SMT POCKETS - (Phase 1) TRANSPARENT, OPEN and PUBLIC DISCUSSION.
HOW TO START THIS POST..... How about a quaint and very appropriate quote:
"There is nothing more difficult to plan, more doubtful of success, more dangerous to manage than the creation of a new system. The innovator has the enmity of all who profit by the preservation of the old system and only lukewarm defenders by those who would gain by the new system." (Machiavelli, 1513)
Lately we have had the interesting scenario with the Bitcoin Fork, where "Fractions" within the Bitcoin community are wanting "more" for whatever reasons.
Here on Steemit, we shall soon see Smart Media Tokens introduced.
These shall be subtokens on the Steemit Blockchain. The easiest way to describe this is to compare it to the ERC20 tokens on the Ethereum Blockchain.
Yes we are talking NEW Crypto.
The Whitepaper for the SMTs has been published, so we are all able to get into discussions about the topic and start thinking ahead.
We can be PROactive!
What I see here is an excellent opportunity for people who already own Pocket Tokens, all 6000+ of us to make the most of this opportunity.
HOW?
Well, lets take a basic look at what all is required to get a SMT up and running:
An account here on Steemit with the token name.
& Steem Power in that account.
From what has been explained to us so far, the SMT platform shall be user friendly. All the way from the ICO to the wallets.
So it all sounds very simple so far.
So how can we Pocket Token owners make the most out of this ?
Well, if we were to put together a concept in which Pocket Token owners are awarded with the new SMT Pockets, in a similar "copy/paste" method as what we see happening with Bitcoin, the demand for our current Pocket Tokens shall definitely rise.
If the demand for our Pocket Tokens rises, it is a logical sequence of events that the value shall rise also.
So, this is a good chain of events for everyone who owns Pocket Tokens. Both for those who wish to sell them and likewise for those who wish to buy them.
Good for the sellers, because the value shall rise and they can sell them for more than what they are currently worth.
Good for the buyers as they shall have Pocket Tokens for the Distribution process of the new SMT Pockets.
Again, everyone gets what they want.
There shall need to be a crowdfunding process initiated for the Steem Power required in the SMT Account.
I have to date addressed this topic.
However never has a proposal type of post been put up, like this one.
What could be useful is a list of ideas, proposals in the comments below as to what else we consider to be important to us, as Steemians firstly, and also secondly/equally as Pocket Token owners.
It is the input from us that can make all the difference in the long run.
Opportunities like this do not come around often!
Are we going to just watch this opportunity pass by us and let it fall through?
Or shall we start discussing it here and now, prior to the BETA period of SMTs in a few days time, as projected, some time in December of this year!
SMT's are going to happen, no matter what anyone may or may not think about them. Shall we learn form what we have seen so far and make the most of this opportunity?
It depends upon us and nobody else.
We can sit back, complain and look for reasons to not take action upon this opportunity, we can watch others make it and when they have made the real figures in the process, then we can come in 5 minutes later and start collecting the crumbs!
PROPOSAL - Phase 1 - TRANSPARENT, OPEN AND PUBLIC DISCUSSION.
So the proposal would be something along the lines of:
1-Current Pocket Token owners get 1:1 on the new SMT Pockets.
2-A crowdfunding model has to be defined so that the new SMT has the required Steem Power for it to function.
&
3-in the comments below, in a transparent, open and public discussion anyone gives their ideas and proposals as to how to go about this and what else may be necessary or useful for/in the new SMT Pockets.
This discussion is in no way a commitment by anyone, it is a show of interest, sharing of ideas and visions.
Everyone is invited to participate.
Links to the relevant posts.
POCKET TOKENS and SMTs - TO FORK or NOT TO FORK? That Is The Question!
https://steemit.com/pocket/@jackmiller/pocket-tokens-and-smts-to-fork-or-not-to-fork-that-is-the-question
Smart Media Tokens (Web page)
https://smt.steem.io/
Announcing: Smart Media Tokens (SMTs)
https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts
In my opinion as I see it, the Pocket Tokens are plain and simple a shitcoin, thats no disrespct to anyone but in its current state thats what it is.
Thats not to say that Shitcoins can't have a value. But the team that created them, and the team of holders have to give it a value for it to be regarded as something worth owning or buying.
Before going through the process of developing an SMT and wallet etc, the project needs to define a purpose, otherwise it could all be for nothing. Just a tool for pump n dump groups.
One way of building a value could be to look at the Whaleshares token. 1 Whaleshares token is equivalent to 1% upvote from one of the whale bots. This gives the token a use and value. Rather than build a new bot (atleast in the short term) you could look at building relationships with someone pre-existing that might already have a decent bot and shares your same value with the Pocket token.
Just my 2c.
True, no denying the facts.
Lets not forget the numerous coins out there that were introduced as "a joke", without any real intention of becoming a valued Crypto. The one that sticks out like dogs balls is "Dogecoin" (every pun intended!).
So I wouldn't go into the "pump and dump" side of things as those types of scams just make everything ohh so much harder for everyone. Likewise there is no intention of a pump and dump here as this is Steem based and many of us have invested our hard earned money into Steem and SBD, so it is in no way in the interests of any of us to do a wham bam thank you mam, pump and dump!
@ironshield in his comment has summed it up as far as the goal and intentions of this proposed concept go:
"What we're talking about is trying to go from 'fun and free' to 'interesting and valuable'. What would make an SMT PocketS worth owning? What would make an SMT PocketS worth BUYING?"
So to pull out the points made in your comment that are in line with the post:
a) Look into making a bot for use here on Steemit which is linked to the original SMT account.
b) Make an announcement/a call to others out there who already have bots up and running here on Steemit to join in.
After rereading the SMT Whitepaper again last night after this comment, I found that the goal isn't necessarily to give Steemians on Steemit exclusive rights to the SMT Tokens, but to promote and expand onto other platforms/sites too.
So your suggestions are excellent in line with what we here on Steemit can get out of it with our blogs and I guess I can see how it could help expand the promotion and overall awareness of the new SMT.
or were you thinking something else?
PS. 2 Aussies talking here, if you need clarification/translating into English on any slang terms or saying that we may perhaps use, feel free to ask.
So what about using pockets as a lottery system? Pocket used to promote a post would put the pocket sender into a pool where a % of the pool is awarded to top/random/etc user. A utility could be created to track pocket activity across post globally. The larger the pool, the larger the reward, so people would be drawn to go in and put their amount into the lottery and promote posts.
I know this sounds a lot like the upvote function of steemit, but the lottery aspect means that anybosy, not just whales, have a shot at getting a megapayout of Pocket tokens. The raffle system would keep the prices low, but that would keep them accessible to people of every standing.
I have created a post to mastermind some ideas around what Pocket could be used for: https://steemit.com/smt/@chefcryptoshark/pocket-token-to-smt-transition-mastermind-post
Head on over and put your 2c in, for, as Theodore Roosevelt said, "It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better."
Interesting but woolly. I haven't read the whitepaper however I fail to see the point of their utility. We have Steem, why do we need another token here? If Steem was running at BTC prices it would make more sense although even then you would have the same utility as you can use fractions. Apparently I've got 16,000+ pocket tokens, where are they? Can I trade them? It all seems a bit made up as it goes along. I have read some post regarding pocket tokens and SMT's and I think I've missed the point and I still don't see a need. There are already 1200+ Cryptocurrencies most of which won't survive, what makes this different?
The idea of the SMTs is similar to that or the ERC20 tokens on Ethereum. Where by new Crypto is made on the existing blockchain.
In the case of SMTs they shall be backed by a Steemit account and the Steem Power on that account.
So they are not "imaginary tokens" as some may describe a lot of the Crypto out there, presumably the ones you are referring to as a basis for your point of view.
The SMTs, have a goal to be utilized elsewhere on the world wide web and increasing the value and utilization of our blockchain, which = a higher value of Steem, which in turn = higher value of the SMTs out there!
It is a Win/Win situation.
As for the existing Pocket Tokens, you are not alone with your questions, having used my Pocket Tokens many a time to date I have found that many Steemians have many questions about them. Which is normal with anything that is new.
The proposed SMT Pockets here once introduced (if introduced) shall be an independant Crypto (SMT) and only in the "genesis" portion of the entire process shall be in some way "friends", the part where in which we are looking into ways to capitalize on our current Pocket Tokens.
To answer your question on trading, YES you can trade your current Pocket Tokens on Bitshares.
Just a note on the point you made with Steem should be Steem, I too was thinking that at first, but as I learned more about the ERC20 tokens on Ethereum and then having read the SMT Whitepaper numerous times I have taken a very PROactive attitude towards the new SMT initiative.
There are two reasons POCKET got so much attention at first... first: it was free. A million for free. It sounds like fun. A million little tokens to trade around. Second: it is easily send-able within steemit. These factors together, make it a 'fun' token to play with.
What we're talking about is trying to go from 'fun and free' to 'interesting and valuable'. What would make an SMT PocketS worth owning? What would make an SMT PocketS worth BUYING?
@ironshield
Good way to spell it out:
What would make an SMT PocketS worth owning?
What would make an SMT PocketS worth BUYING?
This is part of the idea behind this post, so that we can share our ideas and visions.
There is so much potential in the new SMT's, and add to that the potential we owners of Pocket Tokens have in this concept, it puts us way ahead of many others out there!
There are so many programmers out there who can capitalize on this potential!
Why not, first in best dressed!
This post has received a 0.45 % upvote from @drotto thanks to: @banjo.
I think we may be on to something HUGE here... the opportunity to create VALUE for POCKET TOKENS.
The idea of creating one of the first Smart Media Tokens as SMT PocketS is a brilliant idea! The question will obviously be... why POCKET? I think that's a start. Maybe a slogan like "Got empty pockets? We can help!" :-)
@ironshield
Just to make sure it is clear to all readers,
The current Pocket Tokens and the new SMT Pockets shall be two separate Crypto's.
This proposal for the introduction of SMT Pockets and issuing them to the owners of the existing Pocket Tokens is definitely going to increase the demand for the existing Pocket Tokens.
Once the SMT Pockets are released to the public, the two cryptos are totally independent.
Better I state this again, here and now, early on in the discussion, so that there not be any confusion later on.
Lets take into consideration the following fact:
"POCKET Genesis is now complete. Total supply: 1,222,001,222 Tokens."
source: https://steemit.com/pocket/@biophil/pocket-genesis-is-now-complete-total-supply-1-222-001-222-tokens
by @biophil
This figure may seem overwhelming to some, however if we take into consideration that SMTs are to be utilized all over the world wide web (www) then this is in fact not that high a figure.
Again, depending on what all and how all the SMT shall be utilized.
Another piece of information that is "food for thought".
Interesting idea.
What I need now is better understanding of SMT. So, I'll have to read its whitepaper.
You may want to read the SMT Oracle Whitepaper too.
Especially as a person who has a lot of experience in the field of managing and monitoring data for a Crypto.
ref:
https://steemit.com/smt-oracles/@ned/the-smt-oracles-whitepaper-call-for-academics-modelers-and-deep-thinkers
I'm all for 1:1. Simple, Transparent, and as "fair" as I think you can be.
That is a good proposal. keep it up pal :)
I haven't had a chance to read the whole SMT whitepaper yet -- how much Steem Power is that? Does the issuing account need to maintain a SP balance in perpetuity or something like that?
Yes.
The easiest way to define it in terms that all people understand it:
The SP shall be the backing (reserve) for the SMT.
Disclaimer: Instead of watching the video, I read the SMT whitepaper.
To create an SMT, you'll only need a few SP; probably less than 10. All you need is enough SP to launch the thing; there aren't any ongoing maintenance costs that I can see.
The SMT shall be linked to the SP.
Likewise the bandwidth used shall also be dependent upon the SP.
Hence the more the SMT is used, the more bandwidth it shall require, then there shall be a need for more SP.
It is all interlinked, the Steemit blockchain and the SMT.
The video explains it for those who don't understand the way an SMT shall function on this blockchain.
Sure, but how does any of that have to do with needing to crowdfund?
"A crowdfunding model has to be defined so that the new SMT has the required Steem Power for it to function."
Who shall fund the new SMT requirement if not the initial investors?
Are you talking about the 5 to 10 SP that the issuing account will need? I'll provide that myself, and after the tokens are issued, I'll power it back down to myself and burn the account.
The only other thing SP is needed for is to use the token, send it and trade it. But anyone who has pocket tokens now already has that SP.
Or are you talking about something else that I don't know about?
I am talking about the new SMT account that shall be dedicated to the the SMT and a such is not any one persons private ownership from the date that the SMT is released.
Because @pocket is registered here on Steemit, and there is a token by that exact name it can not be used for an SMT.
You own @pocket as you have stated.
" I'll provide that myself, and after the tokens are issued, I'll power it back down to myself and burn the account."