Amidst all the euphoria, excitement, doubts and fear, the market verdict is out.
What did all the rumours and news about Steemit & Tron collaborations yield in last couple of days? A slight and temporary price surge for TRX & STEEM.
Yes, people were excited to get associated with a charismatic personality and a wizardry marketeer who knows how to swing market sentiments to his favour. Partnering with a top 12 cryptocurrency and getting an exposure to its 200 M strong community was, for sure, a thing to get excited about.
But doubts and fear of this kind of partnership and the future of Steem in the long run were not totally unfounded.
Everyone has their own impression of Justin Sun and Tron chain. Some may even call it a scam, a fraud or a plagiarist who don't even know to draft their original White Paper!
Personally I see Justin Sun as a good marketeer who can play his game to gain temporary market advantage, popularity and news-coverage at the cost of displeasing some of his audience (with potential negative outburst against his moves). He loves to keep his name alive even by stirring controversies to continue to make news and gain popularity.
So isn't STEEM gaining a lot by associating with a bigger brand and larger community with greater resources and potential? Tron is listed on more Exchanges than STEEM is, Tron has a larger community than Steemit, Tron has smart contracts on its chain, Tron has many active dapps too, Tron is in a position to compete with chains like EOSIO etc. etc.. Then what are Steemians unhappy about?
IMO, here's what STEEM will lose:
(i) Independent blockchain identity. STEEM will no more be recognised as a coin but will reduce to merely a token on Tron chain (just like other TRC-20 tokens).
(ii) STEEM will get diluted and become just a blockchain blogging dapp and many of Steem's dapps would actually become a Tron dapp. Thus reducing the scope and potential of STEEM.
(iii) Some additional STEEM coins may be created to airdrop to all of Tron community and it will further dilute STEEM's intrinsic value.
(iv) Current Steem community and Witnesses may not have the same command or influence or say in the affairs of Steem if they are pitted against all of Tron community or their Super Represntatives.
(v) Decentralization of Steem chain is at stake with such a deal.
Other smaller concerns include:
What will happen to my Steem Engine investments, what will happen to all the historical data on Steem blockchain, etc., etc. There is no end to these.
But ain't these all unreasonable doubts?
Can't all of these be easily addressed while still being partnered by Tron chain?
Yes, that can happen. But the way yesterday's joint AMA by Ned & Justin was tackled, it gives an impression that they don't want to lend any clarity to critical concerns. And where there is no clarity and transparency, something fishy should be expected there.
This deal is more for the benefit of TRX than for STEEM. Steemit market cap is but a tiny percentage of Tron Group's market cap. With this acquisition, Tron wants to play another game to hike the TRX market price which isn't doing any good for some time. The benefit to TRX is far greater than benefit to STEEM and we are not likely to be offered a fair share of it.
All said and done, it's a fact that with all the charisma and marketing brilliance, Sun can't be said highly successful in lifting prices of TRX or BTT. An immediate fall of over 10% in STEEM & TRX prices during yesterday's AMA indicates that his marketing charisma is no more working.
He may be like some P&D agent. He may find some opportunity where he can successfully pump STEEM prices really high but all that would be short lived. As a long term investor, I'm still not convinced by this deal but I'm still hodling on ...may be, I'm too lazy to move my STEEM anywhere! Let it go wherever it goes, I've to follow it.