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FDev shouldn't be telling a story. They should be providing the props and setting the stage.
We should be doing the storytelling.
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An ideal state of things, IMO. The more hands off the developer the better. Problem is, developer intervention is needed because so many mechanisms are incomplete. If the core gameplay components where finished and the bugs ironed out, Frontier would never have to write another line of story.
THIS. While an introductory and overarching big storyline content needs to be provided by the developer, the smaller day-to-day stuff should come from the community of an online game.
The problem in ED though is that there are barely any props for the community to build engaging stories with (contained completely within the game). It would be AWESOME if there was a mission/story builder which people could use to inject local stories into the universe. Sure, they'd still be limited by the framework and there'd need to be strong controls in place to avoid giving a gazillion spacebucks just for docking, but I'm sure we would get some really quality content into the game via community contributors.
Doubt we'll ever see anything like it though. Elite is a very tightly controlled work. Presumably to stay true to lore but even their own lore has been failing internal consistency checks for quite some time now.