RE: Steemit Reflections: A Letter To Ned
It could also be looked at that they got involved to make the most for the least. I have been here long enough to read how Banfield paid to have his set and let it run without really doing a lot. I was here for the fork none of the witnesses seemed to know anything about. I guess I don't understand what is separating a top witness from the lower ones, other than the hefty amount they are paid in comparison to the lower ranked witnesses.
As I said in the post, if this "what is possible" demo is impossible to keep afloat, how much confidence will this instill in all those apps that we are told is the future?
We are told that we should power up, have faith and if we want more success here to put our effort, money and time in. Not sure why this philosophy shouldn't be applied to the Top Witnesses. I would like for them to witness more than the demise of the site, which will make the apps desired to come here say if they couldn't do it.
I appreciate your weighing in, as dedicated block production is important. But it will not be enough to make this chain separate from the rest and realize its potential. I can't see how anyone can view where we are at and think others who are coveted to come and build would be inspired by this point we find ourselves.
One might rightly assert that steemit.com is more important to Steem than bitcoin.com ever was to Bitcoin. Not only that, but bitcoin.com never really demoed the Bitcoin blockchain in any meaningful sense.
But here's what we can learn from the steemit.com demo: Have a revenue plan.
If you're going to provide a product or service that depends on the Steem blockchain and you can't show how you are (or will be) profitable, there's something wrong. Steemit, Inc. depended on asset growth. It didn't work. Can they recover? Hopefully.
The good news is that the blockchain is completely unaffected. Yes, tooling suffers. API access suffers. All that. It doesn't look good from a PR perspective. But there's nothing fundamentally wrong with the technology. In the wake, we're still seeing apps like Utopian ready to seek investors. You could say they depend on Steemit, Inc. to delegate, but hopefully that's temporary.
In the grand scheme, I think Steemit, Inc.'s current troubles are a blip.