2/20/2024 0 Comments Steem tunesmith![]() “Would any commercial website support a post that encourages all users to migrate to another one? No. The company also acknowledged it was censoring posts related to the Hive hard fork: In a recent blog post, it promised to “put governance back in the hands of the community as soon as possible,” and that it is “committed to Steem for the long-term and plans to bring more value to Steem than ever before.” Let’s work things outĪs the community-led network gets traction, the Justin Sun-led Steemit is trying to win users’ trust back to slow down the exodus. But it didn’t let any of Sun’s supporters migrate their account, and Sun can't move his pre-mined tokens over to Hive, either. When Hive launched, it let people migrate their Steem tokens to the network. Perhaps they realized that the wealth-based arms race against the incredibly rich Justin Sun was pointless. But in the end, some users had enough of Sun and launched Hive-a hard fork of Steem that duplicated the network as a stand-alone chain. Crypto exchanges have an immense amount of influence on the network, which they used to help Sun to overthrow the democratically elected leaders of the network and replace them with TRON-controlled sock puppet accounts.īinance and Huobi later reversed their decision, and the community rallied to topple Sun’s sockpuppet accounts. Things came to a head when Sun asked major crypto exchanges, including Binance and Huobi, to help him revert the lock-up. In return, Sun called those who voted against him “malicious hackers,” who had violated the “sanctity of private property.” To curb Sun’s authority, the community voted in favor of a soft fork that prevented him from using his newly-acquired tokens. Sun’s grand plan was to migrate Steem tokens to the TRON blockchain. When Sun bought Steemit, he was entitled to around $12 million worth of pre-mined tokens on the network-an estimated 20% of the total supply of STEEM-that allowed him to steer the blockchain’s direction. Yet, many users didn’t trust the new owner, TRON Foundation CEO Justin Sun. Steemit was acquired by blockchain network TRON in February. HIVE’s trading volume reached a little over $90,000 over the last 24 hours-dwarfed by STEEM’s $3.2 million, according to data from CoinGecko. Notwithstanding the price bump, Hive still has a ways to go to reach the volume of the Steem blockchain. While the gap narrowed on Saturday, Hive is still outperforming Steem-the tokens are trading at $0.248 and $0.151, respectively. At the same, STEEM’s price hovered at roughly $0.168 -almost half of that. On March 27, HIVE tokens peaked at around $0.336, according to crypto metrics site CoinGecko.
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