What do think about Steemit CEO Ned Scott's announcement that over 70% of Steemit Inc. has been laid off due to a lower bottom of the market than was projected?
I find it amusing that is one of the reasons for the massive layoff at Steemit Inc. It is curious what had happened to all the funds they amassed from the early ninja mining. They had over $100 million worth of tokens at some point.
Are the operations cost at STINC that expensive? Or is there some sort of terrible mismanagement at play? Is Ned Scott an overpaid CEO?
I never looked into how the corporation funded its activities. Based on @ned's post, it would appear they sustained themselves through the sales of STEEM.
It struck me odd that Steemit Inc. did not consider ad revenues for extra sustenance. They never even bothered to use their stake for a coordinated marketing campaign. They chose to liquidate assets to fund operations.
Given the delayed progress of SMTs, it makes you wonder where did all the money go? Was it not used on talents that could fulfill the vision? Did that dream die when @dan left?
It makes me revisit all the harsh criticisms from @berniesanders, @ats-david, @sircork, etc.
I would say in hindsight, I realized they were right, but that is not true. I knew it all along. The real question becomes: is it salvageable?
I do not think the reliance on STINC to bring forth progress is good for the blockchain. For a supposed decentralized platform (when it is not), the community will have to pull harder.
Alas, whether Steemit Inc. live does not matter. The people that still believe in the platform will carry on until everyone chooses to leave.
For me, the most important question remains: is @kittyninja still employed?
Where's the two million steem spent on dlive delegation, regained just weeks ago? Even at 30 cents a steem, its still more than my entire real world company has spent in two years on a dozen people full time people or more at times, for a world class product serving massive enterprise clients reliably and profitably here at the end of our second year, and we were never in "beta" publically either. We tested BEFORE we went to production and have released updates every week ever since summer 2017, like clockwork.
But like I have always said, you put amateurs with no experience in charge, and you get the clusterfucks and fiefdoms and cults led by utterly incompetent people that we have here.
Conflating techy knowledge to real world business and experience is an multi crash pile up of ego's , waiting to happen..
Story of my unicorn career, my friend, and my mashup of both is why my career is both one many would dream of, and has ended in executive ownership with a solid and confident exit plan.
So it goes.
and if any more proof of that were needed, go read the @dstors shite sorry white paper.
Hey buddy! No need to flame dstors; which to me is a genuine initiative to add value to steemit. A lot more valuable than your useless panhandling posts for personal causes. I support and have delegated to dstors.
To me its not a genuine initiative, its poor. My opinion, which Im entitled to have, and reinforced by the fact that you back it which I was already aware of. My posts may be useless, but not quite as useless as your reward pool raping forecasts. Now fuck off 'buddy' and keep checking back for the topic of my next useless post.
Little nerdy "Zfuckerberg" looking pimple-pizza-faced twirp!
You think calling someone a fuck face will get you an upvote or a downvote?
3,2,1: Action! Now, go ahead, whine and play the innocent victim and post as to why calling someone a fuckface makes you an innocent by stander underserving of a downvote.
This is why we love you. Said so well.
Now I'm curious of that world class enterprise you were saying...
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I can easily be doxxed via google, but I'd rather not make it especially easy for all my haters on the chain to associate my real world company with my work and personality as it's known around here. Suffice it to say it's a software as a service application used by some very large and powerful corporations and is roughly related to IT and HR departments.
Okay cool I respect that.
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I wouldn't know...I don't think anyone knows what they do with their money.
No one even knows who worked there or who to be sad for. Is 70%, like 1 people or 70 people?
I feel sorry for those folks who hung their hopes on jobs here though, or quit their jobs for steem, but only a little bit, because it was never a strong proposition to gamble on from the get go.
But it's a little too late for "I told ya so" now, eh?
everyone got spoiled on the way up and delusions of grandeur. yes if you had shares it was sweet, but to think you'd live off the bloggin here, that's crazy
And yet child genius instant millionaires thought they could run a whole company off it and they barely even blog, or curate, or show up, or finish a task, or deliver anything... that works....
I count 10 + Ned in this post https://steemit.com/gathering/@ned/have-you-seen-this-post-yet @5:37. So 70% would imply 7 well paid people. @sircork
Apparently, exceptionally well paid. Or, were, rather. Only just counting the people in the video, is inconclusive, as its not clear where he is speaking, though the name of a "hall" under the whiteboard, implies a college somewhere. So we cant assume those viewers are employees, plus, it appears to be a presentation, not an internal design presentation. (I live that life) and of course, we know there are alleged to be support staff outside dev, in marketing, copyrighting, and so forth.
The point is not to belabor the exact number. It's that no one knows, and thus we have no concept of their scale, or capability to deliver. And as much as I am FIRST to holler steemit IS NOT steem, the sad truth is, they gatekeep, they control the top 20 witnesses and they have centralized the living shit out of the place, and then managed to lead with a genuinely fair level of incompetence.
So, we really are just gambling on a total crap shoot here. No matter how "rah rah" the stalwart, and often naive community is, nor how dedicated the solo underfunded ,undelegated developers are. I cant tell you how many great minds I've seen give up in disgust and leave the ecosystem in the last 20 months, but its a LOT, because quite frankly, the opportunities here get squandered or ignored and the grass is greener elsewhere in systems that at least pretend to be decentralized better.
What in the hell have you done to me?
We went combing through your records and we've decided you need some time a part.
That pun was a cut above the rest.
Ha, wonderful. But I mustache you a question. How do you like my new look? At first, I didn't like it but now it is really growing on me.
It's a hair over the top, in my opinion.
I just hope they don't pull the plug on the Steemit API though.. Word on the street is that 90% of all the dapps are free loading on Steemit.inc's seed node. As soon as that 1 node bugs out, all steem goes to shit kinda..
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Witnesses would take that responsibility over...Dapps would undergo little outage just like the BTS chain did few days ago
The problem is, would they?
Herein lies my concern.
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99% sure they would
Thats a really cool comment and possibly very interesting. Could you please translate it into Nathenish and expand a little please mate ? I did get the bit about turning off Steemit and I couldn't agree more!
Your balance is below $0.3. Your account is running low and should be replenished. You have roughly 10 more @dustsweeper votes. Check out the Dustsweeper FAQ here: https://steemit.com/dustsweeper/@dustsweeper/dustsweeper-faq
I don't have the exact info or data, so bear with me here..
From what I know, a good chunks of steem dapps out there functions by using api.steemit as the back end. So basically, steem runs the seed node with huuuuuge traffic throughput to power up all the dapps you and I prolly use (asides for steemit.com, the biggest steem dapp so far).
So a seed node is different from a witness node in that (im slaughtering it here) the witness node (imagine it as the "miner" for Bitcoin) signs and store the blockchain data but don't really serve the data out. That is done by the seed node (imagine it as the "full node" of Bitcoin).
You can imagine doing that will take up alot of traffic upload download traffic and is especially expensive if one is using a cloud server (which is what @steemit did).
If they pull the plug... Literally all the dapps that uses api.steemit will be cutoff and have to either find an alternative or run their own seed node.
I don't think it's anywhere near accurate but it's the gist for a non-techy guy like you and me. I hope someone will come along, read what I wrote, get pissed, and correct me.
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Close but off by an inch.
Witness nodes, sign blocks as valid and store them in the sequential chain.
Seed nodes are the arbiters of the ledger sequence number of the moment, consent to it and issue to the rotating witness receiving the next block to validate, ensuring a witness in rotation always has the next valid block id number.
Missing from your definition, but the one you actually mean, is what we call RPC nodes, short for Remote Procedure Call nodes. These are the middle men between dapps and the chain witness and seed nodes. All have to agree on block ids and contents, and both rpcs and witnesses contain full copies of the chain. These are the heaviest metal in the mix, and we have very few of them available due to their uncompensated expense.
Thanks! TIL..
So all 3 are equally important but only 1 type gets paid by the Blockchain, that's a scary thought.
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Yeah tell me about it, Ive had two witness servers for nearly 18 of my months here, and further actually wrote a business plan to create RPC nodes as a subscription service for dapp builders, but frankly can't afford to rent them for a business that they probably won't pay for until freeloading is not an option, at which point ,as discussed herein and as is apparently starting to happen, it would be a day late, eh?
I think a Steemian said somewhere in this whole comment thread that "people will need to pay to get connected to RPC nodes, they just don't know it yet".
Yea i'd say your business plan would do well to sit prepared for the right timing.
Thanks for that boys.
Fairly certain Steem would be boned if this happened and prompt a mass exodus. I really hope not. Are those that made millions here willing to sustain the infrastructure at a loss and, if so, for how long?
I think we would most definitely see a fork from a new database as we will need to start fresh to cut server costs. No sense in retaining the data from an derelect chain.
Hopefully, things change and we don't reach that point.
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Are those that made millions here willing to sustain the infrastructure at a loss and, if so, for how long?
They've had two years to step up, and only about 5 or 6 people/witness teams ever have.
That said, its really on the dAPP builders to buy and pay for the RPC nodes, its them that needs em to survive (and by extension us, but yes, they are the primary consumers) Not the witnesses, or the whales. Witnesses get paid for blocks as is. RPC nodes are swallowed up by the dtubes and so on. THEY and some do, need to build these, its their businesses at stake.
I'd love to read an exposè on who were the witnesses that stepped up, who were the witnesses that did nothing.. A sort of tell-all to reveal what each of the top 30 witnesses have contributed to the blockchain, whether it warrants them all the steem they earned all these while.
At the very least I hoped I voted for the correct 5-6 witnesses that did stood out.
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There is many places to get node lists and who owns them. This information is all over the chain.
Then, we will know penny STEEM is coming.
Now you're giving me ideas..
"Mom! I'm heading to the bank to get another loan! One more big sale is coming!"
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Dang that's a lot of hookers, star trek memorabilia and lambos.
Why did ya eat all the firckin chips Ned!
Well, the party stops here now, I guess.
I'm honored by your question. Sadly, the answer is no.
Aww sad. Where are you gonna go now?
Not sure yet. Time will tell.
Are you sticking around on this platform?
Yes, it's about being decentralized. Everyone was spoiled with the rush to $1B market cat. Time to refocus on the good things STEEM can be about and put money on the backburner.
The community just needs to somehow take over.
so, you say you want a revolution, well, hell, you know... we all wanna change the world.
Nah, I’m saying people need to stop and think STINC will deliver.
well just tell em, man, say look.
collaborate.
Listen!
:O
!gif shockedmonkey
Your avatar has kept me laughing for over a year now lol
I wonder who handles the steemit finances. I know that Cardano held onto a lot of their bitcoin so they could pay their costs even in a bear market. That's what you call good financial management.
We need a community lead dev team. I wonder if @utopian-io could help with that or if they are already doing something that could be pushed in that direction.
If those who hold a stake in steem cannot express their views in a way that matters, apart from voting for witnesses, that leads to poor accountability and increased risk of poor governance.
Maybe we could use something like @dpoll.curation to conduct a survey of stake holders to get their views.
@kabir88
When the company has no source of revenue and its only means of funding is through liquidating its own assets, I don't think that's sound financial management.
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