Hostile takeover and the way forward

[old fart]

Over the week, we all experienced what happened in the steemit network, this was made possible because in a space where decentralization is the keyword, we still patronise centralized platforms. Centralized exchanges were allegedly used as accomplices to try to takeover the steemit blockchain by using their user's funds to vote.
This could have been avoided if users use their personal wallet to store or stake their funds.

Fortunately we have wallets that are non-custodian and staking friendly like ledger for hardware or atomic wallet for software or any other that gives you private keys control.

Using your wallets to store and stake your coins gives you total control and accessibility, and reduces the power given to centralized exchanges to plot any takeover.

[1714614481]

1714614481

[1714614481]

1714614481

[1714614481]

1714614481

[cytpoway121]

I think you are right, and i also want to believe that not so many people were affected.

I use steemit mainly to write and publish blogs, and for me, as long as the blog platform works well and fine. i have no problem.
Either centralized or decentralized exchanges. Projects are left to choose which is best because as investors or members, we really do not have a say.

[masterrex]

Well, thats already happen I believe there's nothing we can do about it, Thats how business works if you have control the majority of stocks your the boss since Mr. Sun controlled the larger part of the pie thats why he has to implement whatever he wants as long as the network will not change its course it's fine, for the welfare of its users and investors its a not a big deal to me.

[Yogee]

masterrex, why did you say there's nothing wrong with it? Are you okay with exchanges using the funds of their users to cast their vote?

Huobi and Binance removed their votes but the damage has been done. It was wrong for them to conspire with Justin and influence the direction of steem. What they did was unethical to say the least.

It's true that this would be prevented if no one will store their coins on exchanges but nobody expected exchanges would do such thing.

[bgaf]

Centralized exchanges were allegedly used as accomplices to try to takeover the steemit blockchain by using their user's funds to vote.
This could have been avoided if users use their personal wallet to store or stake their funds.

That situation is really unaccepted. Obviously steemit blockchain has been abused by a central entity here. I hate to say it but Justin Sun really taking advantage the situation over the coins he bought.

It's true that this would be prevented if no one will store their coins on exchanges but nobody expected exchanges would do such thing.

Users cant defent it as they dont have the keys for the wallets. Anyway, this will served as a big lesson for everyone. Centralized exchanges once proven again to be abusing of their power. Steemians are all seriously pissed with what happened.

[Balladtony77]

I don't have any problem using atomic wallet to stake Tezos and I think it's more safer than trying to stake on external exchanges like binance, you can also use trust wallet

[masterrex]

masterrex, why did you say there's nothing wrong with it? Are you okay with exchanges using the funds of their users to cast their vote?

Huobi and Binance removed their votes but the damage has been done. It was wrong for them to conspire with Justin and influence the direction of steem. What they did was unethical to say the least.

It's true that this would be prevented if no one will store their coins on exchanges but nobody expected exchanges would do such thing.

Their vote has been removed already as you said so whats next? the damage has been done so what? it already happens we need to move on cryptocurrency has a lot of issues to tackle, it already happens so why we just complicate it more. leave it to them.

[Yogee]

So why say that there is nothing wrong with the act of using exchange user funds to vote? Are you that blind?

Of course the best thing to do now is to move on but we cannot just let these exchanges get away with what they did.

I noticed that you changed your post, you can ignore this reply then.

[cahbagus555]

Over the week, we all experienced what happened in the steemit network, this was made possible because in a space where decentralization is the keyword, we still patronise centralized platforms. Centralized exchanges were allegedly used as accomplices to try to takeover the steemit blockchain by using their user's funds to vote.
This could have been avoided if users use their personal wallet to store or stake their funds.

Fortunately we have wallets that are non-custodian and staking friendly like ledger for hardware or atomic wallet for software or any other that gives you private keys control.

Using your wallets to store and stake your coins gives you total control and accessibility, and reduces the power given to centralized exchanges to plot any takeover.

Agree, to save coins in my opinion the safest is to store in a wallet that we control the private key or seed words. Storing coins in an exchanger wallet is quite risky because every exchanger is a target for malicious hackers

[Tipstar]

This event gives us a newer perspective on where our decentralized and democratic blockchain adoption is going.
Similar to a real democracy, votes are being bought for a small favor or a small reward. And moreover, most of the voters/investors don't care unless they are easily managing their asset and getting profit.

[Yudhisthir]

I think it would not be a good idea to portray Binance and Houbi as the evil here as they corrected their wrongdoing while being pointed. When user are depositing their funds on an centralized exchange, they are transferring the ownership to the exchange themselves. Binance and Huobi are doing a favour by giving back the coins when the depositor wants, of course taking some fees for the action.

[kooboat]

Most people were not aware of the  recent attack on steemit and hence people did not really make any huge deal out of it. Most people use the steemit platform for blogging purposes over the option to earn or stake steem coins for other use. Some good writers on  steemit may be having a fair amount of coins earned from upvotes of which they may not be aware of.

[Text]

Agree, to save coins in my opinion the safest is to store in a wallet that we control the private key or seed words. Storing coins in an exchanger wallet is quite risky because every exchanger is a target for malicious hackers

Right, not your keys, not your coins. Here in our country, most crypto enthusiast uses the most leading wallet which is a custodial one. But we should keep in mind the risk of putting all the assets there because everything may happen unexpectedly that can cause regret. So we should back up our coins where we have the control of our private keys.

[jrrsparkles]

Not everyone is tech savvy so they are in need of centralized services for using decentralized products so all we have to do is to educate them how to use the decentralized trading platforms and non custodial or original crypto wallets to store crypto currencies.

[TheClownSong]

Not everyone is tech savvy so they are in need of centralized services for using decentralized products so all we have to do is to educate them how to use the decentralized trading platforms and non custodial or original crypto wallets to store crypto currencies.

Agree, many cryptocurrency investors do not understand the blockchain or its technology because in my opinion most want to speculate as much as they speculate on the stock or money market. Storing coins or tokens in our own wallet will make us more comfortable because storing coins or tokens in a centralized exchanger wallet is quite high risk even though the exchanger is in good standing

[omone1]

I can never stalk my coins on any centralized exchange, why should I give them my money and one day they will shutdown operations or something bad may just happen. I rather trade my coins than stalking. This was what TPay advocated then howbeit in your private wallet, the people that stalk their coins loss out when the coins drop from $10 to $0.7. I will trade and not stalk.

[Febo]

Hostile takeover and the way forward

If you use centralized exchange as an exchange and not as a wallet then no one can use your coins for anything.  Centralized exchnages can not do anything with PoW coins. Nothing at all. STEEM is Some kind of PoS, and PoS have many flaws, this is just one of them.

[bttmember]

Your point is right, i am also a bit concerned how centralized exchanges have performed during such times, for most people their behavior has been suspicious to say the least, i also hope that decentralized traditional wallets like MEW should also come up with an advanced version with staking, instant swap and crypto card options.

[btc_angela]

Hostile takeover and the way forward

If you use centralized exchange as an exchange and not as a wallet then no one can use your coins for anything.  Centralized exchnages can not do anything with PoW coins. Nothing at all. STEEM is Some kind of PoS, and PoS have many flaws, this is just one of them.

Exactly, and the take over that the OP mentioned? It was really exposed by many big players and try to distance themselves, even those people close to the project resigned, so the hostile take over didn't materialised as far as I know and I'm sure that if crypto enthusiast saw another one in the future, they will be called again and it won't be successful.

[jrrsparkles]

Not everyone is tech savvy so they are in need of centralized services for using decentralized products so all we have to do is to educate them how to use the decentralized trading platforms and non custodial or original crypto wallets to store crypto currencies.

Agree, many cryptocurrency investors do not understand the blockchain or its technology because in my opinion most want to speculate as much as they speculate on the stock or money market. Storing coins or tokens in our own wallet will make us more comfortable because storing coins or tokens in a centralized exchanger wallet is quite high risk even though the exchanger is in good standing

Investors are here for only profits so they are not real crypto enthusiast, we don't need such type of crypto community because it will do more harm than good things.

But yes they always using centralized platforms for trading so they trust the centralized crypto exchanges as well.