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This is what @exyle has to say about that. Start from 5:10. He has actually run a witness server.

Definitely doesn't have to be anywhere near 500 dollars.

How do you know?

I am part of a witness team.

Ok. What you're saying is good news.

How much do you pay for a witness server at the moment?

less than 50 a month

That's cheap as F. :)

When it's that cheap, the chain will never stop. Development may at least at Steemit, Inc. But the chain will always run.