Picture Source: Steemitblog
The Steemit team which includes all former developers and employees headed by Ned Scott need to man up and broker a deal between Justin Sun and the community. The reality of the situation reflects poorly on all parties involved and to an extent reflect what happens in the real world when a major shakeup/ down is about to take place. What is important during this time period is level head people who share a common objective that ensures that the Steem blockchain survives and the token strives and out performs its peers in the future. Given that Ned Scott would have seen an opportunity to pass on the baton to Justin Sun given the fact that he was not able to drive the blockchain and company to success and profitability I cannot blame him. In the real world, this happen everyday and even countries go bankrupt and the IMF steps in, there is a lot of pain that comes with what many see as hostile takeover. I have lived in a country that was taken over by the IMF and its policies were then implemented and it meant a lot of pain to the population and subsequent large sale of public resources which many would have given the life for gone with a struck of a pen. I understand the frustration of the community but the reality is that the Steem ship was sinking.
In both BTC and USD value Steem was losing and each time you think this was the bottom, you were never disappointed, in fact, if there was a way to short this token, it would have been the most profitable trade in the last 2 years in both BTC and USD value. Steemit team saw some 70% layoff and there was a string of disappointments with miss deadlines and milestones never achieved. Exchanges were slowly delisting Steem and putting wallets in maintenance. The only action in the last 2 years has been the occasional SBD pumps that meant those who were lucky to cash out caught the highs. The poor performance started to have a negative effect on the blogging activities on the platform and it only energized the flag wars as everyone started to look at who is sending to which exchange and the amount tagging it as "abuse" and raping the reward pool. Steemit community I am being straight up with you, Ned Scott was cornered, everyone was looking for a turn around and it just wasn't coming. We also have to realize that Voice was being launch, Steem needed a momentum to ride on and a way for developers and Steemit team to get paid. I have seen many articulate all the funding proposal that were in place and I remind you even if you collect 100K in Steem to pay developers where were they going to cash that out. Steem isn't magic money, there must be someone on the other side of the trade. Someone else pointed out to me, that this is the nature of Steem ecosystem, that speculators and traders would fill the cap, Steem does not need Justin Sun but as ask that person, is this the kind of chart you would put money into.
The prices are a lot lower as this monthly chart is couple months old and the chart looks worse. This is the reality that Ned Scott was facing and the community may not have realized. So contrary to what was being said in discord and Telegram that Steem does not need investment and proposal for funding was in place for developers, I ask again where would they cash out all that Steem collected. Even SBD lost momentum and the 10% proposal implemented kill off much of the floor that was there.
We need to create a situation where we can sit as grown men and women and have a serious discussion because this kind of discussion should have happen even before Justin Sun came into the picture. There is finally someone that putting in money into this project, that comes with a lot of energy that capable of attracting traders/ speculators and create a much needed market making activities which this project needs if its to be in the TOP20 again. There is a lot of compromise that would have to be made, both from community side and Justin Sun team. Someone has to bend, the decision of the witnesses while it may seem in the best interest of chain did not reflect respect for capital investment. The choice of Justin Sun team calling witnesses hackers on social media wasn't the best of language.
As grown men and women, lets discuss a way forward, lets entertain ideas of moving forward together. To Justin Sun, I appreciate that you saw an opportunity in Steem and made the investment in Steemit. This is my two cents on the matter and I hope it bring about the kind of change needed.