What do think about Steemit CEO Ned Scott's announcement that over 70% of Steemit Inc. has been laid off due to a lower bottom of the market than was projected?

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I find it amusing that is one of the reasons for the massive layoff at Steemit Inc. It is curious what had happened to all the funds they amassed from the early ninja mining. They had over $100 million worth of tokens at some point.

Are the operations cost at STINC that expensive? Or is there some sort of terrible mismanagement at play? Is Ned Scott an overpaid CEO?

I never looked into how the corporation funded its activities. Based on Hive account@ned's post, it would appear they sustained themselves through the sales of STEEM.

It struck me odd that Steemit Inc. did not consider ad revenues for extra sustenance. They never even bothered to use their stake for a coordinated marketing campaign. They chose to liquidate assets to fund operations.

Given the delayed progress of SMTs, it makes you wonder where did all the money go? Was it not used on talents that could fulfill the vision? Did that dream die when Hive account@dan left?

It makes me revisit all the harsh criticisms from Hive account@berniesanders, Hive account@ats-david, Hive account@sircork, etc.

I would say in hindsight, I realized they were right, but that is not true. I knew it all along. The real question becomes: is it salvageable?

I do not think the reliance on STINC to bring forth progress is good for the blockchain. For a supposed decentralized platform (when it is not), the community will have to pull harder.

Alas, whether Steemit Inc. live does not matter. The people that still believe in the platform will carry on until everyone chooses to leave.

For me, the most important question remains: is Hive account@kittyninja still employed?