Good analysis. I'm not sure that crowdfunding is the best way to handle this transition, but I would like to see it applied to some side projects by third parties.
We're in the early days of this movement/experiment. Steemit is just one use case for Steem. And in a way, it's the cart before the horse. Perhaps Steemit is a proof of concept, but it also can be an important pillar of this economy. It cannot be the only one.
If I were an investor, I'd be pretty impressed with what they have achieved so far. Clearly, the model needs some adjustment, but they've proven that it can work. One of the smartest things they have built in is the ability to make adjustments as the whole thing evolves, and I think we all see the need for some adjustments now in terms of the Steem supply and demand.
Supply: The inflation needs to be addressed, at least until there is some more demand for Steem. It sounds like this is on the table for the near future.
Demand: We need more businesses using Steem. I think Steemit Inc needs someone who can really market this well and explain to various businesses why they need to get on here. Without a concerted marketing effort, my suggestion would be to make it is simple as possible for business, apps, and third parties to integrate with and use Steem. The back end is awesome and we need to make the integration really user friendly for others.
Also, I don't think all of us should simply offer critiques. We should be building our own businesses and layers and apps and sites that are powered by Steem. Maybe you have one in mind that would be better than Steemit.com. The blockchain is there for all of us to build on; Steemit Inc does not own that.
And the really cool thing is that we all have a stake in every single one of those projects that's powered by Steem.
In the short term, there will be a transition with the price crash. Those who continue working on Steemit and Steem either love it or believe it has a future (or both). You won't be making a living on here right now (or anywhere close to it) and this won't turn around overnight, but I think that with some adjustments, it can be very attractive to investors. I think they won't have much trouble attracting investors, and that may be one reason the main team is letting the price crash (so the price will not be an obstacle to investment).
Sure, investors could be given a stake of Steemit Inc or Cryptonomex, and I think those entities have some investors already, but it makes more sense to build future investment right into Steem rather than separating it off into a crowdfunder that just creates more bagholders and more potential obligations.
I would LOVE to see more side projects by third parties (community members) that involve crowdfunding to get started. There are a ton of opportunities here right now. I'm buying more Steem.
Great points @donkeypong! I just wish there was a little more communication between the founders and the community... Great post though and thanks for sharing!
Communication is already good. But community also have to try approach founders in appropriate way. There was an Oslo hackaton last month... and Ned was available for everyone for all 4 days longs.
Everyone could come, there was no a special ticket required.... in fact @bitspace give to everyone who come 100 SteemDollars.
Next chance to meet Ned is... SteemFest.
I'm talking official communication via the website. Not everyone is able to attend things like that, even when they are free. There are numerous other costs associated including a time cost that not everyone has.
And to get that, STEEM needs a better API, period.
Great analysis :)
I have ideas for projects but I haven't developed pitches or have any idea who might have any idea how to get it started. I just write the ideas and note some month or two later it is in early stage implementation, so obviously I must be seeing these things amongst the first.
It is just frustrating to me because this is the best I can do right now, and I am really not getting much out of it but reputation. Well, maybe some day soon I can power down some of my rep for the opportunity to work more intensively and have a warm bed and good food on a regular basis.