But how many vests is a Steem coin? Well, I currently have 41,425 powered up Steem and 81,481,655 Vests, so one coin provides around 1967 vests. This means that Tron needs to power up more than 3.25 million coins to push a hardfork through. These numbers are pretty important.
We have the votes to retake this chain, but politics and decentralized arenas are a complex space. We are in the middle of a rock the vote campaign to boot Justin Sun off of the network and squash his extremely risky 51% attack. These things take time, but I think we have the votes to make it happen.
Binance is currently insolvent and hasn't even had time to power down even 1/13th of the money they attacked us with. The optics on this are terrible for them, and they're probably be worried Justin Sun will try to buy more Steem in bulk to continue this war. However, I think this is completely off the table. Binance is treading very carefully at this point.
Binance's Steem/BTC liquid market is the biggest by a huge margin. As we can see, there are only 1.1 million coins for sale, and buying them would push our value up 33%.
Add to this fact Binance is insolvent and only have around 5 million coins (from liquid Steemit accounts) sent to them when Sun centrailzed the platform and unfroze his accounts. Binance still needs 25 million more Steem to get powered down before they are fully solvent again.
There is also the matter of which direction the crypto market at large is going. If Bitcoin gains value during this critical time before the halving like I think it will (+80%) the value of Steem coins will also rise with the tide, making this hostile takeover that much more difficult.
https://steempeak.com/hive-101145/@sct/proxy-token-proxy-token-witness-voting-policy
The Steemhunt crew also seems to be split voting and creating somewhat of a filibuster. it looks like they could also end this. Such a crazy situation.
Justin Sun can see that we have the votes to win. He's not toying with us to bait us into powering up. This is a political process and takes a bit of time. His entire stake in the network hangs on the hope that we don't get our shit together.
But he is also in big trouble, not just with Steem but also the exchanges he made insolvent. Will he choose to double down and power up 3.25+ million more coins and try to push a very poor hardfork that might not even work? It looks even worse when Steemit Inc employees have joined the community.
I don't. Justin Sun and the exchanges are getting railed in the court of public opinion. The optics on this political movement put them in the crosshairs of a legitimate grassroots revolution.
Unfortunately, the exchanges can attack again any time they want and change the votes here to push a hardfork through. Luckily, that hardfork isn't ready yet because all the Steemit devs that quit.
