Only one Crypto thing to discuss today right?
I had planned to do a different video today however I made mistake of checking Steemit before my PT session with Ivar and came across Ned's post. Watch my initial response to the announcement in the video above.
Crypto & Cardio #18
Also since making the video, I've had a chance to watch Ned's video (on the post). I look forward to seeing what the "assets" Ned is referring to are and hearing update on any changes to the current roadmap Steemit Inc have previously outlined.
It goes without saying that my thoughts are with those that have lost their jobs as a result of this, I hope they can stay involved in the community in some way whilst looking for alternative employment.
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It's absolutely a huge issue that there is allegedly no fiat backup stores.. mind blowing. I just made a video calling for total decentralisation of Steem - such that Steemit inc. is just one of many entities co-operating to make Steem work. I also suggest that the reward pool be adjusted to allow payment to community developers for maintenance and tasks completed for the steem blockchain.
Watched the video brother!
I'm working hard to make Steem fully decentralised.
Let's do this together :))
I'm here whenever you need me and I'll try my very best to do add value to your projects
Awesome! Thanks for your enthusiasm and support. I've actually lost witness support as a result of this I think, but this is normal on Steem and the time for worrying about that is long gone. I will be communicating with others on this in the coming days and aim to have something to share soon after.
Saw your video, you make some real valid points. Hopefully Steemit Inc will take them on board.
I think a model that allows devs to rewarded for contributing to steem blockchain development without being employees of the Steemit Inc company is certainly worth exploring.
I imagine such a structure would not be inherently easy to manage - but maybe that's the point - maybe less managing and more decentralised creativity will allow for more options and then the issue just becomes which decisions get made into the live system. This is actually what forks are intended to be about.. We are meant to be ok with having as many forks as there are ideas - which can then be tested and an evolutionary process can unfold as a result. As long as tokens get mirrored on the new forks, then we get to use them all or only one if we prefer. Crypto seems to suffer from serious fork fear sometimes, whereas I tend to welcome them, provided the community understand the purpose and benefits.. and we seek to make the process one that is intended to produce the best results for THE network, instead of deliberately having the aim of creating many networks.
Ultimately, free will means supporting many choices simultaneously and the principle of anarcho in 'anarcho-capitalism' means being free to choose our own paths. We need to find the balance between unity and experimentation!
I agree with you that PoW protocols are designed to fork organically if there is a divergence in views of the best way forward.
DPoS protocols don't have that, although I guess there is nothing stopping someone taking a snapshot of the blockchain and creating a new chain.
I see the balance as being between experimentation vs stability/ security - ideally I like to see blockchains mature to a point where changes to are limited to troubleshooting vulnerabilities and implementing scaling solutions... else it becomes difficult to build enterprises on constantly shifting sand.
Sure, yes, I appreciate the issues there - in Steem's case, practically, this probably means making test forks and allowing the community to experiment with them. To my knowledge this has never occurred and we only have competing networks that started with forks that are totally disconnected from Steem.
Well... I believe there was a plan for a testnet in January for people to test the SMTs changes... that's something at least.
When I asked Ned last week, it was "all on track", I guess now it's being torpedoed!
Oh yes, we do have a testnet afaik for testing Hard Forks - but the forks are always just packaged by steemit inc. and never really altered much. It would be great to see community lead fork options - that would inspire a lot of people I think.
I like that at the end about different ways to bring outside money into the ecosystem. Maybe if we had a project on here about how to go out and get outside ad revenue for your post... I think it would be pretty big
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Bringing money from outside into the ecosystem is key. Advertising revenue is something that I vividly recall @ned mentioning at Steemfest 1 as part of the 'circular' attention economy. I don't think we ever got to complete that circle...
We all need to sell the success story of Steem and it's community better. There is an attractive community building here that is worth marketing too!
Yes, Steem based platforms should find ways to secure outside revenue however it is also incumbent on us as individual content creators to find innovative ways of bring revenue into the system too.
One option is to have the community contribute to developing the blockchain. Community members can develop open source software for free if they want which could greatly reduce costs, but I am not sure why they only allow Steemit Inc. to do such things.
Because most people wait for other people to do something.
So many speculators in crypto not enough people are building something.
I'm focusing on BUILDing and what a time to be an entrepreneur
People spreading FUD, but this could benefit all of us long term.
It's tough to start a business, and even if that business has tokens that get created automatically, it's hard to rely solely on that revenue to make ends meet. Either getting angel investors or something could have been a way to get more capital to keep things going, but I don't know if Steemit Inc decided to look at that as a solution.
Regardless of what happened, I think one of the most important things will be getting SMTs online. For the last year that has been advertised as this flagship project that would bring in billions of dollars in investment, but we haven't seen it yet. I think that needs to be Steemit Inc's biggest priority right now. I don't know what all the side projects are that have been tossed around, but it's time to knuckle down and crank out a working product.
Hopefully we'll be able to weather the bear market and that when things start picking up we'll get that wave of people that we've been told will be coming. I'm not drawing too many conclusions right now. Just trying to stay open-minded and see what happens.
I'm not so sure. I agree SMTs have been advertised as a flagship project however I don't believe it has gained much traction outside of the Steem/ Steemit bubble. I think SMTs matter most to the handful of projects that are committed to leveraging them when they get here.
I guess the expectation is that things will ramp up when SMTs arrives. I suspect even if SMTs are successful they will be a slow burn as people get to grips with how they can best be utilised.
That's fair. I don't actually know if Steem gets much exposure outside our bubble. The things that go on here can seem really important to use, but are they important to the world as a whole? Who knows?
It's not necessarily a bad thing about the 70% chop, it shows that they are doing something about it and being proactive. Many floated companies do this in 'bad times' resulting in the share prices going up.
The coins are all up today, and I see STEEM is too. It's not made any difference so far.
I missed saying hello to you at SF3 like many others. I hoped to get around to all the UK peeps, it was just too short.
No worries, there were a lot of people I missed speaking to at SF3 also. Maybe at SF4.
It usually takes a few weeks for these things to play out in the market. To be honest, I think every coin in crypto is tethered to what's going on in Bitcoin. I'm not sure how dramatically Steemit Inc letting staff go will affect that.
Often in crypto things don't affect the price in ways we anticipate.
Some more than others, just look at the graphs. STEEM is majorly tied to BTC, so the movement is about liquid STEEM and nothing to do with the likes of us that are invested in the powered up type.
Yep - and I'm not convinced that many who are purely holding liquid STEEM on exchanges are in the weeds of what is going on here or with Steemit Inc.
I was waiting to hear your take on all this. I was about to go in a little more at 31 cents yesterday, but I'm glad I didn't. Like you said, we need a little more information to assess the 'low' values if the price keeps falling.
I'm good with leaving a good comment but I'll give it a go..
Warren Buffett thinks in investing time frames of at least 5 years. But his holding period is preferably much longer… “Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.”
Love Wozniak, total legend. I've seen this interview before.
Buffett's advice is a very good one. It's a less extreme version of the one that says to only buy the amount you're willing to lose.
Don't do business if you're afraid of losing and same goes to investing.
Technically, the company's action at this point would have been to safe the cost and effect of multiple hands on desk when they can make use of few hands and not incure costs. Agreeably, they would have to explain further the road map on the future plans as regards SMT and hivemind now that the manpower are gone. We need to be aware of the future occurrences and realities.
you make some quality vlogs bro... respect just subscribed to your channel - Dtube needs more quality vloggers like you. I am new to Dtube, but have been into Bitcoin since the early days. Just found Dtube...I had no idea about this site. For the first time I am considering making a vlog so I can earn some extra crypt0 though probably wont be the best lol
Thanks - look forward to your vlogs if you do decided to take the plunge!
steemit need to have a backup plan ready from here onwards
nice