November bear onslaught forces Steemit to cut 70 percent staff

 The recent bear attack has not only pulled down the collective coin market but also debilitated cryptocurrency facilitators. Steemit, the blockchain start-up is one of the main victims of the November meltdown.The blockchain-based Steemit was forced to lay off more than 70 percent of their staff, as addressed by their CEO and founder Ned Scott in a video posted on YouTube.“We had been relying on projections of basically a higher bottom for the market, and since that no longer there we’ve been forced to lay off more than 70 percent of our organization and begin restructuring,” said Scott.Bitcoin which fell to a yearly low in November was expected to bottom at $3,000, but managed to rebound around the $3,500 mark and now is doing relatively well. At press time, the top crypto has surged past the U.S. dollar by 7.8% and is priced at $4,180.Scott added, “We are committed to being transparent and open throughout this process, where the company reorganizes,” with the focus being on bringing Steemit as well as the related apps back on their feet. Scott cited a reduction in storage costs and energy costs as being integral to their “cost-reduction solutions.” 

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