New Steemit Hard Fork Will Result in Account Seizures

CryptoMode Steemit Drama

For those crypto enthusiasts who had hoped that the Steem “takeover” debacle came to an end, they got another thing coming. A new hard fork will be introduced to effectively lock out users from accessing funds or utilizing voting rights.

The Steemit debacle has attracted a fair bit of attention in recent months.

The Steemit Project Becomes Mor Controversial

Ever since Justin Sun got involved, things have gone from bad to worse in rather quick succession.

Eventually, the community split into Steemit and Hive, with the latter’s token shooting up in value very quickly.

It now appears that the original Steem blockchain will undergo another hard fork of its own.

While that is not uncommon, there are some worrisome aspects to this fork.

There will be account seizures for accounts posing a threat to the Steem blockchain.

Seizing actual legitimate crypto assets from their rightful owners is not necessarily a good thing.

It can create a very dangerous precedent for a project that is already widely considered to be controversial.

It seems as if this new fork will make Steemit even less attractive to the general public than it already is today.

Decisions like these will also end up hurting the cryptocurrency industry as a whole first and foremost.

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