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Secret Steem Fork forces Blocktrades to disable STEEM Support

According to various sources in the Steem Network, Steemit plans a secret hard fork of the Steem network. This is because the source code had been hidden from public view and review and the Steemit group had been very secretive and no public announcement had been made on the Steemit blog either.

multicolored codes

One of the rumors seem to imply that this hardfork will be to change the power down time for Steem to 30 days (which was one of the proposals made by Steemit Inc)

According to Blocktrades:

If this was the only important change being made, it’s difficult to understand why the source code is being kept secret.

Blocktrades

However, this forced Blocktrades to discontinue its support for STEEM on May 19, 2020. Sources say that the hardfork will happen on May 20.

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Bitshares Labs contributes content pertaining to various topics and development updates about the Bitshares Ecosystem and Blockchain Technology.

Comments

  1. Things always look suspicious when they are done in secret! WHY secret? What are they hiding? Don’t they realize how this looks??? Wow.

  2. It is sometimes difficult to understand what many do when it comes to things of value to them. What is important and necessary to some is very unimportant and unnessary to others. Hopefully this move will contribute to a greater success for the.Steemit.

  3. Interesting article. I agree why keep it secret? It should be transparent. things done in the dark will be reaveled whe the light is turned on. Keep it above board.

  4. It seems that companies decide to do a Hard Fork for a number of reasons, mainly to maintain a currencies value or to reduce the amount of data that is required to be saved after each transaction within a blockchain. Why they would want to keep all this secret is puzzling, but sometimes the way some people carry on business is only for them to understand.

  5. So May 20th has come and gone, and I am wondering if the fork did indeed happen ? I don’t like it as the cryptocurrency world prides itself on open ledgers, and this is not open at all. All now being done behind closed doors. No matter the outcome, it tends to lose the trust of the general public and that is never good for any company or system.

  6. There is that fine balance between privacy and a consumers right to know your code. But I have to agree that privacy concerns that can be breached by coders are my important in this case.

  7. So apparently, TRON blockchain acquired Steemit not so long ago, meaning it has moved to TRON blockchain. That’s where the hard fork happened – now there will be two Steem chains: the original one, and the one on Tron’s blockchain, with STEEM asset now issued in the form of TRC20 token.

    Which one will you use in the future?

  8. These are various news items on Steemit Hardfork:

    1. Steem network to seize $5 million from its own users
    A hardfork has been scheduled for May 20 which will seize the accounts of several Steemit users, and drain $5 million worth of STEEM coins from their wallets.By Greg Thomson – 4 min read – May 19, 2020
    https://decrypt.co/29416/steem-network-to-seize-5-million-from-its-own-users

    2. Steem Hard Forks Today Over Fears of Justin Sun Power Grab
    Mar 20, 2020 at 12:01 UTC – Updated Mar 20, 2020 at 13:18 UTC
    https://www.coindesk.com/steem-will-hard-fork-in-just-hours-over-community-fears-of-justin-sun-power-grab

    3. Steem Hard Fork Confiscates $6.3M, Community Immediately Takes It Back
    May 20, 2020 at 14:44 UTC – Updated May 20, 2020 at 18:59 UTC
    https://www.coindesk.com/steem-hard-fork-hive

  9. Sounds like a lot of bad choices made here and greed took over from there, that looks like the outcome. Someone always has to play hard ball.

  10. That was bad timing, as the Steem price was going up!
    A secret hard fork sounds so shady.
    This is sad as it was such a useful and convenient service. It looks like others (Bittrex and Poloniex for instance) are withdrawing their services from Steem, so it is likely to go down the toilet.

  11. I tried to understand Steem and its relevance to us. Some of these cryptocurrencies worry me because they just don’t seem to be of the same caliber as Bitcoin. The narrower the control, the more centralized it is and the less attractive to me. Of course the developers can do what they want, however, they should consider the consequences of their actions prior to making “secret” moves.

  12. Looking at a couple of other articles on the web about this, written immediately after the hard fork, which did happen, it sounds like it didn’t accomplish all the goals it set out to accomplish.

    Firstly, it was supposed to reduce the power down time for steem, from 13 weeks to 4 weeks. That was accomplished. But it also was intended to seize control over some lost steem tokens that a rival blockchain had somehow claimed. That goal was not accomplished. Someone somehow rescued those tokens and returned them to the rival blockchain.

    Here are a couple of links to articles that may clarify this more, to those that understand more about what Steem is about:

    https://cointelegraph.com/news/mystery-account-rescues-6m-of-steem-from-hard-fork-seizure

    https://www.coindesk.com/bittrex-steem-seized-hard-fork

  13. I also am very appreciative of the article and shows just how much time I have spent outside of this realm and how much more info I have go research in this field as I have not spent much time over last few years doing the necessary work to stay informed and up to date on cyber currency and all facets of online money–

  14. As Steem kept facing regular attacks from spiteful accounts, to tackle them Steem planned yet another hard fork on 20th May, 2020, code named “New Steem”, which was not entirely successful. However, an unknown account, rescued 6 Million of Steem, in a mysterious transaction to Bittrex exchange, from fork seizure.

  15. I had been following this loosely in articles leading up to May 20th. It has been interesting to see how it is now unfolding. I don’t like to see things like this happening, but they happen anyway… LOL It is the nature of people to make power grabs and exert influence to further their own agendas. It is too bad that they do it with total disregard for how it will affect others.

    What else is new though? Now many owners of STEEM assets are forced into a losing position, through no fault of their own. “The Scorpion and the Frog” story comes to mind, which is indeed a very old tale, which seems to have surfaced in ancient Hindu Indian Sanskrit collections of folklore attributed to “Bidpai” and was first translated into English in 1570. (Yes, I looked that up…lol)

    Perhaps over time both versions of STEEM will survive and thrive. We will just have to wait and see…

  16. This hard fork produced hive.blog, where those support the original vision of Steemit and who are not Tron fans, moved to. I’ve been posting a bit on there and the community is continuing on! Hive is also producing other social apps, etc. It’s worth looking into if you’re a fan of this concept…and a great way to share Compumatrix, too ♥ We carry on!

  17. Steemit came in with force but it was always so secretive. maybe it was for a select few? I alwasy had a hard time recovering my password and they made it real hard for me to reenter and check my progress.

  18. awesome replies to very good post and much help in regards to learning further on the Steem Fork and the secretive way of their handling their own situation — I will be following over the next few weeks also to see just exactly what did happen and if that will impact negatively here at our business — hope not hope is that will be good —

    1. yes this has an been a learning moment for me as I will continue to follow as best I can and in the long run if this will a detriment to our business here not sure on that fact but it does appear that there may be better ways to diversify your portfolio and I believe that is good thing in all investing diversification but over diversifying is not good either find good places and stay within You —

  19. Keeping a secret about something in some activities may be necessary, but if closing, hiding or making the terms more transparent, hurts the expected trust.
    (Google transl. Support)

  20. so very true Edmilson — life has taught me that keeping secrets is not the wisest thing nor any where near the Truest thing that any of us can do — I do hope as time plays out that most if not all my deceptions come out as legit parts of an overall Truth and it protected many more than the few that got their feelings hurt a bit ???? but honestly only Time will be the Prosecutor of Truth — great read still rjh

  21. Hmmm…hopefully this secret hard fork leads to something that will be beneficial to society such as Bitcoin Cash hard forking from Bitcoin. Although, based on the secrecy of this hard fork, it is hard to believe that something within the Steem Network will be unappealing to customers when the secret gets out. Not being fully transparent with customers and potential customers can lead a company to ruin, but so can bad press; so the debate on whether withholding information or not is up for debate.

  22. Odd, and I have split opinion, for long ago I wrote some code and others choose to lock me out; if I had not put a special line in the code and dated it they would have left me without, but it 30 days it deleted itself and I was no longer there.

    But as others have said what do you have to hide? After all very few in the world would steal your code, and most code is useless except to the ones who wrote it, plus all code has a purpose and a signature, or identifier, so why worry, it’s not the dark ages like it was for me 25 yrs. ago.

  23. When I was in lower school there was a saying that everyone at recess always said, “secrets secrets are no fun secrets secrets are for everyone”. I think this chant applies to this blog post’s content. I think secrets within a company that are not shared with their clientele will eventually leak out and come back to bite the company. Or clients could learn there is a secret within the company and be more skeptical about being affiliated with that company. Difficult situation…

  24. I could see the privacy nature of some technologies wanting their teck to be secret so as to not become duplicated by another entity. Or a company protecting proprietary information in order to roll out a new product or service. But as mentioned in a few comments, the open source for or open ledger is standard in the decentralized space. So outside of a few situations, privacy could be deemed as being sneaky.

  25. Now that the hard fork is complete and the clarity exists, Proof of Stake for Steem has lost its momentum and much of what had made it popular in the first place. It is unfortunate when owners take a path to shift their most important structures of their business and in this case it appears ‘greed’ won and Steem lost.

  26. i agree so much with the thought of greed won and steem lost — i just look back at parts thru life and secrets are not good almost always — and honestly it may be always ?? the thought once again of trying to deceptively or secretively work a bad business idea thru and expect any thing different is sad actually — and reading this and the replies again and putting this with the info posted here in other blogs — just very good learning material — thank you —

  27. just had to come back and read this again — the biz side of this hard fork and also the secretive parts mixed in and then as you see or experience the actual parts — so much of each part we look at is simple math or simple this or that — but so often it appears in life people put way too much complexities into the equation — but honestly after that look and see Simple is the Winner — jmho — good info here —

  28. simple is the answer to winning in any business model — and yes as the learning continues — in the global world of Crypto businesses — forks are a legit part of the complex but better to be simple biz world of crypto currencies — as we look at each moment in this new business parts — expect forks and changes and also anticipate moves that do not appear to make sense –but History will show us that it actually does make sense — good stuff to continue learning —

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