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RE: Not a good day to be an Altcoin owner...
At least we don't have to put all of our crypto into hookers and blow like McAffee if Steem is sucking all on it's own.
At least we don't have to put all of our crypto into hookers and blow like McAffee if Steem is sucking all on it's own.
Or eat our manhood on TV...
Yeah...no one needs to see that.
Though I am kinda wondering if those are also the kinds of things the Steemit,Inc guys spent all their money on... Makes no sense why they are cash strapped now after selling close to $80 million worth of crypto the last 3 years...
I have no idea. Do they even publish how much they pay anyone? Or anything? They seem like a pretty secretive organization...unless I'm missing some page that tells people about how they are run.
Nope, nothing is made public. Even if they paid their developers massive saleries, we are talking $40-$50 million after taxes over the past 3 years... That is a lot to chew through for staff... that money went elsewhere.
I wouldn't be surprised if Ned paid himself some insane amount. But how shitty their redesign of Steemit.com ended up suggested to me that they don't even really have web designers or developers on staff. They're likely doing a lot of things through freelance workers. They don't really get a lot done over time though...
Lets say that Ned pays himself an average of a million per year. I wouldn't be surprised if he did, or even more. Lets also say they have a few blockchain programmers...say 5 or so. I have literally no idea how many they have, but I doubt it's a whole bunch. Lets say they earn an average of $200k per year. That's a bit high for normal programmers, but also not unheard of, and we're talking blockchain devs, which get a bit more. So, that's another million per year. Lets say they have another group of general devs and javascript devs that together earn another $2 million per year. So now we're up to $4 million. Lets add some random employees that earn like $100k per year average, like say 20 of them. So that's another $2 mil. Now we're up to $6 mil. We have a pretty nice pool of people that could probably get a lot done. Lets say they got some nice offices in an entirely overpriced area that are plenty big enough and add another $2 mil, which is probably way too much, but you also gotta consider electricity, so that's wrapped up in there. $8 mill per year. Then computers and laptops for everyone. We didn't really have a firm number of employees, but like 50 wouldn't be too much of a stretch from what we've been going with. Lets say they got fancy ass computers and laptops that average an expense of $5k per person. That's another $250k. Lets say they've replaced a lot of those by now because they're spoiled and double it to $500k. So now we're up to $24.5 million. They also have servers of course, so lets be insane, and add another $5 million per year for servers and running them and high speed links and shit like that. Then another $5 million on top of that because Amazon cloud services. We're still only at $34.5 million dollars. I guess the rest has to be parties and hookers and blow. Either that, or they're wasting a fuckton of money because they just don't know how to run a company, which I think is likely.
TBH Steemit is a primary reason why I have lost a lot of faith in Steem. Sure, we're more than Steemit, but we're relying pretty heavily on them currently, so we're kinda tied to them right now. If they went bankrupt, it might even be better for Steem, as we'd be forced to take over development and running all the sites.
Well there is no reason someone can't run other sites currently. Busy.org has been a major dissappointment. What exactly is the point of having another front end if you never do anything with it?
BTW I did a similar calculation for what they might have spent on staff and servers etc, and I came out to about $28 million and that was with Ned paying himself $2 million per year. Either way, they should still have millions in the bank.
It does make one wonder what the mystery extra few million is spent on. Lawyers might take some of it. Plus accountants. There's gotta be some seriously bad wastage.
If it's open source, it's a huge plus, because there's more code out there that future projects can pull from, or even just read through. I personally am a fan of Python, and hope more projects pop up using Python so there's tons of code out there, and people iron out all the problems and speed and such. In fact, I think that if these projects at least contribute to the Steem code base, even if it's a shit project I hate, it's a good thing at least to a level. Unfortunately many of the projects do closed source and do not contribute to the Steem code base at all.
So, if it's open source, the more the merrier! Or if they at least contribute to open source, because it makes the whole thing better for all of us. But if it's closed source, they better do their best to make it the best it can be.