What do you think regarding Binance decision?

in LeoFinance •  2 months ago  (edited)

What a shit show the last few days. It's like watching the Game of Thrones TV series, full of unexpected & turn of events.

Today Changpeng Zhao (CZ) released a statement. In it he basically says that he 'doesn't like' the Steem HF23 but that he (the binance CEX) is going to open soon deposits/withdrawals for the coin.

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''Once again, we find ourselves spending what would otherwise be a much more productive Friday night (and Saturday) on another issue about STEEM. This one is trickier than before. There are also some deeper insights and implications. Again, in our tradition of transparency, here is my perspective on it.''

I didn't like their tone at all, as he seemed apparently annoyed for being forced to take a step in the discussion.

If you ask me, I agree with him.

We had our respective war and we ended forking the STEEM chain into HIVE, and our 'consensus' moved all the steemit/Justin Sun funds (& their supporters) from their respective wallets to the DAO.

In my humble opinion, if we consider HIVE as the 'main' chain, all the steem that remained in the other chain is a bonus, as the attacker effectively 'paid' with all his funds in the new chain.

Now they did their chess play, and moved all the 'big stakeholder' funds from their respective accounts to another one 'community321', we know how this story follows...

I 'emotionally' feel that's theft. But maybe it isn't. If what they did is theft, what we did here it also is (right?). I don't approve seeing anyone's balance frozen/zeroed/stolen. And I know that the 'consensus' at steem is 100% centralized.

But I understand him (CZ) or @bittrex when they say that they prefer to stay 'neutral'.

I start to have the uncomfortable feeling that we're risking our binance listing when we 'already' won the war. Of course my opinion is flawed, because my funds are not frozen on the other chain. But I think we should let the drama go and start doing our thing.

What about SMT? What about the coming HIVE upgrades? I'm feeling tired of all this drama and I would like to see some technical progress here.

How do you see it?

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To tell you the truth, I am not feeling comfortable at all with this. I think we are putting in risk many things and not only the stolen tokens. I am speaking about losing confidence on the whole blockchain world. It is important to not give bad publicity.
We should forget about all this mess. As soon as we finish our power downs everything will be back to normal.

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Theoretically as you say things will stabilize as we finish our remaining powerdowns. I also agree that we're risking too much there at this point.

I feel that we won't be able to win Justin playing their own games... Dunno, still I don't have a 100% formed opinion regarding this matter.

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I agree @toofasteddie. It certainly can be viewed as a black eye on the entire sector.

Fortunately, most of the world is not paying attention since they are not aware of crypto let alone Hive or Steem.

We need to make sure we shore up the security so that we can show it to the newcomers.

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In my humble opinion, if we consider HIVE as the 'main' chain, all the steem that remained in the other chain is a bonus, as the attacker effectively 'paid' with all his funds in the new chain.

Agree 100% on that. Airdrop with the same amount of tokens and better market valuation.

I doubt though that Binance will delist HIVE. Almost all the major ones have it and they wouldn't miss on making some profits on that. They also almost always trade it a at a cheaper price. It's annoying this war though and some parties are being involved without their will, as bittrex was.

From my point of view they will send back the 23 million to community123 and let others deal with this shit. I would do the same. Why would bittrex get involved in some tricky situation as this one. It's not like they were announced prior to sending the funds.

Would you do the job that the Korean witness entitled bittrex to do, if were in their position? Why would they spend the time to send tokens to presumable owners and so on. Not my war, not my business

Bittrex is really in a no win position.

I dont blame the exchanges for remaining rather neutral in this. Although, if we think back, they do have blood on their hands since they powered up their users stakes.

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This. Only bittrex doesn't have blood on their hands.. ironically they will be punished more than the rest at this point.

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As @empoderat said bittrex doesn't have any Steem blood on its hands and probably that's why that guy sent the 23 million STEEM to it. If I were bittrex I would instantly return the funds. They weren't invited to this game.

Probably it's the 'easiest' way for them to deal with the problem... I just checked that bittrex still didn't sent the funds back.

Probably there's a lot of pressure from both sides behind the curtain.

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Delisting hive at this point would be weird, I feel that the binance listing (regarding hive) was a kind of 'I'm sorry' gesture from Binance.

Yep, bittrex is the one that will end losing most with 0 intentionality, that exchange is the only one that played their cards in a 'legit' way since the beginning and now they're the center of the drama. Whatever they do, will receive bashing from 1 side or the other.

If I were the one who gained access to 'community321' I probably would have done the same. Sending the funds to bittrex were the 'logical' move in that sense. I also understand bittrex position when they intend to return the funds to 'community321'.

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The logical way, for me, would be to for community321 to do the job till the end and not involve bittrex. This will end quite quickly in my opinion because bittrex will not to the job and I definitely get them. It's a crypto exchange after all not mother Theresa.

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Hehe, I don't like but honestly I don't care. In a way I like it as it will allow me to dump whatevers left from my steem :D

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It only feels a bit bad for dan & all the others... I can't imagine how it should feel to see how someone steal from you ~500-1000K worth of $$ in front of your face with you being unable to do anything.

Hope karma puts bad actors like Justin at the place they deserve...

Glad to see you posting trumpman :), great job onboarding new 'lions' to the family

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We had our respective war and we ended forking the STEEM chain into HIVE, and our 'consensus' moved all the steemit/Justin Sun funds (& their supporters) from their respective wallets to the DAO.

This is incorrect. The Steemit funds were not moved since they never existed. It was an airdrop which created new tokens. It is a completely new asset class. All of Steemit's funds are still active on the original chain.

In my humble opinion, if we consider HIVE as the 'main' chain, all the steem that remained in the other chain is a bonus, as the attacker effectively 'paid' with all his funds in the new chain.

Hive isnt the main chain. It was a fork from Steem. That chain is still in operation as it was before (albeit with different witnesses).

This is adding to the misunderstanding. Hive was something completely new using open source software. This means everything had to be set up from scratch including master nodes, token distribution, hive, and new exchange listings.

At this point, we are seeing a case study being created. There is a lot at risk, you are correct. One of the best ways to get passed this is to focus upon what we are doing here. That means developers develop and content creators create.

Overall, the Hive and Steem userbases are very small and we need to focus upon those activities that will bring in more users. The few hundred that are really interested in this are small potatoes compared to the social media world.

Time to tap into that.

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Taskmaster4450,

I agree completely with you and rereading the text might not have been 100% completely accurate regarding how I've addressed the different terms.

What I meant to say is that both STEEM & HIVE have a common past, being HIVE the 'main' chain in the sense that most of the community/devs/dapps migrated here & the activity here feels healthy (no centralization, 'spam-free', DHF working as intended, etc). Hope you get my point.

This is incorrect. The Steemit funds were not moved since they never existed. It was an airdrop which created new tokens. It is a completely new asset class. All of Steemit's funds are still active on the original chain.

I don't know what is the proper wording. It is correct to say that 'HIVE' was a real airdrop since all our balances were mirrored? The difference between the ones that got their Hive and the ones that didn't is that second group of people got all their holdings transferred to the DHF.

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Until what point we're not twisting words here?

Once again hope you get my point. In any way I'm supporting what's happening. I'm only saying that we should be really careful to avoid playing Justin games. He's going to beat us easily in that field.

Hope you have a great Sunday. Thanks for taking your time to respond with this level of detail :)

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Binance, even they they absolutely had a part in all this mess, don't want to get involved. My pick is they just want to get back to earning trading fees.

My take on it is this; I've done my yelling about it on twitter to signal boost the situation. The role of exchanges and how they can and do affect governance of blockchains should be something we talk about. The issue is much larger than just Steem and DPOS.
But, unless somebody whose funds we seized asks for me to take action, my attention now shifts back to improving what I can for HIVE. We have our own thing to build right here. Let's make it awesome.

Completely agree with you. We need to put the problem on the table (as I think that we already do) and make the necessary changes to avoid this to happen ever again). We need to rework our governance.

I received a new powerdown in the last few hours, 3 more to go.

Once these 3 weeks pass, I want to let steem behind forever.

Ps. what is your twitter handle? :)

Have a nice day and thanks for dropping by.

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@stormrose
Give me / reply and I'll give you a follow.