Remember how everyone was mad that Steem had a lot of downward pressure while all the other coins were spiking up? You probably do, it was like 2 days ago.
We have picked the majority of “low hanging fruit” with respect to cost reductions and restored the organization to a financially sustainable condition with a worst-case scenario operational runway that is more than sufficient to begin scoping future enhancements to the Steem blockchain and steemit.com.
"worst-case scenario operational runway"
Pretty much exactly as I thought. Steemit used the last market spike to buy runway for the next disaster. Now they won't be in trouble if this bull run fizzles out and we get nothing in the summer. Safe play. Good play.
When Steem crashed to 22 cents you know they were probably freaking out. They had to sell coins but liquidity was so bad they kept pushing the price down.
They sacrificed short-term gains for long-term stability. Liquidity in the market was enough to support 30-35 cent Steem and they took that opportunity to buy some runway. Seems like no matter what Steemit does everyone is going to complain. I for one am happily surprised by their actions.
I hope there weren't too many weak hands who sold at 30 cents... but judging by the morale during that time quite a few people sold off stake at the worst time possible. Such is crypto.
Who wants to take bets on how fast Steem spikes up from here?
Already up 25%.