Steemit, the blockchain-enabled social media, lays off 70% of employees… Are cryptocurrency companies doomed?

A little over a month ago, Ryan and I convened in a Digital Hangout to talk about the Future of Social Media. We discussed these tumultuous times of social media, where people feel somewhat betrayed and tired of Facebook, Twitter, and Instagram.

One of the main solutions we brought up was the emergence of blockchain-enabled social media networks like Steemit. In an idealistic sense, these networks would rid social media of bots and fake news, while also promising potential profits for the users.

Now, Steemit is running into some major problems that are reflective of the entire cryptocurrency outlook. Watch the video below for more:

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