Steemit Inc Had A Layoff of 70% of Staff Due To Lack of Funds - How Should They Raise More Money?
Steemit Inc Had A Layoff of 70% of Staff Due To Lack of Funds - How Should They Raise More Money?
According to @ned infrastructure costs are at about 2 million USD per year which means 6.25 million STEEM at current prices. A good developer could easily cost $200,000 per year. 10 million STEEM per year would actually be a low estimate IMHO. So what should they do to raise money?
- Few Ads on Steemit.com
- Take Beneficiaries Out of Posts Like Most DAPPs Already Do
- Sell Call Options (https://www.investopedia.com/terms/c/calloption.asp) Using Smart Contracts
- Use Their Stake for Self-Upvoting (Although It Will Set A Bad Example)
- Do Nothing - Let Development Be Damned
- Wait For A Miracle Solution/Idea/Bull Market
Answer the question at dpoll.xyz.
Voted for Few Ads on Steemit.com.
Bevor we talk about how we can rise the money, we should talk about the details of the costs.... EACH Company is wasting some money in some points, and I am sure this is happened same with @ned 's one. To reduce the Stuff by the crazy amount of 70% is very high. The development will go like a turtle speed now.... There are for shure other points which can reduce the yearly cost. I am Shure this will not happened, but it will be nice to have the cost book transparent once here.....
To ad any advertising is not the solution for that problem. Steemit was from beginning without that and should be without that in the future. Advertising is ALLWAYS a tracking about the people, the users. THIS WE didnt like here on Steemit. ( never mind the blockchain is transparent ) But that's why we are not on Facebook!
Big Question:
What is the differrent from now and the past with the Steem Price of 7 Cent? Was is the same problem with the cost of the development and Stuff? I was not here from beginning, so I can not see what what happened that time, but it will be interesting if that time they cry as well about the cost of the developer.....
The price of STEEM used to be much lower... so what did they do back then?
Well, my preference would be for them to use the huge amount of STEEM in those first accounts. The ones that made STEEM from mining (or basically, they gave themselves STEEM while they had a couple computers talking to each other) So, there are several accounts of the steemit developers who have giant piles of STEEM.
Maybe they can put their money where their mouth is.
But, i really haven't seen much good work coming out of steemit... so, what have they been spending two million on?
@vimukthi
This is news to me! Not good news, but maybe a chance for a fresh-start?
The easy solution would be relevant adds, some kind of ethical AI solution for targeting user need maybe?
I believe, with a good little sales team they could make millions fast. It would take discipline and a good sales manager and good reps, and good leads, but it would work for sure, they just need people who can sell fire in hell and water to a well...
Blockchain tech is very hot, so there is that advantage.
Steemit is almost as famous as reddit and other similar sites, the brand name is established.
Targeted marketing even though it's a bit creepy sometimes, is always popular, both for the clients, and the steemt-user, as long as it does not violate privacy, and the intel stays on the steemit, preferably no shifty third-parties...But most of the info is is public anyway and that is great...
/FF
AI solutions stil carry trust issues and they are bit expensive. Keyword based ads that read post title and tags would be much cheaper to implement and nobody can complain about data mining on them.
My thoughts exactly. But it's too late for that unless sales people work for free or for almost no pay.
More ideas to help Steemit Inc.
Im not super knowledgeable about AI, (in a technical sense), you enter data and then I heard it does things on its own, like updates and that it can repair its own "neural networks", possibly predicts future events, even the stock market...
I can imagine that there is a lot of these AI-scripts being run on the public steemit data...
But you @vimukthi are probably right that "Keyword based ads " would be cheaper and faster to implement then some AI solution, you know much more about this then me, I am only repeating things I read or heard basically... Like a parrot...😀🐦
Sales team, don't you think that they initially could get a very generous commissions for closing big deals with potential advertiser?
As opposed to a steady-job probably with a smaller salary? If they had commison it wouldn't take such a big initial investment from "Steemit Inc" to hire sales people and such.
Just some ideas, really hope all goes well...
/FF
Voted for Take Beneficiaries Out of Posts Like Most DAPPs Already Do.
Though I think a beneficiary system might be best, I'm totally ok with them displaying a few ads on Steemit too! Now granted, I use SteamPeak, because it's just better. So I'm not sure either of those choices would effect me.
Same here. I use Busy. But based on Alexa ranks Steemit.com is far ahead the rest.
hard to say. The hope would be that the inflation from their massive steem stake would pay for that. I think that if it does not, then do some self-voting. It does not have to be that bad, they could just write daily reports and upvote them as they need.
It would just look bad for an outsider and might work as bad PR if done too aggressively. It's also not wise to add a lot of selling pressure to STEEM on exchanges.
Yes I fully agree But the problem is less the confusing implementation of the haircut, it is more that this haircut needs to be activated at all. Especially since we are about to resume printing of SBD! Breaking of the debt ceiling will be a normal event and not some obscure special case since HF20
Exactly! And that's a terrible thing. SBD printing should have stopped at 7% - 8% to be able to handle market fluctuations. We also need to have a way to burn SBD because at the moment SBD is almost like WoW Gold. At least fixing the Promote feature could be somewhat useful: https://steemit.com/utopian-io/@vimukthi/steemit-improvement-proposal-cosmetic-upvote-feature-to-replace-bid-bots-and-fund-blockchain-development
Voted for Use Their Stake for Self-Upvoting (Although It Will Set A Bad Example).
I don't think using your stake for self-voting, especially when in Steemit Inc.'s case of them actually developing and being extremely important for this community, is a bad thing at all.
If they need to open up votes and do some self-voting to help, they should without a doubt be allowed to.
Unsure if this would even put a dent in their costs though...
Voted for Wait For A Miracle Solution/Idea/Bull Market.
Voted for Few Ads on Steemit.com.
Voted for Few Ads on Steemit.com.
It shouldn't be a problem to get ads trough https://a-ads.com/ very easy, since most of the people here are exactly the target group of a-ads... =)