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RE: Vlog 376: Steem inc. you need to be more clear if you want to restore confidence.
I was personally very pleased with the Live Stream @exyle since they will not be pitchforking the blockchain and estimated that they can save about $750,000 USD annually once the cost reduction improvements are made.
When the market was still bullish they were focused on speed (not cost reduction) to compete with other blockchains, but now that the market sentiment has reversed they changed their tactics and will now reduce costs.
It looks to me like @ned is guiding @steemit well and I have no complaints.
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Having no choice but to take these steps because you forgot to build a war chest in good times for bad times is not great.
Rebuilding and focus on the core of the business + revenue is key now. That's why I am advocating for a fast and clear plan of action.
I do think they build a warchest. But the price dropping from 8$ to 30 cents (instead of 1$+/-) with no way of knowing that it won't drop further, will reduce this war chest pretty fast.
That's probably why they decided to cut all costs.
That's a fair point.
I am Godsmacked at what appears to be a lack of hedging against a crypto black swan event by having a budget for the current year and upcoming year, and having those funds in fiat +10% in a bank account. The only explanation I can see for this would be naked hubris.
They still seemed kind of shocked during the last Live Interview but it seems like they are coming up with a plan now @exyle.
I encourage @ned and @steemit to continue with the Live videos and to update us with their progress and plan of action.
Hopefully they aren't counting on prices remaining flat since another sell-off is still a possibility.
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