Steem is a blockchain-based social platform. So when you create content, it is saved on the Steem network, in short you get crypto for posting valuable content.
However, Steem has a dark history - the so-called Ninja Mining, a classic element in cryptography. The creators Ned Scott and Dan Larimer have been mining the cryptocurrencies for a few days together with others (in the sense of the entry itself was announced, but without any documentation on how to run the PoW node, so they mined a lot of coins). Dan Larimer left the project probably in 2016 and started developing EOS, and Ned Scott continued his work. The company "Steemit Inc" founded by Ned is dedicated to providing the Steem node, hiring programmers and the Steemit.com Ok interface. 3 weeks ago Justin Sun (the one from Tron) bought Steemit thinking he was buying Steem (blockchain). The scandal was quite big, because users were confronted with a fact that was done. Justin often announced that he would take over the network and it would be fun on Tron and all. Ok. 1 week ago, the Witnesses (such counterparts of miners, but selected by the community) activated Soft Fork to block Justin's access to their funds, which he bought on the occasion of Steem's purchase, and today the septic tank has been spilled - Asian stock exchanges such as Binance,(funds are safu) Huobi or Poloniex (this one belongs to Justin Sun himself) using client funds, locked them in the network (stake) and chose their witnesses, completely namelessly taking over the network. What's the moral of this? Of course it's worth to be careful when investing in such shitcoins - even with TOP 100 as you can see. At the same time, you should watch out for the stock exchanges, which hold your money. Not your keys, not your bitcoin. Keeping your money on the stock exchange does not have to mean losing it, but also using it in quite controversial stocks? Three - it is quite possible that this does not only apply to DPoS, but also to Proof of Stake itself. Often the creators generate 100% of the tokens at once and then sell them on the stock exchanges. How do you know that by the way they don't buy them back (or get them) and don't have 51% of shares in the network?
https://www.youtube.com/watch?v=qF5ojlv6TL0Post inspired by :
https://forum.bitcoin.pl/viewtopic.php?f=21&t=33607
