RE: Explainer: Value Flows on Steem with SMTs [VIDEO]
The only way I see these thousands of tokens working out is if there is some revenue sharing or dividends or interest. The same way Steemit originally had interest on top of Steem Dollars is the way to attract people to buy these tokens.
Will people buy these tokens if they are just a gamblers paradise? No. If these tokens also are just a bunch of scams and startups then again it's very high risk and not necessarily going to be a high enough return to be fully worth it.
The early ICOs really have to be huge successes for this to takeoff and they have to be very effective profit generators. If the projects that launch these ICOs are just pie in the sky type stuff like we see on Ethereum then I don't see it being sustainable. At some point there has to be revenue and that revenue has to either be shared with token holders or tokens have to be bought back and burned to reduce supply over time to encourage people to hold it.
In order to have a few successes you need a massive amount of failed experiments. That's what the SMTs are about. Enabling devs to have control over a business rather than being at the mercy of STEEM Inc if it decides to chance the parameter on the STEEM token. (like the reward curve for example).
We reduced the chance of a hardfork massively by doing so.
Of course but you need early successes to build enough momentum to have permission to fail. Perception matters!
we will be able to downvote and call out scams. This is not possible with Ether ICOs
The BLOCKCHAIN is where it is about, but without steem will be imposible :-)