My guess is there was a logic behind not selling the big stake of their Steem. Imagine how the community would have reacted if Steemit Inc. would have started selling millions of Steem more than what is needed to keep running and build a buffer.
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Be transparent and release financial statements for all to see. Its not hard to build community confidence. Nobody freaks out when other startup companies do fund acquisitions. Anyone who thinks that crypto currencies are stable enough to use exclusively for building a project... is kidding themselves at this stage at least.
Cryptos are an amazing tool with a massive potential, but they are still (despite how long they have been around) in their infancy.
I get your point, but really, communication and transparency build confidence and allow a company the flexibility to do what they need, in order to grow.
Maybe they could of done some type of security token offering to raise money
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Those things are going to set off the SEC hounds and regulators. It's a risky move. Several crypto companies have already been prosecuted.
but those were not registered ones. I talking about doing a registered one
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How about just doing private offering of actual stocks like a normal company. Not everything has to be completely crypto-centric.
Imagine how community would react when we read that 70% of staff was fired because the crypto went down? It's ok for 3-months old startup from a garage, but this must be sustainable and stable after several years. You can't live on promises forever
My company is 10 years old and we still don't have strong revenue. Were still "living on promises." Depending on the scope of what you are out to accomplish, things do actually take quite a bit of time.
Uh what? This shit happens to companies who have been around for years quite frequently. The startup phase doesn't just end as soon as you seem to think...
Edit: Note I'm not actually defending Steemit Inc here. I just don't agree with the perspective of your criticisms.
SteemIt has been selling since the beginning. They are the driving force of the sell pressure. Not sure what you mean imagine if they had been selling.