The steem chain doesn't need to grind to a halt over this, but it is likely going to go through a bit of volatility.
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I honestly think this might be a good thing. Steemit inc left a lot to be desired. Sure things seemed to be improving, but it always seemed they one would end up disappointed when relying on them
Don't know. However, there is a lot of possibility int he uncertainty and this is where legends can be made :)