Today Binance has issued an apology letter for powering up the user fund and upvoting the witnesses. This was a well-played game by Justin and the exchanges. I’m very happy that Binance at least understands that they have created a mess by powering up user funds. Making some noise on twitter has made Binance realize their mistake now. But according to me, I don’t think this is going to roll back anything. Just to cover it up they are even offering some Steem to the holders just to calm down the situation. Some holders can even become prey for this strategy. They might move their funds to the exchange to grab these rewards.
While reading their apology letter, it clearly states that when they were trying to power up and vote the witnesses Binance had no ideas as to what they were doing. Now they are taking a neutral stand after all the mess is created. I really appreciate Bittrex in this matter. When this problem started, Bittrex clearly stated that they are not taking any sides. But I’m happy for Binance as well because it is still never too late to realize the mistake.
Never keep funds on Exchanges
This is general advice that I would like to give my fellow traders and friends. I myself did not care to move my funds to the wallet and later some wise people explained to me why Exchanges are not safe. I don’t have to go any details on this topic because we have now seen this clearly. There are still people who are struggling to take their funds out of the exchanges. All because Binance powered it up. Now the investors will have to wait 13 weeks to get their funds back. Binance is also looking forward to having a temporary solution by purchasing Steem from other exchanges and covering up this.
Keeping the funds in the wallet is always a safe option unless we are a frequent trader. If we don’t care about the crypto we have in the exchanges, then this may not make any sense but wallets are always the safest place for our crypto holdings. We may not be able to make use of the cryptocurrencies if they are held in wallets because only the exchanges provide an option for us to do trading with the crypto hold we store there. But that’s okay. Safety is the first priority and that happens only if the funds are in wallets and not exchanges.
The mess cannot be undone
Binance might have issued a public apology letter but in my humble opinion, it is not going to help much in the current situation. The reason is that when they did the first vote the damage was created and Justin got his powers to control the blockchain. Now the power of the community is holding it for us now. A small bribe from Justin even now can shake the current situation. Only after creating so much pressure from the social media platforms, we were able to get the attention of Binance and other exchanges.
Justin was clever enough to create a drama that it was a hacker attack on the chain. The actual attack was from Justin himself and he tried to fake around with it.
Hopefully, the STEEM community and TRON will reach a consensus in an efficient manner. If they fail to reach an agreement and it poses potential risks/damages to STEEM users on Binance, we reserve the right to take corresponding actions at the consent of our users.
I’m happy that at least now Binance is speaking up for the community. I hope if there are any further damages because of this situation, Binance will take a wise decision.