not just how it benifitted ned financially.

  • Maybe we end up with more and better developers
  • Maybe we end up with airdrops of trx or trx based tokens
  • Maybe smts and trx-10 tokens are perfectly compatible or will be designed to be that way.
  • Maybe we end up with awesome integration of BitTorrent!!
  • Maybe we end up with much better marketing
  • Maybe we end up with a huge war chest to make steem development happen better and faster
  • Maybe we end up with a foundation that is still committed to decentralization. Turns out ned was willing to sell his portion of steem that could put our decentralized system at risk of not being decentralized. (We still have to wait to see what that new holder thinks)
  • Maybe the foundation LOVES our apps and wants to see them succeed and maybe even helps incubate them with money.
7. TRON BUYING OUR TOKENS

Another thought is that even if we don't sell our tokens to the tron foundation they probably have enough money to buy tokens on the exchanges pretty easily ... not sure how many they could get before it shoots up out of range. So that may not be a big worry.

8 WHAT DOES STEEMIT HAVE THAT WE NEED?

  • Programmers that know the steem blockchain code
  • An API many places use
  • Steemit.com / Steem.com and maybe they even own the right to the branding.
  • Steem blockchain code repository on github
  • I need some input to know what are some of the other things we use... i'm sure they exist just need the heads up.

Possible solutions (assuming what tron has to offer isn't appealing)

  • Hire @justinw @roadscape and the others and have the community pay. (sps... we can even change rates to make it work)
  • There are other APIs ... they can charge apps or they can get a better funding from SPS. Or some sort of combination of both.
  • So we loose those websites... not the end of the world.
  • The code is open source... i guess we'd need another repository. Finding a place to trust i guess is an important thing to thing about. solveable

9 STILL WAITING TO SEE WHAT TRON / JUSTIN IS PROPOSING.

  • We can brainstorm lots of options and that's fine... but I still think there's a really good possibility everything goes well.... it depends on how they feel about governance

10. OUR OWN THING

We can do our own thing and who knows maybe that means new branding and maybe a blockchain that doesn't have all of NEDs tokens if they don't want to play ball with us or don't propose a governance option that benefits steem holders.

  • We can hire @justinw / @roadscape and other perhaps if they're out of work or want to stick with steem (again a lot of this hinges on what tron has in mind with their stake and their new company acquisition)

10. NED AMA

Ned is doing an AMA tomorrow... it will be interesting to hear why he did what he did.

But I really want an AMA with Tron Foundation to know what they plan to do with their stake of STEEM and the company known as Steemit INC

11. MY AMA QUESTIONS

We should perhaps make another post that let's people submit questions and let people vote on if they want that question asked.

  • What will a tron-steem-token do?
  • Will tron-steem-token still have the same governance? Are we still self-governed?
  • Will tron stake stay out of the governance decisions like steemit did?
  • What will happen with the developers at Steemit INC? Are they still employed? What projects will they move to?
  • What is happening to the steemit API?
  • What is Ned gonna do with his life now?
  • Will he be involved with Tron now? Or is he completely out?
  • Cursios to know what his payday is?
  • Did other Steemit inc employees know about this?
  • Does their (steemit developers) contract include a no compete clause and does it transfer to tron foundation?
  • Will tron attempt to force people to sell their steem-steem for the tron-steem?
  • Does tron foundation still believe in decentralization of platforms... they own steemit.com presumably so are they ok with the multi-platform system? Aka SteemPeak.com / eSteem / STeem-Engine interfaces.
  • Who else knew about you selling steemit inc?
  • What other big stake holders are on board with you?

12. HOW DOES IT IMPACT STEEMPEAK

I have no idea right now... no one really does. It may be awesome. It may suck.
I am actually somewhat of an optomist by nature.

One thing is for sure... No one really knows that SteemPeak has a couple marketing plans that has the potential to bring in millions upon millions of users. But we have to prove retention and we want millions of viewers so we have to prep the site for them to come and make guest comments and several other features.

There is no reason to get millions of eyeballs right now until we can keep a decent proportion of them here. We believe the answer is with content creators that have a loyal fanbase. Something I believe I can make happen when the ground is fertile enough to plant/harvest.

13. AWESOME POTENTIAL OPTION

One really cool thing that may still be a possibility is that trons steem token may simply be a quick and easy way to move tokens from steem to tron network. That's actually a rockin' feature set.

If poloniex/tron has to keep them LIQUID and never uses them to power up on steem blockchain and impact governance then there is no real threat to decentralization that I can presently think of.

It's not tron owning too much steem that would concern me... it's them owning too much SP and exercising governance with it that could hurt us.

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"There is no reason to get millions of eyeballs right now until we can keep a decent proportion of them here."

This. Glad to see you understand this.

Can you get up your own API, and how soon? (not a dev. Dunno what I'm asking, except that I know you need it.)

I moved to Steempeak while awaiting responses from steemit.legal regarding the TOS. I never went back - except to rescue my account when I got hacked. This brings that capacity to mind.

Can Steempeak restore accounts that get hacked as Steemit does? Not gonna be much of a platform if restoring accounts is no longer possible in the event Tron executes a hostile takeover.

Hoping for the best, but counting on you to be not only as rational as I've observed, but far more competent than I can comprehend. If we need that github repo to fork, I'll be counting on you to do it right.

Thanks!

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I am still pretty optomistic about the AMA and the upcoming details. Fingers crossed.
But about the API there are people out there that know how to do it. We'll do it if needed and for sure eventually but less time on those types of things right now means more on the user experience side which is where we really need to focus in order to make retention happen.

I'd actually love to learn how account restoration works.

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Given that Steemit has been sold to Tron, Steempeak is now the primary app through which folks interact on Steem AFAIK. Can you clarify whether that is the case, and which apps are also significant vectors of Steem?

In the event this becomes a hostile takeover, a core of Dapps that vector Steem working together will greatly facilitate a functional post-fork Steem. Absent such cooperation, I don't think there's a great prospect for success insofar as achieving the access to exchanges that will be necessary to draw investment and grow the value of Steem.

My only understanding of account restoration was delivered to me by @r0nd0n and @guiltyparties IIRC. All I remember is that they said 'go here. do this.' and when I did those things I ended the powerdown the hacker had initiated and changed my keys, regaining control of my account. I'll be of no help in that regard.

I am of the "all publicity is good publicity" bandwagon. This will either shake up the ecosystem in a good way which we all agree with; or finally motivate the people here with vested stake to start a truly independent blockchain without steemit. Either way we will win in the long run I think. My guess is that they may simply link the steem token to TRX in a claytons way; steem really runs on steempower not steem so they could have steem on Tron and then when you vest it is linked as steempower on the steem blockchain which continues to do its thing and have its own governance structure. I think his main game is increasing perceived user volume on TRX DApp listings so he can get closer to ETH.

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Very interesting idea that seems like a maybe viable compromise.
We just need to maintain governance and stay decentralized.

Having tron working WITH us is not a bad thing in my opinion. It's whether or not they want to control us.

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Agree; but Justin would know that steem is not made up of passive users but a rowdy bunch of independent first adopters. Lets just see what they announce tomorrow. I am optimistic on this; first time I have seen steem come up in my generic crypto news feed since ... well since forever.

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Another thing to consider is that poloniex may just be creating a liquid swappable method between tron and steem.
If poloniex has to make sure it's always liquid that means they may never power up the swapped steem and thus have no impact on governance.

This for me is the crux of the matter. If they have no intentions on our governance and are only here to add an awesome service. Then i'm likely to say

"Welcome TRON with open arms"

For me I really want to know what their intentions are on governance.
And I guess what they plan to do for development on the blockchain in the future.

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Agree. We will all find out in time. Prepare for the pump like we have never seen before as if Justin is good at one thing its media.

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How can i prepare... my tokens are pretty much all locked up in SP.

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Dig a basement and stock with guns.

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THERE IS A SCENARIO THAT COULD PLAY OUT TO MAKE THIS ALL AWESOME!!

  1. poloniex buying tokens to swap is so that there is a bridge between the two sets of tokens. They keep them liquid and they don't use them for governance. And we get an awesome need feature set.
  2. Ned is officially out and those tokens are now held by tron foundation that we can hope is more decentralized... having those tokens not centralized in the hands of one person is a big win.
  3. Tron chooses to not screw with governance and their stake is not held by one individual.
  4. They see that steem and steemit could make them some good money and they believe in what we're doing and want to help with our visions.
  5. They continue to employ developers to build the blockchain
  6. They also start integrating lots of tron dapps for us to use.
  7. They integrate bittorent which tron owns as a way to host content.
  8. They bring lots of hype, better marketing and maybe some money

This could all be amazing news... that's one timeline. I'm an optimist so that's what i'm hoping for.

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Not MOVE... impliment on steemit. Heck if it's a good Dapp then steempeak would run an app from another chain. I see no issues. They don't have to move chains... it's just an interface.

You are right @jarvie, the blockchain was not acquired.

One point to consider is the fact that Steemit Inc does the coding for the blockchain and they are going to Tron with the acquisition. Thus, all the projects in the wings, like SMTs and RC pool, are likely on hold.

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Tron could keep hiring those blockchain developers and keep them doing those projects. Or they quit and work for the community.

Seems like a lot of discussion going on in chats on discord/slack.
But why not have a discussion here on Steem Blokchain...

This is something that always puzzled me. Why do people always go off-chain for these discussions?

which btw was not acquired today.

Just speculation, but my "reading between the lines" of that announcement makes me suspect that Steemit believes they have enough stake to install a panel of friendly witnesses and control the blockchain's destiny.

Lots of unanswered questions at this point...

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"Why do people always go off-chain for these discussions?"

Couple reasons spring to mind: the chats there aren't on chain, and thus permanent records - and potential evidence at trial. Also, DMs. We need DMs on Steem yesteryear. Memos are too clunky and public.

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Couple reasons spring to mind: the chats there aren't on chain, and thus permanent records - and potential evidence at trial.

Good point. That's a difference in perspective. I generally assume that anything I type on the Internet or in e-mail is permanent, but if you don't start from that assumption, then chat would make sense for some purposes.

There are also bots and voice/video messaging that make chats more useful. I guess I overstated my point a bit.

Memos are too clunky and public.

Too clunky, yes. It's actually possible to encrypt a memo and make it private by preceding it with a pound sign (#) though. I think that a better user interface could actually make Steem's DM capability pretty useful and private.

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Even encrypted comms provide metadata, and history reveals that is a useful attack vector for bad actors.

I do agree with you we need DMs.

Thanks!

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Yep exactly ... let's move the chats over here in general.

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Two thoughts, off on a tangent: (i) I wonder how long Sun has been loading up on Steem at bare-bones prices - maybe from Steemit's monthly sales. He could have considerably more stake than just what he bought from Steemit in this particular transaction; and (ii) At least Sun "eats his own dog food". He's doing the AMA tomorrow on DLive. That's a nice contrast with many of the Steemit folks, who have never really made any substantial use of their own platform - at least under their own names. It could bring a nice boost if Sun were to start blogging here and linking to it from Twitter.

Back on point, I'm having a real hard time visualizing how this token-switch is gonna work. Totally migrating the blockchain along with author and curation (and beneficiary?) reward functionality would take some serious time & effort, and the announcement didn't say anything about SBDs, delegations, the SPS, free transactions, or SMTs. It's a lot more than just a token. All that technology adds some serious value for someone to just stroll in and destroy. I don't see it happening.

I'm imagining something more like a TRON-based token that's pegged to the Steem token, so that everything on-chain stays basically the same (at least for a period of several years of migration and integration time), but anytime someone trades out through poloniex, their Steem gets parked and replaced with a pegged TRON token that they can withdraw into their own wallet...

I'm definitely interested in learning what comes up on tomorrow's AMA. Hope I can make it. Overall, I guess I remain optimistic, in a guarded way...

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My feeling is that it's starting to sound a bit better from what I'm hearing. Like they may not have big aspirations and conniving plans already... but may just like the company and want to be involved and just want to make both chains work. Nothing really solid to go on... but i'm starting to feel less worried.

#Optimism

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This is something that always puzzled me. Why do people always go off-chain for these discussions?

Chat is easier sometimes. Depends what kind of conversation you want. If you want a well thought out conversation. the chain is the way. If you want an emotional conversation, chat is better. imo

The chain can always be forked without Ned's stake if it becomes a problem, can it not?

the info is i sold something and on the other side i bought something. and we don't know what is sold and what is bought. and Son doing an announcement on Dlive :D

I think we will burn steemit employes if all the work will be halted and they knew that it will happen (remember that the rumor started a long time ago).

Official staitment from @steemit (@steemitblog) would be nice, but we know how the communication is from their side so not expecting much.

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What I can say at the moment is confusion... not a lot of details and maybe an intention to make steem a tron token .... like make a platfor a token .... how will that works out for all the devs ... what about smts, communities ... also looks more like a ned deal than the Steemit inc ...

Waiting for more to form an opinion, but for now ... initialy ...its not very positive

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The announcement left a lot of questionmarks, and gave me some flashbacks... https://beta.steempeak.com/dlive/@ash/my-thoughts-on-the-dlive-and-tron-announcement
That said, they can fork steem, but there is no guarantee that we as users and bloggers will follow. Personally I hate blockchains with a 'CEO'.

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A blockchain with a CEO is like non-alcoholic vodka.

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Yeah, what could possibly go wrong... 😂

Yeah I was excited, but the more that is discussed and the more I think about it the more I realize how most people on Steem right now are the ones getting screwed.

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Would love to hear your thoughts @jarvie.

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I agree would love to hear from @jarvie. I need to do some more research.

Posted using Partiko iOS

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@gniksivart @dkid14

Posted a couple dozen thoughts in the comments.

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Will be interesting to see what the market does in response. Could go either way.

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If tron foundation needs more STEEM maybe they keep buying it up?

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Yes exactly; I think that would be there plan to pump it as it helps the media cycle about this kick off to get a bit of FOMO going for the swap .

Not sure what's happening exactly just yet but seems like people are all excited about it :D

Honesty, the most annoying part is lack of information. Justin's announcement was for sure just a marketing thing.

We have no idea about the details regarding the "integration", why did they need to create a "Tron-Steem", literally what the fuck is going on?

This just leaves everyone sitting here going... "Uh, what?"

Guess we should just continue on as normal until actual details drop...

very hard to say at the moment, a lot of questions, what will happen with the Steem blockchain, are all DApps moved to Tron or will there just be a token swap (in both directions)? But with TRON's marketcap and exposure Steemit can become a top crypto project again 🚀 Exciting to see what happens, crypto is always good for surprises.

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A two way swap just so Tron can claim user base increase while the steem main chain survived intact would be the best outcome.

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