TRON owner Justin Sun acquires Steemit blockchain and social media site.
I have been offline for two days and when I return I see that Steemit is now owned by Justin Sun of TRON. And the Bitcoin price has retraced back below the psychological big even of $10 000. Also all the alts have taken the same bearish downturn over the weekend. And one of the big alts - IOTA – has actually stopped running and has shut down. I never expected that. In other words it has been a most unexpected weekend, where in two days the crypto space can do a somersault while we weren’t looking.
This post today is not a technical analysis of Bitcoin or Steem or any of the altcoins. They are all down in the red due to a bearish retracement over the past 48 hours. No need to be concerned though as it is a normal healthy pullback for Bitcoin after breaking the $10K resistance.
As for fundamental analysis, it is hard to say what Justin Sun will do with Steemit. He is not in it as a founder of his personal project. To him steem is a purely business venture which he has taken over to make a profit. I doubt he is into steem because he likes writing, or blogging, or even social media. I think he likes making money on the blockchain and sees steem as another way to do that.
So Sun will not be too sentimental. He will see it as just business. So don’t expect your cries for attention or calls for help or concern to reach his ears. And as we know, TRON and all the other projects of Sun are Sh1tcoins. Look at Bittorrent on Binance, and there are others. Sun will tell you as much himself, they are Sh1tcoins. They are there to make him money, not to provide a use case, TRON is a platform for Dapps, fair enough, but what are the most popular Dapps? The gambling ones!
It’s all about money-hungry addicts chasing the next new coin, or providing services like gambling to simply help separate you from your coin. A fool and his money are soon parted. And gambling is for fools and junkies. As is TRON, it seems. And now steemit is in the hands of this corporate dealer. Well, I will wait and see what comes of it.
Besides technical analysis, or fundamental analysis, we can look at sentimental analysis of TRON and steemit at present. TRON is a powerful coin, a popular platform for Dapps, and following, like steemit or Ethereum, and TRON is at number 14 on CoinMarketCap, much higher than steem in volume and daily market cap, but it also pulled back in this weekend’s bearish retracement, following Bitcoin’s price. So I don’t see it as anything more special than all the other altcoins who are swayed by the gravity of Bitcoin’s every move.
Both steem and TRON have a chance to climb in price by 15x to their former peaks, and they may well do that. Both blockchains are in demand for Dapps and that is where the future of blockchain lies – in healthy Dapps and use cases. For now nothing changes on the steemit blockchain and we carry on as usual. Even the AMA (ask me anything) interview with Justin Sun and Ned, the original owner of steemit, didn’t reveal much at all.
Such transitions of power may be good for the steemit blockchain, we shall have to wait and see. Hopefully Sun will be the shining light we all hope he will be. However, when we look at what happened to that other prominent altcoin, namely IOTA, this weekend, we can see how vulnerable they all are, even powerful ones, like Iota that uses “tangle”, a unique system of nodes different form any other.
I personally am not sure what the outcome could be for steemit. Do you have any predictions? Put your comments down below if you think steemit will be effected either way after the company just got sold to the Sun of TRON.
He has NOT aquired the Steem Blockchain.
Correct. He/The foundation acquired Steemit, Inc., and it's "assets" (steemit.com, logo, hardware, employees, etc.), which includes a large stake on STEEM (roughly 75 million)
Interesting, is there a difference? I need some clarity.
This post https://steemit.com/tron/@lukestokes/steem-is-still-not-steemit-even-if-tron-buys-steemit by witness @lukestokes may help give you clarity
Excellent many thanks amigo.
I hear you, my generalization perhaps. Semantics aside though, what do you think will be the outcome for steemit as a platform?
I am confident that the community and witnesses will act together to make Steem stronger and have more value and Justin will therefore not need to jump in with his share powere.
I am also confidently continuing to invest in #steempower while I can get it at this bargain price.
I also have an ace up my sleeve, which in time bring billions of users to Steem (with or without @justinsunsteemit and #tron. Did you read my latest post about the @matrix-8 #multilevelgovernance platform?
Assuming not, I would very much appreciate you taking the time to read and RESTEEM it: https://steempeak.com/palnet/@atma.love/what-if
Please also read the white paper which is linked to within the post.
I read the post you referred to and found the 8x8 governance system interesting and potentially sound. The math, harmony, and beauty of it remind me of the chess board and the spiral helix dna system that makes us humans.
I found this post by @aggroed informative regarding the recent acquisition of steemit by TRONman Justin Sun: https://steempeak.com/steem/@aggroed/justin-says-steemit-is-migrating-to-tron-time-to-panic-or-things-will-be-ok-for-now
He says: > "Justin didn't purchase a blockchain. The blockchain is owned by all the steem token holders."
He also says: > "Justin Sun bought Steemit Inc. With that purchase he now owns approximately 75Million Steem or approximately 20% of the supply. He owns a corporation called Steemit Inc which employs developers (+ managers and staff ) who run infrastructure, develop the blockchain, and add features to Condenser, which is the program that powers the website steemit.com. That said he also purchased the website domain steemit.com."
I was really quite positive about the future of the Steemit blockchain - but then this black swan event happened and I don't know what to make of it.
It could potentially flourish - IF Justin pursues a win-win-win situation for all the stakeholders at play, instead of sacrificing our interests to greed.
Let's hope Sun knows what's good for all involved.
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Hi @julianhorack
That surely must be a shock for you, right? I wonder what do you think about this issue right now - 4 days since your publication.
Oh wow. I wasn't aware. That's pretty big project, isn't it? I remember holding some IOTA in the past, however I completely ignored this project since I found steem ;)
My impression is that for many "small people" current takeover may be nothing more than changing 'ruling party'. Those in power will change, but show "must go on". And it will. With current whales (of which many are very hostile towards users) or without.
Also would you perhaps know how much STEEM did STINC sell on the market on monthly basis to cover their expenses? I stronly believe that Justin will not be pressured to follow this strategy. That would greately reduce SELLING PRESSURE. Wouldn't you agree?
I remember years ago FB bought Instagram. Even more worries and fear took place at that time. And few years later both exist: FB and Insta. Perhaps there is lesson to be learned here.
I decided to be optimistic. I wrote more about my own approach to this issue in my latest post (link here). Check it out and drop some comment :)
Solid read. Upvoted already :)
Cheers, Piotr