The Business of Crypto
View this post on Hive: The Business of Crypto
5 years ago in #steem by indigoocean (67)
$4.92
- Past Payouts $4.92, 0.00 TRX
- - Author $3.81, 0.00 TRX
- - Curators $1.11, 0.00 TRX
I think steemit inc just needs to create a fun app that will grab the younger generations attention through "money to be made" and the "hype" make that new platform be about the ads, while leaving steemit.com as the backbone without ads.
We shall see! He talked about rolling out some new things, so I'm super curious to see what that is.
Like most capital raises when valuations are high, some projects get into a comfort zone not believing the well will ever run dry and when it does austerity is the first thing to execute. However, Ned also mentioned rolling out the assets they have created which will be interesting to see as they may add some potential value to the ecosystem as it looks to rebuild with more dependence on the community who will need to step up to support development here which I think is a great implication of this announcement. Further decentralization is good and will also lead to better distribution. Now let’s see what is left to build on after this too passes!
Posted using Partiko iOS
Yeah, I hope to see good things with those rollouts.
Great points on how companies tend to handle raised capital and unexpected financial challenges.
Maybe, too many of the wrong kinds of people are witnesses. I could be wrong. But maybe we should find ways to let more people witness like Bitcoin does with the wallet thing, assuming that is how Bitcoin works. I think Witnesses should only witness as a side job, as a gig. People should not rely on Steem until the Dollar crashes. Currently, Steem seems to rely on cryptocurrencies like Bitcoin which depends on the Dollar which is regulated by the Federal Reserve which has been attacking the Dollar several times in 2018. The Feds are attacking the Dollar and that affects the crypto world. So, cryptocurrencies are going against central banks, the Fed, and all of that, but we need more time, like a few more years, or maybe longer, because gaining independence from the elites, the rich people in those big world banks, is not very easy to do. I will continue to promote Steemit as it is better than http://Minds.com
I definitely find Steem to be way better than Minds! And yeah, there is an issue with the entire model of witnesses NEEDING to sell at any price just to cover living expenses, particularly when they have so much. Again, I'm only talking about top witnesses, as in the top 5, not all of them. Most are doing it part-time. But the demands increase the higher up the ranks you go.
What's more troubling to me, honestly, is discovering that the entire STINC company has been running off selling STEEM! That's far more STEEM being sold at bargain basement prices than from the witnesses!
BitTorrent Bitcoin Steem Style?
I want Steem Witnesses to get paid through a seeding BitTorrent system. Like, why not, if it's not already like that? Get paid in Steem, in Bitcoin, in Dollar, or whatever, for hosting, serving, witnessing, the servers, the nodes, whatever that is needed for Steem, the blockchain. Borrow from what has been working from the Bitcoin & BitTorrent world.
Full-Time
So, only about 5 witnesses are or were witnessing as their main source of like income, as in full-time? Well, more power to them, I guess. Because they can do what they wanna do. But then, something like this happens or could happen. And that might be the problem if they have no backup income.
Selling
Yeah, if STINC is selling a whole lot of Steem, that makes me wonder why I'm investing in the SP, for long-term, if they're doing like the opposite of SP in selling. Plus, the ability to edit comments & posts that are older than 7 days is good but also dangerous if somebody were to kidnap my account someday, maybe they will go into a post, an article, I wrote a year ago, & remove the content, the words, & especially the pictures. I like Steem for the money. I made a few dollars in the past year or so. But I am mostly on Steem to archive what I write, links, maybe video too, and especially old family photos from the old family photo albums that I've been scanning for my mother.
When a post is edited, the original is still on the blockchain (I think) the edit is just notice to the UI to display the new version of it. But everything is still there somewhere if you can access the blockchain directly. (Someone correct me if I'm wrong.)
Posted using Partiko Android
If you are right, then if I try to edit a year old post via Steemit, then maybe I will not see the edit via another app that is on Steem, like Busy.org for example. Or if Busy does show it, maybe the original version of the year old post is still on the blockchain but is not shown. But maybe there would be a way to look at the original version of it. Yeah, I would love to know specifically what happens. Thanks for writing. I guess we will find out someday maybe.
Gosh who knows 're that announcement. Be interesting to see responses today.
Posted using Partiko Android
Yes, I'm reading quite a few responses today.
What's the consensus?
There isn’t one.
I don't think that it should be up to Steemit to pay the witnesses...though they might choose to put some in their employ in exchange for services rendered, such as development.
I posted a freewrite in some part related to the announcement from Ned. Mostly it was related to the silence on here and feelings though. Rambled quite a bit.
We're currently reliant a lot on Steemit Inc. That's not a good thing. They do the majority of development here and finance it through the sale of Steem. That's dangerous when it gets this low.
They should have alternative financing. The standard method of selling a portion of a company...sucks. I don't think it's a good idea, perhaps especially for a company like Steemit. Steemit isn't a standard company anyway. It might not be easy to raise funds from investors when you're an open source company working on a blockchain. They hold a lot of stake, but could they convince an investor to invest in them? There's no ads on Steemit. All their funds are tied to crypto. Perhaps the best way they could raise funds would be some form of Steem related buy where Steemit protects against some kind of loss.
The Steem social network itself is probably the best source for any investors. But most of those potential investors are probably already heavily invested in Steem. Perhaps there's someone here that believes in Steem that somehow could form some form of agreement to help bail out Steemit.
Or perhaps Steem has reached it's bottom and Steemit's layoffs are temporary and soon we'll all be rocketing to the moon.
The witnesses have been very well paid in the past though...and it sucks that they have to sell at this rate...but they likely can still put some aside and possibly get some side work to help stay afloat. Running a server isn't that difficult...well, at least not when it comes to time. The extra crap with Steem is more annoying and takes extra time. If you wanna hold on to Steem, you can figure out ways to try to get extra money and keep as much as possible. It's not easy, but the potential benefits are great.
I appreciate your perspective. I think the top witnesses do a lot more than running servers, and I think some of the very top ones are needing it to be a full-time job. But I hear you when you say that this place is already pretty centralized in Steemit, Inc.'s hands and why increase that more. Also that the open blockchain may be hard to find traditional investors for.
There is definitely a need to move away from the need for so many big steem holders to be selling massive amounts all the time just to cover expenses (whether company or household). That's especially the case when steem's price is so low, as it drags the price even lower, but actually all the time it is dragging the price down. We just don't mind when things are a bit higher to start.
Also, they aren't responsible for paying the witnesses. They're having enough trouble paying their own people it seems. They set up Steem to pay the witnesses without them. They could have set it up as a centralized system and paid out witnesses as employees. They're not though.
They do. But their primary job is to run witness servers. They can try to minimize their time and figure out ways to get money to try to keep from selling Steem.
They are paid pretty well for their jobs. Not all of them are like the best of them. If they can try to keep Steem, they might end up pretty rich from this job. Sure, some of them do a lot to help out Steem, but not all of them do really. Getting rich off of Steem for running a server and doing a few things in the community isn't such a bad prospect.
If I was a witness, I would be coming up with ways to make extra money in whatever way I could to minimize my selling. Perhaps in something Steem related. Steem Monsters certainly came up with a nice idea for something that still makes good money, even when crypto is down.
I think you missed the part where I said I "had" been thinking of giving a salary to top witnesses so they didn't have to sell steem. Had as in before learning STINC itself was struggling.
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