Steemit: 70% Layoff/ Future Plans My Thoughts

Hey you, welcome back to the channel. And guys, today I wanted to talk about or give my thoughts on Steemit and recent news, the 70% layoff and the plans going forward in the future with Steemit. And so, you know, of course it's hard anytime, you know, workforce gets laid off. Jobs are very important. People have to feed their families. It's their livelihood. So 70% is a lot. And the discontinual bear market just lasts about a year in the cryptocurrency space, definitely, you know, hasn't helped. And, you know, of course, that's always bad. And, you know, my heart goes out to the people who've lost their jobs and their and their families. So what's the way forward? You know, my thoughts are after listening to, you know, several interviews with the CEO of Steemit, Ned Scott, you know, after, you know, this occurred, you know, he talked about, you know, the costs that were in association you know, with running Steemit, and that they were just in survival mode, you know, at this point in time. He was very honest, um, you know, he was very clear with the situation. His communication was good with the public that, hey, you know, we're going under here, we can't survive, you know, because of course the, the basic idea was that the workers, it would seem, they were paid in, in the tokens So the tokens, you know, with 90% of the crypto market value tanking, uh, you know, it just becomes impossible to, you know, pay these people when, you know, instead of, you know, $7, $8 Steam or $4, $5 Steam, you got 30-cent Steam, and, you know, it's just not gonna work. Uh, so Ned went on to talk about how in the beginning of Steemit, and I can attest to this, I mean, this is— I can say from what I saw in the early interviews, it seemed to be true that they didn't really have a plan really to make Steemit like, uh, you know, anything but a platform that people built on. And the responsibility of making you know, these apps, it seemed from what I can see in the interviews with him and Dan in the beginning that they really had no intention— intentions of, um, making Steemit many of the things that we're blaming them for that hasn't occurred, like with Steemit.inc. But Steemit.inc, uh, was a— I'm just going to say it maybe was like just a test app, you know, to run on top of the Steem blockchain, and the hope was everybody else came along and they built great projects and what have you. That's not what happened. What happened was Steemit really became the entire project that fueled Steemit Inc., the entire Steem blockchain, and it became so synonymous with with Steemit, the blockchain, because sometimes people still get confused that there's a difference. And people are seeing, especially new people or people who just, you know, getting in now, because, you know, Steemit did feel like this introduction, introductory into crypto, is an easy way for people to understand it because it's set up like this social media website, things people use every day. But a lot of people never understood the difference between Steemit and Steam, so they tie them in together. And so Steemit seems identical to STEAM, right? And to be realistic, and my thoughts, my honest thoughts about it was that there was never a distinction between Steemit and STEAM. Now, you know, a lot of people would say that, you know, that, you know, that's not true. It's STEAM and Steemit, like, you know, and STEAM is a very good blockchain, which it is, you know, it's very it's pretty fast and it's pretty, uh, robust and sturdy and all those good things. But people would say because of that, uh, you know, the blockchain is its own thing. But really, in my mind's eye, it's not. Uh, the whole entire popularity of the Steemit blockchain is connected to Steemit. You know, nobody's probably using any other of the dApps, um, other, you know, other than, uh, Steam. Uh, that's where all the popularity is. That's where, in my mind, all the value is. So if, if Steemit doesn't do well, I don't believe the Steam blockchain is going to do well. Uh, you know, the, the other issue, uh, problem I found in, in listening to the interviews afterwards and looking at the future of Steemit and what we can expect and what was going to happen was that, uh, you know, uh, the CEO Ned Scott, he spoke a lot about the, um, Steem being— him getting into Steem, you know, like many of us, we got into cryptocurrency because of the monetary policy. We want to make money, you know. A lot of people say, well, no, we got in because we wanted freedom and we wanted to be anarchists and control everything. And there were a percentage of people like that, but the majority of people got into cryptocurrency for money, to make money. And, um, and so, you know, Ned spoke about how Steam could be this exchange of value, this, you know, this currency, and it would do these things. But the problem now, guys, is that The blockchain, we have a lot of good ways to transfer value now, and what we don't have is applications that people really use besides the money, the money, moving money. You know, people aren't really going around and using these applications. They're not really popular. People aren't talking about how popular they are. Gamers aren't really into applications on the blockchain, uh, you know, at the rate that, you know, what we would probably want. And maybe one day there will be, I don't know. But the point I'm making, guys, is at this point in time, we do need the applications people want to use and are going to use. And social media is a big demand. So social media is a big demand. I don't understand why Steam, the Steam blockchain, if you want to see it like that, why they wouldn't want to focus on something they, they've been good at, they've been the leaders at, uh, instead of trying to compete with the various people who perfected what can be used as a money in cryptocurrency. I'm not using Steam. I'm not using Steam as a money, right? And many of us aren't. We're using it to move money back and forth between these blog posts. Uh, Steemit Inc. And I think, you know, we just have to be realistic about, you know, about that. Why, why STEEM is valuable is valuable because of Steemit Inc. And if Steemit Inc.'s not valuable, I don't think STEEM is going to be very valuable. Now, of course, they have all these other projects where people can create these great projects and use STEEM, but who's going to fund them? You know, you know, and that's another reason why Steemit went under. Steemit was funding a lot of these— Steemit Inc. was attempting to fund many of these projects, these applications and various things like that. And so, you know, no doubt in my mind, the applications are going to be what's going to be important for Steemit and what Steemit needs. But Steemit as a money, I mean, I don't— You know, I don't think that that's really what's drawing people to Steam. Getting paid for your blogs is what drew people to the Steam blockchain. And since that's not working well, I'm not sure that, you know, that's going to be a good way forward unless we can figure out ways to make these good applications people are interested in using. I would say just make steam.it as best as you can. Put all your focus on that. Um, there are many Steemit clones, uh, and, uh, I, you know, my concern now is that Steemit, who said they've tried everything under the sun with a great deal of money— remember, Steemit was doing this at the height of the cryptocurrency bull market. They had a lot of money to try many things, to fund many projects. And my concern at this point is if you're some type of clone of Steam or you're just directly copying the Steam model, I, I would only hope that you would observe Steam's steps up until the point they got to what they did wrong. And if you're going to be able to scale like Steam, if you're going to be able to handle, if you do become popular or some type of replacement, Are you going to be able to handle the same issues that Steam is dealing with right now? Or do you need to make those needed changes now? Or do you just plan to stay small? And maybe if you just stay small, maybe you will be able to maintain. But one thing is for sure, when you reach the volume and scale of Steam, you become, you become quite subject to issues like what Steam has encountered. And so hopefully that's not the case. Hopefully, you know, if you're using a Steam It based model, you can come up with solutions to the issue. Some have tried things like removing bots. They've tried various things. And as the, the research done on the effect of bots, whether they hurt Steam It or help Steam It, is very difficult because many of these platforms have a distribution problem. And I can make an argument that bots have somehow helped with distribution, that overall distribution may cause more, a lot of positives as well. And so, uh, you know, I think people get very confused about distribution, money going out, money changing hands. People are under the, uh assumption that it's like giving away free money and it's no value and, and various things happen. But economic research shows otherwise. It shows that through velocity of money, when money changes hands at a certain rate, it can actually be of more value. Problem with Steemit is Steemit kind of becomes condensed into these groups of people where the majority of the capital and they kind of trade amongst themselves and the capital gets locked up and it doesn't get to distribute and it doesn't get to create more value. So they end up in these very small conclaves. And, uh, I don't know how healthy that is for an economy. Um, and so it becomes this very difficult evaluation as if the way that the Steemit model and all the models that follow thereafter are built to last. And so if something I think that still needs a little bit more research, but I don't know fully if bots were the, the solution or the problem. Still a little bit, I don't have enough research on that. But on the distribution, that money does have to change hands. I would say Steemit hasn't been able to do a job, a good job at that. They've admitted that it didn't go the way they wanted. The future mistake is a lot of people who are copying the Steam model are repeating the exact same process. And the bottom line and the reality is you can't take someone else's model and necessarily expect a different result if you're doing the exact same thing with the exact same copy software. You know, I don't know if that works like that. But anyway, guys, perhaps there will be some changes. I don't think Steemit as this money, thought of as a money, used as a money, is going to make any more sense than any other cryptocurrency that struggled with this. I think Steemit needs to stick with social media. I think that's— it's been a shining star, social media side, and trying to further figure out ways to make social media more value in the adoption process of cryptocurrency. But that's all I want to say on that, guys. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.