Steem sacking - Should we be worried?
So a few hours ago ned dropped some big news on us, and I've only one other person has mentioned it so far. I'm all for transparency when it comes to projects in general nevermind a decentralised blockchain project like steem.
Summary for you lazy buggers
So basically ned has come out and said that due to the reduction in the value of crypto it was significantly reduced their budget as selling steem deonest give them the same level of runway to match their projected burn rate.
Having costs increase and income decrease means something has got to give and this is precisely what has happened at Steemit Inc claiming 70% off the staff compliment is to be laid off.
I checked out LinkedIn to see how many employees steemit has on the platform and is said around 200 but many of them were users claiming to work at steemit lol Blogger at steemit is not a job bro!
Regardless if it's 10 or 100, 70% is a large chunk of your workforce and will mean projects take a real knockback or even grind to a halt.
You can read more about it here or watch the video
Important announcements
As they say, honesty is the best policy and it allows investors to make informed decisions on what they would like to do, such as pull stake or commit to the project in times of need. Whether you've invested money or a bunch of your time to the platform I'm sure the news does leave you a bit uneasy about things.
hold on tight
It looks like both investors, users and blockchain projects will need to continue to tighten their belts as the market shrinks and to make sure they protect themselves against any additional downturn as I feel the market won't recover for some time.
You can read more about my prediction here - What the FUD? Why I think the Bitcoin Price Keeps Going Down
should you start to worry?
Have at it
What do you think of the steem sacking? Are you worried about the future of the project? Should Steemit inc be doing less and the community and witness take on more? Have you invested in steem?
I'm here to listen, tell papa all about it!
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seems only normal to me... I'm glad at least he detailed it. it's never seemed that any employees were driving things here, always seemed more like dedicated and inspired developers and community were.
steem is rising with other cryptos currently
Yeah it looked from the video that he was pretty cut up about the whole thing! It’s never a nice thing to have to let someone go even for poor performance it’s a hard thing to do, never mind financial reasons
I just hope steemit inc and the community will always have open dialogue so we can make decisions on who does what and keep the ecosystem working smoothly
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more sharing .... more caring
Not at all worried!
I like steemians always such a confident bunch!
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I'm only worried about the progress of SMT's which a lot of the apps are waiting on and are needed to bring us to another level. I'm hoping that this won't effect that since it's steem inc that were driving it. Apart from that the chain is run by witnesses and we have a lot of great projects coming out lately so i still believe. I just hope that he can keep everything on track to match the other progress.
Ah that’s a really good point! SMTd are important since I feel would really free up a lot of dependency on steemit inc and allow dApp owners more freedom!
They slowly need to ship off responsibilities and focus on the chain only
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I know they are just trying to steam line which is fine in a year long bear market but it will mean shutting down certain projects. The question is where they direct the remaining resources with 30% of the staff.
After SMT's they can sit back a bit more but until then I hope that is where they throw the focus to allow others to then build on what they have put together.
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