So What the Fuck is an SMT?
I’m not kidding. Nor am I going to read some 10,000 word diatribe by Steemit, INC. explaining it.
Explain to me, in a few sentences max, what is an SMT, and why I should care.
I still have no idea.
At least I’m being honest, and not pretending to understand something.
As far as I can tell, it's a way for people with a lot of influence to issue a token on "Brand Them" and somehow create value (out of thin air?) for their content. Seems to be like another device to make people who already have 5 million followers gain more power and influence.
You decide to issue "Schatzies" which are tradeable coins, and you offer them as "rewards" to people for interacting with your content. Because lots of people are sheeple and greedy fucks, they immediately start "mining" Schatzies by interacting with your content. You probably even get to have your own ICO, around which you can create a bunch of hype and some people will go apeshit over that out of a sense of FOMO.
Amazing opportunity if you're Jeff Berwick, or Jerry Banfield or some other individual who already has lots of followers who eat everything they say with a spoon. I'm guessing it will work a bit like a grocery loyalty card, except with "money." Created by you. Which is "valuable" because you say so.
That's the "cynical version." A less cynical version might be that someone creates a "Freedom Commnunity" and issues "Freedoms" in much the same way... and everybody who is (or thinks they are) come running and decides they suddenly need to have everything they do in life measured in Freedoms.
If you ask me, looks like a giant Shitcoin Feast. And ego circle jerk.
That's just me reading between the lines... I could be utterly wrong.
Hope that wasn't too close to a 10,000 word essay...
PS: Edited to add: Allegedly, this is "good for Steem" because all these tokens are going to be built on the Steem blockchain. And traded internally. So demand, busy blockchain... supposedly will drive up the price of Steem. Knowing the state of greed in the world, that's the ONE part of this debacle I actually can buy into...
Pretty good text but you still have a scarcity mindset if you think this will just benefit a few. Welcome to capitalism. Survival of the fittest and most hard working and smartest.
Seems to me the Capitalism "end game" invariably is a version of middle age feudalism in which there is a handful of rich "landowners" who control everything... and "everybody else," who ends up at "barely sustaining."
That's too black and white. Life is competition and life is selection. This is nature. Life has always been hard and competitive. It takes a lot to get ahead
This was very good, thank you. You are a good man.
Ahhhhhhhhh! thanks for dispersing this massive cloud in my brain..
You know what this whole thing reminds me of?
The Gulf War.
Hear me out.
During the Gulf War, the US was running around killing everybody, but in order to make the opposition they were facing seem like a much bigger threat than it was, they kept referring to ”The Elite Republican Guard”.
”Oh, we’re doing good, but we have yet to face - The Elite Republican Guard.”
As if these were 15 foot tall desert monsters. These mythical, God-like creatures.
It was everywhere. The Elite Republican Guard.
No one knew what it was, but man, it was gonna be big. Wait ’till they face - The Elite Republican Guard.
All the time. The Elite Republican Guard.
Except it wasn’t.
Yeah... The Elite Republican Guard.
Meets Tulip Mania and Beanie Babies. I remember when tens of thousands of people were trading Beanies on eBay; there was a "hot" market, and some of these would trade for $1000's. Until someone woke up and realized they were paying five grand for a little bag of cloth (cute as it may be) stuffed with tiny plastic pellets.
Yes it's called abundance. People spending $50,000 on a car when an Uber ride can cost $5
We are probably in some kind of war. But it's more quiet and going on below the surface so to say. I think this transition will take decades so Tokens will take a long time for people to wrap their head around. And will probably not be big as in will make a world global revolution in 2 days. I'm sure as you say that it will be a bit more relaxed than that haha.
A few sentences that's tough. I'll try. (this one doesn't count)
(sentence 1) Building your own blockchain (that no one uses) to utilise a token for your project, community or app makes no sense when you can use an existing blockchain that is fast and scalable already and where you can create a token (SMT) for almost free (1 dollar) and being able to add value to YOUR OWN token straight away while still being able to tap into all the data of the blockchain and have access to a lot of potential users already.
(sentence 2) Popular SMT's (tokens people want to have) will get value because they can be traded on an internal exchange for STEEM (the main trading pair) and will therefor raise the value of the STEEM and popular SMT's will also use bandwidth on the steem blockchain, also increasing the need for STEEM because STEEMPOWER is needed to pay for this bandwidth.
It's a Token of value that will be traded between people. Not more complicated than that.
What the fuck does it do and how will it affect STEEM’s price?
And why should I care?
It's just like beads, tulip bulbs, and pretty sea shells that people may want to have, on a blockchain. Create your own coin and see if you can either get it to be widely accepted or at least make you rich before people realise it may not be The One and try the next one.
Influence on Steem price: unpredictable. Influence on you: a few good laughs, probably.
What the fuck does it do and how will it affect STEEM’s price?
And why should I care?
I just clearly said what a Token do. It's being traded between people. You don't have to care at all. Nobody knows what it will do to STEEM's price.
SMTs are these new coins coming to a store near you ASAP. It's said they will be dropping along with Dr Dre's Detox album and that there may even be a soundtrack for them on it. lol
In all seriousness though we need simpler answers.
Ps: I love reading your rants.
They’re easily the best, funniest, and most entertaining thing on an otherwise dull platform.
I’m so much funnier than anyone here, it’s not even close.
If the whales here had any appreciation for talent, I’d be trending every time I post.
This is a fact and I stand by it.
#justiceforschatt
The trading page is just like the mainstream music industry, at this point it should be obvious that talent matters not. It's just the same old song and dance of parading parodies. Smh
An SMTs is an easy plug and play platform for websites/apps to integrate the Steem rewards mechanics. Additionally, the apps are able to issue their own token (backed by the amount of Steem they hold).
Platforms can benefit the complete existing Steem user base as soon as they launch and the tokens they create will be available on the internal market as well.
Platforms also have the option to design a different rewards matrix to the one used by the Steem blockchain. In total rewards will be able to be made in 3 different tokens (one of which Steem (Power)).
Possible use cases (although unlimited):
Anything your imagination thinks you can milk the viral element of the Steem BC with.
guess it was more of an idea. see people's reactions, then refine accordingly. they're not sure what it is. it's just evolving.
They are sure what it is. It's a monetary system in people's hands.
SMT :Smart Media Token ....
This concept is going to tokenize everything ,like steemit all digital assets will have the reward system after liking the content they will get rewarded ...
You can name it anything maybe a schattenjaegercoin ,the way you like or twittercoin or dtubecoin ,anything but they all will be connected to Steem,the basic transactions will be in steem irrespective of different names given..
So how will this add value to Steem?
After release of SMT as everything will be tokenized, this will bring more money to the reward pool and will increase the market cap of steem...This will also increase the chance that many entrepreneur's will invest in money to support their digital asset...
SMT is the trump card of steem...that is why @ned scott is acknowledging people all around the world about steem so when SMT is launched it will be a boom to the steem...
Hope this will give you some idea about what SMT is....
Ok, i was confused as you till a whale explained it to me.
What is SMT? SMT is an accronim for smart media token. If you are conversant with airdrops you will notice that majority of the new coins requires an ETH wallet so as to store the coin. Many coin run on Ethereum blockchain but do not use eth units. So they are like apprehentice to a boss called Ethereum. In steemit if SMT is lunched any investor can generate a new coin (token) that will require a steemit account to hold. SMT's have a way to promote there holders coin as we have seen from ethereum. If SMT is lunch you can make your own token which you can do airdrop and reward steemians only. I hope i made some sense
How will it benefit me? Why should I care?
You we benefit but directly and indirectly.
Directly: You will have the opportunity to partispate in the token airdrop and hold a certain quantity of the new coin, who knows it might become the next ripple or lite coin.
Indirectly: the price of steem and steem dollar will sky rockect or moon and be secure as more people will be buying steem to buy some of this coins at ICO (initial coin offering). Also the number of steemit users will increase bring stability to the steemit ecosystem. People will not be mandated to write long easys before earning from curation as they will be required to do other tasks as the token developer desires.
Why would I want to buy yet another pointless shitcoin? Lord knows there are a million of them.
Why would people care about creating these SMTs?
Does it have a real world use case? That is the question. Clearly Steem and Steem Dollar currently is working and is legit everyday. For a global world takeover we need more coins. Since Steem and Steem Dollar is not enough to satisfy a world population going to 10 billion humans.
STEEM and SBD don’t have a real world use case.
Their use case is being dumped for BTC, which too lacks a real world case outside of getting dumped for fiat. You know, the real money.
The thing I can use to buy fucking food.
I mean that STEEM and SBD is being used right now in a working platform to do value exchanges to thousands of people per day. Yes people are dumping and making a quick profit. Those will always exist. Majority of humans aren't investors so they don't think in the long term.
You can already buy electronics with Bitcoin and cars. Soon you will be able to buy food with it also and then the ecosystem is complete. That will say it will work just as real money. But yes we are early right now so it's not perfect like the many things you currently cannot buy with Crypto. But it gives more speed and value to the users so eventually it will be adopted by the mainstream.
People will care ti creat these SMT to give there community a distintive taste. SMT's will creat a platfrom where your hard work will gey noticed by the right community and you get paid for your content. https://googleweblight.com/i?u=https://smt.steem.io/&hl=en-NG
An SMT is a Smart Media Token, people will be able to create, trade, and exchange them like any token. We shall also have an internal market for trading them, and the ability to take post rewards or give post rewards in them. (I think)
They are supposed to drive up the value of Steem somehow, but nobody can give a clear answer on how.
Yeah, no one has been able to answer. And I’ve asked a few times.
All I know is SMTs will solve all of world’s problems. I just don’t know how.
”I have cancer.”
”Don’t worry, bro. SMTs are coming.”
”There’s a nuclear bomb set to go off two miles from here in about five minutes.”
”Don’t worry about it, dude. SMTS.”
”Oprah just became President!”
”Yeah, that’s pretty bad, but wait ’till SMTs!”
Yeah, you kinda have a good part of the picture there.
"I've got hemorrhoids..."
"Don't worry, there's an SMT for that!"
Some people got quite upset with me a few months back for suggesting that Ned would love to "Tokenize the tokens" if only he could figure out a way how to...
I'm totally prepared to eat crow on this a year from now, but I just can't help but see a giant clusterfuck. Zimbawean dollars, ver. 2.0.
SMTs will solve stuff. Since people need a form of Token to trade value. And with Steem working as electricity with Steem Power it becomes hard for regular users to have any real influence on the platform. These new Tokens will give power to new users that doesn't rely on having a few thousand dollars invested.
So, it discourages investing in STEEM? How does that help the price?
We already have delegation discouraging actual investing.
Doesn't discourage investing. Since just by holding Steem you make more passive or by let's say delegation or sell votes. But yes it will make it so you can generate new value much faster for new people. Steem is needed for Bandwidth on the Blockchain so it will always have value. We have enough abundance to both get an insanely high Steem price and have other Tokens at the same time that can work more in a liquid way. So it satisfies long term holding and quick micro transactions at the same time.
hahaha.
It's pretty clear to me. People can generate new Money so to say in this time. That will mean you can create new scarce resources.