If there is one thing that we know about the crypto community it is the several types of drama that it brings periodically. The weekend debacle of famous author JK Rowlings in which she trolled the crypto community on Twitter has only just ended and now we are in a new spate of controversy.
The last 24 hours has been a funny one on crypto twitter with key crypto stakeholders having a back and forth regarding the current crisis within the Steem blockchain.
Since the acquisition of Steemit by Justin Sun in February there has been a tussle regarding the ownership of the blockchain. While Sun was able to wrest control of Steem with the aid of top exchanges like Binance and Huobi in a hostile takeover.
There has been considerable resent from majority with the Steem community conceiving a controversial hard fork that led to the creation of Hive blockchain.
You would think that the creation of the new blockchain would end the current ramblings, but it has only accelerated the crisis. After the fork, Steem new stakeholders decided to seize existing tokens from legitimate stakeholders leading to a backlash.
Vitalik Buterin caught in the middle of the controversy
Ethereum co-founder Vitalik Buterin is highly respected within the crypto industry but has fallen right in the middle of the controversy. Buterin had suggested yesterday that Steem members should move to Hive blockchain.
However Tron founder Justin Sun quickly retaliated by tweeting that Ethereum users should also abandon Ethereum blockchain and migrate to Tron ecosystem.
As expected there was a division subsequently with members of the crypto community divided in support and against the tweet.
However, a Twitter user called out Ethereum by accusing the blockchain platform of stealing money from its users. This prompted a sarcastic tweet by Vitalik Buterin who explained how Ethereum generated money in a nutshell.
Sun in his dramatic nature joking called Buterin the ‘’Greatest Thief of All Time’’ due to the total amount involved.
Growing centralization a worry within the Crypto industry
The major cruz of the problems within the Steem blockchain highlights the dangers of centralization that Satoshi Nakamoto wanted to eliminate with his development of Bitcoin.
The crypto industry is fast falling into the pitfalls that it claims to resolve which is centralization. Sun’s hostile takeover of Steem illustrated this as some few powerful exchanges foisted his will on the blockchain despite opposition from the majority of Steem members.
The crypto community will have to ensure that a form of control is ensured to avoid a repeat of this incident in the future.