Steemit the latest victim of centralisation
Tron network bought Steemit Inc. and tried to take control of Steem blockchain by hostile takeover from it’s community using big exchanges.
Justin sun is trying to convince the steem community that collusion with big exchanges for hostile takeover of steem blockchain is false.
He is saying some hackers tried to take control of network whereas those were community members who were trying to hardfork the network and get freedom from centralised domaination of Justin sun and tron network.
They used customer’s funds in these exchanges to vote for there own witnesses and flipped the governance of steem blockchain.
A lot of community members have resigned. Some developers have taken there steem apps down from the google playstore and apple appstore.
The reputation of justin is also not helping which is quite negative in crypto space. As justin is not a technical person. His whole business plan is revolving on acquiring any potential company , first he acquired bittorent ,then poloniex and now steemit.
The problem is in decentralised ecosystem a blockchain is of no value without it’s community. You need a loyal,thriving community for it to succeed. After hostile takeover of steem blockchain , most community members have decided to quit. Crypto has still long way to go.
At the end justin sun will get nothing in return by buying the steemit.
Almost all Dpos blockchain has these vulnerabilities.
EOS ceo also tried to defend itself of any such attack but everyone already knows that EOS is heavily centralised and have same dpos mechanism as steemit. The tradeoff of decentrslisation is what these networks give speed advantange over more decentrised blockchains like ethereum and bitcoin.
The crypto world will definitely gonna move to decentralised exchanges soon by seeing constant manipulation of market by big centralised exchanges.
May steemit community come together and make there own blockchain and come as stronger as ever.
As they say not your keys not your crypto.