Sorry, short article as I do not have much time...
Steem is laying off 70% of its wokforce
Steem announced a few hours ago that it will lay off 70% of its workforce, as they depend on automated Steem sales over the market. The value of those sales has completely collapsed and Steemit Inc seems to not have much Fiat reserves...
Steemit Inc could have set easily 50 Million aside in the last bull run
Why o why did @ned not set 50 Million Dollars aside... Steemit Inc would have been independent for 5 years from the market... The total stake value of their 50% went over a Billion USD! That is incredible!!! If they now go on selling into this dead market the Steem value can go below a cent!!
The developement of SMT's in Danger
Having fired 70% of their workforce the SMT deadline is in danger. I did not hear him even talking about SMT's anymore... He only talked about Hivemind and communities... So did he fire the SMT-Team and kept the Community coders?? @ned, please clarify.
If he only counts on sales on the exchanges, does this mean he did not find any investor who would like to buy 10 million Steem for a USD from Steemit Inc? I think depending in this market on constant sales, he will drive the price to the absolute ground, where it does not even make sense to sell anymore... and if the SMT's do not get done than that was it... This is really ugly... and really surprising.
Disclaimer: No investment advice, just my opinion...
I really hope he open sources the codes and the community takes it to the moon....,like wtf I invested my hard earned money 2 years after joining so I wont believe this will go to 0
I am not a lawyer regarding the type of license o the source code... but he would better find some serious investor instead of keeping dumping it on the market... this is not a strategy after such an announcement.
what is he dumping on the market? for a lot of these cryptos large whales sat on their shares otherwise the price would have never increased. if they sold as the price rose, what would that have said about their management and vision? it's a double-edged sword, i'm sure a lot of cryptos are in consolidation... it has to be a community effort, and if STEEM is a solid blockchain, more developers have to organically come for a piece of the action
In the normal world this would be the end of a company, its weird that such a big project which was 1 billion worth and nobody managed to put some security assets to the side or get some sponsers on the board when bad times are coming, basically they saying that they dont have money to pay bills and they will reduce all innovations and just run the server -- In real world this means game over , in crypto this seems to be alright...weird
the situation is heating up all of a sudden your price prediction is going to become a reality sooner
Doesnt seem like going to 0 or even close to 0.1
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I never liked Ned.