Livestream with @ ned just finished, my Quick Small recap

in busy •  9 months ago 


I just finished the livestream with @ned after the news broke they had to let go of 70% of the company.

My Quick recap:

They focused on too many things at the same time, when the price of STEEM crashed they couldn't afford to keep it all going.

The core development team is still there.

But now everything is focused on reducing costs.

Many apps rely on Steem node clusters and API's to run. This needs to change. They either have to pay for it or run their own (like Esteem).

Implementing RocksDB was mentioned to reduce the RAM size of the nodes (the heaviest costs) as something to focus on straight away. This may take 3 months, maybe more (unsure).

SMT's are off the table for now. They might consider a Simple Token. Just a token, transferable on the blockchain, maybe with some fund raising capabilities.

They are trying to find their way and focus again. Are they solely a blockchain development company? or more?

If it's the first might need to go so more focus can be put on development.

Other front ends can always take over.

That's my take so far. Probably have to rewatch tomorrow. Lot's was said.

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Dapps need to figure something else out, other than waiting for smts. Dstors is already going to use bitshares tokens until smts come out if ever. That's one way to go I guess, it allows for dapps to launch on their own schedule not steemit inc's.

Thought as much. Dapps need to find their own revenue and not to rely on delegation. This is what is going to make and break them now.

In the short term it appears so.

Hopefully prices stabilize and into 2019 we regain user base. Has to be more community focus and less partisan bickering bullshit. Now that the money issues have evaporated it will be possible.

He did say this same exact thing during steemfest as well at-least it's consistent.

I'm glad to hear the core team remains, some were worried this could be the end of the community and no one wants that.

I was also very happy the core team remains.

Might seem strange, but this all sounds like good news to me. I have not been a big believer in SMT's, I see this as an opportunity to refocus on core competence.

  ·  9 months ago (edited)

Glad to hear some positivity. As you know, I am a big believer in SMT's. But it has become clear it was all too much to do with all the other development combined (with funds running out).

I like the focus on cost reduction and efficiency. Maybe solely focus on that for half a year. Working under the hood is never sexy but it sure is useful.

sucks about smt’s. big time.

but at the same time i have been in love with steem and using it everyday without them. so life goes on.

i guarantee (like mentioned above) the dapp owners will find creative ways to prosper. smt’s or not.

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That's good to hear, man. Yeah the dapp owners need step up indeed if they want to prosper, like anyone invested in Steem. New creative ways for revenue will be found.

exactly. and something i heard @andrarchy say a few months ago in a town hall meeting....steem has the people. over 1 million of them ;) and when you have that, everything else is a bonus.

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Impressed. I have followed the streaming for 20’ and to tell you the truth I am afraid...
I wonder if perhaps we should collect SP or donations in order to cover some of the costs...
I think Ned planned this since long...there must be alternative solutions in order to solve problems like this...
Again, it is either a lack of risk assessment or a incompetence or lack of leadership...
For me Ned is talking as a bad politician but has no idea on the vision and mission, objectives and targets...
I’m so sorry to have to say that but it is What I feel right now...

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Very interesting. That is too bad about SMT's. I was really gearing up for them. I think it makes total sense that groups would have to have their own hardware to run whatever dapp they are planning on running. Do we have a list of dapps that have their own node and the ones that rely on Steemit? It would be a good way to know which ones are more self sustaining.

You have to take a few steps back for a long jump. This situation seems like that to me.

With this many users, SMTs could be off the table but Steem would never.

@tipu !tip this post

"SMT's are off the table for now. They might consider a Simple Token. Just a token, transferable on the blockchain, maybe with some fund raising capabilities."

To me this was the saddest part of the livestream. I really wanted to see SMTs officially launched in Q1 2019.

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The odds are pretty high IMO that Steem dies before SMTs ever go back onto the table (that's not to say that it's higher than 50%, but just much higher relative to Steem's position just a couple of months ago). This is the type of news that tends to kill the chances of success.

So many of the bigger accounts and whales have been selling SMTs as the true value of Steem, it's "killer app" if you will,... well, it seems as if they may be years off now, if they're ever going to happen.

That's life and while I want to add a sad face emoticon here the universe smiles on, so... :)

SMT's are off the table for now.

More than anything else said, this is a major blow. Very depressing.

Foolishly perhaps, I will continue to power up.

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Me too!

me too. soooo depressing that this is the case. they really needed to assess and scale back and get reasonable about their goals and limits BEFORE making promises they couldn't keep.... i'll still be here though. i have faith in this community more than in STINC

clear concise analysis thank exyle real mixed bag isn't it 🤔

SMT's are off the table for now.


I think he has you on mute.

Oh yeah I know. It's even a double mute xD. Yet, it was hard to resist replying that line to our SMT-Jesus. Even with all my skepticism I never expected Scotty and his Banana team to shove down SMTs this fast!

One thing that has not been considered so far is according to the new SEC ruling most of the USA based project can't participate in ICOs ( SMTs for us).

thanks for the run down. watching it now and hearing yes that they've taken too much on and couldn't master or fully do any of it -- and that others may need to pull more of their weight. truly i think it's a good thing. let's get more decentralized and more sustainable, putting this community into the hands of many.

Stepping back now will only start a reverse snowball...

Thanks for the recap.
There are plenty of people doing dApps and front ends and doing it much better. But no one else working on blockchain... so that should be the focus otherwise who else will?

Thanks for this summary. It certainly is an uncertain time for us all. There are many of us still fighting away to keep steam alive and I do hope that all our efforts are recognised and make everything worth it. The excitement about SMT was soit might be a little disappointing for some that this is now off the drawing board.

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I think Steemit is just a branch of STEEM blockchain moving forward, just like other front ends and dApps, etc. From all appearances, Steemit never delivered. This is a new phase in evolution for STEEM blockchain, a wider and more creative one than ever imagined is needed. Like anything else, build good things and people will come.

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Thanks for the summary!

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they really were focusing on too many things and now that can be clearly seen with nothing coming in focus