Steem - Binance issues apology letter to Steem Community
Binance has officially apologized to the steem community
In sticking with its word, Binance has started powering down all the previously powered up steem.
Proof of which can be seen in their apology letter to the steem community which was put out within the last couple hours.
Binance claims they never intended to get involved in anything like this and prefer to stay neutral.
The inflation earned off of the powered up stake will be distributed out to the steem holders on Binance who had their stake powered up.
The apology letter in it's entirety can be seen below...
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A Letter To The Steem Community
Dear STEEM Community Members,
We sincerely apologize for the recent situation involving STEEM, which stemmed from miscommunication about the specifics of the blockchain’s upgrade/hard fork. After receiving the feedback from the STEEM community, we have unvoted.
Binance stays neutral and has no interest in on-chain governance beyond the Binance ecosystem. We hold a supportive position of normal upgrade/hard fork and will continue to do so in the future.
Hopefully, the STEEM community and TRON will reach a consensus in an efficient manner. If they fail to reach an agreement and it poses potential risks/damages to STEEM users on Binance, we reserve the right to take corresponding actions at the consent of our users.
Binance participates in community voting in the interest of our users. We provide staking services to PoS-based crypto users on Binance. Staking rewards generated from community voting are fully distributed to the respective users periodically. We will continue to distribute staking rewards to PoS-based crypto users on Binance on a regular basis.
Binance has completed the process of powering down all 31,730,000 STEEM. According to the voting rules on STEEM, the Steem Power is withdrawn over a period of 13 weeks, in 13 amounts that total the amount we selected. Accordingly, STEEM will be released over a period of 13 weeks in 13 equal amounts. Based on the current ratio of VESTS/STEEM at 0.0005103, a total of 24,692 STEEM will be rewarded, which amounts to around US$5,086 as per the market price of STEEM. The rewards will be distributed to all Binance users who held STEEM at the time of voting.
Records of Power Down:
The 1st withdrawal (test)：
Time: 2020-03-08 15:38:33 (UTC)
Account: binance-hot
Amount: 31,739,343.000000 VESTS
The 2nd withdrawal：
Time: 2020-03-09 02:29:30 (UTC)
Account: binance-hot
Amount: 62,195,759,395.817084 VESTS
It’s our top priority to protect the funds and interests of our users. At Binance, we keep up the highest degree of transparency and listen closely to the community.
Thank you for your unwavering understanding and support.
Binance Team
2020/03/10
(Source: https://www.binance.com/en/blog/421499824684900453/A-Letter-to-the-STEEM-Community)
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This is all blowing up in Justin's face bigger than he likely ever anticipated
At this point I would not be surprised to see him try to unload his stake and distance himself from all of this.
His name and reputation is getting more and more damaged than it already was.
Now the exchanges are likely not happy with him.
Stay informed my friends.
-Doc
I think in this situation, that Justin Sun aka Tron should sell their Steem Stake thru a public auction. After Justin Sun bought the Ninja mine Stake and didn't even understood the Steem mechanics, community or agreements I think he should just admit it was a bad decision and try to sell the ninja stake in the best possible way.
He could advertise it that Steem becomes more decentralized by selling the Stake to private investors who believe in the new course of Steem.
I hope that we see something like this otherwise we have to deal with reckless dumping or another big investor with bad intentions.
The problem...
Who is going to buy a stake that can't be used for anything? It is essentially worthless if the community only allows it to be used to 'develop' steem.
I think it is reasonable to assume that if he would sell his stake in a public auction, that there would be many new investors coming in to Steem and those Tokens will be treated as regular Steem Tokens. That way we could promote the sell as - Steem becomes more decentralized - and Justin Sun could promote on this and hopefully releases SMT as well on the way :-)
So they are treated as ordinary coins to others, but not to Justin? Not sure how that would work out...
I think there is a difference between a private sale between justin and Ned, and the opportunity to auction of the stake in a public sale.
Private agreements like "not voting" should have been clarified in the private sale but they didn't, that doesn't mean that those Steem Tokens could become regular Tokens when distributed to many investors.
Justin Sun should just burn the stake. That would push value of STEEM up and no sane community member would block that attempt. That stake is already tainted.
That would be great but no way he's just going to cut and run.
Posted via Steemleo
He may cut and run, but it won't be by burning. If this drama keeps up and there continues to be an unwillingness by our side to meet in the middle at least to some extent, he is just going to dump it all on the open market, write off the loss against other gains, and move on with his life. Meanwhile steem price gets absolutely crushed, and we lost our developers for nothing.
That seems like the most likely scenario to me if this stand off keeps up. What an asshole. Regardless of what he does he sure has tarnished his name for future business deals and I hope that reputation sticks with him.
Posted via Steemleo
Steem basically being killed and Justin moving along with a slight tarnish to his already questionable reputation isn't really an even trade-off. We need to figure out how to salvage this and let both sides get a win here otherwise I don't see good things for steem's future.
If he does that he loses out on whatever value he paid for that steem. In essence lighting his money on fire. I am sure he isn't in a hurry to do that.
He already lost the value... Tainted money is like drug money, when you use it, everyone knows it's dirty...
I believe this war will end soon.
Why is that?
Another time Battle win by @berniesanders, he promoted the Battle for Freedom and now we are getting the results! Thank you Bernie!
Posted using Partiko Android
What is this?
https://steemit.com/steem/@berniesanders/save-steem-proxy-your-witness-vote
Are sock puppet witnesses still there?
Yep. They will likely remain there until there is some agreement made where Justin doesn't have to worry about his stake being frozen again.
This war is really hurting steemit and steem though the longer it goes on. No one can sign up. The recovery account features are not working. The Sun witnesses are not updating their internal price feeds. We lost just about all of our developers. Just a big mess.
Does Justin know that if he sends the ninja stake to @null it doubles his voting power ;-)