Steemit, Inc. Financial Update

4개월 전

financial update.jpg

Hello Steemians, my name is Elizabeth Powell, and if you didn’t already know, I’m the Managing Director of Steemit. In an effort to be more transparent, I would like to share this financial update to show how we are improving from a cost-cutting stand point, and adding advertising revenue.

Looking Back

For reference, let’s go back to December 2018. The only income Steemit reported was the monthly selling of Steem (which we have done since 2016), while expenses were off the chart! Amazon Web Services (AWS) bills were $225k alone. In addition, we had closer to 15 employees so salaries and benefits were high, our office lease was $20k a month, etc., etc. In order to survive, we had to really focus on reducing these costs. And we did. The engineering team has a few more cost reductions to implement, but the major reductions are now in effect.

January: Revenue!

January was the first month we saw advertising revenue simply by turning on AdSense. We began to optimize, sell direct ads and have since added a 3rd party bidding network. Our campaigns are returning good CPM’s and continue to increase every day, and we did this without acquiring any data on our users. As with cost-cutting, we will not stop tuning the advertising program and are always looking for ways to add more revenue. Some ideas include adding more bidding networks and possibly paid “sponsored” posts. The ultimate goal, of course, is to maintain a good user experience. I still consider the advertising program in it’s “infant” stage. So, definitely more work to be done.

Looking Ahead

At this point, I feel confident that our expenses will remain consistent, which allows for better budgeting and planning. We currently have nine full time employees and one contractor, so salaries and benefits make up the bulk of our expenses. We cut our monthly lease from $20k to $2k and still do not plan on much travel or other extra expenses that do not help add to the bottom line. The only real variable is the advertising revenue. In order to not programmatically sell Steem each month, we need to bring in enough ad dollars to not only cover expenses, but make enough profit to ensure future stability. Obviously the sooner this happens the better so we can slow down the programmatic selling and ultimately stop it altogether. That has always been the plan and like I said, we are working hard every day to make this happen.

Thank you for reading and for the continued support of this amazing ecosystem.

-Elizabeth
AWS Expenses and Advertising Revenue.png

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Obviously the sooner this happens the better so we can slow down the programmatic selling and ultimately stop it altogether. That has always been the plan and like I said, we are working hard every day to make this happen.

I'm really happy this is on the blockchain now.

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Me too! That was awesome to read. That has been the largest drag on the price of steem in my opinion. Ironically, at lower steem prices it isn't as much of a drag, but it's still a major leak in this dam of ours.

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Finally we can plug up the hole that has been draining steems price every month.

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LOL yeah , so this "financial report" of what, 1 page? 3 paragraphs? no spreadsheets no official documents lol

We cut our monthly lease from $20k to $2k and still do not plan on much travel or other extra expenses that do not help add to the bottom line. The only real variable is the advertising revenue. In order to not programmatically sell Steem each month, we need to bring in enough ad dollars to not only cover expenses, but make enough profit to ensure future stability. Obviously the sooner this happens the better so we can slow down the programmatic selling and ultimately stop it altogether. That has always been the plan and like I said, we are working hard every day to make this happen.

ok so..... WHOSE programatic selling of steem is she even talking about? The market? Steemit inc? I thought @ned promised he wasnt selling any steem it was all just being used for stuff liek SMt related projects?

In order to not programmatically sell Steem each month

So is she admitting that @ned and steemit inc DO sell steem from @steem @steemit @misterdelegation @ned to cover overhead costs??? It would be nice to actrually get a detailed report about this, but hey your a private company and can keep all your secrets behind closed doors if you want!

Just SAYING you reduced costs from $20K to $2k.... sorry thats not good enough and is K whats that? Kelvin? Karats? Please speak in US dollars down to the decimal point this is a business not a weed deal where we are just casually throwing around how much money we spend

where is the detailed financial report showing all of Steemit inc's expenses? Why cant you give us that? Whats so private about steemit inc and its expenses/ Why cant we open them up so we can SEE whats being done so we can HELP?

If steemit inc utilized all of these BRAINS instead of trying to make due with what 2 brains? 5 brains? This was supposed to be proof of brain, and we have all these brains that could help manage steemit inc.....

Why cant steemit inc open an IPO where every share of steemit inc stock can come with i dunno 1000 Steempower as a bonus? First IPO to have elements of an ICO.... could be so cool.... but I feel like steemit inc doesnt wanna innovate like that theyd rather just try to coast along.....

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I swore I heard somewhere that Steemit sold over 800k worth of steem like clockwork every month. If that is or was the case no wonder why the price came crashing down to near nothing. There was a major leaky faucet which is exactly why I recommended running ads on steemit instead.

A currency needs more value coming into it then going out of it in order to increase price it's not complicated.

What will happen with the surplus in income generated from ads ? ( I would think that would be used for new fund instead of taking 15% from the content creators who write the damn content so the ads are seen in the first place...

There still seems to be some major gaps here which perhaps we just don't have enough insight to but all of this still sounds like crap to me.

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I think you are right about Steemit icn selling a lot of steem liek clockwork every month, or at least selling steem, EVEN though @ned said his power down from @ned wasnt for selling just moving money around to fund some SMt projects.... i feel like @ned should have to legally tell us when he is buying or selling steem... right? If not... I mean whats the point of this "financial report"

I mean wow, I cant believe I believed ned when he said he wasnt powering down to sell steem, but how else is he getting money to pay for the overhead and tro pay salaries for friends he hires like eli powell? She has no blockchain experience and yet he has all this money to pay her, he must be selling steem UNLESS he magically has all this free cash laying around, to pay employees with , OR MAYBE he still has BITCOIN to sell from back when steem first had its Initial COin distribution when people first had teh change to buy steem? Someone got that Bitcoin and maybe thast why ned is so happy playing guitar in videos as steem goes down, because he has BTC? and i guess this is the reason peopel are so angry, that I have to GUESS about whats going on.... hell we dont evenm know who is CEO ... that tech crunch article said ned is the FORMER CEo and implies elipowell is his replacement...itd be nic eto see someposts by ned to actually clarify whats going on

WARNING below is a very crazy idea but hey, who knows , i think ned might be working for the US federal governmentand that STeem is PROJECT XANADU which @adept found out about @ned confifmed his profile quote poem about a vision within a dream was about it, and sadly adept who worked for marketing at steemit inc and helped get steem added to Binance, was found dead in his new york penthouse shortly after discovering this Xanadu "conspiracy" involving project xanadu..the longest running vaporwave project which STEEM fits the bill for

https://en.wikipedia.org/wiki/Project_Xanadu

https://www.wired.com/1995/06/xanadu/

https://steemit.com/steemdev/@adept/will-steemit-complete-project-xanadu-s-vision-of-what-the-internet-should-be

its liek we all have to speculate on what steemit inc is doing how much money they have where they get their money etc... i feel liek ned has some special protection ....and project xanadu explains it all....... most people would get shut down trying to go up against facebook and the US dollar making your own global banking system and a site where NOTHING gets deleted.... seems too good to be true....

I feel like if ned actually revealed what hes doing with all the steem pumping and dumping and whatever happened with SBD back in 2017, hed probably get shut down by the SEC, but WHy doesnt ned ever get noticed by teh Feds or by Facebook who I woudl think woudl wanna find ways to shut down steemit inc??? and i mean I would hate for that to happen but why woudl ned be immune to all of the insane regulationsthat made it impossible for even reddit to release reddit notes back in 2014? heh in 2 years not that much can change so HOW the heck is Ned getting away with creating steemit and making his own money system? Is ned just lucky he hasnt had the us federal government investiugate him for creating his own money which no oen is paying much taxes on? or is ned working for the us federal government to allow steem to be teh next facebook and part of some us miltary control grid where steem is the UBI system to keep peopel under control?

LOL why isnt ned providing 1099 forms for all steemians in teh USA? :D These are the rediculous questions i woudl assume ned will HAVE to answer if he wants to continue steemit inc from usa... why i have no idea but i feel liek ned has special protection.... .... he should have moved steemit icn out of teh united states years ago to avoid these rediculous problems ...... but i feel like ned has too much at stake in teh usa.... he probably has orders to hold steem at an impasse and keep it stunted maybe by InQTel or CIA, @stana nd @dan larimer who worked for SAIC lockheed martin would seem to know all the peopel who would want to USE steem as teh NEXT facebook, pumping steem at teh right moment using same silicon valley investors who pumped facebook google etc

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and the kneecappening gains weight,...

I was following adept, but didn't know his story, thanks for that.
I suspect it's not the last secret to be outed, asp.

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Project Xanadu
Project Xanadu was the first hypertext project, founded in 1960 by Ted Nelson. Administrators of Project Xanadu have declared it an improvement over the World Wide Web, with mission statement: "Today's popular software simulates paper. The World Wide Web (another imitation of paper) trivialises our original hypertext model with one-way ever-breaking links and no management of version or contents."Wired magazine published an article called "The Curse of Xanadu", calling Project Xanadu "the longest-running vaporware story in the history of the computer industry". The first attempt at implementation began in 1960, but it was not until 1998 that an incomplete implementation was released.

If that was a crypto chart, I'd be bullish. Head down, graph up!

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But its not a crypto chart and you KNOW this man! You should be more vocal against this woman and her mismanagement of steemit inc AND thus Steem Blockchain WHICH it is the LARGEST Influencer and Owner of... look at how the blockchain feels about her posts....
![]

()

A lot of steem whales seem to NOT like this post and I agree with them. Who is this woman who just pops out of nowhere and claims to have all this experience on steem when she barely makes any posts and has not enough Steempoiwer to have RCs to make a single post until i DELEGATED her 2 SP

even though she could click one button and ACCEPt her rewards :D she seriously went MONTHS without even logging in to ACCEPT her steempower rewards from her earlier posts! she doesn't CARE about steem! she doenst USE the chain even though with #share2steem https://shaqre2steem.io she could EASILy post from her instagram twitter or youtube with one click

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That's one whale, and a small selection of their alts.

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Fine I shouldnt have said a lot fo steem whales, andposted that image, misleading, but its STILL true, and the picture still showes at least ONE had the BALLS to downvote her,

and its STILL TRUE a LOT OF STEM WHALES do NOT liek elipowell, I know this not form a fucking list of votes dude, but from talking to them in discord and on chain, its obvious to anyone in the know

and it will be up to her actions right NOW, to determine if peope will power down or not, and
SO what if its one person? they still own enough Steempower to make a difference dont they? How is it any different from multiple people with teh same SP?

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Faster moving average passing a slower one to the upside... bullish!

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😂, a sexy graph!

Posted using Partiko iOS

The only real variable is the advertising revenue. In order to not programmatically sell Steem each month, we need to bring in enough ad dollars to not only cover expenses, but make enough profit to ensure future stability. Obviously the sooner this happens the better so we can slow down the programmatic selling and ultimately stop it altogether. That has always been the plan and like I said, we are working hard every day to make this happen.

Yes please! That alone would help the price of steem go up.

@elipowell, that is great news and we appreciate the transparency and the positive intention. I have just done some napkin math so far came up with this estimate:

Monthly Income:
800K selling @ 0.35 USD - $280 000
AWS/AD Revenue Surplus -$ ~40 000
Total income: $ 320 000

Monthly Expenses:
Rental - $2000
Telephone, Internet, Sundries - ~$3000
Electricity and Water - ~$700
Other combined - $10 000
Total Expenses: $15 700

Nett Revenue before salaries: $304 300 per month, assuming you still have 15 employees, (gerbino, roadscape, justinw, vanderberg, andrarchy, birdinc and yourself are the only ones I'm aware of however.) that would mean an average of $20 286 per month each or $243 440 per annum, I would say only executive (yourself) and blockchain devs should be anywhere close to this, blockchain dev job offers I have seen can be around $150K per annum, Steem is very niche so you could perhaps argue the above max for 2-3 of the Steemit devs, but is still high.

This basically means everyone else is severely overpaid at the expense of the Steem price and the community, bear in mind there are many Steemians from low-income countries that will see these numbers as obscene, and a $10 post value helps them sustain their family for a few days, and it hurts them further as the Steem price drops due to sell pressure.

So not knowing the full extent of your expenses and doing some napkin math, I don't see why a small reduction right now is not possible, I would say even 700K monthly sell off instead of 800K is possible right now at the very least, 600 or 500K is likely possible too.

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Why do you assume that all revenue per month is spent? They never said that this is the case and it likely isn't. At least they should not spend it all if they want to manage the company sustainably.

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Employee salary and benefits not included yet

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I'm blown away by the fact that @elipowell has basically been able to cut two of their largest operating expenses by 90% and has begun generating sustainable revenue streams. All the pieces of the puzzle aren't there yet, but labor costs likely can't be cut without cutting employees, which they've already done, regardless of how we feel about how much they're getting paid. Further cuts would likely damage top line growth, which would sink the ship. The real trick here, in addition to shoring up the outside revenue, now will be to trigger a rise in the price of Steem and slow or reverse the net selling by users, which would serve to further benefit the low income folks of course. After what I'm seeing here, I'm feeling confident that they can pull it off. None too soon either.

Posted using Partiko Android

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That only took someone competent to take the helm. The level of waste on Ned's watch must have been horrific.

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What? @ned is the one who hired @elipowell and she is too afraid to announce she is the NEW CEO when this new article states it clearly

https://techcrunch.com/2019/01/23/steamit-reddit-new-boss-rebuild-elizabeth-powell/

Formerly the company’s head of communications and advocacy, Powell has replaced former CEO Ned Scott — who is now executive chairman — at the helm of the business, which has 12 full-time staff.

SO @ned is the FORMER CEO? WHy wasnt any of this ever announced on chain ? SO weird...

Im praying the reason ned is so overconfident and absent is because he has way mroe BTC than steem.... im hoping he is waiting for steem to drop LOWER than it is now its LOWEST EVER price in Bitcoin.... because he knows he can buy it up cheap and pump steem at any time....

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I don't know what exactly "executive chairman" means. But I'm guessing Ned is still Chairman of the Board at Steemit Inc because he's still presumably a major shareholder if not the largest one. Eli Powell answers to the board. It was a good move of Ned to step down and hire Powell to manage the company. Ned is a visionary but less effective as a manager. CEO stands for Chief Executive Officer. Managing Director means practically the same.

Ned doesn't need to be at the forefront at this time. It's better that way. He probably still has regular and frequent meetings with the staff in addition to board meetings. Powell is a fresh new face and has been able to turn the company around. She's been a good hire from what I can tell from the published information.

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But I'm guessing Ned is still Chairman of the Board at Steemit Inc

HAHAHA dude now theres a BOARD? I was talking about how Ned should step down and just be on a "board" for a while but I didnt think it woudl actually happpen, but tell me who else is on this brand new BOARD of directors at steemit inc? No seriously show me everything you know :D You seriously think they have board meetings? I would be impressed if there was now a board of directors for steemit inc.... why cant ned make a simple announcement about having stepped down as CEO? so many peopel still think he is ceo.... does it really matter?

what matters is who owns the keys to the steemit inc accounts @steem @steemit and etc, and I am pretty sure that is still ned why would he give up control of his keys to other people? So in the end its just ned, ned owns a bunch of steem.... unless elipowell owns some steem no one will respect her...

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Of course, there is a board. Steemit Inc is a corporation. Boards are a standard part of corporate governance. In below the post by @steemitblog, it is mentioned that the Steemit, Inc Board as nominated Ned Scott as Executive Chairman and Elizabeth Powell as Managing Director. At the very least, boards exist so that certain formal decisions can be made. And yes, I seriously think they have formal board meetings, at least when key hiring decisions are made.

See:

https://steemit.com/steemit/@steemitblog/steemit-inc-leadership-changes

P.S.

By the way, Executive Chairman is not the same position as that of CEO. A CEO runs the day-to-day operations of the company while an Executive Chairman often acts as the Chairman of the Board and also in an advisory and supervisory capacity in co-operation with the CEO.

what matters is who owns the keys to the steemit inc accounts @steem @steemit and etc, and I am pretty sure that is still ned why would he give up control of his keys to other people? So in the end its just ned, ned owns a bunch of steem.... unless elipowell owns some steem no one will respect her...

He couldn't treat any company-owned accounts like his personal property without facing the possibility of criminal charges.

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He couldn't treat any company-owned accounts like his personal property without facing the possibility of criminal charges.

WHAT? I dont think you understand how any of this works or how ownership works lol

Also do we even know if steemit inc owns the steem or does ned? its ned , he usesd it whanever he wants to, like to flag @dan 's post "for aggrandizement" yeah he used the official @steem or @steemit account to do it and give a $2K flag are you saying that was a personal use of company funds? :D

come on man your just trying to use big words and sound important and also this is teh first anyoen has ever heard of a steemit board in public by the way... all of it is just ned and his friends making up titles... none of it matters when steem price is this low...

we STILL have no idea the official title of ned or eli.... between me you and that article theres multipel answers as to whats going on and thats a result of a lack of leadership, because THEy are suppose dto TELL US what THEy are :D They are leaving us to make wild guesses about whats even going on

Here maybe THIS will solve All of steem's problems, you can get some goodboy points for defending steemit inc

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Let's not give Ned too hard of a time. If it was easy to be a CEO, everyone would be doing it. Sometimes when you're in the middle of things, what seems obvious in hindsight or from the outside is difficult to see. Let's just be glad we've got someone here now who does see, and hope she can keep it going.

Posted using Partiko Android

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Steemit Inc must have sold STEEM for such massive sums of fiat that any technical problems should've been overcome in a timely manner by simply hiring enough good people. The market cap of STEEM was billions of dollars a year and a half ago. I suspect Steemit Inc may have sold close to a hundred million dollars worth of STEEM during its existence. What kind of a software engineer can you hire for a million bucks a year? What about marketing professionals to counter all the FUD? When the bear market hit and the price collapsed, that was the day of reckoning.

You're doing a great job on the finances. Now just power up your Steem so you have enough RC to interact more with the Steem community.

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It would also be great if @elipowell could take a proper look at the @jpbliberty law suit because Steem will have a huge claim to put in as it is such an obvious competitor to Facebook and was clearly damaged by Facebook's part in the cartel that banned crypto advertising last year!

▶️ Watch on 3Speak

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Seriously, that should have been a part of her hiring was a powering up of enough steem to interact effectively. Should be a pretty simple thing to dump a bunch more in and not have to worry about RCs.

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I had to delegate her the SP to even post... she didnt even realize she HAD some Steempower rewards but she never claimed them , she probably never figured out how to use the new confusing https://steemitwallet.com to get her active keys :D

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That is pretty funny, truly. Given the position I would have thought there would have been a bit of training on how to use the system....
Really why was she not given 5k or 10k SP from Steemit to start with, knowing she would have to respond to comments and post? Or was that not expected to be a significant part of the job function?

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Yeah its pretty funny how she wasnt even able to make this post until I delegated her 2 SP so she could have enough Resource Credits to even make a POSt as the NEw head of COMMUNICATION who couldn't even COMMUNICATE :D

https://steemit.com/steemit/@ackza/delegating-2-steempower-to-elipowell-so-the-steemit-communication-director-can-have-enough-resource-credits-on-her-steem-account

Thank you for the communication and transparency. And the fact that you are posting it on your own blog means a lot.

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the fact that you are posting it on your own blog means a lot

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She should be using #share2steem @share2steem.io https://share2steem.io so she can actually share the twitter and instagram posts she makes , same with @ned and his twitter https://realnedscott its annoying how much ned posts on twitter but he wont even post on his own platform when its so easy with share2steem he literally just has to type in 1 hashtag

Anyway thanks for being one of the only people on twitter promoting steem, when i type ion #steemit all i see on twitter are videos of people doing Pushups :D we need a new campaign, pushups have nothing to do with crypto, we need people to show off their steem wallets instead, thatd be actually helpful, the pushup thing has run its course man! :D lets make the #seven77 project actually useful! Those posts you promote on steem could be actually bringing us users and investors if you changed it from pushups..... to people recording their STEEM wallet balance! THAt would encourage new users!

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I'm building the killer DApp STEEM and Seven77 just laying the foundation

Don’t worry about the money, money follows the people, people should follow the dreams….money will come”

-Jack Ma

It's a shame that we don't get the whole picture with salaries expenses as well but I get why you won't want to show them.

Very insightful and bullish though, I didn't think that ad revenue would amount to this much so soon. I can't imagine how steem would look without the programmatic selling.

Please do this kind of things more often (every month or two months would be amazing).

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I dont expect her to post for another month now :D I had to send her 2 SP just so she could have the resource credits to make the post, sad :D

https://steemit.com/steemit/@ackza/delegating-2-steempower-to-elipowell-so-the-steemit-communication-director-can-have-enough-resource-credits-on-her-steem-account

Maybe she will have to buy some steempower if she wants to avoid the NGC flags :D hahahah Social JUSTICE is sweet :D

But instead of buying SP she will just ask @ned for qa delegation and CHEAT when everyone ELSE has to PAY OUT OF POCKET for delegation

THIS is why no eon values steem, people like ned gave it away like candy to his girlfriends before he pumps and dumps them :D

Lets take bets on how long until elipowell gets pumped and dumped

when she reads comments like this I GUARANTEE she will ask @ned to delete them from the front end citing brand new TOS violation, and if he does then THIS will be the END of steemit inc and steem as we know it as no one else has a viable front end t replace steemit, steempeak wont be enough and no one will stay to watch eli systematically ban users from teh front end who upset her :D

This graph looks promising. Hopefully it's not some made up BS cause I really doubt you made almost 100k last month just from AdSense.

Looks awesome! :) Thanks for putting both posts up in such a short term!

Keep up the good work & transparency, and I can bet that the community will support you! (apart from the moaners and haters) :)

Thanks for the information Eli and the two posts in one day!

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Yep, two posts in one day! Now it's comment mgmt. I can't respond to all the comments. So hopefully people will understand that... now back to getting things done! TY.

If you are nearing $100K in advertising a month, this should be pushed to crypto news sites. This is huge news and can have a big impact on how investors see us, especially if it reduces the programmatic selling.

One thing I never got an answer to I would love to know, the AWS infrastructure was reduced from $225K/month to 18K-38K, has (or will) this reduce the programmatic selling?

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Went from 3k to 100k? I smell BS

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I agree. Let's advertise with the ad revenue.

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No sorry we will have to wait for SPS steem proposal system for that and even then its no guarantee, so we will force the reward pool to pay for what @ned should be paying for :D

probably same story with on-boarding... instead of ned using all that Bitcoin he got from the Steem "ICO" or Initial Coin distribution, whatever you wanna ca;ll it, ned got a LOT of Bitcoin and THAt was what he was supposed to use to PAY for infrastructure ..... oh welll

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hmm, well looks like he got his money and went off xd

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Good question, but I bet until they have a financial cushion of something like two years expenses established, they likely won't cut the programmatic selling.

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No sorry we will have to wait for SPS steem proposal system for that and even then its no guarantee, so we will force the reward pool to pay for what @ned should be paying for :D

probably same story with on-boarding... instead of ned using all that Bitcoin he got from the Steem "ICO" or Initial Coin distribution, whatever you wanna ca;ll it, ned got a LOT of Bitcoin and THAt was what he was supposed to use to PAY for infrastructure ..... oh welll

Please do this evaluation every first of the month, with all the data on employees, costs and revenue. Because why not.

Also is it possible to bring back the status update for SMTs with the dotted charting posts for what needs to be achieved before release? Progress equals happiness...

What about testing HF21? Are the witnesses happy with the testsystem or not?

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Agreed. If this was a monthly post, Steemit would already be operating above and beyond the traditional quarterly standard, which is every 3 months.

WELCOME TO THE JUNGLE @elipowell

Welcome to the jungle, we've got Pun and games
We got every Coin you want honey, we know the names
We are the people that can find whatever you may need
If you got the money, honey we got your Steem disease

Jungle, welcome to the jungle (test net)
Watch it bring you to your shun n-n-n-n-n-n-n-n knees, knees
Uh I, I wanna watch your Account BLEED

YOU KNOW WHERE YOU ARE? YOUR in teh JUNGLE baby! Your accounts Rewards are gonna DIE!!!!

shun n-n-n-n-n-n-n-n

This is interesting and much needed info for morale on the steem blockchain Eli! I want to commend you for understanding steemit incs most valuable asset imo (steemit.com) and returning focus here.

In all your spare time, can I draw your attention to @aggroed ‘s recent post regarding a proposal to burn steem for SMT creation? https://steemit.com/smt/@aggroed/hardfork-22-smts-let-s-burn-steem

This or another way to shrink the total supply of steem could potentially drive up the price of steem and create a virtuous circle benefiting all stakeholders.

Thinking in terms of a sort of share buy back if you will, which is what many companies implement when their share price is undervalued.

Thanks for your consideration Eli! Im sure aggroed would be happy to expand on this topic.

Great work in starting to turn the ship around :)

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I dont think thats a good idea to burn Steem. I think Stacking them for creating a SMT over a long Time is better ( and Benefit SMT Token holders with RC from Stack).

So Users without Steem can post by holding a SMT and a lot of Steem is Stacked up and inliquid.

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Perhaps.

I probably could have gone into more detail regarding the virtuous circle... the idea is that by burning steem and allowing the price of steem to rise Steemit inc would require less programmatic selling to achieve their same expense objectives and alleviate downward pressure.

A higher steem price would benefit nearly everyone on this platform no?

While im at it, lets get rid of the 3 month power down period. This is going to drive most serious investors away and we are far beyond the days and reasons stated in the whitepaper for this

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I'm not saying that you're wrong,

but i think the same goal can be achieved with stacking.

Think about,

A Smt creator stack arround 100k Steem for the SMT.

Now, the SMT has a base value because of the RC which were gestacked.

It would be important only that the SMT Token Holder can use a part of the RC when they stomp the SMT.

So they could use the SMT without Steem to post.

That would be good in any case, if there are many communities. Because they could use their local smt.

Now if a project is very good and has many users, they need more RC. So they need more Steem stacks for the SMT.

That would make the liquid steem inliquid.

So say there is also a shortage.

With the simple advantage that SMT users enjoy the advantages of stacked Steem.

In my opinion that's more user friendly and scalable for a bussines.

Burning Steem would be more or less a one-time fee that is not scalable.

If I'm wrong I'd love to hear your opinion

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You could well be right:)

I guess my issue is that we have zero data on SMTs because they don’t exist. I am making the point that there is doubt that the inflation of steem on a daily basis sucks value (of course I concede the inflation is necessary for the rewards pool).

We know for sure that the current apparatus is not working to increase the price of steem. We don’t know what SMTs will or won’t do because as of yet they have not occurred.

I am just tackling the known issue vs a completely unknown one.

But I appreciate your point, and I hope that SMTS benefit the ecosystem for everyone of course

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Today i made some research about SMT Whitepaper. I dont found something about the mechanics with interacting Steem ( the coin). So i have also no idea how there would work.

But i hope somthing like i imagine :)

The only i found in Whitepaper was " you can create a SMT with only 1 SBD". Thats sounds for me stupid.

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Agreed on the 3 months power down. It is to much. From a personal experience convincing friends about Steem, they are turned off by the 3 months power down.

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It was a 2 year powerdown in the beginning, which I think was recognized as a significant problem. Still, especially in the crypto world, 3 months is a very long time considering the volatility. Imo this is a long outdated and massive problem for any potential investor.

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Yes you are 100% right. the 3 months sucks.

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The 3 month is the only reason we did not die in the bearmarket. People could not sell fast enough, that's a good thing. It secures a kinda stable price and is mandatory.

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Sell to whom? It should be 3 days.

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If it is true that the 3 month lock up period is the only thing preventing us from hitting 0 (which I dont agree with), then we don’t have a token worth any value anyway

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I think 4 weeks should be enough for a power down.

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What it really prevents is panic selling. Probably slows down buying as well though.

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Thanks for the update. I know people have been concerned about Steemit selling their Steem, so I hope you can minimise that. Just have to hit the right balance with ads as people do not want to be overloaded with them. Of course they can access Steem on other ways.

Hope this can be a regular report.

I'd like to see more numbers.

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HAH maybe next year youll get another report :D

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Damn, slow down already! Too much information!

If we were to gain users your AWS costs go back up, then you sell more Steem and we just lose the same users again. I find this a never ending cycle, I think we have to break. Releasing fully decentralized applications helps remove your AWS costs. I understand most people @ Steemit inc lost faith in Satoshi's values but perhaps we all can learn together from our past failures to build a better blockchain.

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"Releasing fully decentralized applications helps remove your AWS costs."

I am not a dev, so wish to make sure I understand this. Apps can ride on the blockchain but somehow either not increase data that requires hosting, or host it themselves? I know that Dtube uses IPFS, but other than that have little grasp of this issue. If you could clarify for me I'd appreciate it.

Thanks!

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If we were to gain users your AWS costs go back up, then you sell more Steem and we just lose the same users again. I find this a never ending cycle

yeah ned might understand this @elipowell certainly doesnt... she doenst even understand basic cryptocurrency... she is a poser, a professional bullshitter, check her linked in its full of lies, like claiming to be working on the steem blockchain for years, she hasntbeen, she barely makes any posts....... she is a product of affirmative action and an SJW world we live in where people believe being a woman is her best qualification even if there are many more better qualified women like for example @whatsup who would do a better job than elipowell any day whatsup is female too so you get all the same brownie points for having a woman

Honestly whatsup has done a better job of managing her STeem based Drama Token than #Eli has done managing STEEM which has PLUMETED in Bitcoin value since she took office :D YES We CAN blame leaders and presidents for the market cycles!

You know what would be awesome? Allow users to create and fund ads and the content creators to put them into their posts. You can take a cut from each click ;)

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Yes we could incorporate the existing system made by @dclick https://dclick.io

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Not good enough :) the content creators should be paid in steem, not upvotes.

Thank you for using your product. :)

Either share all or share nothing. This doesn't really show much at all. How much is paid out in salaries. How much salary does Ned take? Too many unknowns which is why I'm pulling all my money out of steem, which I should have done many months ago.

Stopping the programatic selling now is too little too late. Too many crypto investors has lost trust in steemit inc and the cryptocurrency. On top of that no tokens are burned. Stopping the programic selling still doesn't address the issue of it starting up again at the drop of a hat. Steemit Inc still holds enough to keep buring 800k Steem for 5 or 8 years? No thanks, I'm cashing out with my loss and moving on.

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Dont be afraid to express your true feelings brother! I commend your honesty! let her have it and show her that her too little too late attitude is no longer working and no longer welcomed here any longer us us the Users and CO OWNERS of the blockchain!

Stopping the programic selling still doesn't address the issue of it starting up again at the drop of a hat. Steemit Inc still holds enough to keep buring 800k Steem for 5 or 8 years?

first of all programic isnt a word eli lol second of all, WHOSE selling is she talking about? the market? or steemit incs? Like wtf is she talking about PROGRAMIC selling? PROGRAMATIC? PROBELEMATIC? dude she cant stop the market from selling she can only fucking create confidence and make people want to BUY..... its like she thinks she can hold onto investors like what is she gonna send court orders to investors DEMAND they Stop powering down? pisses me off how she acts like some Venezuelan dictator, like a communist trying to CONTROL the market from a central command point. vertical control, she has no idea how markets work these days

and You have EARNED the right to cash out whenever you want, so fuck ANYONE who wants to insult you for being brave enough to tell everyone else you are cashing out, unlike teh many people who power down and still have a smile on their face wanting to entrap others into the scam so they can get a good price for their last power down

So many steemians have ALREADY powered down and yet STILL enjoy massive upvotes, they just didnt bother to announce it, probably a smart move BUt we cant let NEW people come into steem and get SCAMMED the way eli and ned have SCAMMED all of us for the last 3 years knowingly or unknowingly

I find it hard to believe that ned just accidentally this incompetent and hired this person with 0 crypto experience to run a hundred million dollar blockchain.... and yeah steemit inc runs the steem blockchain...

until ned owns less steem then maybe we can talk but ned owns so much steem, why even seperate steemit inc from steem anymore? :P Unless has ned been cutting his stake? Itd be nice to actually know how much eh has, would be cool to see a financial report .....

you cant stop people from selling.... you have to do marketing to TARGET investors but you dont waste time BEGGINg old investors to NOT sell.... you can only work hard to launch new updates and get NEW investors NEW money, we need to TARGET BITCOIN holders and get THEM to buy Steem DIRECTLy with their bitcoiN! we just have to make teh case for steem with VIDEOS on YOUTUBE and PAY to get them promoted with ads and if youtube bans crypto ads we get around that with EDUCATIONAL videos about how Steem works! ,

Steem might seem like some useless investment you have to sell BACK to some one at a higher price but not if you are a company that can USE steempower...... imagine ALL the charity companies that have social media accounts, who spend LARGE amounts of money on ad campaigns and paying peopel to manage their twitter and facebook accounts, doctors without borders, Unicef, etc, this is a masive multi billion dollar industry and we can penetrate it with steem and get UNICEF to get a STEEM account and instead of spending money on ADS one month spend that budget on STEEMPOWER and use it to upvote peopel who promote Unicef..... thats one example of how you can PLUG STEEM into EXISTING industries and then those Unicef people can manage the unicef steem and probably make ALL their money back from upvotes from the community, that novelty will wear off after teh first few large charities join steem.... but THATS what steem can go aftyer

World Wildlife fund or the NAACP are two other groups thata re PERFECT for steem, imagine if PBS or the Smithsonian joined steem and used steempoweer to upvote people instead of spending money on existing social media ad campaigns ....im sure theers plenty of examples where you can get MORE impressions from buying steempower and using @booster or @boomerang bidbots than by spending money on an ad for Instagram or Twitter or youtube with all teh fake viewers and accounts......

so plenty of charities and NGOs are perfect for steem but @ned has to setup a steem foundation to actually have people fulltime lobbying for steem, we dont even have a VC venture capital fund like EOS has with EOS VC .... we need that..... its like we have all the legos but ned has the important pieces locked in his room and he wont come out to play with any of us, he comes out to play on teh weekends when no oen is here and only plays with teh richest kids, but when we are all out with the lego mindplay he has all the motors and the special computerized legos we need to make this toy actually work.... one simple REDDIT TIP bot and we could have all of reddit using steem... i dont get why ned isnt trying to just work directly with reddit and their owners conde nast to help create reddit SMt for rewarding karma holders, bring back the reddit notes project and use steem for it... SMts need BIg partners to diferentiate themselves from steem engine and reddit could be a big partner for SMTs... but meh i dont see ned having the leadership or eli to go and get reddit users to learn about steem.... we need dedicated steem tip bot that lets reddit users tip each other with steem and we HAVE a few already just have to market it correctly....

also Steem could erally use a twitter bot that let you repost your tweet to save it on blockchain and gets you paid for it, @share2steem.io could make this tool for twitter users , and then use steeminvite.com or https://invite.steem.ninja to send aan instant invite link once you have a tip that reaches over 3 steem so you can pay for a new account :D

I am also looking into using steem engien for twitch streamers so they can accept donatiosn cheaper than paypal for TTS and media, my goal is to get iceposeidon.live to use steem in some way, since all thsoe CX peopel are using dlive thanks to pewdiepie .... theres anotehr simple example of what ned coudl do, pay pewdiepie to post on steem BUt as part of hsi deal he has to come BACK at least 3 times in 1 month and LIVE STREAM himself UPVOTING his REPLIES on steem, so pewdiepie can give out a few dollars per comment after @nmed has delegated some SP to pewdiepie this woudl ebanoitehr SIMPEL way to promote steem without spending a dime, just use delegation and pewdiepie WOULD LOVE the idea of steem as its a decentralzied blockchain "version" of reddit where no oen can get banned or have post deleted, pewdiepie will LOVE this considering threats oif censorship of HIS content.......

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Didn't steve jobs take a huge salary cut when the company was hurting. I think steemit inc almost does the opposite. Do you think it's a coincidence they don't disclose the salaries? I think not. I only blame myself, not them, for not doing enough due diligence before buying in.

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Lets do more, lets expose @ned and his dead beat dad attitude with us , the users of his social media network .... Perhaps a scotbot site could be created JUST for exposing steemit inc... we could even do a FAKE steemit inc accounts as a PARODY scotbot site and do DAILY PARODY posts to PROVE how steemit inc could be releasing updates, even a PARODY account of ned and eli can make daily updates with mockups of all the thinsg we wish they would do

Hell with the way @ned steals ideas like he stole SMT's from @mughat we will probably just inspire ned if we do this and make a pretend ned account wwith all the things ned SHOULD be posting

we could even upvote posts to trending and just talk about all these initiatives liek seytting up a steem foundation, setting uup a steem incubator, and just say we are steemit inc LIKE THE YES MEN

and then WATCH when ned is forced to have to annoucne that no he ISNT t he one posting all these good ideas :D

We can make TWO posts one for a Steem VC incubator liek Y COmbinatoir, and a SECOND post about the creation of a STEEM FOUNDATION and we can announce the 1 million dollars for two years for the VC Incubqator will NOT be taken out of the blockchain but fropm the BTC ned got from selling steem for btc originally, ned has plenty of BTC to use and we will force his hand like teh Yes Men and teh bhopal chemical spill :D we will make a press confrence pretending to be steemit inc and annoucne EVERYTHING the community wants, and we will annoucne them ina way thats realistic, in a way ned can actually DO

Ned will be able to use steem engine tor raise money to pay for this stuff even if he tries to say he doenst have 1.1 million for this, 1 million for incubator and 100K for a steem foundation to promote steem as a worldwide charity movement, and educationa l system to piush steem in schools in developing world, hahahaha ned could pay for ALL of this via donations actually if he was SO greedy that he didnt spend his OWN money on his big project :D

yeah man look up The Yes Men and how they did a press confernce pretending to be Dow Chemical and made official apologizes to indian peopel who died during a chemical spill Dow tried to just ignore... fucking insane how these Dow chemical peopel tried to ignore their killing of all these peopel and some COMEDIANS forced their hand

we should just impersonate steemit inc, and announce all sorts of initiatrives, i bet peopel woudl end up BUYING steem and we would give ned enough profit to be able to actually carry out these changes we want like a Steem VC Incubator and a STeem Foundation for promoting steem as the educational blockchain in schools, to get fundation promoted aropund teh world, to get mroe dapps liek fundition created, kick starter for steem, steem starter, i mean look at the EOStarter we are gonna have on EOS!

@fundition is a good start but imagine when we have a STEEM STARTER like teh EOStarter the gusy an Lynx are working on with eos... swe could have this! we could have it FU*NDED by a steem ventrue Capital system that works like YCOMBINATOR

Steem + YCOmbinator woudl ALSO make a KILLER headline but we would have to call up Kevin Rose and Revision 3 and DIGGNATION

why arent we working with DIGG.com ???? They are the guys behind y combinator and dude, thats the mother of all tyech incubators, WE SHOULD be PROMOTING ourself AS ONE OF T EH FASTEST blockchains and use STATE from @blocktivity foirst if all https://blocktivity.info THAT IS THE SITE we need to promote THAT SITE and show ITS INFOGRAPHICS!!!!! we are SO CLOSE

SO CLOSE WE JUST NEED TO PROMOTE the STATS about steem!!!!! a marketing campaign to Promote THIS image ALONE on crypto twitter would do us so much good!

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Word of mouth is much stronger than any marketing campaigns. And steem will need to overcome that if they want to overcome the CMC slip.

Thanks for this, and for chatting with Aggroed recently.
@paulag just posted about our onboarding rate for June, is Steemit working through a backlog of applications currently? If so, how many?

@elipowell i advice you that not only earn from advertisement do steem advertisement through facebook social media and engage more people with steemit and specially peoples from asia still do not recognize steemit yet , grab more investment and reinvest your advertisement revenue will make steem more valuable

Thank you for the information Eli!

Posted using Partiko Android

Great to see that the final goal is to stop selling Steem programatically.
Your message has been delivered to the Korean community. :)
https://steemit.com/sct/@jayplayco/managing-director-eli-powell-feat

Any plans to verify the steemit.com web site with the brave browser? I've had a monthly auto-contribution going to steemit.com for well over a year, now, but the steemit website still shows as unverified in my browser, so you're apparently not collecting those payments. I'm sure I'm not the only one using brave, so you might be leaving a good bit on the table...

Wow, nice to see a simple chart to visualize this. Congrats to the team for making the ad revenues greater than the expenses.

Nice strategy to reduce recurring cost. Great Work.

Posted using Partiko Android

This looks brilliant, you are doing a good job. Big thumbs up for the transparency, too.

I'd like to see an actual financial disclosure report. Like one would file with the SEC if they were a publically traded company. Though steemit INC is not a public company, STEEM is like a security (though technically not) and as such allows you all to have your cake and eat it too. If you can fundraise through the sale of STEEM, you are, in essence, publically traded.

This is very cool.. and it makes steemit look more strong 😋👌🌟🌟🌟🌟🌟🌟

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oooh burn :D yeah first time in how many months she actually used her own product?

https://steemit.com/steemit/@ackza/delegating-2-steempower-to-elipowell-so-the-steemit-communication-director-can-have-enough-resource-credits-on-her-steem-account

You know I had to actually send her 2 SP delegation just so she could actually make this post? :D We checked her Steempower 4 days ago, and she had like 0.2 SP i dont think it was enough to make any of teh comments and posts she made, AND I doubt she was able to figure out how to even use steemitwallet.,com to CLAIm rewards she ALREADY HAD but never CLAIMED :D

so she can thank me for her entire ability to POST at all on steem! A hard truth @elipowell will have to swallow, that one of these "moaners" is actually the one who helped HER account be able to make a post at all, so maybe Im actually the problem solver your ignoring? Maybe Eli totally ignored all my Golden advice I gave to her day 1 like to make automated posts ahead of time,m and use #share2steem https://share2steem.io to auto repost her IG twitter and youtube posts to steem, but no she ignored all that and decided to treat steem as a bunch of ungrateful nerds who somehow NEED her.... when its the other way around..... she needs US.... we users are the ones who invested in this "business" and gave steemit inc all that capital in the form of now valuable steem, which steemit inc has to sell to pay her paychecks...., which she admits to here, after @ned lied to us and said he wasnt selling, so ned is kind of a liar now. he promised he wasnt selling steem.... so whats with the systematic selling of steem elipowell mentions? Oh are we suposed to just believe that ned isnt the one selling steem? dude how else would he make any money to pay bills and pay her paycheck? Are we supposed to believe he has had fiat saved up this entire time? :D its OK if he sells steem he should have to tell us whats going on tho or else this becomes closer and closer to some sort of dare I say.... scheme.... where no one knwos whats going on.... but ned could be posting transparent fianncial reports everyday to a blockchain, i wonder which chain that could be hmmm maybe steem?

Also maybe this isnt possible but i think it would be cool if ned innovated the entire definition of ICO and involved the IPO and let steemit inc become decentralzied, but oh well....

Also i HATE how @elipowell is disrespectful to us Users and investors who have literally been losing thousands some millions of dollars holding this token which she doenst even understand... and she calls us haters? No sorry we have EARNED the RIGHT to DISAGREE with YOU on OUR blockchain that WE CO OWN....

You can buy steem spending your extra money and then burn it.

ok ...I am less depressed about steem now...

Appreciate the transparency. Think this goes a long way in building trust and support from users. Keep up the great work. In steem we trust.

Thanks for making do on your promise to engage! I hope you can throw the occasional post on gardening and what not, you are a very likeable person and bring much needed woman power to the community so I hope you can find the time to be personal too on occasion. If not, all good.

I think you could have done a slightly better job on the PAL radio conference yesterday. Obviously, you were cutting out which is not your fault. I feel like it’s good to admit Steemit Inc’s shortcoming etc. But in the process, it felt like you didn’t know who your customer is and who you want to attract. It felt like if you had a 75000 budget on advertising you wouldn’t know what to do with it. I could see an add about a veterinarian by day, secret agent by night kinda scenario. 2 things here, attract women who are the best content creators out there (let’s face it, twitch is pretty boring to watch for a non gamer) and it has to be made cool to keep our keys offline because that is what seems outlandish to your average consumer who doesn’t realize that it is naive to trust banks.

Thank you for posting Eli. Looking forward to hearing more from you and possibly even a weekly discord get together to engage with the community.💞

Great work ! You need to think of a mechanism to make Steem come back up, burning/having a large stake to create a SMT seems like a good start to me.
Best, and keep rolling !

Posted using Partiko iOS

That's so good to know that steemit is in the best hands :) all the best to the team working hard

Wow, that graph speaks volumes.

Huge congrats for turning a nose dive into a healthy flight pattern.

Things appear to be looking up!

Posted using Partiko iOS

it looks like Advertising Revenue to the Moon? :D

Congratulations @elipowell! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You made more than 50 comments. Your next target is to reach 100 comments.

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If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Thank you for running this place like a business at last! I also thank you for keeping yourself focused on increasing the value of our investment here, instead of wasting your time blogging regularly, as if that was your job, even if a lot of people with no business sense seem to think it is your job. LOL. I wouldn't mind if the Communications team did do more updates though. But honestly, I don't even personally care about that. Just increase the value of my investment.

Great job Elipowell and Steem team, congrats! :)

Well done! A competent business manager was just what Steemit Inc needed when you took the helm! How much potential advertising income are you looking at from Steemit.com at the current level of traffic? The user base is global but each and every one is in crypto by definition. User generated content, their likes, time spent on pages etc. should be a pretty good indicator what they're interested in.

How large a proportion of STEEM sold each month is sold by Steemit Inc to cover its costs?

Congratulations @elipowell!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Comments - Ranked 5 with 81 comments

Awesome to see this kind of transparency and consistent communication. I see a lot of salty comments on many of the Steemit inc posts, and I guess it’s linked to the bad communication in the past, broken promises, and of course the falling Steem price. I think it’s better that we look forward and show support and I think things will turn around within the near future

Thank you very much for this update, this is really what we want to be informed about. This is the way to remove uncertainty and make strong steps forward solidifying the project.

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Agree, a regular monthly update would be perfect

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thank you for keeping us updated

Good job on the cost-cutting. But how do you not mention at all the strange spike in ad revenue in June? That needs an explanation. January - May are basically exactly what ought to have been expected, June looks like somebody put an extra digit into the spreadsheet. So if something changed and it's a legitimate bump, shouldn't you be telling us what?

Ok fine. Keep it up.

Posted using Partiko iOS

Dear @elipowell

Talking about advertising revenue ... I've been wondering why Steemit cares about advertisers from "outside Steemit".

What about giving some real opportunities for those on STEEM blockchain to use their tokens and promote their content. Right now I'm seeing some random adds while scrolling my feed and (correct me if I'm wrong) none of those adds has been paid to Steemit with STEEM.

What if I run some business on Steemit and I would also like to promote it. Using my STEEM. Cannot be done. That just doesn't make sense.

In order to not programmatically sell Steem each month, we need to bring in enough ad dollars to not only cover expenses, but make enough profit to ensure future stability.

PALnet came up with an idea, that promoted posts are being displayed on "trending" page and are highlighted. That's already something. However much more could be done.

All those STEEM tokens are being burned (not-recycled), which supports growth of token price. Why to look for ways of earning some $$$ outside Steemit.

Therefore, as holders of STEEM, we should all do whatever we can to help Steemit, Inc's advertising business be as successful as possible.

And again. I could easily encourage few business owners to create account here and promote their content directly on Steemit (steem would be burned/send to null each time). But there is no way to achieve that :(

Yours
Piotr

Hi, @elipowell, what about a new update after 2 months? How is the ad revenue stream doing?

Valo valo

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