Steemit Inc's Response to HF20


In my prior post, I addressed concerns about how the latest HF20 was implemented. In Steemit's subsequent disclosure about what transpired, I am more pleased concerning their attitude. A lot of people might think, "Why is their attitude important?" Ultimately organizations are governed by what they believe. If what they believe is a lie or deception, then that organization will be governed ineffectively to some degree. I have seen this with the Bitcoin community which is reaping the on-going negative qualities of their delusional beliefs about how a blockchain should be managed. The core team's beliefs have negatively impacted all of cryptocurrency, and by now, it has cost us billions collectively in terms of investment losses. Bitcoin has the luxury of being the biggest, so it can survive its own stupidity quite well since the community of users are uninformed about better alternatives. When a standard is set, it is hard for a user base to migrate away from that standard.

Smaller projects such as Steem likely do not have the luxury of stupidity. Better competition can arise, and competition is certainly in the development stages.

There were two things in their latest post that caused me to believe they are operating under the correct assumptions going forward. The first being a recognition that this roll out could be handled better:

"While we are certainly not satisfied with how the RC system rollout 
was executed, the vast majority of those with a technical 
understanding of the system agree that it is the best path 
forward for defending against both the short-term and long-term 
risks associated with having a freemium blockchain." - @steemitblog

The second being the recognition that ultimately it is up to the witnesses to operate as the blockchain's governance, and consult with Steem's development on a path forward.

Overall, this gives me more confidence about the future of Steem compared to how things were several days ago. With an attitude and mindset like this, Steem stands a good chance of standing up against upcoming competition.

Is it my favorite investment? It is hard to say, but I would put it in my top 5 list. Steem tends to lag the rest of the crypto market, so if cryptocurrency begins to recover, I would not expect Steem to be among those leading the pack. It rallies better after other coins have moved, so being in a Ripple or just plain BTC is often better for the earlier stages of a crypto rally. Then swinging into Steem after those have moved can be a very solid play.

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Good to see you a little more positive Ted. Steem is in this Knight's top 3!

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It lags most of the time in the competition but when it wakes everything rests hahah definitely one of the top investments for long term

It was a great reply that also attended the concerns related to new and smaller users which are an important piece of the future growth of the platform. An important message they also have was:

We are committed to ensuring that this is not a path we alone determine. We will continue engaging in discussions with witnesses, community members, and any reasonable voice acting in good faith for the benefit of the Steem blockchain. We encourage you all to make your views and opinions known to the witnesses, and to reinforce those views with your witness votes.

Recognizing our power is great to see!

Thanks for the information in your post!