Steem Smart Media Tokens for Dummies!

in steem •  8 months ago

How do we understand the impact of Steemit CEO @Ned's new SMT whitepaper in 2 minutes? Will you read this post for a quick summary in the most basic terms of the whitepaper release yesterday at https://smt.steem.io/ because knowing what to do next will be simple?

Steem SMT To Do List!


  1. Buy and hold Steem! This announcement already drove the price up 30% yesterday and as more traders, investors, spectaculars, and Steem users understand what it means, the demand for Steem is likely to drive the price consistently over the next few months. I estimate it the Steem price will be over $10 within 6 months.
  2. Post on Steemit! While earnings today might look like $1, as demand continues to go up, what is paid today as $1 in Steem and SBD when converted all to Steem Power will actually be worth $10 and much more in a relatively short time. Write one post a day regardless of earnings and the rewards will continue to stockpile over the coming months!
  3. Bring friends and family to Steem! I still remember my friend Terry Davis getting me in on Facebook in 2005 which led me to dating several girls and starting my business. Our friends and family treasure the moments when we get them in on something big before most of us know about it. When Steem goes crazy, our friends and family will thank us for the rest of our lives for getting them in early!
  4. Keep learning more about Steem! It is complicated enough to merit conversation which is great for sharing and going viral. Even with all I do on Steem, I learn new things every day.
  5. Turn SBD rewards into Steem on the marketplace at https://steemit.com/market because the higher the Steem price goes, the less SBD will buy of Steem.
  6. Go all in on Steem part time or full time. I gave up making more online video courses to do Steem full time in August 2017 which has reduced the income from my business already $10,000 to $20,000 a month because I have no new video courses to sell. I am taking this huge leap of faith instead of simply doing what I am sure will make more money in the short term because Steem is the opportunity of a lifetime! Those of us going all in before Steem gets into mass adoption will be able to serve here the rest of our lives in empowering each of us to honestly share our life story and experiences here which is a gift humanity desperately needs in a time where so many of us do not feel free to tell the truth to the world about our lives. This is why I show up to Steem each day and this whitepaper provides good evidence that this is a wise decision.

Smart Media Tokens for Dummies!


  1. ICO for $1 on Steem! Smart Media Tokens will allow anyone with even minimal coding knowledge to launch a new token for $1 empowering the 99.999% of the world before that was not up for doing an ICO on Ethereum to launch on Steem. A huge part of the Bitcoin and Ethereum price increase lately has been ICOs launching on Ethereum. We are now tapping into the same power on Steem!
  2. Steem comments widget! Blog commenting is one of the most annoying parts about blogging online. Existing systems all are different and almost every blog requires a unique account. Commenting is often a complete waste of time and is worth nothing most of the time while occasionally perhaps getting a great opportunity or response. This new whitepaper shows how we can make one rewarding comment system consistently used on WordPress, Blogger, or any platform willing to integrate with Steem.
  3. Monetize existing communities! Smart Media Tokens will allow any existing community such as the New York Times or Tim Ferriss's blog or the Bitcoin subreddit or Medium to bring the features of Steem online without having to use steemit.com or the Steem cryptocurrency other than to buy in.
  4. Motivation for exchanges to add Steem! Coinbase, Bitstamp, Kraken, and all the USD or fiat exchanges make decisions on what to add based on an estimation of how much work it would be to add the new currency plus what reward will be received in terms of new users and revenue. Adding Smart Media Tokens to Steem provides huge motivation for users to transact in Steem and naturally for exchanges to want to have a USD, EUR, or fiat direct exchange with Steem. Every exchange adding Steem is likely to equal a big price increase as it has for Bitcoin, Ethereum, Litecoin, Ripple, Dash, etc.

I hope this post is helpful to see the impact of this whitepaper based on the time I spent reading it at https://smt.steem.io/.
Thank you to @fitinfun for motivating me to create this after posting this comment yesterday.

Please Jerry, write a post called "Ned's new token scheme for idiots and what you need to do now (or not)" so we might have a clue. We are counting on you from the fog of steemit. Thank you!"

Further Reading on SMT


Smart Media Tokens: Why We're Doing It [VIDEO] by @ned at https://steemit.com/steem/@ned/smart-media-tokens-why-we-re-doing-it-video
Dissecting the Smart Media Token (SMT) Whitepaper (an Easy Overview) by @nanzo-scoop at https://steemit.com/smt/@nanzo-scoop/dissecting-the-smart-media-token-smt-whitepaper-an-easy-overview
How Steemit Smart Media Tokens can empower current influencers to become brands in their own right by @teamhumble at https://steemit.com/smt/@teamhumble/how-steemit-smart-media-tokens-can-ultimately-empower-current-influencers-to-become-brands-in-their-own-right
The Day the Paywalls Died: How Steem’s Smart Media Token Saved My Family’s Newspaper by @donkeypong at https://steemit.com/smt/@donkeypong/the-day-the-paywalls-died-how-steem-s-smart-media-token-saved-my-family-s-newspaper

Love,
Jerry Banfield

smart media tokens for dummies.png

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PS: This post today is a part of my service as a full time witness for Steem! Witness votes are the most important votes we make on Steem because one vote for a witness lasts indefinitely! Would you please make a vote for jerrybanfield as a witness or set jerrybanfield as a proxy to handle all witness votes at https://steemit.com/~witnesses because when we make our votes, we feel in control of our future together? Thank you to the 1200+ accounts voting for me as a witness, the 258M VESTS assigned from users trusting me to make all witness votes by setting me as proxy, and @followbtcnews for making these .gif images!

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Awesome dear @craig-grant love you for your heart and support to @jerrybanfield

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Is true ,awesome .congratulations ;) @craig-grant <3

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@craig-grant thank you very much for setting me as your witness proxy today at https://steemit.com/~witnesses ! With you being one of the top Steem Power holders, I am honored you are trusting me to make your witness votes for you! How may I help you?

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Yerrybanfield se lo merece es excelente poster .me alegra mucho por el

Thanks @jerrybanfield for all these good suggestions and honestly this is my best moment since joining steemit.

I might not only be bringing my family to steemit but entire town if possible. I need to start a mass campaign as fast as possible.

People shouldn't be complaining about unemployment in Nigeria when a money making instrument like steemit exist.

Once again thanks for the simplification of SMTs

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You're welcome @bania and I appreciate you taking your time to share the value of the post to you as well as planning to bring your whole town along!

Thanks Jerry! For us Steem
Advocates this is exciting news!!

Great summary! We all gotta learn together, sounds very exciting !!

Hey jerrybanfield,
Thanks for the great content

I'm still unclear on how this would bring value to steem. So if smart tokens are created by the New York times they can use it to monetize their posts? so if they wrote an article they can get upvoted and make money from it?

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So how does that help the owners of STEEM POWER. I assume more users but do they need steem to access the steeemit blockchain for the utilization of the SMT's.

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Yes by increasing the value of Steem to USD and therefore the worth of interest paid on Steem Power and the amount of SBD received on an upvote!

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Yes whoever creates a token can accept Steem to pay for it and cash out during an ICO. Then whoever has the token can post and upvote to earn more to sell on the market. Basically anyone can make their own community like Steem which is worth hundreds of millions today and probably billions soon!

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Okay, how do I add this to my forum?

We have been lacking in membership, which has come in bursts and lacked a consistent presence and I truly believe this is what is missing from our platform. I have said to my colleagues from day one, I would like to somehow reward our members for their loyalty, but was unsure how until this point.

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If you want to read a little more on how it works, you can try HERE.

But I think @jerrybanfield does a great job of answering most questions in his comments section.

Thank you @jerrybanfield for this as I am one of those who was not educated about these smart tokens! Very helpful!

Sincerely,
@joeparys

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Thanks for a thorough yet simple guide to SMTs.

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You're welcome and thank you for noticing @donkeypong!

Thank you, Jerry! I am laughing at your callout for me and so happy you replied so soon to sooth my soul! Seriously. I saw the price jump and I know you are all excited, but I was so confused and disturbed this morning.

I still don't understand half of what you wrote, but I will tell you what I will do because of your post. I'm so happy it's just more of what I have been doing!

  1. Keep creating content!
  2. Keep commenting!
  3. Keep replying!
  4. Keep growing my sp!

My minnow vote went from $.013 to $.015 in less than 24 hours. Now I feel very happy! You all keep tokening and blockchaining and I will just keep blogging and posting and working with the minnows down here where we know nothing of such antics :)

Farmers flowers framed.PNG

I love you more now :)

Who has made a Steem Comment Widget/Plugin that works with Wordpress???

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The whitepaper explains adding a protocol to make this possible. Within a few months, the protocol should be added to Steem and then I am sure a developer will get a comment widget done quickly also!

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Thank you!!!

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Thumbs up for the new avatar!

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i was just reading that white paper 10 minutes ago :-)

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Can't wait. I heard you talking about this on your videos yesterday (watched them last night) -- this is going to be a game changer for real; and I try to use that term sparingly ---- I heard you mention steem comment widgets; Cannot wait to make my own SMT for my audience on my blogs; This is exciting stuff ...

This is AWESOME! I been talking about STEEM to everyone i know, people dont believe me sadly. There is so little talk about STEEM everywhere. I think this move will make STEEM much much more appealing. I'm a believer in STEEM and already own some, will get even more to support. I spread the word to people i know as well.

@jerrybanfield Your doing a fantastic job promoting the platform, it would be great if you were also doing the same in Twitter, most people read there first about news. I hope we can change that one day but for now :D

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Awesome idea maybe I will try some Twitter ads!

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Thanks allot Jerry! Spread the word and lets take back the power from these big corps. I felt so bad about all the content you put on youtube without getting anything back. Here you get what you deserve! Good content = profit!
That's why you get so much on pretty much every blog you make!

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I know. I'm having a similar experience. It's so funny how skeptical people are. "But where does the money come from?" they ask.

Hmmmmm. Well, take an economics class, then call me in the morning.

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I get the exact same question, I say where does company shares come from. Also how much money is Facebook worth? That worth is now shared with the users. It usually makes them rethink.
If people see more commercial and promotions I'm sure they will be more open to it. Also sadly thanks to all the scams people are generally very close minded and I can understand it. The best thing is to not start work the money part or they just ignore what else you say after wards.
Ps. I made a friend invest yesterday :)

Thank you great post

Thank for the post @jerrybanfield, it's a little motivational. So if I got it corectly it's not only steem power that increases in price, if I change 1 SBD today for ~1 STEEM and tomorrow STEEM is worth 5$ I can sell it for 5$? Asking this because i thought only Steem Power increases in value, at least thats what I understood from forums/groups so far.

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Exactly!

If you buy 1 STEEM with 1.47SBD as much as the conversion is right now, and STEEM's value rises to 5SBD tomorrow, then tomorrow you can sell your 1 STEEM for 5SBD.

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Thank you for the fast answer, I need to start keeping my money converted into Steem and not leave it as SBD.

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If you plan on staying for the long run, STEEM POWER is the best investment to make. If you want to keep your money "in liquid form" instead, then STEEM is imo better than SBD.

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Well I will invest some $ pretty soon, but once I get some profit I want to cash out to get myself a new laptop, after that I'll be all in for Steem Power, I'll use Steem because it's easyer to cash out. But I will probably get enough Steem to get a laptop in 1 year +.

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Well by creating content on Steemit you are paid 50% in "liquid cash" and 50% in STEEM POWER anyway, so you might aswell just stick this ratio so you have enough left at all times to cash out if needed ^.^

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Yea gonna do that and since Steem was up and down these days once it gets low again I'll change SBD to Steem in case it explodes one day and keep some SBD just to use randowhale/minnowbooster.

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It's the same strategy I'm taking with the SBD! :D Just keeping it so I can use resteeming services, haha :D

Best of luck to you though! I followed you, I see you have some interesting content! :D

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Yes! SBD stay around a dollar while Steem will go to $10 or more soon!

Thanks @jerrybanfield for writing the timely blog on SMT. I like the summary overall. Also, thanks for taking the initiative for advertising SMT to bigger audience.

i uptvoted your articels there are al great i wil invest same steem like you this weeks:D

i was looking at your video about SMT when I saw this post. LOL

This is a great post. AND if most of the techies on Steemit would actually write more articles like this for us non-techies (😊)I think it would help steem take off even more. Part of the big problem with crypto in general is that it is always too technical for the general public to understand. Excellent @jerrybanfield excellent ✌🏾

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Thank you Mel!

I've dropped most my other efforts for steem also. I love building a platform that we collectively have steak in! :)

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Nice @inventor16 happy you are investing more time with us in addition to all that you have invested in Steem Power! I just saw your comment here and appreciate you continuing to follow my posts!

Interesting

As usual very informative article. Thanks

I still need to look more into this. I think I might read the white paper when I am traveling next week. I still cringe at the fact of an ICO.

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GREAT METAPHOR !!! !!! - )))

STEEM'S FUTURE all set = "filled with" BLANK PAGES - )))
... for the WORLD to FILL, to 'write' the STORY OF STEEM !! - ))

Was this your 'intention' ?? - ))
or .. were you being sarcastic ?? - ))
ha ha - ))

lovelovelove )))
greb'Z )

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We live for the blank page.

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The BLaNK CAN-v'AS !! - ))

OH YEAH !!! - )))

Thanks Jerry for your enthusiasm, as always

Jerry, Thanks one more time for the commitment and all efforts you do for our community! I hope that you can feel our support too. Three months ago after one of the videos you have posted I have decided to create an account and start investing in steem. I have no doubts in steem future. Thank you and steem on!

Hey @jerrybanfield how can i launch my own token for my research project?
Please suggest.
Love you
@juliawilliams

@jerrybanfield You have me convinced and now it is up to me to make my Future whatever I want my Future to be. One Day at a Time we will do this together and yes the Train is leaving the Station and we are on Board. It is Very Exciting. STEEM On !!!

great guy... @jerrybanfield or bringing his update to us as always... my true steemit steemian.. your presence here has been very valuable for us... @ned is doing the needful.. for me steemit is a full time job and although i am relatively new and still learning but am encouraged to keep up steeming hot because of future projections and innovative brains like @ned ..
thanks once more Jerry for bringing this up to us...

Succinct summary of some of the benefits of SMTs as well as Steemit - thank you for this.

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Very true, Steemit is abuzz, very exciting! (-:

Wow, this are great news Jerry! Seems we are heading your 10$ target now. Cheers!

Hey thanks for the excellent explanation.

Thanks Jerry for the great post. It has summed it very well. So, in the meantime, I just keep swimming...

you really work hard to educate others ,, weldone jerry

Steem is holding on strong since yesterday.
What a way to see how one situation can change a lot.

Keep on steemit @jerrybanfield

Full Steemit ahead thanks to you Jerry. Have a good weekend!

Thanks a Lot.

Wow.. I'm already following Steem SMT To Do List!
I can't wait for SMT. It's gonna be a hit. Thanks for sharing @jerrybanfield.

brother what do you thiink steeem will hit the 10 usd for sure in next couple of months

Pretty straight and to the point... Im sure there is much behind these tokens, but with this info should be enough to know that this is BIG!...

@jerrybanfield, while this might be a nice succinct explanation for what it is. However, it seems like we have a few tech steps before "Dummies" (non-geeks) can easily implement it in their site.

Is there a community consensus on an ETA?

Thank you very much for your hard work and dedication @jerrybanfield
I have just watched you over YouTube Live
You are just a great human being
STM has a great future along Steem
Thanks to @ned
Keep it up

Thank you so much @jerrybanfield for the valuable post. Looking forward to jumping into the new Steemit developments.

Great post thank you !

I'm glad to see you're making money now and trust the future of steem (I trust it too), however:

Gamble: "To bet on an uncertain outcome, as of a contest. To take a risk in the hope of gaining an advantage or a benefit."

Invest: "To commit money or capital in order to gain a financial return."

Gambling is entertainment, investing is business. Investors are risk-averse, while gamblers are risk-seekers.

Have been following since you moved to steem... you are a speculator and a gambler, because you cannot be 100% sure it will work.

Don't be too greedy man, don't spend "all" your income into steem and save some for a disaster recovery, because you never know what awaits you tomorrow.

Will you be launching your own smart media tokens?

I am continually learning and feel they my brain is overloaded. I'll need to reread your post later to digest everything! Thanks for taking the time to inform us!

Another fantastic post @jerrybanfield. It's great having you, and others like you, backing Steem. This is the most excited I've been about anything since the introduction of the blockchain technology itself.

Keep the great posts coming. You obviously have a huge audience, and rightly so.

Thanks @jerrybanfield for this breakdown. i spent a few hours looking throught that whitepaper and honestly, though i'm no slouch mentally, without knowing alot about blockchain etc, it's wasn't a sunday comic! This helps muchly!

Jerry sir your every post is very interesting and helpful. I like your post. I am a fan of your. I flow every time
Thank you.

I like to invest steem:)

Thanks for the quick breakdown Jerry, that's on time my friend. I am going to be buying some Steem today in fact, so good call.

Have a great day. :-)

Thank you, that's what I thought the whitepapers said lol.

This is an exciting point in Steemit's history. Thank you for dropping the details on ICO support on the Steem blockchain, and encouraging users to post more frequently now, as the price will raise a lot coming up. You brought a good point of having faith to go all-in, as big efforts will become big rewards in time. Thank you again @jerrybanfield for the great read c:

Thanks for writing this up, @jerrybanfield. I just watched your video on it, which very clearly laid out the benefits of the SMTs, and so I'm excited about the potential. Since @ned asked us to shoot holes in the paper, I'm gonna spend some time this weekend reading through it to do just that. Like you, I think this protocol could be the social media innovation we've been looking for to help fix the media ecosystem, and so I want it to have the best shot at succeeding as possible.

As always, thank you for your enthusiasm. You're an important evangelist for the platform.

As you mentioned, bring friends and family member to steem. Yes i am doing that , i am inviting my friends and told them future is in steem. thanks for sharing this post.

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I guess they don't listen to you.

Thank you for the tutorial well appreciated.)

Awesome News ! Steem to the moon

great post.. so much information .. will be reading through all of this.. good times on their way. ♥️

hey @leontoner,
this is the guy i was talking about to follow. SteemOn Clayton!!!
@jerrybanfield, another informative post. thanks for the simple explanations.

Great article! Thanks for the advice!

great idea bro @maruf121

Great information and analysis of BTC.
100% like and resteem

Omg there is so much to learn in this post. I never knew steemit market before. This is the first time i am knowing about steemit market from you post. I am really blown away.

I am 100% onboard with what you are saying and I am a huge believer in Steem and the potential it has! Right now I am trying to accumulate as much Steem as I can as I can see how valuable it could be in the future. This is just the ground floor as far as I'm concerned and this thing is going to be big!

@jerrybanfield do you mind if I share this article to my blog off-site? I would run the first paragraph and link back to your article on STEEMIT and your profile. Let me know.

Every day i learn a bit more. Thanks @jerrybanfield

i hope steem will not go up damn, i have not enough!

Hi, @jerrybanfield I´m really liking your posts and YouTube videos as well. I was wondering if you could teach us more (the beginners) on how to get good at the platform, or at least (if you already have) guide through your posts so that we can learn as much from you as possible.

Thank you very much for your attention. Have a really good day.

Hi all my first comment on Steemit!

I have been lurking for too long watching Steemit pass me by. Now that I am committed what is the best way to invest in Steem long term? Should I be HODLing STEEM or STEEM Power?

To be noted, I have a lurker tendency so will Steem Power be the better choice for me?

wow 1$ for token creation is very cheap , the current fee on waves platform is 5$ and I already thought that is very cheap.

Thank you so much this is a good for understand this process very technical we hope have better network

This post has been ranked within the top 25 most undervalued posts in the second half of Sep 29. We estimate that this post is undervalued by $88.73 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Sep 29 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.

If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.

I'm interest with your post @jerrybanfield
Can I re-post with using my language, Bahasa Indonesia?
Because too many dummies in my country, included me . . . :-)

Thanks @jerrybanfield, you've really been helpful on this new venture of mine!!

Hey Jerry.
Id be careful about making price predictions. People put weight in them and when/ if it doesn't happen, they're going to be upset.

Cheers,
Nick

Nice ideas.

You doing great job to steemit.com and for your investment, I hope in next two years steemit.com be mature enough to start taking on Facebook.
We need decentralised social media platform.

Thank you friend for your advice, excellent currency, every day appreciation more, God bless you

Thank you @jerrybanfield for this detailed explanation. Loved the way you have complied the post. You have been an inspiration through your YouTube videos and now on Steemit you are taking us along with you on the journey. Thank you :)

@jerrybanfield My dude!! I love tuning in to the YouTube channel & think that you are brilliant! I respect your opinion & insight, as well as your character. You are entertaining to watch with your freakin antics while being informative on key subject at the same time.
Cheers man,

ROLLS

hey jerry, very nice stuff and very detailed. your videos are long but its defently good content. im new but i was calculating steem and his smart media tokens in future, i think its defently the new future, forget the wallstreet! ha! i always bringing new people to crypto so probably i will post some articles in diferent languages soon, for the movement, stay tuned!

Hi Jerry,
I'm following you on facebook and here as well. I like your videos and the way you explaining stuff with a lot of drive )) And I really enjoy to watch it. You do grade job! Thanks for that.

I'm (as probably many others) asking myself very simple question: Would Steemit take valuable place in ordinary people life in future?

The innovation in Steemit comparing to other social platforms are generally as below:

  1. Steemit pay money for posts and upvotes
  2. It is on block chain

This is indeed really innovative but IMHO it is not enough in order to spread over whole world like facebook. I'm looking at Steemit and can't find something that really will make people be psychologically addicted to it in similar way as they are addicted to facebook. This is in very short.

So I wrote my thoughts in more detailed way in link below and will appreciate If you can take a look and tell what you think about it.
https://steemit.com/introducemyself/@gluk73/will-steemit-have-bright-future-like-facebook

Im holding 180.00 of steem in my other account , is it better to just hold it or does earn anymore money if I power it up !? Its taken awhile to power that much down and transfer over to my new account t , so I don't want to really power it up again unless it will make me more mony !? Thanks!👍

Thank you @jerrybanfield for this good news, for it is a helpful information about SMT.
thank you once again.

As always, Jerry, you do a good job of breaking things down where complex subjects can be understood by many of us folks. I have read the SMT Whitepaper, however; I prefer your easy to understand explanations.

I wish you a really great weekend, and I will be seeing you around in this, our **SteemIt Neigborhood! @sargento

Gracias @jerrybanfield por tan invaluable información, tu siempre aportando a la comunidad y sobre todo a los de menos experiencia que poco entendemos sobre el temo, tu te esmeras por hacer entendible un tema complejo de la manera mas sencilla y fresca. bendiciones @jerrybanfield.

Congratulations @jerrybanfield!
Your post was mentioned in the hit parade in the following categories:

  • Upvotes - Ranked 3 with 650 upvotes
  • Comments - Ranked 9 with 117 comments

Good content and really great

STEEM is about to shoot to $10!

This is great! Thanks for leading the way. I'm a little behind when it comes to cryptos, so it's nice to feel like I may be getting ahead of the curve. Looking forward to seeing how this all pans out.

You have always been sure that the price of steem will go up. Maybe it is time to set rewards to 100%

Great Post Jerry ! I'm hoping to launch a token based project of my own... will read all of your links. Steem is the nuts and it is very unique !

going to give you my witness vote, partly because you look like my mate Russell from Uni, but also cos' you're top 10 smart ass cookies on steemit ;)

hope you use my beautifully designed free post headers, I sent !

Thanks for another HELPFUL and INFORMATIVE post @jerrybanfield!

Thanks jerry...for this informative post..actually I was also not aware of it as I am new here..anyway,thanks once again..l am resteeming it..

Thank-you Jerry...I resteemed so I don't forget this stuff. I'm new to Steemit..Thanks again! .. follow @lurehound

Nice perspectives @jerrybanfield! I agree Steemit has at least a 10x growth potential in the not so distant future!

A friend and I have built a tool to have ICOs and other important crypto events right in your Google Calendar: https://steemit.com/cryptocurrency/@fcrypto/introducing-kryptocalendar-get-the-top-crypto-currencies-events-right-into-your-google-calendar

We are thinking about a solution to filter ICOs/events curated by the community. You're probably incredibly busy though if it makes sense to you, we would love to get your feedback! :)

If it's gonna push the price of Steem all the way im all for it!