Bitcoin

Unfortunately for Justin Sun, admission to Huobi increases Hive’s price by 600%

The price for Hive (HIVE), a fork from Steem (STEEM), has skyrocketed after it was recorded in Huobi.

The listing occurs one month after Huobi and Binance mobilized customer funds to vote against the Steem community for an apparently hostile takeover of the network., led by the founder of Tron and new owner of Steemit, Justin Sun.

However The exchanges claimed Sun misrepresented the type of event they were voting onand quickly pulled the voices back.

Unfortunately for Justin Sun, admission to Huobi increases Hive’s price by 600%
Unfortunately for Justin Sun, admission to Huobi increases Hive’s price by 600%

Shortly afterwards, Huobi announced that he would distribute HIVE tokens to STEEM holders after the fork.

The recording in Huobi triggers the parable of HIVE and beats STEEM

With Huobi, which now makes up 83% of the total volume of HIVE operationsthe stock exchange has flooded a formerly small market traded by Bittrex and a handful of tiny liquid exchanges, This leads to a profit of over 600% in more than three daystogether with a volume increase of more than 20 times.

HIVE is now the 31st largest crypto activity with a $ 285 million market cap, and it is quoted at $ 0.80 at the time of writing this article.

HIVE / USD

HIVE / USD: TradingView

On the contrary, Steem is currently trading for nearly $ 0.18 and is the 68th largest cryptocurrency with a market cap of $ 66 million..

Hive developers “have no problem” with the listing in Huobi

Andrew Levine, former Steemit communications director and current CEO of OpenOrchard, recently discussed how he would feel about Huobi and Binance including HIVE after his role in Sun’s attempted takeover of Steem.

“I have no problem with Hive appearing on these exchangesYou always want to have your tokens on the exchanges, there are customers there, there are people who want your token, you want your users to have options, “said Levine.

“I assume it plays with the question, what was the intention behind the actions? What was really going on there? Because if there is no malicious intent, all you have to do is say, “Well, maybe they won’t do it again, who cares?” He added.

“This situation was pretty rare. I mean, I think the worst scenario I don’t say it happened is that Justin Sun and the executives on those exchanges were too close. And in this particular case, this closeness led to these bad behaviors. “

“I think most of us came into the blockchain space because we like this idea of ​​an unregulated market.. And it’s events like this that made me think, you know. “Well, you get that,” said Levine, adding:

“”[Los exchanges] They grow very quickly. They are not regulated. They are inexplicable. I mean [ellos] You embezzled custom customer funds, this would be a crime. However, the reality is that it will take years for regulators to understand staking. “

The “confusing” government model could have made the takeover possible

At long last Levine believes that the governance model underlying STEEM may also have been responsible for the attack..

“I think the biggest lesson I learned from this is that you really need to think about the complexity of your blockchain at the design stageBecause the attack vector here was probably STEEM performance and the STEEM stakeout mechanism, and the connection between STEEM and governance is too esoteric, too complicated, “he said.

“So if you have an exchange where executives monitor hundreds of tokens, each with their own crazy governance models, this should be taken into account at the start: ‘Hey, people won’t understand the nuances of it.'”

“I think we can put aside whether there were malicious intentions or not and say,” You know what, it’s probably too confusing, “and it’s an attack vector in itself that needs to be considered,” he concluded.

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