The same way any centralized database can change any piece of data without permission. What keeps a network like Bitcoin (or even Steem) honest is that there are multiple nodes out there that would reject unapproved changes to the ledger.
The question isn't how would they do it,
the question is what stops them from doing it.
An exit scam would be possible at any point?
Exit scams are very popular these days anywhere, especially here on steem:)
You can theoretically see who owns what by parsing all the info from the blockchain. How can they exit scam when they haven't made any money yet? All 12.6 million coins are still for sale at 1:1.
Hmm. But everything would still be documented on the blockchain? So it wouldn't be lost. Only the steem, that you send to that account.
yes, but what other group is going to set things right and continue development? Probably no one. It's not decentralized yet, and that's fine for now.
Edicted, unlike the private blockchain where if SE ever decided to remove any tokens through a database change where it could be done privately that's not the case here. Every change that's ever made on the Steem Smart Contract Node is public because all the data is pubic. It's all verifiable. In the meantime decentralized data will have to suffice until the second P2P layer is complete for the Smart Contract Platform nodes.
I can't say for certain we'll never have an ETH/ETH classic case, but even if we did the whole thing is on chain. All the data is there for anyone who seeks to use public data as they see fit. You would still have the choice to view the data and take whatever steps you deem appropriate.
Thanks for the info. Yes, the data is all stored on chain, but only one node is processing transactions... which means you could easily freeze anyone's account. I don't think this would actually happen, just that it could. The mute feature proves it.
i’m unvoting you as my witness! You don’t understand what is really going on here! Sorry! goodbye @aggroad!
Such drama, you've earned a DRAMA!
To view or trade DRAMA go to steem-engine.com.