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RE: Ask Me Anything Contest / Best Questions Win SBI - Dragging You Up With Me Week #13
Hey @d00k13,
With the jaw dropping news that @ned just posted about laying off 70% of the workforce, do you think Steem is heading the way of the dinosaur? Are we done, kaput, bottomed out???
I've invested far less than most people I've "met" on this platform, but I have to wonder if it's time move on.
Or, will Steem be able to move forward by implementing their cost cutting measures? We have to figure at this point that SMT implementation is going to pushed, and who knows how far back.
This is not FUD, it's just realistic questions that Steemians should be asking themselves... and what better place than here to get some good damn answers 😀
Cheers,
OFI
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Not in the slightest, if we were reaching an end I would figure the usual cut and run scenario would ensue rather then a cut back and reworking of expenses.
Think of it this way, scalability of the chain relevant to resources has always been one of the biggest concerns to which none of the other blockchain projects really have a working solution for. If we can overcome this issue of the expense running a witness via hardware requirement anyone would be able to continue hosting the networking including myself from home, only reason I am not yet a witness is the ever expanding hardware costs.
The fact alone that @Ned is willing to lay off people to reduce overhead says a lot about the intentions of keeping the project alive vs the intentions of profiting from it otherwise he would just let everything float along till being able to cut and run such as @Dan.
Now SMT in my opinion isn’t a good idea till we have a separate from BTC price evaluation for Steem and the means to use it in real world scenarios with simplicity. Just like SBD the SMT tokens are essentially just going to be debt of Steem and as long we have no alternative trading partner then BTC price fluctuations will increase volatility of Steem as the SMT are used to fund the projects on top of the Steem chain. We would see a similar thing happen with Steem as what happened with ETH and their tokens which went through massive growth only to be met with massive off selling of ETH20 tokens for ETH to be sold off for fiat for project funding which is now keeping the price lower as the debt is being paid out.
I see Ned’s announcement as a bold but genuine move from a business standpoint, overhead is the number one killer of new businesses and to address this problem and even admit that it is a problem is a good step towards being transparent with the community! Furthermore when people become complacent in their jobs things are over looked, when needing a solution to a problem that has yet to be solved in house the easiest way is to bring in new blood. Completely unfamiliar with the complexities yet may bring with them a fresh perspective on how to overcome the circumstances, I speculate to say this may have something to do with his 70% lay-off.
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Hey @d00k13,
Thanks as always for your thorough response and promptness. I agree that Steem is not going to disappear into oblivion, and some of your points reinforce that notion.
It does seems odd that they had to lay off 70% of the workforce though. I mean, they could have performed layoffs in stages and hedged against the bear/bull movement... I mean, if the market turns around in a week, those workers aren't going to just magically reappear. It's a bit concerning how this was done.
On the SMT front, I believe all tokens/coins would love to get away from papa-BTC, but I have no clue how that would even happen. There's so much actual potential here, it feels like it's own little tech bubble, and I'm glad to be here at still such an early stage.
Lets see what happens next!
Cheers,
OFI
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About layoffs:
Yea sometimes drastic measures are the only way to bring about the appropriate change, when a new business owner takes over a company often the first step is to bring in the help required to make the needed change which often means replacement of staff. Consider this the business man side of Ned vs the marketing side, look at trumps approach full of outrage but it is effective relative to statistics the economy is doing much better so I am hopeful this is the right step to take.
SMT:
The only way we will see BTC stop being the king market influencer is when the network collapses, what do people think will happen when miners no longer receive rewards? Basically the cost of mining gets way to high even for major companies? Before that happens projects need to have use case setup without the need of BTC, or exchanges for that matter as they may mostly collapse with the BTC market.
Something as simple as having a direct fiat - Steem exchange system would prepare us for being able to step away from BTC dominance but would also create a system where if faith dwindles the market could be withdrawn very easily!
In a sense BTC dominance is a curse but also a saving grace as it in a sense hedges every other project that it trades with.
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Also, Steemit Inc. is the business front-end to the otherwise public STEEM blockchain. I was so happy to read in the latest Steem Monsters update that they have taken the necessary steps required to operate independently of Steemit Inc.
I guess the future is bright, still 😀
Cheers,
Yea even though we can operate separately many aspects of even the Steem chain are dependant on the Inc development team, we will be good but I am also going to look further into things as I am just learning the public RPC nodes are nearly at capacity... but that effects mostly things like our #OneLoveDTube curation bot
I will remain hopeful and continue working towards the solutions as always 👍
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