Vlog 375: Crisis on Steem, it's time to come together.
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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But if all the other Dapps besides @steemit decide to not show ads on their site or app, it would cause a problem since most of the Dapps are using nodes operated and paid for by @steemit.
I agree Dapps should be able to opt-out but only if they are using their own node.
I also agree with your idea about placing the ads on the trending page and I hope @ned will consider this.
In general though, I think the team should find a way to monetize nodes so that it becomes profitable to operate and maintain nodes, at least in a good amount of cases.
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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