Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like in our current case? The question that bares in mind is how will they ever be able to do what they set out to do if they a) run out of funds or b) do not have enough employees working. The simple answer for some of these projects is they can’t and they are going to have to deal with the harsh reality STEEMIT looks to be going through currently.
What all of this leads to is this simple fact: Some of the projects we all thought would do very well may not be able to survive the bear market due to poor management and business practices. ICOs honestly are not much different than a startup, so it should not shock any of us that some of the projects will surprise us both in good and bad ways. For now, we need to be diligent investors who keep tabs on the projects we are interested in or invested in and continue to stay positive as we all know that this market is not dead it is just maturing.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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