RE: What is it about STEEM that its tanking so hard? // An open letter to STEEMIT.INC
Now you are getting it.
As an space systems engineer, there is no room for failure. Our world revolves around root cause.
Root cause is poor leadership. I'm not saying that @ned doesn't have good ideas. What I am saying is that the entire business plan has banked on value of STEEM going up which is not a good business plan. Steemit Inc needs multiple sources of revenue that don't rely on market price of STEEM. I've given suggestions before with not any kind of response. It is clear that they have no interest in this. Months ago, I made a suggestion that would give Steemit Inc revenue to cover their costs with excess that could support the voting pool and providing security. It would not in anyway affect STEEM with intrusive junk like adds. It also would not rely on the price of STEEM. It would also create an avenue for people to join as STEEM users. It is very possible to grow the amount of users 10 times what STEEM has today in a span of a year.
What is crazy is STEEM provides a huge number of other opportunities to generate revenue and Steemit Inc just doesn't have the business sense to capitalize on them.
The problem of the cost cutting measures is it is a band-aid. It fixes nothing except reduces some of the capital that is currently bleeding. What Steemit Inc needs to do is find revenue sources to cover their Dev cost so they can accomplish SMTs. Their goal should not be to sit and wait until their price of STEEM comes back.
Steemit Inc need to find a CEO that has the business sense to turn their business around. If they bring in a CEO that knows how to create value and find other sources of revenue, then they will create value that will pay their salary. This would alleviate the burdens that @ned must deal with running the business. He then can focus on SMTs, Destiny, or the next great thing. The CEO doesn't even need to know that much about cryptocurrency. They just need someone that knows how turn a business around to make it profitable.
The problem is, if Ned isn’t playing CEO, he’s really of no use to the company. He’s not a coder. He’s not a marketer. He’s not any kind of app/interface developer. If STINC goes with a new CEO, then Ned is just going to be unemployed. (And that’s not necessarily bad thing.)
I agree that STINC needs a new CEO. But I also think that maybe STINC doesn’t really need a CEO at all...or to even exist as a company, especially if it’s just going to be a few guys writing blockchain protocols.
They mined an 80% stake in the chain, dumped that stake and contributed to downward price pressure, and squandered millions and millions of dollars in funds...with almost nothing to show for it in over a year and a half. Perhaps they ought to just close up shop and burn the remaining stake that they hold, instead of dumping the rest with even less to show us all before the money runs out.
STINC is an albatross to this blockchain and its investors. The sooner it dies, the better.
To that point, a successful company or group of business people can come in and buy out Steemit Inc.
As long as it's not Google or Twitter or anyone. :)
PREACH! :-) There has been a lot of tech talk, and mentions of cost cutting, but no mention of generating revenue. No sales, no marketing. It's gonna be hard to pull this off playing defense.