Thank you for this very informative post @exyle. Of all that you said, that stands out to me:
"Steemit inc. is paying for these full nodes by selling their own STEEM on the market."
"Steemit inc. has a lot of pre-mined STEEM. But it's not an infinite amount. It will run out at some point and even faster if price goes down."
I will assume, as one of our Witnesses, that this is 100% accurate. If so, frankly it is alarming to me, as it doesn't indicate this enterprise was originally built on a foundation which would last. My only hope is, there is more to the story.
I would like to clearly understand, from the outset, what "the plan" was to transition out of this state. If for no other reason, as you say, than *"... it's not an infinite amount." Exactly. So, again, doomed to fail ultimately, unless there is more to "the plan."
[Note: On top of that, as you indicate, the need to continuously sell that volume of STEEM seems counterproductive to the overall goal of having the price go up, not down ...]
Any more input on this? I accept the point of your post is that Steemit needs to generate income. But, with all due respect, it is coming from someone outside of Steemit, Inc. and leads to the impression they have no thought or plan of their own. From the beginning ...
I'd really appreciate your further perspective on this. Thanks agaiin @exyle! 👍
As with most other other models, the deployment of a piece of technology will often come with a lost in the initial stages. You must give away most of the tech for free (if you can) to support the idea. This is typically the case for leading edge ideas.
Obviously, the struggle to cover basic costs appears to have driven the price of steem down, but as with anything, the privatization of steem nodes brings business opportunities to some, which means we're going to test how well this "business" idea of steem is going to survive. This will be capitalism at its best.
It's deducted from the announcement post of the layoff.
The bottom of STEEM is way lower than they expected and therefor they had to let ppl go. They couldn't afford to keep the on.
The core dev team is still there.
Right now the focus is to reduce the costs of the full nodes by reducing RAM usage. It's priority because it's costing them 2 million dollars a year. Not much in the good times but a problem in a long bear market and if this comes from STEEM than it puts a lot of pressure on the market.
Outside revenue models need to be found, now more than ever.
I don't think this situation was fully anticipated but we are in it now so we have to get a move on or everyone loses.
Okay, thank you @exyle.
Ultimately I favor a fully decentralized architecture spread over the globe, with no single point of failure capable of "bringing down the whole house."
Right now, at this point, it is of real concern to me we don't appear to have reached anything close to that.
I appreciate your efforts, hopefully allied closely with others, to come up with a viable solution.
All the best to you @exyle!
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