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10 sats \ 0 replies \ @024e88050a 28 May 2023 freebie \ on: What finally got you to be Bitcoin-only? bitcoin
There were a lot of things that brought me to Bitcoin only.
But the key moment and eye opener was experiencing what happened with the STEEM token and platform. (I held a big bag of STEEM Tokens at that time)
There should be articles on the web with more details about that.
This Blockchain was based on DPOS (Delegated Proof of Stake) I could delegate my “STEEM Power” ( a sub token or whatever. To get them, I had to lock the same amount of STEEM.)
The more STEEM Power someone had, the bigger was someone’s voice and power on that platform.
Important to know here is that everyone who held STEEM could convert them to STEEM Power. And because most people back then held their STEEM on exchanges like Binance, Huobi and Poloniex, that was a big threat. (But at that time I was too dumb to realise this)
Soooooo, then Justin Sun from TRON wanted to buy the STEEMIT Inc., a social platform build on the STEEMIT Blockchain. (This social platform was the only use case of that Blockchain) With this he bought the ninja-mined STEEM Tokens from the foundation as well. Which was a huge bag and so with a huge power on the platform.
Then a war between Justin SUN and the STEEM Community started.
The Community collected their STEEM Power together to do a fork and to lock all STEEM Tokens from Justin Sun that he freshly got from the acquisition. (Again I was curious that just a few could change the rules when a lot of STEEM was delegated to them)
Justin did not like that at all and got together with Binance, Huobi and Poloniex. In the end together with this exchanges he had more STEEM and so more Power to change the rules again and unlocked his Tokens again.
The last thing that the community could do here was to hard fork out.
So the HIVE Blockchain was created with their social platform Hive.io. (In general it was a copy of STEEM)
What happened to me here? Now I had STEEM Tokens and the same amount HIVE Tokens. I don’t know why, but I think at that time the HIVe token had almost the same value as the STEEM token at that time.
So my FIAT Value doubled as I had STEEM and HIVE tokens. I then dumbed my STEEM bag and put it in BTC.
I have to confess that I still have my HIVE Tokens (0€ invest) because I get staking rewards here which I then convert to BTC.
But when that happened I had some sleepless nights as my STEEM were locked and I needed time to unlock them and get them out.
Even that I got lucky in the end and had no financial losts here I started to think about it and how stupid that shit show was. And the fact that someone with a lot of money can come and destroy the whole thing and cause me sleepless nights.
Then I totally realised the value of proof of work and Bitcoin. After that I sold every shitcoin (except of my HIVE bag, which is a shitcoin too I know :) ) but since then I only buy Bitcoin and spend my time reading, listening and watching only Bitcoin related stuff.
Sorry for the long post. May be that I got something mixed up as some time past already when that happened and maybe I could not show in my writing how important that experience for me was, but this was a huuuuge thing towards Bitcoin for me :D
Have a nice day you wonderful plebs. <3