The Nuclear bomb @ned dropped last night will take me a while to process here.
Normally I would always wait a couple of days before responding so I can wrap my head around the situation.
But I think this situation is important enough to talk about now.
I think it's a must in the upcoming days to figure out where we stand as a community.
I also think it's important for every witness and project on the blockchain to voice where they stand and what they can do to help out.
It's clear to me so far that when Steem inc can't afford the infrastructure to run the blockchain anymore we all lose.
Lastly, I'm also hoping for more clear answers from Steem inc where they stand and tell us what they need to keep them going.
I would like them to use the community more. Especially in these times.
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That was a bomb alright! The sun will rise tomorrow!
Yes, it will!
Would be a sham if this whole thing was a scam from the jump?? Thoughts please?!
Was it that surprising? The whole market is down & he did what needed to be done. What keeps being overlooked is the fact that the right kind of people need to be attracted to the platform for sustainable growth. There seems to be this kind of attitude to encourage and support shitty half assed content that takes a best minimum effort to produce instead of people that are passionate about writing, photography or making videos. It’s supposed to be a network of sites aimed at content creators but is mainly used by people that couldn’t give a fuck about content creation, is it any wonder it needs help??
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Thank you for this video @exyle. I'm still wondering what we, the developers, bloggers, etc. can do to help out in these hard times?
Maintaining good communication with the community will be key in the coming weeks and months, and up to now, I feel like that's something that may have been lacking from the @steemit side.
Thank you for sharing your insights with us once again, @exyle.
I believe that @ned's goal is to make sure that everything is secured for dApps and I have high confidence that estimations are done to make sure the infrastructure is able to hold long enough.
I think the good news is that after the launch of SMT's, the @steem blockchain will pretty much be a finished product @therealwolf @exyle. There might still be updates after that but not nearly as many.
@ned will continue developing on the blockchain through his new venture, Destiny.
@steemit may not have had the insight or willingness to sell enough of their Steem at high prices but @ned had enough insight to sell over $1,000,000 USD worth of Steem above $1.00 USD.
I think that move is enough to continue the development of Steem since he can likely use some of it to launch Destiny. Destiny should be more of a for profit business with a sustainable source of income since they will likely take a % of the rewards gained through their Dapp.
Amazing comment here, Chris
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Thanks @kenmelendez. 😊
There's still a lot of work to be done Chris, but a little optimism is welcomed.
Hopefully they are keeping enough developers on board to complete the SMT's.
If @steemit can make it to the launch of SMT's it should be enough to survive. Then @ned's Destiny and other Dapps will be able to thrive.
There should also be Hivemind / Communities / Oracles and that's only in the first wave... Work never ends on a new technology.
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What if @steemit found a way to monetize the nodes? @gadrian @exyle
@ned can create a section on all the Dapps including Steemit for advertisements but the ads would be paid for in fiat.
The advertisements would be limited to user profiles and Dapp websites like @steemmonsters @dstors and @appics but the fiat generated from those ads would be paid to the owner of the node, not the Dapp website/app owner.
If it's possible to do this without any of the Dapps bypassing the advertisements, Steemit could start generating income in fiat and it would encourage Dapp owners to run their own nodes so that they could tap into that additional source of revenue.
The goal would be to make creating and operating Dapps more profitable and it would also make it easier for companies to market their Dapps.
I can imagine companies like Gatorade and Johnson & Johnson creating their own Dapp with their banner at the top and elsewhere in their Dapp to market their products - the creation of social networks would no longer be limited to IT companies, it would be a form of advertising.
TAG: @kenmelendez @nathanmars @therealwolf @surpassinggoogle @blockbrothers
P.S. Let me know if you think it's a better idea to require advertisers to pay in Steem or SBD.
I wouldn't recommend pursuing such an approach with ads. Already a sensitive topic, but this way would create even more discontent.
If ads will be considered, I believe the best way to do it is to offer an official way to boost posts in the trending page (but marked as advertised), as well as maybe sell text ads or banner ads on the same trending page.
Implementation should remain Dapp-specific, maybe some of them would prefer to go the no ads roads and take beneficiary rewards, for example.
I agree pricing should be in fiat for ads, for now, if added. Simple payment processors and advertising stats should be provided.
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yeah I heard Ned speak about that hivemind I'll be reading into that.
After the dust of this news settles I would love to hear where all of us stand. It would restore confidence in the sustainability of the blockchain a lot.
I'm with you on the 'it's down to the community to do more' sentiment. I'm also still confident that there's enough talent around the blockchain with enough of a fiat buffer (which is sensible) to get us through at least several months.
This is worrying, very worrying. Announcements like this hardly encourage people to invest... it could be a long dark winter ahead.
Then again, there's nothing like a crisis to bring people together, and this might now a realistic chance for me to become an Orca. I can't see the steem price going up anytime soon after all!
I'm not going anywhere btw, I've got nowhere else to go!
i just hope there enough witnesses like yourself with enough of a buffer to keep their servers running until BTC picks up and SMTs come online.
If I learned one thing about the markets this year is that they hardly care about good or bad news/fundamentals. STEEM is even a little bit up today (because bitcoin went up).
There will always be witnesses to be found I'm sure :)
I'd say the markets react to bad news. The most frustrating part, to me, about the markets is that people dump at the slightest set of bad news. Whenever there's even the smallest thing on the news, BTC goes down.
Crypto holders are some of the most fickle holders I've ever come across in my life.
The thing I'd most love to see is STEEM somehow breaking away from BTC, and becoming its own thing. Independent of BTC.
There's no reason why BTC should get to dictate STEEM price so much.
We just haven't come up with the way yet.
Surely this trend counts as Steem breaking away from BTC?
Obviously you mean in the other direction!
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I know what you mean - steem just spiked 5% against BTC.
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It's a good move, @exyle. A lot of projects are going into "hunker down" mode and I think that's the right play here. Fire extraneous staff. Focus on the core product and expense reduction. It's crypto winter, after all. Need to make sure we live until the sun comes out again.
If STEEM were a stock, I'd say this is BULLISH.
Thank you for another video @exyle
I can't say I was expecting this per se but I was expecting things like this.
Like others have mentioned, I imagine the crypto-currency bear market to be like the .com crash from the early 2000s in the United States. After the initial excitement and euphoria, doom and gloom set in with market sentiment reversing to the near opposite. There is still some risk but I believe the crypto-currencies that survive will appreciate significantly after this bear market (not financial advice, just my opinion) and I hope Steem is one of them!
For me Steem is still the best project in crypto. It will pull through!
I believe you are right @exyle and I am more in favor of cryptocurrencies with some kind of backing or function than general currencies like Bitcoin.
I'm feeling frustrated too, but I think the communication of @ned about what is going on really transparent. I think now it's time to us think about our strategy here also see a way that we can do to solve this problem.
Yeah agree, it must not have been an easy message to deliver.
I'd like to respect the effort at transparency, as you said it must have been hard. But transparency is not a one and done thing. The real hard work is continuing to value and include the community with regular communication on vision, strategy, tactics.
Transparency is a process, not a goal to be completed
My thoughts go to those 70%, it sucks for them and for the whole Steem ecosystem. SMTs will be delayed again, deadline will probably be moved several months, my estimation in the summer of 2019 (if we are lucky). It sucks, but bear does what bear does.
Yeah, this bear market is effecting everyone in crypto.
I’m going to give it a few days and see if there any more updates. 🤯
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Me too. Emotions always run strong at the start. After it becomes time for action.
That’s the truth 💯
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Great idea about raising funds. I wonder if @ned would consider that.
Yes right its time to come together.
This strikes me as a smart move, to be honest. Even just the sell pressure of constantly selling steem to pay staffing expenses contributes to the downward momentum of the price.
We don't know how long this bear market will last; and we don't know under what terms those staff were employed. Would they have been let go after SMTs were launched and stable anyway?
Good point. This bear market most likely will last for a while longer. I am hoping to hear from Steem inc if they have enough resources now to keep core development going and for how long.
I've heard a couple of witnesses are struggling to pay their bills too. Might be a chance for blockbrothers to sneak up the rankings.
The company should maybe think about to raise capital with an ICO for an example. Maybe implement ads?
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a cpu donation page where games are played to pass time while allowing a browser miner to run?
maybe solve some captcha's or steem dice mining as well :)
Not an ICO, that's like asking for trouble now. I can't see the problem with having ads for people that aren't logged in. They could also be for those that log in and want to help. Anyone that's logged in and doesn't want to see them, could have an opt out.
I also find this pretty confusing. It seems like most of the support comes from the witnesses and the groups that are creating dapps which usually have a witness involved anyway. I really got the feeling Steem was more community driven than anything else anyway. I am not sure how this is going to impact anything, but as long as the witnesses stay committed, I don't think it will be as bad as some people are thinking.
NEVER trust a private company unless you are the one who runs it. They can shut the door whenever they wish. Simple.
here! here! sink or swim time friends, now we decide our fate.
Only during imminent danger, do communities come together to save themselves
Very thoughtful update. We always enjoy listening to your opinions! Will wait for the next one!
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I think that some positive will come of this as it should bring the community together to find a survival instinct and find ways to make the ecosystem more self sufficient based on the community. It could also make it more decentralized and align incentives better as developers can take over a build with the support of the community. Definitely a tough call but it will bot be the first time a technology company in development needs to adjust its costs to survive and build out.
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Something must go very bad first .....that something new and big can start.
I was get same feeling when I was make photography... I run out of money and I did not have nothing ... but I said to myself I must move on...because it is a crucial moment, do your nerves stand against the hard times. I said that I have to try every day, and to program this word in my head... "I will always try, even if it is very difficult."
well its now everyone effort that can push the things on a positive notes steemit community has always stood strong in the difficult phases hopefully this time too we all will be united
The key word is "survive", not only for STEEM, but for the majority of the projects, this are the times where you see the real projects, well founded and with a good community. Because having a project running during a bull market is just easy and everybody can do it.
I believe that we will "survive" and later next year we will see many happy faces.
Haven't expected that to happen at all. Was accumulating tokens all this time. Now don't even know what to do.
I had a strong belief that steemit will prosper in the future. Well FK!!
Well I just bought 1k SBD I'm looking to convert into Steem now. :P There's no alternative to Steem. In addition to all the dapps, we also have a strong community. I know of no other crypto that has it all so I'm certainly going to ride this to zero if I must, but I'm not going to give up just like that.
So I've done official video to stay together.... https://steemit.com/steemfest/@mynewlife/lgyook53
The huge surprise in this for me was I'd always assumed there had to be some VC funding behind Steemit Inc. (Maybe there was, I guess it's still not clear) If there's not that seems really crazy, this is a really easy idea to sell in probably all of our opinions.
The most troubling thing I learned was all the other dapps reliance on Steemit and that basically if Steemit goes down, the rest of this goes down as well.
I think, as you alluded to here, some constructive next steps are getting transparency on exactly what the cost is to keep the infrastructure in place, which if any applications or businesses could stay afloat if Steemit went down to basically act as a lifeboat for Steem.
I love that most people are saying that we need to come together, but I think the next step is to turn that sentiment into actionable things that we can all do to help in whatever way we can.
If we know the cost, we can come together to help fund that cost. If there is another dapp that has a chance to succeed Steemit, we can support that dapp.
I think it would be great if these sorts of conversations become the main topic that we're focusing on.
exyle you can worry of course but when I began with steem I read that if steemit.com goes down other apps just takes over. Same as the rpc's we run the backbone so steem doesn't die was my opinion then. Ned does this to assure that the blockchain is still going to work talking also about hivemind. I say don't worry too much. Now he has more power to get through the winter he doesn't giveup. Good for you to jump into this to help, and you know what I powered up today some of my bought steem. I'm here to stay i wont go away.. keep your head up exyle.
The STEEM blockchain is a Distributed Autonomous Community (DAC), with this news it's time for the Steem community to prove that. It's certainly a challenge and an important moment to show the project is viable.
Hey @exyle
Unrelated but is there currently an issue with Steemify? Wasn’t loading at all and was frozen. So I uninstalled it and tried to reinstall but get this message now when trying to log in. Thx brother. Hope all is well.
Blewitt
Thanks for letting us know. You are not the first. We are working on it.
Thanks for letting us
Know. You are not the first. We
Are working on it.
- exyle
I'm a bot. I detect haiku.
Ah gotcha. No worries brother. I’ll survive until then. Lol
So why is a company in charge of developing steemit ?!?! Why not an open network?
Like @ura-soul put it, it is quite a paradox, a p2p network with an important single point of failure: the company developing the platform, in charge of innovation and maintenance... Looks to us that some people haven't fully transitioned in their minds. Open networks should produce and maintain p2p networks, isn't this obvious? There is no more contradiction.
Some say "Yes but open networks cannot function as economic agents". Yes they do. Open networks can do everything a traditional company can do, and even more. We demonstrated that open networks can even design, manufacture and distribute material products, see more on www.sensorica.co If it is possible to deal with material production it is definitely possible to deal with virtual services.
Thank you for sharing knowledge. It was so suprising and cool.