RE: What if... Spork - Steem without SteemIt, Inc
This is certainly an interesting idea that I heard you speak about (I think you were there) at the town hall on msp-waves last week.
One general comment/concern I have for what you propose here and for SCOT tokens and possibly future SMTs is ... is the community just setting up tens to possibly thousands of competitors? How do these tokens help the price of Steem? If the limited amount of crypto buyers out there start buying up SCOT tokens, will this not cause the price of Steem to fall as demand dries up? If witnesses are paid in Steem, how long before this becomes an issue? I know with MIRA the cost will greatly drop, but who wants to be paid in a crypto will falling prices?
These general concerns also apply to the proposal to turn Steemit.com rewards into a new SMT. Aggro (I think it was him) suggested only the witnesses would be paid in Steem but what would the value of that be? If all these SMTs can be converted to fiat directly, I can possibly see these new competitors being a huge weight on the price of Steem. Does my rambling make any sense?
In your proposal here, maybe you don’t care about the value of Steem if the new token also has value.
Maybe I am completely missing the point (I hope I am).
I agree there are many issues that need to be addressed. My personal preference would be to address them without having to do anything too drastic. Sometimes that is not possible though.
Regarding your general concern... yes there is a chance we will see a lot of competition that is usually a good thing. The tokens should help the price of Steem by trading directly opposed to Steem the same way people have to buy and sell Bitcoin to get into any crypto and also a certain amount of Steem is required to pay for the RC credits. In this case though, the idea is totally to get people to pick this token and leave the distribution problems of Steem as well as the hardfork bottlenecks behind.
I've been trying to address issues for 3 years, I'm out of patience and the clock is ticking. :)
Thanks for your reply. That makes more sense to me now. I did not realize you would have to buy/sell Steem to get into and out of SCOT and SMT tokens. And I completely forgot about Steem being required for RCs as well.
While I can not say I know exactly how you feel, I can imagine your frustration. Good news is if the spork fails for whatever reason everything is still on the steem blockchain so no harm no foul. Everyone can just continue on as if it never happened.
Exactly and that would put the responsibility to ensure it was better and thus competitive on the SCOT (future SMT) creator.
Which is a win if it is done right and if not.. just a flop