Sorry, short article as I do not have much time...

Steem is laying off 70% of its wokforce

Steem announced a few hours ago that it will lay off 70% of its workforce, as they depend on automated Steem sales over the market. The value of those sales has completely collapsed and Steemit Inc seems to not have much Fiat reserves...

Steemit Inc could have set easily 50 Million aside in the last bull run

Why o why did Hive account@ned not set 50 Million Dollars aside... Steemit Inc would have been independent for 5 years from the market... The total stake value of their 50% went over a Billion USD! That is incredible!!! If they now go on selling into this dead market the Steem value can go below a cent!!

The developement of SMT's in Danger

Having fired 70% of their workforce the SMT deadline is in danger. I did not hear him even talking about SMT's anymore... He only talked about Hivemind and communities... So did he fire the SMT-Team and kept the Community coders?? Hive account@ned, please clarify.

If he only counts on sales on the exchanges, does this mean he did not find any investor who would like to buy 10 million Steem for a USD from Steemit Inc? I think depending in this market on constant sales, he will drive the price to the absolute ground, where it does not even make sense to sell anymore... and if the SMT's do not get done than that was it... This is really ugly... and really surprising.

Disclaimer: No investment advice, just my opinion...