The blockchain technology world is fascinating and we get drawn more into it as we learn more about it. Yesterday, an incident occurred with the Steem Blockchain which got many pointing fingers at Justin Sun who recently acquired Steemit Inc. In this video, we discuss more into detail about the whole situation and who the blame lies on. Initially, we had a bit of a knee jerk reaction to this story about Justin Sun misusing power. For many, it doesn’t make any sense for Justin Sun to run the Steem blockchain if there is no trust on it and lacks complete decentralization.
However, does this move by Justin Sun actually help the community instead? In his tweet, Justin mentions he wants to give the voting power back to the community. In an analysis of the situation, everything that the Steem blockchain is doing is possibly out of fear but what Justin and Steemit Inc is doing is out of progress.
According to Youtube channel Freedom Point https://www.youtube.com/channel/UC6Mr4Hyu_f1ueUW9PQymC5A, the top 20 witnesses have developed amazing dapps and done amazing things on the blockchain. But a lot of them are also owners of some of the most amazing bitbots that they ran their stake up by having people pay them. So their accounts got bigger through bot use which no one says anything against now because it is now illegal on the chain.
Amidst all the chaos, there is another important point to be brought up. That is centralized exchanges should not have the power to vote on your behalf from the coins they hold for
you. It is not their business to get into blockchain consensus and should not be allowed to use the coins on the exchanges.
That being said, people should be wary about what exchanges can do to your coins after this whole incident unfolded. You only truly own your coins if you store them in your own
wallet. Here is another video we made last week talking about other possible problems with centralized exchanges.
https://archive.is/Qmdei Link courtesy Youtube channel Crypto Tips https://youtu.be/v0jIZ238Yfk———
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