Splinter Cryptocurrency Hive Outperforms Justin Sun’s Steem After One Week Trading

It’s been a week since the community that drove the Steem blockchain largely broke off to form Hive, and the market action so far has been on the side of the dissidents.

Hive tokens are trading at $0.321 versus steem at $0.168, according to CoinGecko at the time of this writing. The upstart is almost twice as valuable as the original blockchain.

“This is a true show of how a community can’t be bought,” Dan Hensley, a major holder of steem, and now hive, told CoinDesk.

To very quickly recap this saga: Steem is a public blockchain largely launched by Steemit, the company, which ran the user interface that made it known as a blockchain for bloggers. Steemit owned enough steem tokens to influence governance, but it never exercised them. Then, following long-term financial stress, the company sold to Justin Sun’s Tron Foundation, which began to make moves to use those tokens to change how Steem worked. A group of developers opted to hard fork the blockchain and create new interfaces…