Steemit Lays Off 70% of Workforce - Ned Scott Explains

Ned Scott wrote, "We still believe that Steem can be by far the best, and lowest cost, blockchain protocol for applications and that the improvements that will result from this new direction will make it far better for application sustainability. However, in order to ensure that we can continue to improve Steem, we need to first get costs under control to remain economically sustainable. There’s nothing that I want more now than to survive, to keep steemit.com operating, and keep the mission alive, to make great communities."

Steem is down around 97% from its high of $7.00. Steem is up 13% today and has not been affected by this news. We LOVE Steemit and hope that this is not the end.

The big question is whether the cost of maintaining the infrastructure can be supported.

Let's hope for the best.