Ship Sinking?

lloyddavis (71)in #price • 5 years ago

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The top 20 witnesses' price feeds for STEEM are dipping below 30c meaning that the market cap is less than $100 million again.

Steemit Inc. lays off 70% of staff. Everyone shrugs.

What turns this round? More blogging? More money? Something else? The dashing white knight known as Justin Sun?

Even a bull run on bitcoin that took it to 2x it's price today is unlikely, on its own to even bring STEEM up to $1.

I'm always one to keep plugging away regardless, but really...

#bearmarket #recession #cryptocrash #steem

5 years ago in #price by lloyddavis (71)

$10.19

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shanibeer (68) 5 years ago (edited)

I don't think it's quite right that everyone shrugs, there's been a lot of reaction and response including this proposal from @blocktrades and the conversation in the comments.

This is a young blockchain, there have been long-standing murmurings about the relationship between Steem Inc and all the other stake holders on the platform. The announcement about the financial costs of running the blockchain and the decision to lay off 70% of staff and re-focus on core business has opened a really useful dialogue and the potential to lead to increased resilience.

Cryptocurrency is a volatile market, everything is down: the fundamental principles and opportunities that Steem offers haven't changed. This is about having more realistic expectations and a more realistic timeframe in which those expectations will come to fruition.

Steemfest 3 brought together 300 interesting interested passionate creative and talented people who are all interested in working with each other. That is a tremendous resource and a tremendous innovation capacity - and that's only the people that were at Steemfest.

It would be great if the @blocktrades proposal went ahead and Steem were free to pursue SMTs. In my world of working with 27 charities, I raised the money for two people to go to Steemfest and, with some other Steemians, I am putting together a plan to seek five years investment to support Steem (and hopefully SMT) adoption across those charities ... and beyond.

There is huge potential to address some of the challenging social problems we face. I've written before, in the lead up to SteemCampUK, about the potential to address the twin problems of rising costs and poor outcomes in social care and the concomitant problem of underemployment and economic exclusion clustered in the same neighbourhoods.

This is about the long-term. What turns it around is getting on with the job, spending time with people who are interested in finding solutions and not wasting time with people that just don't get it.

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lloyddavis (71) 5 years ago

ah you caught me exaggerating for effect again!

I agree that it's about the long-term. I think the bit that I hadn't understood before was that Steemit Inc and dApps providers are caught in this falling market with their need to sell more and more STEEM to cover their costs which pushes the price down further.

I don't have the technical chops to evaluate the blocktrades proposal but I see that it's been well-received by people I respect. If it's good enough for @gtg then it's good enough for me :)

I shall try to dip into the livestream this afternoon.

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