Stellar route could save Ripple and could have prevented the Steem fork

in LeoFinance3 months ago

I know it is all a thing of the past but a random thought popped into my head about how things could have gone differently. I was browsing through articles on Cointelegraph and stumbled into one that talked about issues with Ripple.

The ninja mined stake on Steem was the subject of controversy in the Steem vs Hive debacle. Stellar development fund unanimously burnt like 50 billion XLM, worth about $4.7 billion and influenced the price positively.

However, the issue with Steem wasn't about token value but more about underlying issues. Assuming Steemit inc. decided to simply burn the stake, things would have gone differently.

The reason this comes to mind is because of a recent issue involving Ripple and the fact that the community are clamouring for something similar. In pretty much the same way Steemit was accused of selling Steem regularly, Ripple who hold like half of the XRP in the existence have dumped XRP worth billions of dollars.

While community consensus is required to burn the large amount of XRP with Ripple, it is possible for them to burn the token in pretty much the same way we burn tokens around here by transferring it to an account that nobody has the keys.

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Some pretty big mistakes were made on all sides however I think it turned out for the best the way it did and now we have this wonderful blockchain

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Perhaps things would have turned out differently just like you have said, but the did has been done already and considering the present state, I think whatever decision that was made that time was the best the has been

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Just another reason why I try to avoid XRP. There are quite a few tokens that could stand to have a good burn happen. I am glad that I was able to get some XLM when I did. I will be holding onto that for a while.

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It's all about getting in early with these things. I think Hive is due for a burn or a halving of some sort. Reduce the amount of tokens being printed and inevitably dumped in the market

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I kind of agree with you.
Did you see the amount of Steem moved to binance some days ago ?

There wouldn't have been much trouble if it was sent to null

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They're pumping SBD somehow. Integrating TRX has also been a masterstroke

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