Most of us would have heard about the HF23 that happened recently on Steem. When the HF23 leaked as news there was also another announcement on Twitter about a new blockchain called Blurt. I don't know if that was reasonable or not but this pumped the steem price a little. The recent act by Steem witnesses has created a big panic situation among investors. Yesterday I wrote an article about how I was affected by this HF23 though not directly. Justin as usual lied on his twitter page saying that he had nothing to do with the HF23 but still his puppet witnesses were running the new code.
The statement was something like he did not break the glass but his hand did. It is so stupid and I wonder how there are still people who are believing in him. To be honest when Justin took over the blockchain, I had hopes on him because he already had enough experience with Tron. Later after seeing the way he did stupid things, I completely lost hope and with the recent change that happened on the chain it gives me a feeling that Steem is not secure anymore.
As I mentioned in my article yesterday if a group of 20 individuals can take away the funds from someone's wallet, then what security this platform is providing and how will the investors get a good feeling to invest in this blockchain. Today the funds were taken away from 65 accounts and tomorrow it can even be our own accounts. We all know this is a decentralized platform and everyone has the right to talk and share their opinion. If a bunch of folks can plan and steal away 23 million funds, what else should we call this than calling it a theft?
Someone rightly mentioned that when a new blockchain is created the new creators or new witnesses have the full freedom to choose whom they should be airdropping and whom they shouldn't be airdropping. Another good reason was that there was no guarantee that the new airdropped token would go well. There are many new projects that emerge very well with a big bang and end up having no value. It is just luck and the community support that made Hive get some value and purely it is based on demand and supply. If the value is looking good, it means that many people want this platform and are investing in this platform.
The act that HF23 did was nothing but stealing user funds without their permission. It is something like breaking into a bank and taking away 65 people's bank balances along. Would they agree if someone else did that to them?
This situation has created a lot of insecurity among investors. People have been cashing out their funds from Steem. The problem we have right now is that deposit and withdrawal have been suspended on Bittrex and other exchanges. Luckily Steem-Engine works well that helps in making the transfer possible. People are now using Steem-Engine and Hive-Engine to convert their Steem to Hive. I have also been moving my funds slowly from Steem to Hive.
I liked one aspect of the HF23. We can all do a power down in just 4 weeks now instead of waiting for 13 weeks' power-down. That's one good thing to get our funds sooner. I personally don't feel like keeping any funds on the Steem wallet after this HF23 event because it is no longer secure. The witnesses can write another Hard Fork and try to nullify my account as well. The hard-earned money and my investment in the past 3 years would vanish in just seconds if that happens. I've been selling my funds recently from Steem and I would like to do as early as possible because there is a high possibility that the price can go down anytime after get to know about the 23 million stakes that were seized.
I'm not advising anyone here to get your funds out of Steem but I'm just giving a perspective as to how insecure the platform is and to think and act wisely. If you find the article informative, please vote, share, and follow. Also, please let me know your thoughts in the comments section.